REG - Oil and Gas Devt Co - Discovery of Hydrocarbons in Tal Block at Razgir-1

Oil And Gas Development CoAnnouncement

19/08/2024 07:00

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RNS Number : 8960A  Oil and Gas Development Company Ltd  19 August 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 19, 2024

 The General Manager,                   London Stock Exchange Plc.,

 Pakistan Stock Exchange Limited,       10 Paternoster Square,

Stock Exchange Building,

                                      London EC4M 7LS.
 Stock Exchange Road,

Karachi-74000, Pakistan.

                                        Tel: (44) 20 7334 8907

 Fax No. (92-21) 3241 0825, 3241 5136

 

 

Subject:           Discovery of Hydrocarbons in Tal Block at Razgir-1
Exploratory Well (Lockhart Formation), District Kohat, Khyber Pakhtunkhwa,
Pakistan

Dear Sir,

 

We are pleased to announce the discovery of gas condensate from Lockhart
formation at Razgir-1 Exploratory well, located in district Kohat, Khyber
Pakhtunkhwa Province. TAL Joint Venture comprises Oil & Gas Development
Company Limited (OGDCL) (30% working interest), MOL Pakistan Oil & Gas Co.
B.V. (the Operator) (10%), Pakistan Petroleum Limited (PPL) (30%), Pakistan
Oilfields Limited (POL) (25%), and Government Holdings Private Limited (GHPL)
(5%).

The well was spudded-in on January 09, 2024 and has been successfully drilled
down to the depth of 3773.98m TVD. Based on the interpretation of wireline
logs data, Lockhart Formation (Exploratory Target) was successfully tested
(Post Acid Stimulation) at rate of around 17.9 Million Standard Cubic Feet per
Day (MMSCFD) gas and 153 Barrels per Day (BPD) of Condensate at choke size
40/64" at Wellhead Flowing Pressure (WHFP) of 2017 Pounds per Square Inch
(Psi).

Referring to the information previously disclosed to the Stock Exchanges on
July 29, 2024, and August 06, 2024, the cumulative production from Lumshiwal,
Kawargarh, and Lockhart formations at Razgir-1 Exploratory well has now
reached 54.3 MMSCFD of gas and 562 BPD of condensate. OGDCL is working closely
with MOL Pakistan Oil & Gas Co. B.V. for early monetization of Razgir Well
1 discovery.

The recent discoveries in the TAL Block have mitigated risks associated with
further exploration, thereby unlocking new opportunities for upside potential.
These discoveries are poised to boost the Country's indigenous hydrocarbon
supply and augment its hydrocarbon reserves base.

The above information is submitted in compliance of Section 96 of the
Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination
amongst your members please.

Yours Sincerely,

 
 

 

(Wasim Ahmad)

  Company Secretary

 

 

Copy:

 

Executive Director/HOD, Offsite-II Department, Supervision Division,

Securities & Exchange Commission of Pakistan,63, NIC Building,

Jinnah Avenue, Blue Area,

Islamabad.

 

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