REG - Oil and Gas Devt Co - GAS CONDENSATE DISCOVERY AT BALOCH–2 WELL

Oil And Gas Development CoAnnouncement

30/08/2024 07:00

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RNS Number : 2950C  Oil and Gas Development Company Ltd  30 August 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 30, 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:      GAS CONDENSATE DISCOVERY AT BALOCH-2 WELL IN DISTRICT
SANGHAR, SINDH PROVINCE, PAKISTAN

Dear Sir,

 

The Joint Venture of Sinjhoro Block comprising Oil & Gas Development
Company Limited (OGDCL) as Operator with 76% working interest, Orient
Petroleum (19%) & GHPL (5%) has made gas condensate discovery at the
Baloch-2 well in the exploratory zone of Sembar Formation, in Baloch
Development and Production Lease (D&PL), Sinjhoro Exploration Licence,
located in District Sanghar, Sindh Province.

Baloch-2 well was spudded-in on February 24, 2024 and drilled down to total
depth of 3920m TVD in Sembar Formation as an exploratory effort by OGDCL, with
in-house evaluation and technical support from its Joint Venture Partners
(JVPs). Based on the results of wireline logs interpretation, Drill Stem
Test-3 in the Sembar Formation has tested 6.8 Million Standard Cubic Feet per
Day (MMSCFD) of gas and 388 Barrels of Condensate per Day (BCPD) through choke
size 32/64'' at Well Head Flowing Pressure (WHFP) of 2180 Pounds per Square
Inch (Psi).

This discovery marks the first milestone in Sinjhoro Block from Sembar
Formation. Sembar Formation is known for its promising source potential and is
widely distributed across the Middle and Lower Indus basin of Pakistan. The
discovery not only confirms the untapped potential of the Sembar Formation but
also opens a new play, paving the way for further exploration and development
of hydrocarbon reserves in the Block. In addition to appraisal and development
of Baloch 2, OGDCL is proactively planning to re-enter existing shut-in wells
and swiftly develop the full potential of Sembar Formation.

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, SECP, Offsite-II Department, Supervision Division,

Jinnah Avenue, Blue Area ,63, NIC Building, Islamabad

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