REG - Oil and Gas Devt Co - Gas Discovery at Chak 202-1 Exploratory Well

Oil And Gas Development CoAnnouncement

13/08/2024 11:15

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RNS Number : 2786A  Oil and Gas Development Company Ltd  13 August 2024

   OIL & GAS DEVELOPMENT COMPANY LIMITED

   (BOARD SECRETARIAT)

CS04-08 (PSX/LSE/SECP)

August 13, 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 DISCOVERY AT CHAK 202-1 EXPLORATORY WELL - MARI EAST
BLOCK, DISTRICT RAHIM YAR KHAN, PUNJAB PROVINCE, PAKISTAN

Dear Sir,

 

Oil and Gas Development Company Limited (OGDCL), the operator of Mari East
Exploration License with 100% working interest, has discovered gas from its
exploratory well, Chak 202-1, located in District Rahim Yar Khan, Punjab
Province.

Chak 202-1 was spudded on June 29, 2024, as an exploratory well, utilizing
OGDCL's in-house expertise. The well reached a depth of 1956.50 meters. Based
on the results of wireline logs interpretation, Drill Stem Test-1 (Barefoot)
in the Sui Main Limestone (SML) has tested 6.15 million Standard Cubic Feet
Per Day (MMSCFD) Gas through choke size 32/64'' at Well Head Flowing Pressure
(WHFP) of 1340 Pounds per Square Inch (psi).

This marks the second consecutive discovery in the Mari East Block,
demonstrating the Company's commitment to harnessing the hydrocarbon potential
of the Block through its robust exploration strategy. The discovery not only
opens new avenues but also contributes significantly to bridging the energy
demand-supply gap with indigenous resources, thereby enhancing the hydrocarbon
reserves of OGDCL and the Country.

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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