Oil&gas Regs Share Price (OGDC)

Got more on dip

Overall impact on the share price will be small for a $4 billion company.
Even so SP should be up 5% but an over-reaction for the effect this will have on profits.

By the grace of Almighty Allah, Oil and Gas Development Company Limited (OGDCL), operator of Nashpa Exploration License, together with its Joint Venture partners Pakistan Petroleum Limited and Government Holdings Private Limited has discovered new hydrocarbon bearing horizons from its appraisal well Nashpa 03, located in District Karak, KPK. The structure of well Nashpa # 03 was delineated, evaluated, drilled and tested utilizing indigenous expertise. 2. Nashpa # 3 well was drilled down to the depth of 5250 M targeting to appraise the discoveries of Lockhart, Datta & Shinawari as well as to test the potential of Samanasuk, Lumshiwal & Hangu formations. Datta formation was not encountered down to depth of 5250 M due to anomalous increase in thickness of overlying Shinawari formation. 3. After DSTs in new horizons of Samanasuk, Lumshiwal & Hangu formations, significant reserves of hydrocarbons have been confirmed at well Nashpa # 03. Samanasuk formation has produced 150 barrels per day of crude oil and 0.6 MMCFD gas through 32/64" choke. Lumshiwal & Hangu formations (tested jointly) have produced 3015 barrels per day of crude oil and 14.35 MMCFD gas through 32/64" choke. The actual flow potential of the well would be determined after completion followed by stimulation. 4. This discovery will add to the hydrocarbon reserves' base of the company and joint venture partners, bringing significant savings to the country in term of oil import bill. 5. The above is being provided to you in compliance with the requirements of Clause No. (xx) of the Code of Corporate Governance.

Financial Results for the year ended June 30, 2011 Sir, We are pleased to inform you that the Board of Directors of our Company in their meeting held on August 12, 2011 at 9.30 a.m. at Islamabad, have approved as follows: CASH DIVIDEND Final cash dividend for the year 2010-11 on the basis of accounts for the period ended June 30, 2011 @ Rs 2.5 per share i.e. 25% percent. This is in addition to Interim Dividends already paid @ Rs 3/= per share i.e. 30 percent. The above entitlement will be paid to the shareholders whose names will appear in the Register of Members on Tuesday, September 20, 2011. The Share Transfer Books of the Company will be closed from Wednesday, September 21, 2011 to Wednesday September 28, 2011 (both days inclusive). Transfers received at the Share Registrar Office, Noble Computers Services (Pvt.) Limited, Mezannine Floor, House of Habib Building (Siddiqsons Tower), 3-Jinnah Cooperative Housing Society, Main Shahrah-e-Faisal, Karachi-75350 at the close of business on September 20, 2011 will be treated in time for the purpose of above entitlement to the transferees. The financial results of the Company are enclosed as Annex-I. Further summaries of OGDCL Accounts with accompanying Notes to Accounts and Highlights of the Company's performance are enclosed as Annex-II to III.

http://www.investegate.co.uk/Article.aspx?id=201108120712182599M