Last checked at 20 Aug 2010 08:19
No. CS04-08(KSE/LSE/ISE)
August 20, 2010
| 1. | The General Manager Karachi Stock Exchange (Guarantee) Limited, Stock Exchange Building Stock Exchange Road Karachi Fax No. 021-111-573-329 | 3. | The Secretary Islamabad Stock Exchange (Guarantee) Limited, 55-B, ISE Towers, Jinnah Avenue, Islamabad Fax No. 051-111-473-329 |
| 2. | The Secretary Lahore Stock Exchange (Guarantee) Limited, 19-Khayaban-e-Iqbal Lahore Fax. No. 042-111-441-441 | 4. | London Stock Exchange Plc. 10 Paternoster Square, London EC4M 7LS Tel: (44) 020 7334 8907 |
SUBJECT: DISCOVERY OF OIL AND GAS AT GOPANG WELL # 01
Sir,
By the grace of Almighty Allah, the Joint Venture of Nim Block comprising of Oil and Gas Development Company Limited (OGDCL) as Operator (95%) and Government Holdings (Pvt) Limited (5% carried) has discovered Gas from its exploratory well i.e. Gopang Well # 01, which is located in District Hyderabad, Sindh Province.
2. The structure of Gopang Well # 01 was delineated, drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 2,451 M, targeting to test the hydrocarbon potential of Lower Goru Formation, whereby reserves of hydrocarbon have been found at Gopang Well # 01. The Zone has tested 3.25 MMSCFD of gas and 100 BPD of condensate through 32 / 64" choke. The short duration post completion testing results of Zone # 02 ("B" Sands) are tabulated as under:
| Choke Size | WHFP (PSI) | Quantity of Gas (MMSCFD) | Quantity of Condensate (BPD) | Quantity of Water (BWPD) | API of condensate | S.G. of water | Water Chlorides (PPM) |
| 32/64" | 780 | 3.25 | 100 | 30 | 61.8 | 1.02 | 18,105 |
3. The discovery of Gopang Well # 01, will add more reserves to the hydrocarbon reserve base of the OGDCL.
4. The above is being provided to you in compliance with the requirements of Clause No. (xxiii) of the Code of Corporate Governance.
Thanking you.
Sincerely,
(Eram Ali Aziz)
Company Secretary