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11 Sep 2014 17:23
No. CS04-08 (KSE/LSE/ISE) September 11, 2014
1. | The General Manager, Karachi Stock Exchange (G) Ltd, Stock Exchange Building, Stock Exchange Road, Karachi. Fax No. 021-2437560, 2460923, 2415763
| 2. | The Secretary, Lahore Stock Exchange (G) Ltd, 19-Khayaban-e-Aiwan-Iqbal, Lahore. Fax No. 042-111441441 |
3. | The Secretary, Islamabad Stock Exchange (G) Ltd, 55-B, ISE Towers, Jinnah Avenue, Islamabad. Fax No. 051- 111473329 | 4. | London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS. Tel: (44) 20 7334 8907 |
Subject : DISCOVERY OF OIL AND GAS AT SOGHRI WELL # 01
Dear Sir,
By the grace of Almighty Allah, Oil and Gas Development Company Limited (OGDCL), operator of Soghri Exploration License (EL) has discovered hydrocarbon bearing horizon from its exploratory well soghri # 01, located in District Attock- Punjab. Soghri (EL) is 100% owned by OGDCL. The structure of well was delineated, drilled and tested utilizing the indigenous expertise.
2. Soghri # 01 well was drilled down to the depth of 4,900 meters targeting to test the potentials of Sakassar, Chorgali, Nammal & Pattala formations.
3. Singnificant reserves of hydrocarbons have been found at well soghri # 1. Sakassar, Chorgali, Nammal & Pattala have been tested jointly delivering 17 MMcfd of gas and 220 barrels per day of condensate through 32/64" choke at well head flowing pressure of 3,275 Psi.
4. This discovery will add to the hydrocarbon reserves' base of the Company, bringing significant saving to the country.
5. The above is being provided to you in compliance with the requirement of Clause No. (XX) of the Code of Corporate Governance.
Yours Sincerely,
(Ahmed Hayat Lak)
Company Secretary
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