Oil&gas Regs Regulatory News (OGDC)

5 Jul 2007 09:17

Oil and Gas Development Company Ltd05 July 2007 Islamabad 5 July 2007 FOR IMMEDIATE RELEASE DISCOVERY OF HYDROCARBON IN CHANDIO WELL NO. 01 (EXPLORATORY) The Oil and Gas Development Company Limited (OGDCL) has made a Gas andCondensate discovery from its Exploratory Well Chandio # 01 of Tando Allah YarExploration Licence located in District Hyderabad. The Hydrocarbon has beenfound from Lower Goru Formation. Chandio Well No. 01 is a joint venture betweenOGDCL (95%) and GHPL (5%) with OGDCL as Operator. Chandio Well No. 01 was drilled down to the dept of 3660 meters, targeting totest the potentials of "Massive", "Basal" & A-Sands of Lower Goru Formation ofCretaceous Age. Base on drilling & electric log data, four zones were selectedfor testing. Production testing of Zone-3 (Massive-Sands) of Lower Goru Sandmember proved productive. The short duration initial testing results are asunder: CHOKE SIZES WHFP (PSI) Quantity of Gas Quantity of Quantity water (MMSCFD) Condensate (BPD) (BWPD) 32/64" 540 2.45 70 - The above is being provided to you in compliance with the requirements of ClauseNo. (xxiii) of the Code of Corporate Governance. -- Ends -- For further information please contact: Capital MS&L Annabel Forbes +44 20 7 307 5347 / +44 07786 657455 Nicholas Bastin +44 20 7255 5117 / +44 7931 500066 Overview OGDCL is the largest petroleum exploration and production, or E&P, company inthe Pakistan oil and gas sector, with a primary focus on gas. With a portfolio of 42 exploration licences, the Company has the largestexploration acreage (80,128.76 Sq. Kms) in Pakistan. This includes twoexploration licences namely Guddu and Indus offshore-S granted to the Company inFebruary and March 2007. While its focus to date has been on onshore exploration, the Company has alsorecently begun conducting offshore exploration activities; an area which theCompany believes has significant untapped potential. OGDCL had a net profit after tax of Rs 34.497 billion for the nine months ended31 March, 2007. This information is provided by RNS The company news service from the London Stock Exchange