Oil&gas Regs Regulatory News (OGDC)

20 Nov 2007 11:15

Oil and Gas Development Company Ltd20 November 2007 No. CS04-08(KSE/LSE/ISE) November 15, 2007 1. The General Manager 3. The Secretary Karachi Stock Exchange (Guarantee) Islamabad Stock Exchange (Guarantee) Limited, Stock Exchange Building Limited, 101-E, Fazal-ul-Haq Road Stock Exchange Road Islamabad Karachi Fax No. 051-2275044 Fax No: 021-2415763; 2437560 2. The Secretary 4. London Stock Exchange Plc. Lahore Stock Exchange (Guarantee) 10 Patemoster Square, Limited, 19-Khayaban-e-Iqbal London EC4M 7LS Lahore Tel: (44) 020 7334 8907 Fax. No. 042-111441441 Subject: DISCOVERY OF HYDROCARBON IN MOOLAN WELL NO. 01 (EXPLORATORY) Dear Sir, By the grace of Almighty Allah, Oil and Gas Development CompanyLimited (OGDCL) has discovered gas and condensate in its Moolan Exploratory WellNo. 01. This well is located in district Hyderabad of Sindh province. 2. Moolan Well No.01 structure was delineated in Lashari D&PL licencearea and drilled down to a depth of 2,421 meters, targeting to test thepotentials of Sands of Lower Goru Formation of Cretaceous Age. Based on logdata, two zones were selected for testing. Production testing of Zone-1 (C&D-Sands) of Lower Goru Sand member started on November 03, 2007, and Zone-II (A&B Sands) started on November 11, 2007, which proved productive. The shortduration initial testing results of Zone # 01 & 02 are as under: CHOKE WHFP ZONE SIZES (PSI) Quantity of Gas Quantity of Quantity water (MMSCFD) Condensate (BPD) (BWPD) ZONE-1 32/64" 900 4.44 64 35 ZONE-2 32/64" 1240 6.02 165 40 3. The above is being provided to you in compliance with the requirements of Clause No. (xxiii) of the Code of Corporate Governance. Thanking you. Yours faithfully, (Basharat A. Mirza) GM / Company SecretaryCC: 1. The Chairman Securities and Exchange Commission of Pakistan Islamabad 2. The Commissioner (Enforcement), Securities and Exchange Commission of Pakistan, Islamabad. NOO:CC: Chairman & CEO Directors of OGDCL Board Executive Director (Finance) CPRO This information is provided by RNS The company news service from the London Stock Exchange