Last checked at 24 Aug 2016 12:10
OIL AND GAS DEVELOPEMNT COMPANY LIMITED
No. CS04-08 (PSX/LSE)
August 24, 2016
1. | The General Manager, Pakistan Stock Exchange Limited,Stock Exchange Building, Stock Exchange Road,Karachi-74000, Pakistan.
Fax No. (92-21) 3241 0825, 3241 5136
| 2. | London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS.
Tel: (44) 20 7334 8907 |
Subject: ENHANCEMENT OF OIL & GAS FROM NASHPA FIELD
Dear Sir,
By the grace of Almighty Allah, Oil & Gas Development Company Limited (OGDCL), operator, with JV Partners PPL & GHPL has successfully tested and completed Nashpa Well # 6 & 7 development wells in Nashpa Development & Production Lease, which fall in district Karak and Kohat of KPK Province.
2. The structure of Nashpa Well # 7 was delineated, drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 4,596 meters, targeting to test the hydrocarbon potential of Datta and Shinawari formations. The Zone has produced 2,700 BPD crude oil and 7.4 MMSCFD of gas through 36/64" choke at well head flowing pressure 1,886 psig. Furthermore, laying of 1.86 Km pipeline has been completed and the well would be injected into the system within this week.
3. Likewise Nashpa Well# 6 was also delineated, drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 5,025 meters, targeting to test the hydrocarbon potential of Kingriali, Datta, Shinawari, Samanasuk, Lumshiwal and Lokhart formations. However, hydrocarbons have been successfully tested in Lumshiwal and Lokhart formations. The Zones have produced 2,550 BPD curde oil and 16.3 MMSCFD of gas through 36/64" choke at well head flowing pressure 2,667 psig. Furthermore, laying of 7.0 km pipeline is in progress and the well would be injected into the system by mid of September 2016.
4. Both the development wells Nashpa # 6 & 7 would add to the significant hydrocarbon reserves base of the OGDCL, PPL GHPL and the country including bringing significant savings to the country in terms of import bill for Oil and Gas.
5. The above information is submitted in compliance with Code of Corporate Governance for dissemination amongst your members please.
Yours Sincerely,
(Ahmed Hayat Lak)
Company Secretary
CC: Securities & Exchange Commission of Pakistan