Oil&gas Regs Regulatory News (OGDC)

23 Apr 2007 14:55

Oil & Gas Development Company Ltd23 April 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED (OGDCL) GAS AND CONDENSATE DISCOVERY AT DAKHNI DEEP WELL NO. 1 (EXPLORATORY) - DAKHNI MINING LEASSE Oil and Gas Development Company Limited (OGDCL) announces today that it has madea Gas and Condensate discovery from its Exploratory Well Dakhni Deep No.1 inDatta formation. The well has been drilled in Dakhni Mining Lease falling inDistrict Attock of Punjab Province. The surface coordinates of the well are 33o-23'-42.283" (latitude) & 71o -53'-12.298" (longitude). The well was spudded-in on 12th May, 2006 and drilled down to the depth of 4828M targeting to test the potentials of Kingriali, Datta, Shinwari, Samanasuk &Lumshiwal formations. Furthermore, we would like to inform you that Kingriali,Datta & Shinwari formations had never been tested earlier in Dakhni MiningLease. The well testing started on 10th March, 2007. During testing, Kingriali,Shinwari & Lumshiwal were proved as non-producing horizons, however, Dattaformation proved to be hydrocarbon-bearing. After completing the well in Datta formation on 14th April, 2007, acidstimulation job was carried out on 20th April, 07. The post stimulation resultsare as under: CHOKE SIZES WHFP (PSI) Q Condensate Q gas (MMSCFD) Q water API GAS CV (BTU/SCF) (BPD) (BPD) 32/64" 2100 260 10.8 40 45.5 1048 -- 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. It holds thelargest portfolio of the recoverable hydrocarbon reserves of Pakistan, at 32% ofgas and 37% of oil, respectively, as of June 30, 2006, and contributed 22% ofthe country's total natural gas production and 48% of its oil production for theyear ended June 30, 2006 on a net basis1. With a portfolio of 46 exploration licences, the company has the largestexploration acreage in Pakistan, covering 39% of the total awarded as of June2006. While its focus to date has been on onshore exploration, the company hasalso recently begun conducting offshore exploration activities, an area whichthe company believes has significant untapped potential. OGDCL had a net profit PKR 45.8bn for the year ended June 30, 2006 and PKR12.0bn for the three months ended September 30, 2006. 1 based on data compiled by the Directorate General of Petroleum Concessions, orDGPC This information is provided by RNS The company news service from the London Stock Exchange