12 Sep 2023 10:47
Â
No.CS04-08/ (PSX/LSE/SECP) September 12, 2023
Â
The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi | London Stock Exchange Plc. 10 Paternoster Square, London EC4M 7LS Tel: (44) 20 7334 8907 |
Â
Subject: Production Commencement - New Development Well Nashpa-11
Â
Dear Sir,
Oil & Gas Development Company Limited (OGDCL) is diligently pursuing a harmonized approach to exploration, drilling, and development activities with a focus on optimizing production on a fast-track basis.
Â
We are pleased to share an encouraging development where the Nashpa-11 well has been successfully tested, completed, and brought into the production stream. This development is the result of OGDCL's in-house expertise. The well was drilled to a depth of 4,485 meters, targeting the hydrocarbon potential within the Lumshiwal, Hangu, and Lockhart formations. Presently, these formations are yielding 830 BPD of oil and 1.0 MMSCFD of gas through a 32/64" choke at a wellhead flowing pressure (WHFP) of 520 PSI. As of September 11, 2023, the well has been connected to the OGDCL Nashpa plant through a 1.8 Km flow line, and gas is being injected into the SNGPL network.
Â
This venture is a collaborative effort where OGDCL stands as the operator, holding a 56.45% stake. The partnership also involves Pakistan Petroleum Limited (PPL), which holds a 28.55% share, and Government Holding Private Limited (GHPL) with a 15% share.
Â
The above information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.
Â
Yours sincerely,
Â
Â
Â
(Wasim Ahmad)
A/Company Secretary
Â
Â
Â
Copy
Executive Director/HOD, SECP, Offsite-II Department, Supervision Division, SECP, Islamabad