Oil&gas Regs Regulatory News (OGDC)

29 Dec 2006 13:18

Oil & Gas Development Company Ltd29 December 2006 PRESS RELEASE 29 December, 2006 The Oil and Gas Development Company OGDCL Confirms Launch of Domestic Retail Offer The Oil & Gas Development Company (OGDCL) (LSE Ticker: OGDC) is pleased toannounce that in response to the Government of Pakistan's decision to offer21,505,000 shares through a retail offering in Pakistan at a price of Rs 110 perordinary share (inclusive of a premium of Rs 100 per share but excluding ShareTransfer Fee), the subscription will be open from January 11, 2007 to January13, 2007 (both days inclusive) during the banking time for public. Followingthe close of the offer, balloting will take place to determine the finalallocations as per rules of the Pakistani Stock Exchanges. Potential investorswill be required to make applications in the multiples of 500 shares only. The retail offer price represents an effective discount of almost 3% to theprice paid by institutional investors in the international and domesticinstitutional offering that priced on November 30, 2006. Full details of the application process can be obtained from the Offer For SaleDocument (OFSD). The OFSD and application forms can be obtained from theregistered office of the Company, members of the Karachi, Lahore and IslamabadStock Exchanges, BMA Capital, and the Bankers to the issue and can also bedownloaded from the websites of Privatization Commission of Pakistan, Oil andGas Development Company Limited and BMA Capital. The OFSD in abridged form isbeing published through press. All potential investors should scrutinise theOFSD closely before deciding to invest. - Ends - For further information, please contact: Capital MS&L Claire Maloney +44 0770958 479 or claire.maloney@capitalmsl.com 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 acreage as ofJune 2006. While its focus to date has been on onshore exploration, the companyhas also recently begun conducting offshore exploration activities, an areawhich the company believes has significant untapped potential. OGDCL had a net profit of PKR 45,803 million for the year ended June 30, 2006and PKR 12,037 million 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