Oil&gas Regs Regulatory News (OGDC)

CS04-08 (PSX/LSE/SECP)

January 28, 2021

Subject: Provisional Award of New Exploration Blocks

Dear Sir,

OGDCL had participated in the competitive bidding round for exploration blocks held by the Government in January 2021 and the Directorate General of Petroleum Concessions (DGPC) has communicated provisional award of new exploration blocks to OGDCL. The blocks have been awarded on the basis of work units committed by different E&P Companies. Details of the blocks provisionally awarded to OGDCL are as under:

The aforesaid provisional award will be formalized upon:

1) Approval of the acquisition by OGDCL Board of Directors;

2) Execution of Petroleum Concession Agreements with DGPC and necessary agreements with joint venture partners;

3) Completion of regulatory and procedural formalities.

Participation in the bidding round is in furtherance of Company's strategy and business plan to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance.

The above information is submitted in compliance of Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.

Yours Sincerely,

(Ahmed Hayat Lak)

Company Secretary

Copy:

Director/HOD,

Surveillance, Supervision and Enforcement Department

Securities & Exchange Commission of Pakistan,

NIC Building,63 Jinnah Avenue, Blue Area,

Islamabad