Oil&gas Regs Regulatory News (OGDC)

5 Mar 2007 09:11

Oil & Gas Development Company Ltd05 March 2007 March 5, 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED DISSEMINATION OF MATERIAL INFORMATION - WELL HEAD GAS PRICE Oil & Gas Development Company Limited (OGDCL) today announces that Oil and GasRegulatory Authority (OGRA), in its letters dated 26 February, 2007 and 27February, 2007, has revised the well head gas prices of Loti, Dhodak, Dakhni,Sadkal, Qadirpur, Daru, Hundi Sari, Nandpur/Panjpir, Pirkoh and Chanda fields ofOGDCL effective 1 January, 2007 respectively as below: PRICE PER MMBTU (RS) NAME OF THE FIELD Revised Price Previous PriceDhodak field 179.30 177.24Dakhni field 89.73 88.71Sadkal field 251.37 274.22Qadirpur field 162.49 162.54Daru field 78.89 77.99Hundi Sari field 250.20 262.60Nandpur & Panjpir fields 227.10 224.50Pirkoh & Loti fields 84.31 83.34 $ PER MMBTU NAME OF THE FIELD Revised Price Previous PriceChanda field 2.7069 2.7168 -- Ends -- For further information please contact: Capital MS&L Claire Maloney +44 20 7 307 5341 / +44 7770 958 479 Nicholas Bastin +44 20 7255 5117 / +44 7931 500 066 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, and contributed 29% of the country's totalnatural gas production and 64% of its oil production as at 31 December on agross basis. With a portfolio of 40 exploration licences, the Company has the largestexploration acreage in Pakistan, covering 33% of the total awarded acreage as ofDecember 2006. While its focus to date has been on onshore exploration, theCompany has also recently begun conducting offshore exploration activities, anarea which the Company believes has significant untapped potential. OGDCL had a net profit after tax of Rs 22.9 billion for the six months endedDecember 31, 2006 and Rs 10.9 billion for the three months ended December 31,2006. This information is provided by RNS The company news service from the London Stock Exchange