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21 Dec 2012 10:49
No. CS04-08(KSE/LSE/ISE)
December 21, 2012
1. | The General Manager, Karachi Stock Exchange (G) Limited, Stock Exchange Building, Stock Exchange Road, Karachi Fax No: 021-111-573-329, 2437560 | 2. | The Secretary, Lahore Stock Exchange (G) Limited, 19-Khayaban-e-Aiwan-e-Iqbal, Lahore Fax No. 042-111-441-441 |
3. | The Secretary, Islamabad Stock Exchange (G) Ltd, 55-B, ISE Towers, Jinnah Avenue, Islamabad Fax No. 051-111473329 | 4. | London Stock Exchange Plc. 10 Paternoster Square, London EC4M 7LS Tel: (44) 20 7334 8907 |
SUBJECT: HYDROCARBON DISCOVERY AT ZIN E.L SML-1 IN DISTRICT
DERA BUGTI (BALOCHISTAN)
Dear Sir,
By the grace of Almighty Allah, Oil and Gas Development Company Limited (OGDCL) operator of Zin Exploration License, together with Joint Venture partner Government Holdings Private Limited has discovered a hydrocarbon bearing zone from its well Zin SML-1 located in District Dera Bugti of Baolchistan province. The structure of the well was delineated, drilled and tested utilizing the indigenous expertise.
2. Zin SML-1 well was drilled down to depth of 1050 M targeting to test the potential of Sui Main Limestone formation.
3. Significant reserves of hydrocarbons have been found at well Zin SML-1. The target zone Sui Main Limestone of Eocene age has tested 8.05 MMSCFD gas through 128"/64" choke.
4. This discovery will add to the hydrocarbon reserves base of the company and its joint venture partner, bringing significant savings to the country.
5. The above is being provided to you in compliance with the requirements of Clause No. (xx) of the Code of Corporate Governance.
Thanking you,
Yours sincerely,
(Ahmed Hayat Lak)
Company Secretary
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