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28 Nov 2013 08:08
No. CS04-08 (KSE / LSE / ISE)
November 28, 2013
1. | The General Manager, Karachi Stock Exchange (G) Limited, Stock Exchange Building, Stock Exchange Road, Karachi. Fax No: 021-111-573-329, 2437560. 2460923, 2415763 | 2. | The Secretary, Lahore Stock Exchange (G) Limited, 19-Khayaban-e-Aiwan-e-Iqbal, Lahore. Fax. No. 042-36368485 |
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: DISCOVERY OF OIL AND GAS AT SAAND WELL # 01
Dear Sir,
By the grace of Almighty Allah, the Joint Venture of Nim Block comprising Oil and Gas Development Company Limited (OGDCL) as operator (95%) and Government Holdings Private Limited (5%) has discovered gas and condensate from its exploratory well i.e. Saand Well # 01, which is located in District Tando Allah Yar, Sindh Province.
2. The structure of Saand Well # 01 was delineated, drilled and tested using OGDCL's in house expertise. The Well was drilled down to the depth of 2,651 M, targeting to test the hydrocarbon potential of Lower Goru Formation, whereby reserves of hydrocarbon have been found at Saand Well # 01. The Zone has tested 5.84 MMCFD of gas and 65 BPD of condensate through 32/64" choke.
3. This discovery of Saand Well # 01, will add hydrocarbon reserves to the Company.
4.. 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
Oil&gas Regs (OGDC)
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