25 Sep 2017 11:03
No. CS04-08 (PSX/LSE)
September 25, 2017
1. | The General Manager, Pakistan Stock Exchange Limited,Stock Exchange Building, Stock Exchange Road,Karachi-74000, Pakistan.
Fax No. (92-21) 3241 0825, 3241 5136
| 2. | London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS.
Tel: (44) 20 7334 8907 |
Subject: DISCOVERY OF GAS CONDENSATE AT TANDO ALLAH YAR SOUTH WEST WELL # 01
Dear Sir,
The joint Venture of Tando Allah Yar Block comprising Oil & Gas Development Company Limited (OGDCL) as operator (95%) & Government Holdings (Pvt) Limited (5%) has discovered gas and condensate from its exploratory Well Tando Allah Yar South West # 01, which is located in district Hyderabad, Sindh province.
2. The structure of Tando Allah Yar South West # 01 was drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 3250 Meters. The well has tested 10 MMSCFD of gas and 72 BPD of condensate through 32/64" choke at wellhead flowing pressure of 2440 Psi from "Massive Sands" of Lower Guru formation.
3. The discovery of Tando Allah Yar South West # 01 is the result of aggressive exploration strategy adopted by the Company. It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL. It would also be helpful in mitigating energy crisis in the Country.
4. The above information is submitted in compliance with Clause 5.19.13 (c) Code of Corporate Governance contained in the rule book of the exchange for dissemination amongst your members please.
Yours Sincerely,
(Ahmed Hayat Lak)
Company Secretary
Oil&gas Regs (OGDC)