Dividend Declaration

21 Feb 2007 09:19

Oil & Gas Development Company Ltd21 February 2007 February 21, 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED (OGDCL) SUBJECT: Dividend announcement for the quarter ended December 31, 2006 The Board of Directors of OGDCL, in their meeting held on February 21, 2007 at10:00 a.m. at Islamabad, has approved the following: CASH DIVIDEND Second interim Cash dividend for the quarter ended December 31, 2006 @ -17.50 %i.e. Rs 1.75 per share (Rupee One & paisa seventy-five per share). This is inaddition to first interim dividend to Rs. 1.75 per share i.e. 17.50% alreadydeclared during the financial year. The above entitlement will be paid to the shareholders whose names will appearin the Register of Members on April 13, 2007. The Share Transfer Books of theCompany will be closed from April 14, 2007 to April 21, 2007 (both daysinclusive). Transfers received at the share registrar office Noble ComputersServices (Pvt.) Limited, 2nd Floor, Sohni Centre; BS 5 & 6, Main Kariamabad;Block-4, Federal B. Area, Karachi-75950 at the close of business on April 13,2007 will be treated in time for the purpose of above entitlement to thetransferees. A separate disclosure with the full financial results and accounts will bedisclosed in a following announcement. Copies of accounts will be distributed amongst the members of the localexchanges also. - Ends - For further information: Investor Relations Contacts Usman Bajwa Investor Relations Officer Telephone: +92 51 920 9888 Fax: +92 51 920 9858 Email: Usman_Bajwa@ogdcl.com Notes to Editors 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