Drilling Report

23 Apr 2008 07:00

Oil and Gas Development Company Ltd23 April 2008 No. CS04-08(KSE/LSE/ISE) April 22, 2008 1. The General Manager 3. The Secretary Karachi Stock Exchange (Guarantee) Islamabad Stock Exchange (Guarantee) Limited, Stock Exchange Building Limited, 101-E, Fazal-ul-Haq Road Stock Exchange Road Islamabad Karachi Fax No. 051-2275044 Fax No. 021-111-573-329 2. The Secretary 4. London Stock Exchange Plc. Lahore Stock Exchange (Guarantee) 10 Paternoster Square, Limited, 19-Khayaban-e-Iqbal London EC4M 7LS Lahore Tel: (44) 020 7334 8907 Fax. No. 042-111441441 Subject: DISCOVERY OF HYDROCARBON IN PAKHRO WELL NO. 01 (EXPLORATORY) - NIM EXPLORATION LICENCE Dear Sir, By the grace of Almighty Allah, Oil and Gas Development Company Limited(OGDCL) has discovered gas and condensate in its Exploratory Pakhro Well No. 01. The well is located in district Hyderabad of Sindh Province. It is a jointventure well between OGDCL (95% - Operator) and GHPL. 2. Pakhro Exploratory Well No. 01 structure was delineated in NIMExploration Licence area and was drilled down to the depth of 3692 meters,targeting to test the potentials of Sands of Lower Goru Formation of Creataceousage. Based on log data, 03 zones were selected for testing. Production testingof Zone-3 (Basal Sands) of Lower Goru Sand member started on April 17, 2008,which proved to be productive. The short duration initial testing results ofZone-03 are tabulated as under: CHOKE SIZES WHFP (PSI) Quantity of Gas Quantity of Quantity water (MMSCFD) Condensate (BPD) (BWPD) 32/64" 1465 8.248 9 36 3. The above is being provided to you in compliance with the requirements ofClause No. (xxiii) of the Code of Corporate Governance. Thanking you. Yours faithfully, (Basharat A. Mirza) GM / Company Secretary CC: 1. The Chairman Securities and Exchange Commission of Pakistan Islamabad 2. The Commissioner (Enforcement), Securities and Exchange Commission of Pakistan, Islamabad This information is provided by RNS The company news service from the London Stock Exchange