Drilling Report

25 Jan 2008 10:16

Oil and Gas Development Company Ltd25 January 2008 No. CS04-08(KSE/LSE/ISE) January 25, 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: 021-2415763; 2437560 2. The Secretary 4. London Stock Exchange Plc. Lahore Stock Exchange (Guarantee) 10 Patemoster Square, Limited, 19-Khayaban-e-Iqbal London EC4M 7LS Lahore Tel: (44) 020 7334 8907 Fax. No. 042-111441441 Subject: DISCOVERY OF HYDROCARBON IN PASAKHI EAST WELL NO. 01 (EXPLORATORY) Dear Sir, By the grace of Almighty Allah, Oil and Gas Development CompanyLimited (OGDCL) has discovered gas and condensate in its Exploratory PasakhiEast Well No. 01. This well is located in district Hyderabad of Sindh province.It is a joint venture well between OGDCL (95%) and GHPL (5%) with OGDCL asoperator. 2. Pasakhi East Well No.01 structure was delineated in Tando Allah YarE.L. licence area, drilled and tested by OGDCL in-house expertise. The well wasdrilled down to the depth of 3407 meters, targeting to test the potentials ofSands of Lower Goru Formation of Cretaceous Age. Based on log data, 02 zoneswere selected for testing. Production testing of Zone-1 (Massive-Sands) ofLower Goru Sand member started on January 21, 2008, which proved productive.The short duration initial flow rate testing results of Zone # 01 are as under: CHOKE SIZES WHFP (PSI) Quantity of Gas Quantity of Quantity water (MMSCFD) Condensate (BPD) (BWPD) 32/64" 2140 10.7 155 80 3. The above is being provided to you in compliance with therequirements of Clause 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 Islamabad2. 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