19 Sep 2023 07:00
CS04-08 (PSX/LSE/SECP)
September 19, 2023
1. | The General Manager, Pakistan Stock Exchange Limited,Stock Exchange Building, Stock Exchange Road,Karachi-74000, Pakistan. Â Â | 2. | London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS. Â Tel: (44) 20 7334 8907 |
Subject: GAS DISCOVERY AT CHAK 214-1 EXPLORATORY WELL IN MARI EAST BLOCK, DISTRICT RAHIM YAR KHAN, PUNJAB PROVINCE, PAKISTAN
Dear Sir,
Oil and Gas Development Company Limited (OGDCL), being operator of Mari East Block (100%), has discovered gas at the Chak 214-1 exploratory well situated in the District Rahim Yar Khan, Punjab Province.
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2. Chak 214-1 well was spudded on June 29, 2023, utilizing OGDCL's in-house expertise. The well reached a depth of 1851 meters. Based on wireline log interpretations, Drill Stem Test-1 conducted in the Dunghan Formation demonstrated a yield of 1.1 Million Standard Cubic Feet per Day (MMSCFD) of gas with a choke size of 32/64" and a Well Head Flowing Pressure (WHFP) of 230 Pounds per Square Inch (PSI). Furthermore, Drill Stem Test-2 in the Sui Main Limestone (SML) yielded 1.31 MMSCFD of gas at the same choke size and a WHFP of 260 PSI.
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3. This discovery marks the first in the Mari East Block and is a testament to the Company's commitment to harnessing the hydrocarbon potential of the Block through aggressive exploration strategies.
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4. The above information is submitted in compliance of Section 96 of theSecurities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.
Yours Sincerely,
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(Wasim Ahmad)
A/ Company Secretary
Copy:
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Executive Director/HOD
Offsite-II Department, Supervision Division,
Securities & Exchange Commission of Pakistan
NIC Building,63 Jinnah Avenue, Blue Area,
Islamabad