Notice of Results

17 Apr 2007 08:41

Oil & Gas Development Company Ltd17 April 2007 April 16, 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED (OGDCL) Oil and Gas Development Company is pleased to inform you that a meeting of theBoard of Directors of the Company will be held on Thursday, April 26, 2007 at10.30 a.m., at OGDCL House, Jinnah Avenue, Blue Area, Islamabad to consider theAccounts for the 3rd Quarter ended March 31, 2007 and for declaration ofentitlement, if any. Further in terms of clause No. xxvi of Code of Corporate Governance and thedecision of the Board of Directors in its 50th meeting held on January 14, 2004it is notified that the Close Period would be effective from Tuesday, April 17,2007 to the date of the next meeting of the Board of Directors i.e., April 26,2007 (both days inclusive). No Director, CFO, or Executive shall directly orindirectly deal in the shares of company in any manner during this Close Period. -- Ends -- For further information please contact: Capital MS&L Annabel Forbes +44 20 7 307 5347 / +44 07786 657455 Nicholas Bastin +44 20 7255 5117 / +44 7931 500066 Overview 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, as of June 30, 2006, and contributed 22% ofthe country's total natural gas production and 48% of its oil production for theyear ended June 30, 2006 on a net basis1. With a portfolio of 46 exploration licences, the company has the largestexploration acreage in Pakistan, covering 39% of the total awarded as of June2006. While its focus to date has been on onshore exploration, the company hasalso recently begun conducting offshore exploration activities, an area whichthe company believes has significant untapped potential. OGDCL had a net profit PKR 45.8bn for the year ended June 30, 2006 and PKR12.0bn for the three months ended September 30, 2006. 1 based on data compiled by the Directorate General of Petroleum Concessions, orDGPC This information is provided by RNS The company news service from the London Stock Exchange