OGDCL GDSs BEGIN TRADING

6 Dec 2006 07:30

Oil & Gas Development Company Ltd06 December 2006 OGDCL GDSs BEGIN TRADING Pakistan's Biggest International Share Offer In More Than A Decade Begins Trading in London Islamabad, 6 December 2006 -Oil & Gas Development Company Limited (OGDCL),Pakistan's leading oil and gas E&P company, today marked the first day oftrading of its Global Depositary Shares (GDSs) on the London Stock Exchange(LSE). • The offering price of GDSs was US$18.90, with each GDS representing 10ordinary shares. • Based on the offering price, the market capitalisation of OGDCL isapproximately US$ 8 billion. • BMA Capital, Citigroup and Goldman Sachs International acted as Joint Lead Managers with Citigroup and Goldman Sachs International acting as Joint Global Co-ordinators and Bookrunners for the international offering and BMA Capital as Lead Manager and Bookrunner for the domestic offering and joint lead manager of the international offering. . Commenting on the start of first day of trading, Arshad Nasar, Chairman and CEO,said: "The secondary offering of OGDCL shares heralds a new era in Pakistan's capitalmarkets and has, in itself, substantially increased the level of internationalinvestment in Pakistani equities. We view the level of international interestin our business as a great endorsement of our performance and prospects. "Our attention now turns to ensuring that the expectations of our investors aremet. To this end, our commitment to the highest standards of transparency andgovernance is unwavering." -- Ends -- For further information please contact: Capital MS&L Claire Maloney +44 20 7 307 5341 / +44 0770958 479 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 acreage as ofJune 2006. While its focus to date has been on onshore exploration, the companyhas also recently begun conducting offshore exploration activities, an areawhich the company believes has significant untapped potential. OGDCL had a net profit of 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 These materials are not an offer of securities for sale in the United States.The securities may not be offered or sold in the United States absentregistration with the United States Securities and Exchange Commission or anexemption from registration under the U.S. Securities Act of 1933, as amended.The Company has not registered, and does not intend to register, any portion ofthe offering in the United States, and does not intend to conduct a publicoffering of Securities in the United States. This communication is directed only at (i) persons who are outside the UnitedKingdom or (ii) persons who have professional experience in matters relating toinvestments falling within Article 19(1) of the Financial Services and MarketsAct 2000 (Financial Promotion) Order 2005 (the "Order") and (iii) high net worthentities, and other persons to whom it may lawfully be communicated, fallingwithin Article 49(2) of the Order (all such persons together being referred toas "relevant persons"). Any investment activity to which this communicationrelates will only be available to and will only be engaged with, relevantpersons. Any person who is not a relevant person should not act or rely on thisdocument or any of its contents. This document is an advertisement and not a prospectus and investors should notsubscribe for any securities referred to in this document except on the basis ofthe information in the prospectus to be published by the Company in due coursein connection with the admission of the Company's Global Depositary Receipts tothe Official List of the Financial Services Authority. Copies of the prospectuswill, following publication, be available from the Company's registered office. The information contained in this communication does not constitute an offer ofsecurities to the public in the United Kingdom within the meaning of the PublicOffers of Securities Regulations 1995. No prospectus offering securities to thepublic will be published in the United Kingdom. Persons receiving thiscommunication in the United Kingdom should not rely on it or act on it in anyway. In any EEA Member State that has implemented Directive 2003/71/EC (together withany applicable implementing measures in any Member State, the "ProspectusDirective") this communication is only addressed to and is only directed atqualified investors in that Member State within the meaning of the ProspectusDirective. FSA/Stabilization This information is provided by RNS The company news service from the London Stock Exchange