RNS Number : 7454G
Oil and Gas Development Company Ltd
27 November 2020
No.CS04-08/PSX/LSE November 27, 2020
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The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Fax No: 021-32437567
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London Stock Exchange Plc. 10 Paternoster Square
London EC4M 7LS
Tel: (44) 020 7334 8907
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Subject: GAS DISCOVERY AT LAKHIRUD X-1 WELL
Dear Sir,
We are pleased to inform you that Oil and Gas Development Company Limited (OGDCL) as Operator (100%) of Lakhirud Exploration Licence has discovered gas from its exploratory well Lakhirud X-1, which is located in District Musa Khel, Balochistan Province.
The structure of Lakhirud X-1 was drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 3000 meters. Based on logs data, the well was tested at rate of 2.5 Million Standard Cubic Feet per Day (MMSCFD) of gas and 18 Barrels Per Day (BPD) of water through 32/64" choke at Well Head Flowing Pressure of 600 Pounds per Square Inch (Psi) from Mughal Kot Formation.
The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbon reserves base of OGDCL.
The above information is submitted in compliance with PSX Regulations / Code of Corporate Governance for dissemination amongst your members please.
Yours truly,
(Ahmed Hayat Lak)
Company Secretary
Copy to:
The Commissioner (Enforcement),
Securities & Exchange Commission of Pakistan,
NIC Building, Islamabad.
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