Karachi, Oil & Gas Development Company Limited has responded to a letter from the Pakistan Stock Exchange (PSX) dated July 12, 2023, regarding the details of the Uch Compression project that were published in print or electronic media.
In their response, the company clarified that the status of the Uch Compression project was already disclosed in their nine-monthly reports for the period ending March 31, 2023. The project details were included as part of the Directors' Interim Review Report. The report indicated that the project is expected to be completed by October 2024, and the tendering process is currently underway.
It is important to note that contract finalization is currently in progress as part of the overall tendering process. Any significant changes in the project status will be communicated by the company as the project continues to progress.
The response from Oil & Gas Development Company Limited aims to address any confusion or misinterpretation resulting from the media publication. The company emphasizes that the project details were already available in the official reports and publications, ensuring transparency and timely disclosure of information to shareholders and stakeholders.
Oil & Gas Development Company Limited remains committed to adhering to regulatory requirements and providing accurate and up-to-date information to the market. As the Uch Compression project advances, the company will continue to keep investors and stakeholders informed about any significant developments or changes.
The clarification from Oil & Gas Development Company Limited underscores their commitment to maintaining clear communication channels and ensuring that accurate information is disseminated to the public. The company's focus remains on executing the Uch Compression project efficiently and contributing to the growth and development of the oil and gas sector in Pakistan.
The market will closely monitor the progress of the Uch Compression project and any future updates from Oil & Gas Development Company Limited. The successful completion of the project will have a positive impact on the company's operations and contribute to the overall energy landscape of the country.