Material Information of Oil and Gas Development Company Limited

Karachi, Oil and Gas Development Company Limited informed Pakistan Stock Exchange that the company, being the operator of Kalchas Exploration Licence (operator, 50%) along with Mari Petroleum Company Limited (MPCL, 50%) as Joint Venture Partner has made a Gas discovery at Kaleri Shunn-01 well located in Rajanpur (Tribal area), Punjab Province, Pakistan.

2. Kaleri Shum-01 was spudded on 31st Dec, 2021 to test the hydrocarbon potential of Pab, Fortmunro/ Mughalkot and Parh formations. The well was drilled down to depth of 1907m. Based on the results of wire line logs interpretation, the operator has successfully conducted four DSTs in Parh, Fortmunro/ Mughalkot, Pab and Ranikot formations.

3. During Drill Stem Test (DST)-1 in Parh & Fortmunro/Mughalkot formations, the well flowed at a rate of 1.24 Million Standard Cubic Feet per Day (MMSCFD) Gas, through choke size 32/64″ at Well Head Flowing Pressure (WHFP) of 220 Pounds per Square Inch (PSI). DST-2 into Fortmunro/Mughalkot Formations, the well tested 0.489MMSCFD Gas through choke size 32/64″ at WHFP of 300PSI.

The well also tested 0.192 MMSCFD Gas from Pab Sandstone during DST-3 through choke size 32/64″ at WHFP of 10-75PSI. DST-4 conducted Ranikot Formation, the well tested 0.16MMSCFD Gas through choke size 32/64″ at WHFP of 100-130 PSI.

Oil and Gas Development Company Limited (OGDCL), was incorporated on 23 October 1997. The Company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation. The nature of business of the Company is exploration and production of Oil and Gas / Hydrocarbons.

The total number of shares are 4,300,928,400. The Earnings per shares is 23.27 in 2020 which was 27.53 in 2019. The Profit after Taxation is 100,081,671,000 in 2020 which was 118,385,788,000 in 2019.