Material Information of Oil and Gas Development Company Limited

Karachi, Oil and Gas Development Company Limited informed Pakistan Stock Exchange that the as Operator (95%) and Government Holdings (Private) Limited (GHPL) (5% carried) has discovered oil and gas from exploratory well namely Nim East-1 located in District Tando Allah Yar, Sindh Province.

2. Nim east-1 was spudded in on 21st March 2022 as an exploratory well by using OGDCL’s in-house expertise and in close collaboration with GHPL team. The well was drilled down to 2573 m. Based on the results of wire line logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 1400 Barrels of Oil per Day (BOPD) and 5.02 Million Standard Cubic Feet per Day (MMSCFD) Gas through choke size 32/64″ at Well Head Flowing Pressure (WHFP) of 1820 Pounds per Square Inch (psi).

3. The said discovery is the 11th discovery in Nim Block which shows the commitment of Nim Joint Venture Partners to exploit the hydrocarbon potential of the block besides reflection of aggressive exploration strategy. Discovery will help in mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserves base of joint venture entities and the country.

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.