Karachi: The Oil & Gas Development Company Limited (OGDCL) has announced a new gas and condensate discovery at the Faakir-1 exploratory well, located within the Bitrisim Exploration Licence in District Khairpur, Sindh Province, Pakistan. The announcement, marks a milestone for the company and its joint venture partner, Government Holdings (Private) Limited (GHPL), which holds a 5% interest in the operation. OGDCL retains a 95% working interest.

The Faakir-1 well was spudded on December 31, 2024, and was drilled to a total depth of 4,185 meters in the Sembar Formation. The exploration was conducted using OGDCL's in-house expertise, in close collaboration with GHPL. Two Drill Stem Tests (DSTs) were performed in the Lower Goru Formation, specifically targeting the Massive Sand and Basal Sand intervals.

The cumulative results from these tests indicated a production rate of 6.4 million standard cubic feet of gas per day (MMSCFD) and 55 barrels per day (BPD) of condensate through a 32/64" choke size. The wellhead flowing pressures were recorded at 450 psi for DST-1 and 850 psi for DST-2, respectively. According to information available from the Pakistan Stock Exchange (PSX), this discovery is expected to enhance the commercial viability of the Bitrisim Exploration Licence and extend its duration.

The breakthrough underscores the Joint Venture's commitment to unlocking the full hydrocarbon potential of the block through an aggressive exploration strategy. It is anticipated that this discovery will significantly contribute to reducing the energy demand-supply gap within the country by leveraging indigenous resources, thereby augmenting the hydrocarbon reserves base of both OGDCL and Pakistan.

This announcement complies with Section 96 of the Securities Act, 2015, and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, ensuring the information is disseminated among PSX's members.