KARACHI: Oil & Gas Development Company Limited (OGDCL), along with its joint venture partner Government Holdings (Private) Limited (GHPL), has reported an oil discovery at the Chakar-1 exploratory well. The well is located in District Tando Allah Yar, Sindh Province, Pakistan. This announcement was made on August 1, 2025, marking a significant achievement for the TAY Exploration License.
OGDCL, serving as the operator with a 95% stake, and GHPL, holding a 5% carried interest, have successfully completed the drilling of Chakar-1. The exploratory well was spudded on June 2, 2025, and reached a total depth of 1,926 meters into the Upper Shale of the Lower Goru Formation. The evaluation, which included wireline logs and Reservoir Evaluation Services (RES) log, enabled the company to conduct a Drill Stem Test (DST) in the B-Sand. The subsequent testing with an Electrical Submersible Pump (ESP) resulted in a flow of 275 barrels of oil per day (BOPD) through a 32/64" choke at a wellhead flowing pressure of 400 psi.
In addition to the initial findings, the formation testing using RES indicated the presence of oil in the Lower Ranikot formation. As a result, a second DST/ESP is being conducted to further evaluate the hydrocarbon potential of this formation.
According to information available from the Pakistan Stock Exchange (PSX), the Chakar-1 discovery represents the 13th successful find in the TAY Exploration License. This achievement underscores the continued efforts by the joint venture to explore and unlock the hydrocarbon potential within the block. The results obtained thus far bolster confidence in the geological prospects of the area, supporting ongoing exploration and appraisal activities aimed at further delineating the resource base.
The disclosure of this information complies with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, ensuring its dissemination among stakeholders. OGDCL and GHPL remain committed to advancing their exploration initiatives to capitalize on the hydrocarbon resources in the region.