Karachi: A significant natural gas reserve has been discovered at the Akhiro-1 exploratory well in the Sawan South Block, located in the District of Khairpur, Sindh Province. The discovery was announced by the consortium Sawan South Joint Venture, which includes key stakeholders such as Oil and Gas Development Company Limited (OGDCL), United Energy Pakistan Limited (UEPL), Government Holding Private Limited (GHPL), and Sindh Energy Holding Limited (SEHL).

The well, initiated on June 15, 2024, reached a final depth of 12,442 feet measured depth (MD). Following successful drilling, the well tested at approximately 10.00 million standard cubic feet per day (MMSCFD) of gas, utilizing a choke size of 24/64 inches and achieving a wellhead flowing pressure (WHFP) of 4,000 pounds per square inch (Psig). According to information available from the Pakistan Stock Exchange (PSX), this discovery not only enhances the hydrocarbon reserve base of the country but also plays a critical role in bolstering energy security through indigenous resources.

The joint venture composition is as follows: OGDCL holds a 20% working interest, UEPL operates with a 75% interest, while GHPL and SEHL each maintain a 2.5% stake. This discovery at the Akhiro-1 well is pivotal as it de-risks further exploratory efforts in the Sawan South Block, promising substantial contributions to the national energy supply.

This announcement adheres to the requirements of Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of PSX Regulations, ensuring that the discovery is transparently shared with members and stakeholders, reflecting the ongoing commitment to exploration and development within the region.