Material Information

Oil and Gas Development Company Ltd

15 June 2023

 

CS04-08 (PSX/LSE/SECP)

June 15, 2023

The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Building, Stock Exchange Road, Karachi-74000, Pakistan. Fax No. (92-21) 3241 0825, 3241 5136

London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS. Tel: [phone]

Subject:          COMMENCEMENT OF PRODUCTION FROM WALI (BETTANI) OIL & GAS FIELD KHYBER PAKHTUNKHWA, PROVINCE-PAKISTAN

Dear Sir,

Oil and Gas Development Company Limited (OGDCL), the operator of the Wali (Bettani) Exploration License with a 100% working interest, is delighted to announce commencement of production from the Wali (Bettani) Oil & Gas Field situated in District Lakki Marwat, Khyber Pakhtunkhwa Province.

2.       OGDCL has successfully completed the installation of early production facility to fast track monetization of hydrocarbons.

3.       Wali (Bettani) Gas Field is now operationally ready with following anticipated daily production rates:

·          Gas Production (Qgas)        10 MMSCF/Day

·          Oil Production (Qoil) :         1000 BBLS/Day

4.       Within the next 24 hours, OGDCL will initiate production from the Wali (Bettani) Gas Field, seamlessly integrating it into the national grid. This achievement would not have been possible without the unwavering dedication and hard work of our exceptional multidiscipline teams.

5.       Going forward OGDCL will drill two additional wells i.e. Wali Deep #1 and Wali # 02 and upon completion, the gas production would enhance to 50 MMSCF/Day. (approximately)

6.       The above information is submitted in compliance of Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.

Yours sincerely,

 (Wasim Ahmad)

                                                                                         A/Company Secretary

Copy:

Director/HOD,

Office II, Department Supervision,

Securities & Exchange Commission of Pakistan,

NIC Building, 63 Jinnah Avenue, Blue Area,

Islamabad.

 

END