5th Jul 2007 09:17
Oil and Gas Development Company Ltd05 July 2007 Islamabad 5 July 2007 FOR IMMEDIATE RELEASE DISCOVERY OF HYDROCARBON IN CHANDIO WELL NO. 01 (EXPLORATORY) The Oil and Gas Development Company Limited (OGDCL) has made a Gas andCondensate discovery from its Exploratory Well Chandio # 01 of Tando Allah YarExploration Licence located in District Hyderabad. The Hydrocarbon has beenfound from Lower Goru Formation. Chandio Well No. 01 is a joint venture betweenOGDCL (95%) and GHPL (5%) with OGDCL as Operator. Chandio Well No. 01 was drilled down to the dept of 3660 meters, targeting totest the potentials of "Massive", "Basal" & A-Sands of Lower Goru Formation ofCretaceous Age. Base on drilling & electric log data, four zones were selectedfor testing. Production testing of Zone-3 (Massive-Sands) of Lower Goru Sandmember proved productive. The short duration initial testing results are asunder: CHOKE SIZES WHFP (PSI) Quantity of Gas Quantity of Quantity water (MMSCFD) Condensate (BPD) (BWPD) 32/64" 540 2.45 70 - The above is being provided to you in compliance with the requirements of ClauseNo. (xxiii) of the Code of Corporate Governance. -- Ends -- For further information please contact: Capital MS&L Annabel Forbes +44 20 7 307 5347 / +44 07786 657455 Nicholas Bastin +44 20 7255 5117 / +44 7931 500066 Overview OGDCL is the largest petroleum exploration and production, or E&P, company inthe Pakistan oil and gas sector, with a primary focus on gas. With a portfolio of 42 exploration licences, the Company has the largestexploration acreage (80,128.76 Sq. Kms) in Pakistan. This includes twoexploration licences namely Guddu and Indus offshore-S granted to the Company inFebruary and March 2007. While its focus to date has been on onshore exploration, the Company has alsorecently begun conducting offshore exploration activities; an area which theCompany believes has significant untapped potential. OGDCL had a net profit after tax of Rs 34.497 billion for the nine months ended31 March, 2007. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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