22nd Feb 2010 10:07
No. CS04-08(KSE/LSE/ISE)
February 22, 2010
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1. |
The General Manager Karachi Stock Exchange (Guarantee) Limited, Stock Exchange Building Stock Exchange Road Karachi Fax No. 021-111-573-329 |
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The Secretary Islamabad Stock Exchange (Guarantee) Limited, 101-E, Fazal-ul-Haq Road Islamabad Fax No. 051-2275044
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2. |
The Secretary Lahore Stock Exchange (Guarantee) Limited, 19-Khayaban-e-Iqbal Lahore Fax. No. 042-111-441-441 |
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London Stock Exchange Plc. 10 Paternoster Square, London EC4M 7LS Tel: (44) 020 7334 8907 |
SUBJECT: DISCOVERY OF OIL AND GAS AT SHAH WELL # 01
Sir,
By the grace of Almighty Allah, the Joint Venture of Tando Allah Yar Block comprising Oil and Gas Development Company Limited (OGDCL) as Operator (95%) & Government Holdings (Pvt.) Limited (5% carried) has discovered Gas from its exploratory Well i.e. Shah Well # 01, which is located in District Hyderabad, Sindh Province.
2. The structure of Shah Well # 01 was delineated, drilled and tested using OGDCL's in house expertise. The well is drilled down to the depth of 3227 M, targeting to test the hydrocarbon potential of Massive Sand formation, whereby sizeable reserves of hydrocarbon have been found at Shah Well # 01. The Zone has tested 15.40 MMSCFD of gas and condensate 165 BPD through 32/64" choke.
3. This discovery will add to the Hydrocarbon reserve base of the OGDCL and the joint venture partner. The discovery of Shah Well # 01 will add Hydrocarbon reserves to the hydrocarbon reserves base of the country.
4. The above is being provided to you in compliance with the requirements of Clause No. (xxiii) of the Code of Corporate Governance.
Thanking you.
Sincerely,
(Eram Ali Aziz)
Company Secretary
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