Material Information

CS04-08 (PSX/LSE/SECP)

June 15, 2022

Subject: GAS DISCOVERY AT UMAIR SOUTH EAST-1 WELL IN GUDDU BLOCK, SINDH, PROVINCE, PAKISTAN

Dear Sir,

The Joint Venture of Guddu Block Comprising Oil & Gas Development Company Limited (OGDCL) as Operator (70%), SPUD Energy PTY Limited (SEPL) (13.5%), IPR Transoil Corporation (IPRTOC) (11.5%) & Government Holdings (Private) Limited (GHPL) (5%) has discovered Gas from an Exploratory well namely Umair South East # 01, which is located in District Ghotki, Sindh Province.

2. Umair South East # 01 was spudded-in 09th May, 2022 as an exploratory well to test the hydrocarbon potential of Pirkoh Formation and Habib Rahi Limestone (HRL) to planned depth of ±785m into HRL. The well was drilled down to 790m into HRL. Based on the results of wireline logs interpretation, successful Drill Stem Test-1 in HRL has tested 1.063 Million Standard Cubic Feet per Day (MMSCFD) Gas through choke size 32/64'' at Well Head Flowing Pressure (WHFP) of 210 Pounds per Square Inch (PSi).

3. The discovery of Umair South East-1 is the result of aggressive exploration strategy adopted by Guddu Joint Venture Partners. It has opened a new avenue and will positively contribute in mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserves base of OGDCL and of the country.

4. 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,

(Ahmed Hayat Lak)

Company Secretary

Copy:

Executive Director/HOD,Offsite-II Department, Supervision Division,Securities & Exchange Commission of Pakistan,63, NIC Building, Jinnah Avenue, Blue Area,

Islamabad.