9th Feb 2007 12:45
Oil & Gas Development Company Ltd09 February 2007 February 9, 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITED (OGDCL) Subject: BOARD MEETING & CLOSE PERIOD This is to inform you that a meeting of the Board of Directors of the Companywill be held on Wednesday, February 21, 2007, at 10.00 a.m., at OGDCL House,Jinnah Avenue, Blue Area, Islamabad to consider the Accounts for the 2nd Quarterended December 31, 2006 and for declaration of entitlement, if any. Further in terms of clause No. xxvi of Code of Corporate Governance and thedecision of the Board of Directors in its 50th meeting held on January 14, 2004it is notified that the Close Period would be effective from -Monday, February12, 2007 to the date of next meting of the Board i.e., February 21, 2007 (Bothdays inclusive). No Director, CEO, or Executive shall directly or indirectlydeal in the shares of company in any manner during this Close Period. -- Ends -- For further information please contact: Capital MS&L Claire Maloney +44 20 7 307 5341 / +44 0770958 479Nicholas Bastin +44 20 7255 5117 / +44 7931 500066 About OGDCL OGDCL is the largest petroleum exploration and production, or E&P, company inthe Pakistan oil and gas sector, with a primary focus on gas. It holds thelargest portfolio of the recoverable hydrocarbon reserves of Pakistan, at 32% ofgas and 37% of oil, respectively, as of June 30, 2006, and contributed 22% ofthe country's total natural gas production and 48% of its oil production for theyear ended June 30, 2006 on a net basis1. With a portfolio of 46 exploration licences, the company has the largestexploration acreage in Pakistan, covering 39% of the total awarded acreage as ofJune 2006. While its focus to date has been on onshore exploration, the companyhas also recently begun conducting offshore exploration activities, an areawhich the company believes has significant untapped potential. OGDCL had a net profit of PKR 45.8bn for the year ended June 30, 2006 and PKR12.0bn for the three months ended September 30, 2006. 1 based on data compiled by the Directorate General of Petroleum Concessions, orDGPC This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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