OGDC finds new deposits of oil, gas in Sindh
Discovery to have 'meagre earnings per share impact'
PHOTO: EXPRESS
KARACHI:
The Oil and Gas Company Limited (OGDC) has discovered oil and gas reserves at a newly tested well in Sindh, according to a bourse filing on Monday.
"(Chhutto # 1) tested 8.66 million standard cubic feet per day of gas and 285 barrels per day of condensate," said OGDC Company Secretary Ahmed Hayat Lak said in a notification to the Pakistan Stock Exchange.
He said the new deposits were discovered by a joint venture of Nim Block comprising OGDC and Government Holdings (Pvt.).
OGDC is operator of the block located in District Hyderabad, Sindh. It has 95% shareholding in the block, while the remaining rests with Government Holdings.
"The discovery of Chhutto Well # 01 has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL and the Country," Lak added in the notification.
Topline Securities, however, termed it "a small discovery with a meagre earnings per share impact of Rs0.15-0.18."
OGDC share price decreased 1.94%, or Rs2.93, to Rs147.98 with a volume of 1.73 million shares.
OGDC manages largest reserves of hydrocarbons in the country. It recently hit an all-time high production at 50,000 barrels per day, which is almost half of the country's total oil production these days.
The state-owned firm's net profit dropped 12% to Rs30 billion for the six-month period ended December 31, 2016 on the back of lower sales value and doubling of exploration cost.
Published in The Express Tribune, March 14th, 2017.
The Oil and Gas Company Limited (OGDC) has discovered oil and gas reserves at a newly tested well in Sindh, according to a bourse filing on Monday.
"(Chhutto # 1) tested 8.66 million standard cubic feet per day of gas and 285 barrels per day of condensate," said OGDC Company Secretary Ahmed Hayat Lak said in a notification to the Pakistan Stock Exchange.
He said the new deposits were discovered by a joint venture of Nim Block comprising OGDC and Government Holdings (Pvt.).
OGDC is operator of the block located in District Hyderabad, Sindh. It has 95% shareholding in the block, while the remaining rests with Government Holdings.
"The discovery of Chhutto Well # 01 has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL and the Country," Lak added in the notification.
Topline Securities, however, termed it "a small discovery with a meagre earnings per share impact of Rs0.15-0.18."
OGDC share price decreased 1.94%, or Rs2.93, to Rs147.98 with a volume of 1.73 million shares.
OGDC manages largest reserves of hydrocarbons in the country. It recently hit an all-time high production at 50,000 barrels per day, which is almost half of the country's total oil production these days.
The state-owned firm's net profit dropped 12% to Rs30 billion for the six-month period ended December 31, 2016 on the back of lower sales value and doubling of exploration cost.
Published in The Express Tribune, March 14th, 2017.