KARACHI: Oil and Gas Development Company (OGDC) announced a notable discovery of oil and gas deposits in exploratory well Chanda-01 in Kohat district of Khyber-Pakhtunkhwa.
“Well tests showed a flow of 700 barrels per day of crude oil and 2.2 million standard cubic feet of gas per day (mmscfd) … from Hangu and Lumshiwal formations,” OGDC Company Secretary Ahmed Hayat Lak said in a notification to the Pakistan Stock Exchange (PSX) on Monday.
“This is the first discovery of crude oil and gas from Hangu Formation in Chanda oil field,” he added.
OGDC is the operator of Chanda development and production lease with 72% stake. Other shareholders including Government Holdings Private Limited and ZPCL have 17.5% and 10.5% stakes, respectively.
OGDC’s share price dropped 0.10%, or Rs0.15, to close at Rs150.62 with 488,200 shares changing hands in a bearish session at the PSX. Brokerage houses have estimated an increase in the range of Rs0.12-0.16 in earnings per share of OGDC due to the new discovery. Earlier in December 1999, Lak said, Lumshiwal only showed a flow of 150 barrels per day of crude oil.
Published in The Express Tribune, September 11th, 2018.