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.
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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.
(This news/article originally appeared in The Express Tribune on September 11th, 2018)