OGDCL Reports Gas, Condensate Discovery in SE Pakistan

Oil and Gas Development Company (OGDCL) has discovered Gas & Condensate from its Chak 66 North East Exploratory Well No. 1. The well is located in Sinjhoro Block in District Sanghar of Sindh Province, Pakistan. The Sinjhoro Block is held by a joint venture comprising Oil & Gas Development Company Limited (Operator), Orient Petroleum Limited International Inc., and Government Holdings (Pvt.) Limited having 76%, 19% and 5% (carried) pre-commercial working interest, respectively.

Chak 66 North East Well No. 1 was drilled down to its Target Depth 3435 meters. Based on electric logs, geological & drilling data the production testing was started on 16th April 2007. Initial short duration test of 41 meters interval on " choke size has produced condensate having an API gravity of 50.56o and gas at a wellhead flowing pressure of 1400 psi. The short-duration preliminary testing results are as follows:

--Choke size: 32/64"
--Gas (MMSCFD): 4.14
--Quantity of water (BWPD): 38
--Quantity of condensate (BCPD): 1600

Build up is in progress, one more zone is yet to be tested.

OGDCL is the largest petroleum exploration and production, or E&P, company in the Pakistan oil and gas sector, with a primary focus on gas. It holds the largest portfolio of the recoverable hydrocarbon reserves of Pakistan, at 32% of gas and 37% of oil, respectively, as of June 30, 2006, and contributed 22% of the country's total natural gas production and 48% of its oil production for the year ended June 30, 2006 on a net basis (based on data compiled by the Directorate General of Petroleum Concessions, or DGPC).

With a portfolio of 46 exploration licenses, the company has the largest exploration acreage in Pakistan, covering 39% of the total awarded as of June 2006. While its focus to date has been on onshore exploration, the company has also recently begun conducting offshore exploration activities, an area that the company believes has significant untapped potential.

OGDCL had a net profit PKR 45.8bn for the year ended June 30, 2006 and PKR 12.0bn for the three months ended September 30, 2006.

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