Islamabad March 17 2024: Oil and Gas Development Company Limited, the largest oil and gas company of Pakistan, has discovered 13.95 mmcfd of gas and 430 barrels of condensate per day from new exploration in Punjab province, according to company filing to the exchange.
“We are pleased to announce that Oil and Gas Development Company Limited (OGDCL), being the operator of Soghri Exploration License with a 100% working interest, has made a Gas and Condensate discovery from its exploratory efforts at Soghri North-1 well, located in Attock District, Punjab Province, Pakistan” states company.
Share price of the company surge PKR 3.91 or 1.79 percent after the announcement at Pakistan Stock Exchange.
Soghri North-1 well was spudded on May 21, 2024, as an exploratory well and was drilled to a depth of 4,942 meters in Patala Formation. Based on interpretation results of wireline logs, cased hole drill stem testing (DST-1) was carried out in Chorgali-Sakesar-Nammal-Patala Formations. The well flowed (after completion and post acid job) at rate of 13.95 Million Standard Cubic Feet (MMSCFD) gas along with 430 barrels per day (BPD) of condensate through choke size 32/64″ at wellhead flowing pressure (WHFP) of 2890 Pounds Per square inch (Psi) from Chorgali and Sakesar Formations.
This Gas/Condensate discovery will minimize the risk and will raise the confidence for further exploration efforts in Soghri exploration license. This discovery will also positively contribute to meet energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserves of OGDCL and of the country.
