KARACHI: The Oil and Gas Development Company (OGDCL) has discovered hydrocarbons at three wells in Sindh’s Ghotki and Khairpur districts, the country’s biggest oil and gas exploration and production company stated in a filing with the stock exchange on Thursday.
“The three discoveries – at Gundanwari-01, Mithri-01 and Khamiso-01 wells – would cumulatively add up to 29mmcfd gas and 15 barrels per day of oil. It would collectively translate into per share impact of Re0.40 on OGDCL earnings,” stated analyst Syed Atif Zafar at JS Global.
Secretary OGDCL Ahmed Hayat Lak released three separate notices at the PSX stating the features of each discovery.
At Khamiso-01 in Ghotki, a joint venture of Guddu Block – comprising OGDCL as operator with 70pc stake, SEPL 13.5pc; IPRTOC 11.5pc and GHPL 5pc – gas was discovered.
The structure of Khamiso-01 was drilled and tested by OGDCL’s in-house expertise. The well was drilled down to the depth of 753 metres, which tested 2.95mmcfd of gas through 32/64-inch choke at wellhead flowing pressure of 505 Psi from Pirkoh Limestone formations.
At Gundanwari-01 in Khairpur district, where OGDCL is an operator with 95pc stake and Government Holdings (Pvt) Limited has remaining 5pc, the well structure was delineated, drilled and tested. The well was drilled down to the depth of 3750 metres. It tested 19.40mmcfd of gas and 15bpd of Condensate through 32.64-inch choke at wellhead flowing pressure 3300 Psi from Lower Goru (Massive Sand) Formation.
Published in Dawn, November 4th, 2016
