OGDC strikes hydrocarbons at Kohat

KARACHI: Oil and Gas Development Company Ltd (OGDC), in a notice to the stock exchange, said the joint venture of chanda D&PL comprising OGDC as the operator with 72 per cent working interest, Government Holdings Private Limited with 17.5pv and Zaver Petroleum Corporation with 10.5pc stake has discovered crude oil and gas from its development Well 05.

The well is located in Kohat, Khyber Pakhtunkhwa and “is the first discovery of crude oil and gas from ‘Wargal Formation’ in chanda oil field.”

The structure of the well was drilled down to 5,440 meters and tested at 76 barrels per day crude oil and 0.512 million standard cubic feet per day gas through choke size 32/64 inch at wellhead flowing pressure of 89-149 pound-force per square inch (Psi) from Wargal formation. —Equities Correspondent

Kapco profits up 24pc

KARACHI: Kot Addu Power Company Ltd (KAPCO) announced financial results for the year ended June 30, declaring profit after tax at Rs13.1 billion, translating into earning per share at Rs14.90.

The earnings were up by 24 per cent over the PAT at Rs10.6bn and eps at Rs12.05 from the previous year.—Equities Correspondent

Published in Dawn, September 18th, 2019