KARACHI: The Oil & Gas Development Company Ltd (OGDC) —100 per cent operator of the Lakhirud Exploration Licence — has discovered gas from its exploratory well Lakhirud X-1, located in Musa Khel, Balochistan.

The information was conveyed by the OGDCL on Friday to the PSX and London Stock Exchange.

The structure of Lakhirud X-1 was drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 3,000 meters.

The company stated that discovery of Lakhirud X-1 had opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL.

KE profits fall to Rs1.11bn

K-Electric Ltd recorded profit after tax amounting to Rs1.11 billion and earning per share at Rs0.04 for the three months ended Sept 30, 2020, representing a steep decline from PAT at Rs2.67bn and EPS at Rs0.10 for the same quarter in 2019.

Siemens posts Rs496m loss

Siemens (Pakistan) Engineering Co. Ltd announced financial results for the year ended Sept 30, 2020 posting loss after tax at Rs 496 million and loss per share at Rs60.14.

This compared with profit after tax at Rs709m and EPS at Rs86.03 for the previous year. The board of directors recommended final cash dividend at Rs10 per share for the year ended Sept 30, 2020, subject to approval in the general meeting.

Al Shaheer earnings rise to Rs79m

Al Shaheer Corporation Ltd posted PAT amounting to Rs79m and EPS at Rs0.40 for the quarter ended Sept 30. The earnings grew from PAT at Rs22m and EPS at Rs0.11 in the same quarter of 2019.

Hinopak loss falls to Rs516m

Hinopak Motors declared loss of Rs516m and loss per share at Rs41.57 for the half year ended Sept 30, which represented sharp drop from loss after tax at Rs1.35bn and lps at Rs108.70 for the corresponding half year of 2019.

Published in Dawn, November 28th, 2020