CS04-08 (PSX/LSE/SECP)

October 21, 2021

Subject:     GAS DISCOVERY AT EXPLORATORY WELL JANDRAN WEST X-1 (MUGHALKOT FORMATION) IN JANDRAN WEST BLOCK, BALOCHISTAN, PROVINCE, PAKISTAN

 Dear Sir,

           Oil and Gas Development Limited, being operator of Jandran West Exploration License with 100% Working Interest has made a Gas discovery over Mughalkot Formation from its exploratory efforts at Jandran West X-1 well which is located in Kohlu District, Balochistan Province, Pakistan.

2.         Jandran West X-1 well was spudded-in on 19th May 2021 as an exploratory well and drilled down to total Depth of 1627m into Parh Formation. Based on the good gas shows during drilling, interpretation of open hole logs data, Drill Stem Test (DST) has been performed in Mughalkot Formation. The well flowed at the rate of 2.391 Million Standard Cubic Feet per Day (MMSCFD) gas with traces of condensate at Well Head Flowing Pressure (WHFP) of 455 Pounds per Square Inch (PSI) at 32/64" choke size.

3.         OGDCL being leading Exploration & Production Company in Pakistan has adopted aggressive exploration strategy which has resulted into Hydrocarbons Discovery over Jandran West X-1. This discovery will add to the hydrocarbon reserves base of OGDCL and of the country.

4.         The above information is submitted in compliance of Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination amongst your members please.

Yours Sincerely,

(Ahmed Hayat Lak)

Company Secretary

Copy:

Director/HOD,

Surveillance, Supervision and Enforcement Department,

Securities & Exchange Commission of Pakistan,

NIC Building,63 Jinnah Avenue, Blue Area,

Islamabad