CS04-08 (PSX/LSE/SECP)

December 22, 2022

Subject:        OIL & GAS DISCOVERY AT KOT NAWAB-1 EXPLORATORY WELL IN SINJHORO BLOCK, DISTRICT SANGHAR, SINDH, PROVINCE, PAKISTAN

Dear Sir,

The Joint Venture of Sinjhoro Block comprising Oil and Gas Development Company Limited (OGDCL) as operator (76%), Orient Petroleum Inc. (19%) and Government Holdings (Private) Limited (GHPL) (5%) has discovered Oil and Gas from an exploratory well namely Kot Nawab-1 which is located in District Sanghar, Sindh Province.

2.       Kot Nawab-1 was spudded-in on June 03, 2022 as an exploratory well by using OGDCL's in-house expertise. The well was drilled down to 3000 meters. Based on the results of wireline logs interpretation, Drill Stem Test-1 in the Basal Sand has tested 125 Barrels of Oil Per Day (BOPD) & 0.483 Million Standard Cubic Feet per Day (MMSCFD) Gas and 400 Barrels of Water per Day (BWPD) through choke size 28/64" at Well Head Flowing Pressure (WHFP) of 150 Pounds per Square Inch (Psi).

3.       The said discovery is the 11^th discovery in Sinjhoro Block which shows the commitment of Sinjhoro JV to exploit the hydrocarbon (HC) potential of the block and aggressive exploration strategy. It has opened a new avenue and will positively contribute to mitigating energy demand and supply gap from indigenous resources and will add to the hydrocarbon reserves base of OGDCL and 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:

Executive Director/HOD,
Offsite-II Department, Supervision Division,
Securities & Exchange Commission of Pakistan,
63, NIC Building, Jinnah Avenue, Blue Area,

Islamabad.