CS04-08 (PSX/LSE/SECP)

August 13, 2024

Subject:       GAS DISCOVERY AT CHAK 202-1 EXPLORATORY WELL - MARI EAST BLOCK, DISTRICT RAHIM YAR KHAN, PUNJAB PROVINCE, PAKISTAN

Dear Sir,

Oil and Gas Development Company Limited (OGDCL), the operator of Mari East Exploration License with 100% working interest, has discovered gas from its exploratory well, Chak 202-1, located in District Rahim Yar Khan, Punjab Province.

Chak 202-1 was spudded on June 29, 2024, as an exploratory well, utilizing OGDCL's in-house expertise. The well reached a depth of 1956.50 meters. Based on the results of wireline logs interpretation, Drill Stem Test-1 (Barefoot) in the Sui Main Limestone (SML) has tested 6.15 million Standard Cubic Feet Per Day (MMSCFD) Gas through choke size 32/64'' at Well Head Flowing Pressure (WHFP) of 1340 Pounds per Square Inch (psi).

This marks the second consecutive discovery in the Mari East Block, demonstrating the Company's commitment to harnessing the hydrocarbon potential of the Block through its robust exploration strategy. The discovery not only opens new avenues but also contributes significantly to bridging the energy demand-supply gap with indigenous resources, thereby enhancing the hydrocarbon reserves of OGDCL and the Country.

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,

(Wasim Ahmad)

  Company Secretary

Copy:

Executive Director/HOD, SECP, Offsite-II Department, Supervision Division,

Jinnah Avenue, Blue Area ,63, NIC Building, Islamabad