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On December 10, 2024, an Oil and Gas Development Company Ltd (OGDCL)-led consortium successfully acquired a 49% working interest in the Miran Block following a second bidding round announced by Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL). OGDCL holds a 29% working interest with operatorship, while joint venture partners Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL) each hold a 10% working interest.
| Date | 10 Dec 2024 |
| Time | 12:14:23 |
| Category | Miscellaneous |
| ID | 5411P |
CS04-08 (PSX/LSE/SECP)
December 10, 2024
|
The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Road,
|
London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS.
Tel: (44) 20 7334 8907 |
Subject: FARM OUT OF 49% WORKING INTERST IN MIRAN BLOCK (3269-2)
Dear Sir,
OGDCL participated in the bidding round for Miran Block located in North Waziristan and Kurram Districts of Khyber Pakhtunkhwa (KPK), announced by M/s Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) to acquire 29% working interest with operatorship of Miran Block, in consortium with M/s Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), which hold 10% working interest each as joint venture partners. We are pleased to inform you that OGDCL-led consortium, emerged successful in the second bidding round.
2. Participation in the bidding round aligns with the Company's strategy to invest in its core business, accelerate exploratory activities, and augment hydrocarbon reserves.
3. 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:
Director/HOD,
Office -II Department, Supervision Department
Securities & Exchange Commission of Pakistan,
NIC Building, 63 Jinnah Avenue, Blue Area,
Islamabad.