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On January 23, 2025, Oil and Gas Development Company Limited (OGDCL) executed a Farm-in Agreement with M/s KUFPEC Pakistan B.V. Under the agreement, OGDCL will acquire 7.99% of KUFPEC's share in the Qadirpur D&PL, increasing its working interest from 75% to 82.99%, subject to regulatory approvals.
| Date | 23 Jan 2025 |
| Time | 08:51:28 |
| Category | Acquisitions and alliances |
| ID | 4525U |
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OIL & GAS DEVELOPMENT COMPANY LIMITED (BOARD SECRETARIAT) |
CS04-08 (PSX/LSE/SECP)
January 23, 2025
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The General Manager, Pakistan Stock Exchange Limited, Stock Exchange Road,
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London Stock Exchange Plc., 10 Paternoster Square, London EC4M 7LS.
Tel: (44) 20 7334 8907 |
Subject: OGDCL Increases Working Interest in Qadirpur D&PL through
Farm-in Agreement
Oil and Gas Development Company Limited (OGDCL) is pleased to announce the successful execution of Farm-in Agreement with M/s KUFPEC Pakistan B.V. The agreement marks a pivotal step in strengthening OGDCL's position in the Qadirpur D&PL.
Under the terms of the agreement, OGDCL exercised its right of preemption in accordance with Article 12.5 of the Qadirpur Petroleum Concession Agreement (PCA). As a result, OGDCL will acquire 7.99% of KUFPEC's share, increasing its working interest in Qadirpur D&PL from 75% to 82.99%, subject to the regulatory approvals.
This development highlights OGDCL's strategic focus on optimizing its asset portfolio and strengthening its role in Pakistan's energy sector, ensuring sustainable growth and value creation for stakeholders.
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, Offsite-II Department, Supervision Division,
Securities & Exchange Commission of Pakistan, 63, NIC Building,
Jinnah Avenue, Blue Area,
Islamabad.
