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On December 10, 2025, Oil and Gas Development Company Limited (OGDCL) announced an oil and gas discovery at its exploratory well Baragzai X-01 (Slant) in Nashpa Block, Khyber Pakhtunkhwa, flowing at 2,280 Barrels per Day (BPD) of Oil and 5.6 Million Standard Cubic Feet per Day (MMSCFD) of Gas. This well, spud-in on December 24, 2024, was drilled to 5,170 meters into the Kingriali Formation, where a 90-meter-thick interval was encountered, marking the first discovery from this formation in the block. OGDCL holds a 65% working interest as the operator, with joint venture partners Pakistan Petroleum Limited having 30% working interest and Government Holdings (Private) Limited holding a 5% carried interest.
| Date | 10 Dec 2025 |
| Time | 10:40:21 |
| Category | Miscellaneous |
| ID | 0238L |
CS04-08 (PSX/LSE/SECP)
December 10, 2025
|
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: OIL AND GAS DISCOVERY AT BARAGZAI X-01 (SLANT), NASHPA BLOCK, KHYBER PAKHTUNKHWA
Dear Sir,
Oil and Gas Development Company Limited (OGDCL) has made a significant oil and gas discovery at its exploratory well Baragzai X-01 (Slant) in Nashpa Block, district Kohat, Khyber Pakhtunkhwa. The well flowed at a rate of 2,280 Barrels per Day (BPD) of Oil and 5.6 Million Standard Cubic Feet per Day (MMSCFD) of Gas, through choke size 32/64"at wellhead flowing pressure (WHFP) of 2400 psi. This represents the first oil and gas discovery from Kingriali Formation in Nashpa Block.
OGDCL is the operator of Nashpa Exploration License with 65% working interest, along with its joint venture partners, Pakistan Petroleum Limited (PPL) with 30% working interest and Government Holdings (Private) Limited (GHPL) with 5% carried interest.
Baragzai X-01 (Slant) well was spud-in on December 24, 2024 as an exploratory well and drilled to a depth of 5,170 meters into the Kingriali Formation, where a 90-meter-thick interval (Triassic age) was encountered. Based on encouraging hydrocarbon shows and interpretation of open hole wireline logs, a successful cased hole drill stem test (DST) was carried out.
This notable discovery has further de-risked deeper exploration in the area and will contribute toward mitigating the energy supply-demand gap through indigenous resources, while adding to the hydrocarbon reserves base of the Company, its joint venture partners, and the country.
The above information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1(a) of PSX Regulations, for dissemination among your members.
Yours Sincerely,
(Wasim Ahmad)
Company Secretary
Copy:
Executive Director/HOD,
Offsite-II Department, Supervision Division,
Securities and Exchange Commission of Pakistan,
63 NIC Building, Jinnah Avenue, Blue Area,
Islamabad.