Gas Discovery at Lakhirud X-1 Well

No.CS04-08/PSX/LSE                                                                        November 27, 2020

Subject: GAS DISCOVERY AT LAKHIRUD X-1 WELL

Dear Sir,

We are pleased to inform you that Oil and Gas Development Company Limited (OGDCL) as Operator (100%) of Lakhirud Exploration Licence has discovered gas from its exploratory well Lakhirud X-1, which is located in District Musa Khel, Balochistan Province.

The structure of Lakhirud X-1 was drilled and tested using OGDCL's in house expertise.  The well was drilled down to the depth of 3000 meters.  Based on logs data, the well was tested at rate of 2.5 Million Standard Cubic Feet per Day (MMSCFD) of gas and 18 Barrels Per Day (BPD) of water through 32/64" choke at Well Head Flowing Pressure of 600 Pounds per Square Inch (Psi) from Mughal Kot Formation.

The discovery of Lakhirud X-1 has opened a new avenue and would add to the hydrocarbon reserves base of OGDCL.

The above information is submitted in compliance with PSX Regulations / Code of Corporate Governance for dissemination amongst your members please.

Yours truly,

(Ahmed Hayat Lak)

Company Secretary

Copy to:

The Commissioner (Enforcement),

Securities & Exchange Commission of Pakistan,

NIC Building, Islamabad.