Gas discovery at Jandran X-04 Well

CS04-08 (PSX/LSE/SECP)

May 17, 2021

Subject: -       MATERIAL INFORMATION - GAS DISCOVERY AT JANDRAN X-04 WELL IN JANDRAN BLOCK

Dear Sir,

Oil and Gas Development Company Limited (OGDCL) as operator (100%) of Jandran Exploration Licence has discovered gas from its exploratory well Jandran X-04, which is located in District Barkhan, Balochistan Province.

2.       The structure of Jandran X-04 was delineated, drilled and tested using OGDCL's in house expertise. The well was drilled down to the depth of 1200m into Parh Limestone. Based on Wireline logs data, successfully DST was carried out in Mughal Kot Formation wherein the Well tested 7.08 Million Standard Cubic Feet Per Day (MMSCFD) gas and 0.55 Barrels Per Day (BPD) condensate with Well Head Flowing Pressure (WHFP) of 1300 Pounds Per Square Inch (Psi) at 32/64" choke size.

3.       The discovery of Jandran X-04 is the result of aggressive exploration strategy adopted by the Company. It has opened a new avenue and would add to the hydrocarbon reserves of OGDCL and the country.

4.       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,

 (Ahmed Hayat Lak)

Company Secretary

Copy:

Director/HOD,

Surveillance, Supervision and Enforcement Department

Securities & Exchange Commission of Pakistan,NIC Building,

63 Jinnah Avenue,Blue Area,

Islamabad.