The Oil and Gas Development Company Limited (OGDCL) has made a small discovery of oil and gas deposits in the Kohat district of Khyber-Pakhtunkhwa, stated the company in a notification sent on Tuesday to the Pakistan Stock Exchange (PSX).
The deposits were found from the development well at the ‘Samanasuk Formation’ in Mela oil field, number five, D&PL block.
“The well has tested 95 barrels per day (BPD) of crude oil and 0.249 million standard cubic feet per day (MMSCFD),” said OGDCL Company Secretary Zafar Ahmad in the notification.
OGDCL is operator of the block with a 56.45% stake in the field, followed by Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), which have stakes of 28.55% and 15%, respectively, in the joint venture of Mela D&PL block.
Analysts say the discovery is insignificant in the context of impact on earnings.
OGDCL’s share price decreased 0.14%, or Rs0.21, to close at Rs152.37 with 2.66 million shares changing hands on a day the KSE-100 Index ended marginally negative after a range-bound session.
PPL’s share price increased 0.22%, or Rs0.46, to Rs211.13 with a volume of 325,400 shares.
Ahmad said the structure of the well was drilled and tested using OGDCL’s in-house expertise. The discovery is the result of aggressive exploration strategy adopted by the company, he added.