EDITION: US | UK | Canada
Thecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video NewsThecapitalpost.com - Breaking, International, Business, Sports, Entertainment, Technology and Video News
Sign In|Sign Up
 
 
Bridging The Gap
OGDCL announces oil and gas discovery in Kohat
  Tuesday 07 August, 2018
OGDCL announces oil and gas discovery in Kohat

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.

Source: https://tribune.com.pk/story/1775486/2-ogdcl-announces-oil-gas-discovery-kohat/

Bookmark and Share
 
Post Your Comments:
Name :
*
City / State:
*
Email address:
*
Type your comments:
*
Enter Security Code:   


 Latest News »
 
  Salman Khan and crew wows the ...
  President Trump takes swipe at...
  President Trump's July Fourth:...
  Following criticism, President...
  Navy’s planned shipbuilding sp...
  Confusion reigns in wake of Tr...
  The handshake, denuclearizatio...
  Trump to leave G-7 summit earl...
  Can Trump really do that? The ...
  Trump imposes steel, aluminum ...
  American freed from Venezuela ...
  Trump again changes tone on No...
  CIA Director Gina Haspel sworn...
  President Trump promises actio...
  What does Trump's Iran move me...
  Trump extends exemptions on st...
  Melania Trump 'really fun' but...
  Korean summit puts pressure on...
  Arriving for state visit, Emma...
  For an emotional good-bye to B...
 

Current Conditions:
Mostly Cloudy

Forecast:
Tue - Partly Cloudy. High: 85Low: 68
Wed - Partly Cloudy. High: 90Low: 70
Thu - Mostly Cloudy. High: 91Low: 72
Fri - Thunderstorms. High: 89Low: 76
Sat - Thunderstorms. High: 85Low: 73

Full Forecast at Yahoo! Weather



Washington, DC

  ©2010 The Capital Post. All rights reserved.