Oil & Gas Development Company Limited (OGDCL) has discovered crude oil and gas from its development Well 05, which is located in the district Kohat, Khyber Pakhtunkhwa Province.
According to the details, this is the first discovery of crude oil and gas from ”Wargal Formation” in Chanda Oil Field.
The structure of Chanda Well 05 was drilled down to a depth of 5440 meters. The well was tested at the rate of 0.512 Million Standard Cubic Feet Per Day (MMSCFD) of gas, 76 BPD condensate through choke size 32/64″ at a wellhead flowing pressure of 89-149 PSI from Wargal formation.
The well was drilled and tested using OGDCL’s in house expertise. The Joint Venture of Chanda D&PL comprises of OGDCL as the operator of the well with a 72% work interest, followed by Government Holdings Private Ltd with 17.5% and Zaver Petroleum Corporation with 10.5%.
This has opened a new avenue in the Khyber Pakhtunkhwa area for the exploration of deeper prospects for other E&P companies operating in the area. This discovery of oil and gas will certainly add to the hydrocarbon reserves of not only the country but also to OGDCL.
Last month, OGDCL had discovered gas and condensate from its Togh-01 well, which is located in the Kohat district, Khyber Pakhtunkhwa Province. MOL has also discovered oil and gas reserves last month from the Makori Deep-02 well, which is also situated in Kohat.
At the time of filing this report, OGDCL’s shares at the exchange were trading at Rs. 126.81, up by Rs. 1.02 or -0.81% with a turnover of 2,901,300 shares.