Oil and Gas Development Company Limited (OGDCL), one of Pakistan’s largest exploration and production (E&P) companies, has discovered oil and gas reserves at the Baragzai X-01 (Slant) exploratory well in District Kohat, Khyber Pakhtunkhwa.
The listed E&P disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“We are pleased to inform that OGDCL, operator of Nashpa Exploration License (65% working interest), together with its joint venture partners — Pakistan Petroleum Limited (PPL) 30% and Government Holdings (Private) Limited (GHPL) (5% carried interest) — has made an oil and gas discovery over Samana Suk and Shinawari formations at its exploratory well Baragzai X-01 (Slant), located in District Kohat, Khyber Pakhtunkhwa Province, Pakistan,” read the notice.
The company informed that during the Cased Hole Drill Stem Test (CHDST-03) conducted in Samana Suk and Shinawari formations, the well flowed at the rate of 3,100 barrels of oil per day (BOPD) and 8.15 million standard cubic feet per day (MMSCFD) of gas, through 32/64″ choke size, at wellhead flowing pressure (WHFP) of 3,010 psig.
“Baragzai X-01 (Slant) well was spud-in on December 30, 2024, as an exploratory well in the Nashpa Exploration License to test the hydrocarbon potential of Lockhart, Hangu, Lumshiwal, Samana Suk, Shinawari, Datta, and Kingriali formations.
“The well was successfully drilled down to a total depth of 5,170 meters into Kingriali Formation. Based on wireline logs evaluation, two cased-hole drill stem tests were earlier conducted in the Kingriali and Datta formations, which resulted in oil and gas discoveries,” read the statement.
“This new discovery is expected to contribute approximately Rs1.50/1.10 per share annually to OGDC/PPL earnings,” said Arif Habib Limited, in a note.
“This takes total discoveries at Baragzai X-01, Nashpa Block to 9,480 BOPD of oil and 24.25 MMCFD of gas, with a total EPS impact of Rs4.53 per share for OGDC and Rs3.31 per share for PPL, respectively,” it added.
Meanwhile, OGDCL said that the latest discovery will contribute towards mitigating the energy supply–demand gap through indigenous resources and “will add to the hydrocarbon reserves base of OGDCL, its joint venture partners, and the country”.
On Monday, Pakistan Petroleum Limited (PPL) announced that it had discovered gas from its exploratory well Bilitang-1, located in the district of Kohat, Khyber Pakhtunkhwa.
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