According to information sent to Pakistan Stock Exchange (PSX) on Tuesday, Togh Well No 01 was drilled and tested using OGDCL's in house expertise in consultation with Kohat Joint Ventures MPCL and SEL. The well was drilling down to the depth of 3,200 meters. The well as tested at the rate of 12.7 million Standard Cubic Feet Per Day (MMSCFD) gas, 240 barrel per day (BPD) condensate through choke size 32/64" at well head flowing pressure (WHFP) 2478 Ponds per Square Inch (PSI) from Lumshiwal formation.
The discovery of Togh Well No. 01 is the result of aggressive exploration strategy adopted by Kohat the Joint Venture. It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL, joint venture partners and of the country, the notice said. "We estimate annualized earnings impact of Rs 0.18 and Rs 4.25 per share on OGDC and MARI, respectively at an oil price and exchange rate assumption of $63 and Rs 158/$," an analyst at Topline Securities said.