KARACHI - Oil and Gas Development Company Ltd (OGDCL) has successfully acquired a 29% working interest in the Miran Block, located in the North Waziristan and Kurram Districts of Khyber Pakhtunkhwa (KPK), Pakistan. The acquisition was made in partnership with Pakistan Petroleum Limited (PPL (NYSE:PPL)) and Government Holdings (Private) Limited (GHPL), both holding a 10% interest each.
The consortium, led by OGDCL, emerged victorious in the second bidding round announced by Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL). This strategic move is in line with OGDCL's efforts to expand its core business operations, expedite exploration activities, and increase its hydrocarbon reserves.
The participation and subsequent success in the bidding process are part of the company's compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the Pakistan Stock Exchange (PSX) Regulations. The information regarding the farm-out of the 49% working interest in Miran Block has been disseminated to the members of the PSX for transparency and regulatory purposes.
This development is expected to contribute to the energy sector of Pakistan by enhancing the exploration and production capabilities of the involved companies. The acquisition of the working interest in the Miran Block represents a significant step for OGDCL in its pursuit of growth within the energy industry.
The announcement was made in a statement to the Pakistan Stock Exchange and the London Stock Exchange (LON:LSEG), ensuring that the information reaches all relevant stakeholders in accordance with regulatory requirements. This statement is based on a press release issued by the company.
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