Oil and Gas Development Company Limited (OGDCL) has successfully revitalised production from Kunnar-11 well located in Sindh, resulting in production of oil from the well.
The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.
“We are pleased to announce that Oil and Gas Development Company Limited (OGDCL) has successfully revitalised Kunnar-11 well,” read the notice.
The E&P shared that after re-assessing the well’s potential using production optimisation techniques and completing the well with Electrical Submersible Pump (ESP), the Kunnar-11 is now producing 960 barrels of oil per day.
Kunnar well-11 is located in Hyderabad district, Sindh and is part of the OGDCL Kunnar Oil Field.
OGDCL owns 100% working interest in the Kunnar Mining Lease Area.
“This initiative highlights OGDCL’s commitment to optimising production and demonstrates the effectiveness of modern recovery techniques in rejuvenating mature wells,” the company said.
Meanwhile, Topline Securities, a brokerage house, in its note informed that in May 2024, the Kunnar-11 well had ceased production with zero flows.
“The annual earnings impact of this well is Re0.6/share,” it added.
At time of this report, the scrip of OGDC was being traded at Rs132.51. In the last 12 months, the value of OGDC stock has increased by 56%.
Last week, OGDC had successfully revitalised production from Nashpa-4 located in Khyber Pakhtunkhwa.
The company is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support.
American Dollar Exchange Rate