OGDCL AND PPL DISCOVERY AT QADRIPUR DEEP NO. 1

Impact of discovery at Qadirpur Deep No.1   Oil & Gas Development Company Limited (OGDC) has made a medium sized gas discovery at Qadirpur Deep 1 located at Ghotki, Sindh. OGDC being the operator of the field has 75.0% share, whereas other joint ventures include PPL with 7.0% share, KUFPEC with 8.5% share and PKP with 9.5% share. This is the fourth discovery by the company during the current fiscal.   The size of the discovery according to initial testing is 4.28mmcfd of gas. Production from this well is likely to start from September 2009. This new discovery is likely to have a per share impact of Re0.03 and Re0.02 on the FY'10 earnings of OGDC and PPL respectively.   Impact of discovery at Qadirpur Deep 1   OGDC  PPL Old EPS FY'10               15.14        31.57 New EPS FY'10               15.17        31.59 Impact (Rs/share)                 0.03          0.02