Pursuant to our discovery note dated June 3rd, OGDC has announced the commencement of commercial production from the Bobi Deep-1 well in the Bobi and Dhamraki Mining Lease, Sindh, with OGDC holding 100% working interest as operator. The well is currently producing 2,000bpd. Notably, OGDC completed the laying of a 4-inch, 1.5 km flowline from the well site to the existing Bobi Plant within a short timeframe following the disclosure earlier this month.

We estimate the discovery will contribute approximately PkR1.19/sh in annualized earnings to OGDC’s FY27E EPS, based on our currency and crude oil assumptions. We reiterate our ‘BUY’ stance on OGDC with a Dec’26 target price of PkR522/sh, with Bobi Deep-1 the latest in the line of recent exploration successes, including Baragzai X-1, Sahito-1 and Bitrism East-1, which continue to validate the company’s exploration and development activities heading into FY27E.

Full Report
https://research.akdsl.com/639183276066301254.pdf

Courtesy: AKD Research