Oil & Gas Development Company Limited (OGDC) has announced an oil discovery from its development well, Chak 63-05, located in the Chak 63 Development & Production lease, District Sanghar, Sindh, with OGDC holding a 62.5% working interest as the operator.

The well was spudded on April 20, 2026, drilled to a depth of 3,325 feet, and completed in the Massive Sand reservoir. The well produced 600 bpd of oil and 10.5 mmcfd of gas.

The well will be connected to the SSGC network, and activities to commence production early are underway.

We estimate the discovery to contribute annualized earnings of approximately PkR0.5/sh to OGDC, 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 Chak 63 the latest development alongside recent exploration success in Baragzai X-1, Bobi Deep-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/639184107470181058.pdf

Courtesy – AKD Research