Oil and Gas Development Company (OGDC), the operator of the Sinjhoro Block in Sindh, has discovered Baloch-2 in the Sembar Formation. Baloch-1 was found in 2009 but was fully depleted shortly after that. Following a recent reserve assessment upgrade in the Baloch D&P lease to 10.76 BCF as per PPIS, a second well has now been discovered in the new formation. Discovery includes 388bpd of condensate and 6.8mmcfd of gas.

Post-commerciality interests for OGDC, OPL, and GHLPL stand at 60%, 15%, and 20%, respectively. We estimate that the discovery of the Sembar formation will result in an annualized EPS impact for OGDC of PkR0.34.

Courtesy – AKD Research