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The Oil and Gas Development Company Limited’s dissemination of material information wellhead gas price Qadirpur – settlement of extension in discount table for Qadirpur wellhead gas price

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by December 28, 2012 Miscellaneous

Karachi, December 28, 2012 (PPI-OT): We are pleased to inform that Oil and Gas Regulatory Authority (OGRA) has notified the wellhead gas price in respect of Qadirpur Gas Field, to be sold to Sui Northern Gas Pipelines Limited at PKR. 255.89 per Month for the period effective July 1, 2012 to December 31, 2012.

2. Furthermore, the Economic Coordination Committee (ECC) of Government of Pakistan has approved extension in discount table of Qadirpur wellhead gas price. As per ECC approval, the maximum Qadirpur wellhead gas price has been capped at US $ 3.0116 per MMBTU at a marker price of US $ 400 / MT of High Sulphur Fuel Oil.

3. The effective date of approval of extension in discount table is December 11, 2012, however, there will be no impact on consumers till July 2013. The provisional prices notified since July 2005 will be treated as final without any retroactive adjustment.

4. The above is being provided to you in compliance with the requirements of Clause No. (xx) of the Code of Corporate Governance, 2012.

For more information, contact:
Oil and Gas Development Company Limited
OGDCL House, Jinnah Avenue,
Blue Area, Islamabad, Pakistan
Ph: (92-51) 2623072, 920023553, 920023508
Fax: (92-51) 9209762
Web: www.ogdcl.com

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