Karachi, February 25, 2025 – The Oil and Gas Development Company Limited (OGDCL) has announced a significant discovery of oil and gas at the Exploratory Well Spinwam-1 in the Waziristan Block, situated in the North Waziristan District of Khyber Pakhtunkhwa Province.
In a notification to the Pakistan Stock Exchange (PSX) on Tuesday, OGDCL confirmed the successful gas and condensate discovery at Spinwam-1, an exploratory well drilled within the Waziristan Block. This discovery marks an important milestone for energy exploration in North Waziristan, strengthening the region’s potential for hydrocarbon resources.
The joint venture for the Waziristan Block includes Oil & Gas Development Company Limited (OGDCL) with a 35% working interest, Mad Energies Limited as the operator with a 55% stake, and Orient Petroleum Inc. holding the remaining 10% interest. The well was initially spudded-in on May 28, 2024, and drilled to a depth of 4,400 meters.
Initial pre-acid testing of the Samanasuk Formation at the well has yielded promising results, showing a gas flow rate of 12.96 Million Standard Cubic Feet per Day (MMscfd) and approximately 20 barrels per day of condensate at a 32/64″ choke, with a Wellhead Flowing Pressure of 2,127 psig. This discovery underscores the growing significance of North Waziristan as an emerging hydrocarbon province.
Further assessments are ongoing, including post-acid stimulation and additional formation evaluations, to fully determine the well’s production potential. This breakthrough has introduced a new play concept within the Waziristan Block, potentially paving the way for future energy developments in North Waziristan.
The information has been disclosed in compliance with Section 96 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Regulations for public dissemination. This discovery further reinforces OGDCL’s commitment to unlocking new energy resources in North Waziristan, which could contribute significantly to Pakistan’s energy security and economic growth.