Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, announced the discovery of hydrocarbon reserves at the Bettani-02 (Slant) well in the district of Laki Marwat, Khyber Pakhtunkhwa.

The company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.

“We are pleased to announce that OGDCL, the operator of Wali Exploration License with a 100% working interest, has made a gas and condensate discovery in Samanasuk formation, an exploratory zone, at the Bettani-02 (Slant) well located in district Laki Marwat, Khyber Pakhtunkhwa,” read the notice.

OGDCL said the Bettani-02 well was spudded in as an appraisal well and drilled to a depth of 5,080 meters into the Shinawari formation.

“During drilling, a 247-meter-thick Samanasuk formation (exploratory effort) was penetrated. Cased Hole DST-1 was carried out, and the well flowed at a rate of 2.14 million standard cubic feet per day (mmscfd) of gas and 74 barrels of condensate per day (bcpd) on a 32/64” choke with a wellhead flowing pressure of 435 psi,“ the E&P said.

The discovery marks the first-ever hydrocarbon find in Samanasuk formation within Wali Exploration License.

“This discovery has further extended the hydrocarbon play area in the southwestern part of Bannu Basin and de-risked the exploration potential of deeper reservoirs, for which OGDCL has formulated a comprehensive exploration program,” the notice added.

The latest discovery is expected to have an earnings per share (EPS) impact of Re0.2 for OGDC, according to JS Global.

In October, OGDCL discovered natural gas reserves at Shahu-1 well in district Khairpur, Sindh.

In September, the company discovered hydrocarbon reserves at Akhiro-1 exploratory well located in district Khairpur.

OGDCL is the largest E&P in the country with operations including exploration, drilling operation services, production, reservoir management, and engineering support. It has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net oil and gas hydrocarbons.