KARACHI – Oil and Fuel Improvement Firm Ltd (OGDCL) has efficiently acquired a 29% direct stake in Miran Block, positioned in North Waziristan and Kurram districts of Khyber Pakhtunkhwa (KPK), Pakistan. The acquisition was made in partnership with Pakistan Petroleum Restricted (PPL (NYSE:)) and Authorities Holdings (Personal) Restricted (GHPL), each holding a ten% stake every.
The consortium, led by OGDCL, emerged victorious within the second tender introduced by Khyber Pakhtunkhwa Oil and Fuel Firm Restricted (KPOGCL). This strategic resolution is a part of OGDCL's efforts to develop its core actions, speed up its exploration actions and improve its hydrocarbon reserves.
Participation and subsequent success within the tender course of is a part of the Firm's compliance with Part 96 of the Securities Act, 2015 and clause 5.6.1(a) of the Securities Rules. Pakistan Inventory Trade (PSX). Data concerning the farmout of the 49% direct stake in Miran Block has been disseminated to PSX members for transparency and regulatory functions.
This growth is anticipated to contribute to Pakistan's power sector by enhancing the exploration and manufacturing capabilities of the businesses concerned. The acquisition of the direct curiosity within the Miran block represents an essential step for OGDCL in its pursuit of progress throughout the power sector.
The announcement was made in a press release to the Pakistan Inventory Trade and the London Inventory Trade (LON:), making certain that info reaches all related stakeholders in accordance with regulatory necessities. This assertion relies on a press launch issued by the corporate.
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