Pakistan Petroleum : Material Information - discovery of gas condensate from well Tolanj West-2, in Tal Block

Our reference: CS/PSX-0160

Your reference:

Date: 20th September 2022

Ms. Asmaa Saleem Malik

Deputy General Manager, Listing Department

Pakistan Stock Exchange Limited

PSX Building, PSX Road, Karachi

Dear Madam,

Re: Discovery of Hydrocarbons from Lockhart Formation - Tolanj West-2

Development Well in Tal Block

We are pleased to disclose a discovery of gas condensate from well Tolanj West-2, in Tal Block, operated by MOL with PPL, OGDCL, GHPL and POL as its joint venture partners.

The well was spudded-in on 10th April 2022 to produce Hydrocarbon from already discovered horizon of Tolanj West D&PL i.e. Lumshiwal Formation and to test Hydrocarbon potential of Lockhart & Shinawari & Samanasuk Formations (as exploratory targets). The well has been successfully drilled down to depth of 4119.34m TVD.

Based on interpretation results of wireline logs data, Lockhart Formation (Exploratory Target) was tested successfully at rate of around 8.3 MMSCFD gas and 34 BPD of Condensate at choke size 32/64" at Wellhead Flowing Pressure (WHFP) of 1285 Pounds per Square Inch (Psi).

This new discovery has de-risked further exploration play in TAL Block, leading to new upside opportunities. The said discovery will also help & contribute towards improving energy security of the country from indigenous resources and add to the hydrocarbon reserves base of TAL Joint Venture Partners and the Country

The foregoing information may be disseminated to your members.

Yours truly,

Ali Jaffar

Company Secretary

Copy: Executive Director/HOD, Offsite-II Department, Supervision Division, SECP, Islamabad.