OGDC - Oil & Gas Development Company Limited

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Active Member
Apr 9, 2017
Aba Ali Habib Research
25 September 2017

Flash Note: OGDC: New Discovery: Tando Allah Yar South West (95% stake of OGDC)
  • OGDC notified exchange about its new discovery in Tando Allah Yar Block, which was converted on PP12 Policy during Nov’15. The new discovery (Tando Allah Yar South West) is estimated to contribute 72/10 bopd/mmcfd of oil/gas which will be able to fetch prices as per the PP12 (petroleum policy 2012) policy.
  • OGDC owns 95% stake in Tando Allah Yar Block whereas, remaining 5% is held by the GHPL. This new well was drilled down to the depth of 3250 meters.
  • We expect this well to add PKR 0.7-0.9 per share to the bottom-line of the company and ~PKR 1.9 to the share value of the company.
  • We maintain our BUY recommendation on OGDC based on Jun-18 revised TP of PKR 173.1, implying a potential upside of 15.3% from last closing along with dividend yield of 5.3%.


Active Member
Apr 9, 2017
AHL Research
26 October 2017

1QFY18: Growth of 16% YoY in EPS

The Board of Directors of Oil and Gas Development Company Limited (OGDC) announced their financial results for 1QFY18 and declared a Profit After Tax (PAT) of PKR 17.01bn (EPS PKR 3.95), up 16% YoY led by higher prcies, increased production, and lower exploration cost. On a QoQ basis the company profitability inched upwards by 5%. In addition, the management also announced an interim cash dividend of PKR 1.75 per share


Result Highlights
  • The company recorded net sales of PKR 43.96bn 1QFY18, up 11% YoY. The higher sales can be attributable to higher oil prices (USD 50/bbl in 1QFY18 vs. USD 43/bbl in 1QFY17A) and higher oil production (+5% YoY).
  • The exploration cost has decreased to PKR 1.52bn, down 65% YoY, due to lower seismic activites, we view.
  • On a sequential basis, bottom-line of the company showed an increase of 5% QoQ attributable to lower exploration expense (exhibiting a decrease of 47% QoQ) and lower effective taxation of 30% compared to 34% seen in 4Q
Currently we have a BUY call on the scrip with our Dec-17 target price of PKR 182.10 per share.
Apr 11, 2017
OGDC discovers ‘huge’ oil, gas reserves in Sindh
Authorities believe gas reserves are enough to fulfil the country's needs for 90 years

The Oil and Gas Development Company Limited (OGDC), during its exploration of Shale gas and tight oil deposits in the potential areas of Sindh, has claimed to have found huge new oil and gas reserves.

Sources familiar with the matter told media on Saturday that the authorities expect the presence of 95 trillion cubic feet (TCF) Shale gas and 14 billion of stock tank barrels (BSTB) oil in place resources.

“The gas reserves are enough to fulfil the country’s needs for 90 years.”

In October, the company discovered oil and gas reserves at its Exploratory Well Tog-1 in Khyber Pakhtunkhwa’s Kohat district.