Karachi, Oil and Gas Development Company Limited informed Karachi Stock Exchange that in relation to offer for sale of 311,174,800 shares of OGDCL owned by the Government of Pakistan, privatization Commission (PC) has notified that PC Board and the Cabinet Committee on Privatization (CCOP) in its meeting held on November 05, 2014 have considered and approved the minimum price / Floor Price of PKR 216 per share (Pak Rupees two hundred and sixteen per share).
The final price for the Shares and GDSs (together, the “Securities”) offered is expected to be announced on November 10, 2014, following the completion of the book building process.
Further, the first day of unconditional trading for the GDSs on the London Stock Exchange is expected to occur on or around November 13, 2014.
Oil and Gas Development Company Limited was incorporated in Pakistan on October 23, 1997 under the Companies Ordinance, 1984. The operations of the company include exploration, drilling operation, process and plants production, reservoir management, engineering support and commercials. The registered office of the company is located in Islamabad. The stocks of the company are quoted on the Karachi, Lahore and Islamabad stock exchanges of Pakistan. The global depositor’s shares of the company are listed on the London Stock Exchange.
The company has oil and gas fields located in all the four provinces of Pakistan. The equipment and operational base of the company include drilling rigs, work over rigs, geological field party, seismic parties, engineering field parties, gas gathering and pipeline construction party, seismic data processing centre, geological analysis laboratory, wire line logging unit, cementing units and data logging unit.
The associated company of OGDCL is Mari Petroleum Company Limited. The membership of the company is of Petroleum Institute of Pakistan, Pakistan Petroleum Exploration and Production Companies Association, Management Association of Pakistan, Society of Petroleum Engineers, Pakistan Association of Petroleum Geoscientist, World Wild Fund and World Energy Council.
The symbol “OGDC” is being used by the stock exchange for the shares of Oil and Gas Development Company Limited.
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