WRL
P.I.D.C. House, Dr. Ziauddin Ahmed Road,
P. O. Box 3942, Karachi-75530, Pakistan
Tel: 92-21-35651480-89, 92-21-35657730-39
UAN: 92-21-111-568-568
Fax: 92-21-35680005 & 92-21-35682125
Website: https://www.ppl.com.pk/
Our reference: CS/PSX-0020 Your reference: Date: 20thFebruary 2026
Mr. Syed Ahmad Abbas
Head of Business Development & Listing
Listing Department, Pakistan Stock Exchange Limited Stock Exchange Building, Stock Exchange Road Karachi
Dear Sir,
Re: Discovery of Hydrocarbons from Exploratory Well Baragzai X-01 (Slant) from Lumshiwal Formation in Partner Operated Nashpa Block
In continuation of our letter No. CS/PSX-0008 dated 20'h January 2026, we are pleased to disclose that an Oil and Gas discovery has been made from another exploratory target, Lumshiwal Formation, at exploratory well Baragzai X-01 (Slant) in Nashpa Block. Located in district Kohat, Khyber Pakhtunkhwa Province, the block is operated by Oil & Gas Development Company Limited (OGDCL) with 65% working interest along with its Joint Venture partners, Pakistan Petroleum Limited (PPL) (30% working interest) and Government Holdings (Private) Limited (GHPL) (5% carried interest).
The well was spudded-in on 30'h December 2024 and successfully reached target depth of 5,170 meters inside Kingriali Formation. Based on the wireline logs evaluation, three Cased Hole Drill Stem Tests (CHDSTs) were earlier conducted in Kingriali, Datta, and Samana Suk & Shinawari formations, which all had resulted in Oil and Gas discovery. Now based on good hydrocarbon shows during drilling and interpretation of open hole wireline logs, a successful Cased Hole Drill Stem Test (DST-4) was carried out in Hangu & Lumshiwal Formations, during which Lumshiwal Formation flowed at the rate of 225 Barrels Per Day (BPD) of Oil and 1.01 Million Standard Cubic Feet Per Day (MMSCFD) of gas at 32/64" choke against Wellhead Flowing Pressure (WHFP) of 190 Pounds per Square Inch (Psi). Further, evaluation in respect of nature of the discovery is in progress.
This discovery has further de-risked the exploration for deeper reservoirs in Nashpa Block, leading to new upside opportunities. The said discovery will also help in enhancing indigenous hydrocarbons supply of the country and add to the hydrocarbon reserves base of the Company and the Country.
The foregoing information is submitted in compliance with Section 96 of the Securities Act, 2015 and Clause 5.6.1 of the Pakistan Stock Exchange Limited Regulations, for dissemination amongst your members.
Yours truly,
A Jpaay Secretary
Copy: Executive Director/HOD, Offsite-II Department, Supervision Division, SECP, Islamabad.