AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Oil & Gas Development Company Limited (OGDCL) has responded to a letter from the Pakistan Stock Exchange (PSX) regarding the details of the Jhal Magsi development project, which were published in print and electronic media.
In their response, OGDCL clarifies that the discovery of Jhal Magsi was previously announced on the stock exchanges during the 2004-05 period. The completion of an appraisal well was also reported. Furthermore, the current status of the Jhal Magsi project was disclosed in the Company’s nine-monthly reports for the period ending March 31, 2023, as part of the Directors’ Interim Review Report. It was mentioned that the project is expected to be completed by March 2024.
The news item referred to primarily focuses on OGDCL’s Corporate Social Responsibility (CSR) initiatives in Baluchistan, highlighting the company’s commitment to local communities and other stakeholders. OGDCL is currently in the process of engaging a contractor for plant installation, and Sui Southern Gas Company Limited (SSGCL) is working on laying the pipeline from the Jhal Magsi plant to their network. The company is also progressing with regulatory approvals. It is important to note that there have been no significant changes in the circumstances since the last disclosure of information about the project in the nine-month report.
OGDCL’s purpose in communication is to enhance public understanding of their community welfare-oriented initiatives, which form an integral part of the company’s business strategy. The company acknowledges the importance of informing the Pakistan Stock Exchange and the London Stock Exchange before any public release of material information, demonstrating their commitment to compliance with PSX Regulations.
OGDCL assures stakeholders of its dedication to adhering to the PSX Regulations in both letter and spirit, ensuring transparency and responsible communication with the market. The company remains focused on executing its development projects and contributing to the welfare and progress of the communities in which it operates.
The post Oil & Gas Development Company Clarifies Details of Jhal Magsi Development Project appeared first on Pakistan Company News.