OGDCL reports Rs23b profit

ISLAMABAD — The Oil and Gas Development Company Limited (OGDCL) has made a profit of Rs23 billion after tax for the first half of 2006-07, an increase of Rs3 billion during the corresponding period of last year when the company earned Rs20.305 billion.

By A Correspondent

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Published: Fri 23 Feb 2007, 9:49 AM

Last updated: Sat 4 Apr 2015, 8:29 PM

A meeting of the board of directors of OGDCL was held here yesterday to consider the half yearly accounts of the company for the period ended on Dec 31, 2006. The company's Chief Executive Officer Arshad Nasar presided over the meeting.

The board also declared a second interim cash dividend of Rs1.75 per share. This is in addition to the first interim dividend of Rs1.75 per share.

According to official figures, sales revenue of the company increased by 16 per cent. Higher profitability of the period resulted in earnings per share of Rs5.37 compared to Rs4.72 in the first half of the previous financial year.

According to OGDCL spokesman, during the first half of the year 1,951 linear kilometres of two-dimension seismic survey was carried out in onshore areas, 248 square kilometres of three-dimension survey was carried out in the Indus Delta-A block. Fifteen wells were spudded during the first half of the current year, including eight exploratory and three appraisal wells and four development wells in Rajiian 0-A, Lashari centre-06, Dhodak-10A and thora-05.

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