ISLAMABAD/KARACHI: The Oil and Gas Development Company Limited (OGDCL) on Monday said it had made new hydrocarbon discovery in Kohat District of Khyber Pakhtunkhwa province.

In an announcement, the state-run company said it discovered gas and condensate at its exploratory well Togh Bala-01 in Block-3371-10, located in District Kohat, KP.

It said Togh Bala Well # 01 was spudded-in on June 27 and drilled down to 2,172 meters in to Lockhart Formation.

The open hole testing was carried out against Lockhart Formation which flowed at the rate of 9.00mmscfd gas and 125 barrels per day condensate with well head flowing pressure of 1,690Psi at 32/64” choke size.

The OGDCL is the operator of the block with 50 per cent share while the Mari Petroleum Company Ltd and Saif Energy Ltd hold 33.33pc and 16.67pc shareholding in the exploration block.

The company said it was the second consecutive discovery in Kohat Block.

Suzuki Swift to be discontinued

Pak Suzuki Motor Company Ltd (PSMCL) has decided to discontinue Suzuki Swift from August 2021.

The company has informed its authorisd dealers that it would produce only 2,423 units of two models (DLX NAV and AT NAV) till August 2021.

As per PSMCL’s website, DLX NAV and AT NAV are priced at Rs1.995 million and Rs2.140mn respectively.

According to data of Pakistan Automotive Manufacturers Association (PAMA), Swift production remained in the range of 2,000-6,000 units every year since its assembly got underway from October 2009 in the country.

The vehicle achieved highest production of 7,128 units in 2011-2012.

Adamjee Insurance earns Rs903m

Adamjee Insurance Company posted 1HCY20 consolidated profit after tax at Rs903 million which translated into earnings per share of Rs2.57.

This represented a jump of 64.2pc over PAT at Rs550m and EPS at Rs1.51 in the same period last year. The results were accompanied by an interim cash dividend at Rs1.25 per share.

For the quarter ended June 30, the insurance giant reported PAT at Rs410m and EPS at Rs1.17 against loss of Rs112m and loss per share at Rs0.33 per share during same time in 2019.

GSK profits jump 42pc

GlaxoSmithKline (GSK) Pakistan declared PAT of Rs1.24 billion (EPS: Rs3.90) for 1HFY20, up 41.7pc from net income of Rs875m (EPS: Rs2.75) for same period last year.

The board did not announce a dividend. For the quarter ended June 30, the pharmaceutical company announced PAT at Rs818m and EPS at Rs2.57 which improved from Rs341m and EPS of Rs1.07 same time last year.

Published in Dawn, August 25th, 2020