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6 December 2006
06/12/2006 The London Stock Exchange is delighted to welcome OGDCL to the Main Market.

06 December 2006
 

The London Stock Exchange is delighted to welcome OGDCL to the Main Market.



OGDCL is the largest petroleum exploration and production company in the Pakistan oil and gas sector, with a primary focus on gas. It holds the largest portfolio of the recoverable hydrocarbon reserves of Pakistan and contributed 22% of the country’s total natural gas production and 48% of its oil production for the year ended June 30, 2006 on a net basis.


With a portfolio of 46 exploration licences, the company has the largest exploration acreage in Pakistan, covering 39% of the total awarded as of June 2006. While its focus to date has been on onshore exploration, the company has also recently begun conducting offshore exploration activities; an area which the company believes has significant untapped potential.


The listing and trading of OGDCL in Pakistan and London is a milestone in the company’s history and represents a significant step in the Government of Pakistan’s privatisation agenda. The secondary offer of shares by the Pakistani Government and GDS listing in London represents 10% of OGDCL’s outstanding share capital and is the largest international equity offering of a Pakistani company to date.


Commenting on the success of the Secondary Offering, Zahid Hamid, Minister for Privatisation and Investment, said:


“The success of this offering sends a strong signal of global institutional investor confidence in Pakistan and bodes well for Pakistan’s growing participation in the international capital markets. The Government is committed to maintaining the pace of its privatisation programme.”


“We are very pleased that the international market has shown its support for OGDCL at a price and a valuation that compares favourably with its international peers.”


Mr Arshad Nasar, Chairman and Chief Executive Officer of OGDCL, said:


“The level of demand from investors for OGDCL shares shows a strong appreciation of our business and prospects. This is a great endorsement of the work of our employees, who continue to work tirelessly to sustain OGDCL’s position as Pakistan’s leading E&P company to benefit all our shareholders.”


“We are delighted to welcome a broad range of the world’s leading institutions as shareholders in our company and are pleased that the offering has enhanced our profile in the international markets.”


BMA Capital, Citigroup and Goldman Sachs are Joint Lead Managers with Citigroup and Goldman Sachs acting as Joint Global Co-ordinators and Bookrunners for the international offering and BMA Capital as Lead Manager and Bookrunner for the domestic offering and joint lead manager of the international offering. Legal counsel was provided by Cleary Gottlieb Steen & Hamilton and Haidermota. Capital MS&L acted as Financial PR and IR advisers on the offering. Local media relations capability was provided by Xenith Public Relations.

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