OGDCL An Overview

PRESENTATION TO LAHORE STOCK EXCHANGE

September 12, 2013

Forward Looking Statements

During the course of this presentation we may make forward-looking statements regarding future events or the future performance of the Company. By their very nature, forward looking statements involve inherent risks and uncertainties, both general and specific and risks exist that the predictions, forecasts, projections and other forward looking statements will not be achieved. You should be aware that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements. Furthermore, OGDCL does not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise, other than that as required by applicable laws, the listing rules or prospectus rules of the United Kingdom listing authority, the Pakistani Capital Markets authority or the Karachi Stock Exchange.

When relying on forward looking statements you should carefully consider the political, economic, social and legal environment in which OGDCL operates. The documents filed from time to time with the above-stated listing authorities may identify important factors that could cause actual results to differ materially from those contained in any forward-looking statements.

Contents
Country Overview Investment Case Pakistan Energy Dynamics
o Energy Supply Mix o Oil & Gas Demand/Supply Gap

Pakistan Oil & Gas sector OGDCL Profile

o o o o Historical Milestones Current Standing C Reserve Replacement Ratio Exploration Licences

OGDCLs Market Leadership (Oil & Gas)

o Acreage o Production

Production Growth Development Projects Financial Strength

o Financial Highlights o Capital Expenditure 3

Country Overview As of June 30-2013 (or as indicated below)

Location Total Area of Pakistan Population Neighboring Countries Sea Ports (International) Major International Airports GDP Growth Rate (Estimated) KSE 100 Index Market Capitalization (September 4, 2013) South Asia 796,095 Sq. kms 184.35 million (East) Afghanistan (West), (West) China (North), (North) India (East), Iran (Southwest), Arabian Sea (South) Karachi, Bin Qasim and Gwadar Islamabad, Karachi, Lahore, Peshawar 3.6% $51.49 billion* (Rs 5,423 billion)

*Exchange Rate (Rs/USD) as at September 4, 2013 = 105.34

Source: Pakistan Board of Investment, Karachi Stock Exchange, State Bank of Pakistan

Investment Case
Largest upstream player in Pakistan Strong financial position Excellent production and exploration prospects

Favourable Operating O ti Environment

Attractive costs and returns

Proven exploration track record

Pakistan Energy Dynamics - Energy Supply Mix

Primary Energy Supplies as of 2011-12 = 64.7 *MTOE
Oil
6.6% 6 6%

LPG
12.6%

Gas

Coal

Electricity
30.8%

0.5% 0 5%

49.5%
* MTOE = Metric Tonne Oil Equivalent Source: Pakistan Energy Year Book 2012

Pakistan Energy Dynamics - Oil & Gas Demand/Supply Gap

120

Local Supply
100

Oil & Gas Demand Oil

80

60

Million TOEs

40

20

2018-19

2023-24

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2019-20

2020-21

2021-22

2022-23

2024-25

1 TOE (Tonne of Oil Equivalent ) = 7.4 BOE (Barrel of Oil Equivalent) Source: Pakistan Energy Outlook 2010-11

2025-26

Pakistan Oil & Gas Sector

Upstream
Exploration & Production Companies

Midstream
Oil Refineries and Gas Companies

Downstream
Marketing & Distribution Companies

Exploration & Production Companies OGDCL, PPL, POL, Mari Gas OMV, ENI, MOL, BHP , UEPL, Tullow, OPL, KUFPEC

Oil Refineries & Gas Transportation Companies PARCO, NRL, ARL, PRL, BYCO SNGPL, SSGCL

Marketing & Distribution Companies PSO, SHELL, CALTEX, AOC, BYCO, TOTAL SNGPL, SSGCL
8

OGDCL Profile Historical Milestones

20 September 1961 Established as a Statutory Corporation (loan of 27Million Roubles from USSR equivalent to Rs 143 Million) To undertake exploratory program and promote Pakistans oil and gas prospects 1960 1964 1968 1976 1980 Corporate Milestones

July 1989 Made Self-Financing No Nolonger funded funded from Federal Budget

1984

1988

B siness Milestones

1968 1966 Sari / Hundi Toot Oil Gas

1976 1977 Dhodak Pirkoh GasGas Condensate C d t 1976 0.40 23.86 0.5 55.0 1977 1.62 -

1980s: 21 Discoveries Dakhni, Nandpur, Panjpir, Chak Naurang, Tando Alam, Gotana, Thora, Sono, Fimkassar, Lashari, Bobi, Kunnar, Pasakhi & Loti 1980s: Multiple Discoveries 0.9 211.0 1.0 184.0
* The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl of UK.

Reserve * Addition

OGDCL Gas (TCF) Oil (MMBBL) OTHERS Gas (TCF) Oil (MMBBL)

1966 0.05 -

1968 16.0
0.5 41.6

OGDCL Profile Historical Milestones

October 1997 Converted to Public Limited Company December 2006 November 2003 Initial Public Offering Company listed on London Stock GoP divested 5% Exchange of holding Company listed on Formulation of business plan all 3 Stock Exchanges in Pakistan August 2009 GoP transfers around 10% of its holding to employees on 14th August 2009 through BESOS* September 2011 OGDCL Celebrated its Golden Jubilee on 20th September 2011

Corporate Milestones

... 1992

1999 2000

2004

2006

2009

2011

2012

2013

usiness ilestones

1990s: 18 Discoveries Qadirpur, Uch, Sadqal, Missa Keswal, Rajian, Kal, Tando Allahyar

2000s: 43 Discoveries Chanda, Dars, Dars Deep, Pasakhi Deep, Kunnar Deep, Bahu, Jhal Magsi Sinjhoro, Sinjhoro Nim, Nim Mela, Mela Nas Magsi, hpa

FY2011 02 Discoveries Gopang-1 Sheikhan-1

FY2012 02 Discoveries Nashpa -2 Zin X-1

FY2013 03 Discoveries Nashpa -3, Zin SML-1 Suleman-1 -

OGDCL Gas (TCF) Oil (MMBBL) OTHERS Gas (TCF) Oil (MMBBL)

Reserves** Addition

1990s 10.4 58.9 6.1 58.6

2000s 3.3 142.0 4.1 72.5 10

* BESOS = Benazir Employees Stock Option Scheme **The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl,UK

Profile

Standing

Incorporated as a Corporation in August 1961 and converted into public limited Company in October 1997 Largest E&P Company with presence in all the four provinces of Pakistan; Government of Pakistan holds 74.97% interest 667 wells drilled since inception & 97 discoveries made (up to September 5, 2013) Robust financial health with Net Sales & Profit after tax of Rs 223 billion & Rs 91 billion respectively during the year 2012-13 Listed on Karachi, Lahore & Islamabad Stock Exchanges (January 2004) Global Depositary Shares (GDSs) issued on London Stock Exchange (December 2006) Market Capitalization (September 4, 2013) Rs 1,065.68 billion ($10.12 billion*) 4.301 billion shares Trained and experienced Human Resource base comprising of 13,000 plus employees Sound equipment base 10 Owned Rigs plus 5 Contractor rigs, 5 Seismic Data Acquisition Crews, 5 Engineering Field Parties and 3 FGCPs Largest reserves and production share of oil & gas in the Country 2013) 60+ + producing fields fi ld of oil il & gas (June (J ) echnology OGDCL Institute of Science & T
*Exchange Rate (Rs/USD) as at September 4, 2013 = 105.34

11

OGDCL Profile Current Standing

As of June 30, 2013 (or as indicated below)
Largest exploration and production company in Pakistans oil and gas sector. Presence in and knowledge of all the 4 provinces Largest exploration acreage in Pakistan, covering 21% of the total acreage awarded Largest portfolio of net hydrocarbon reserves in Pakistan o 37% of oil (as at December 2012) o 30 30% of gas (as at December 2012) ) OGDCL contributes 26% of Pakistans total natural gas production, and 54% of its oil production (during fiscal year 2012-13) Remaining Recoverable Reserves on net basis o 562 MMBOE* on 1P basis (Oil 52 and Gas 510) o 1,017MMBOE* on 2P basis (Oil 109 and Gas 908) 73 OGDCL D&PLs 100% Owned & Operated (57) and Non-Operated fields (16) Average Daily Production (July 2013 to date) o Crude oil 41,300 BPD 1,050 MMCFD o Gas 24 wells spudded and 03 new discoveries made (2012-13)
*MMBOE: Million Barrels of Oil Equivalent , 1 Barrel of Oil = 5.7 Mscf D&PL = Development & Production Lease Source: Pakistan Petroleum Information Services

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OGDCL Profile Current Standing

Significant Reserves Position
OGDCL (1P & 2P) reserves as at June 30, 2013
1,200

Reserve Life (* RP R Ratio) ti )

1,017

1,000

398

455 455

800
mmboe

600

510

562

57

15 yrs
400

562
200

8 yrs

52
Proved Oil Reserves Proved Gas Reserves Proved Reserves Probable Oil Reserves Probable Gas Reserves Probable Reserves Proved + Probable

* RP Ratio: Reserve to Production Ratio

Long Reserve Life 13

** The reserves are based on the latest available 3rd Party Reserves Evaluation Study by M/s Tracs Intl of UK. The production for the period of July 2010 to June 2013 has been deducted from the remaining recoverable reserves number

OGDCL Profile Current Standing

Reserves Replacement Ratio

Reserves Replacement Ratio

140% 120% 100% 80% 60% 40% 20% 0%

124% 99% 65% 67%

34%
13%
2008 200809 2009 200910 2010 201011 2011 201112 2012 201213 5 yrs Average

14

OGDCL Profile Exploration Licenses

Status as on June 30, 2013
LEGEND
PROVINCE OGDCL OPERATED NON OPERATED

Punjab
Sindh

07
09

Balochistan
KPK Offshore

10
05 02

01
02 03

OGDCL acquired twenty nine (29) new exploration blocks by participating in the competitive bidding of Petroleum Exploration Rights on March 10, 2013

Total
Drilling Activities

33

06

Seismic Acquisition

SEISMIC OPERATIONS
Crew SP-1 Area Bitrisim Mianwali Gurgalot Tegani T i and Pali Chanda-Mela Mode 3D

WELLS UNDER DRILLING (June 30, 2013)

PROVINCE KPK NAME OF WE LLS
(1) (2) (1) (2) Nashpa-4 Mela-4 Kurram-1 Soghri-1 Sohni wala-1 Jand -1 Qadirpur 48 Qadirpur-47 Sara West -4

SP-2
SP-3 SP-4 SP SP-5

2D
Punjab 2D 2D 2D Sindh 3D Balochistan

(3) (4) (1) (2) (3)

(1) Zin SML-2 (2) Zin Deep-1

Market
Total Area of Pakistan 796,095 Sq. kms

Area under Exploration 247,246 Sq. kms (31.1% of Total Area)

OGDCL Share Other E&P Co. Share 51,807 Sq. kms 195,439 Sq. kms
OGDCL, 21%

Other E&P Companies, 79% OGDCL

* As of June 30, 2013 Source: Pakistan Petroleum Information Services (PPIS)

Other E&P Companies

16

OGDCLs Market Leadership Production*...

OIL
Countrys Total OGDCLs Share Other E&P Companies Share 76,277 BPD

54%
46%

41,400 BPD 34,877 BPD

OGDCL 54% Other Oth E&P Companies 46%

* During FY 2012-13 Source: Pakistan Petroleum Information Services (PPIS)

17

OGDCLs Market Leadership Production*

GAS
Country's Total OGDCL's Share Other E&P Companies 26% 4,126 MMCFD 1,089 MMCFD

74%

3,036 MMCFD

OGDCL 26%

Other E&P Companies 74%

* During FY 2012-13 Source: Pakistan Petroleum Information Services (PPIS)

18

Total Oil & Gas Production in Equivalent Barrels

Products

Average Daily Production (BOE*) July 2013 to date 41,300 184,211 225,511

Crude Oil Gas (1,050 MMCFD) Total

* Barrels of Oil Equivalent, 1 barrel of oil = 5.7 Mscf

19

Production Growth Development Projects

Projects Working Interest Location Expected

KPD-TA Y Integrated Development Project

KPD OGDCL 100% TAY - .5% OGDCL 77 5% GHPL -- 22.5%

Hyderabad Sindh

Gas (MMCFD) Current: 100 Incremental: 130 Total: 230 Gas (MMCFD) Current: 16 Incremental: 9 Total: 25

Oil (BPD) 1,500 3,600 5,100 Oil (BPD) 1,400 1,600 3,000

LPG (MTD) 120 290 410 LPG (MTD) 50 70 120

Sinjhoro

OGDCL- 62.5% OPI - 15.0% GHPL - 22.5%

Sanghar Sindh

Uch-II Development Project

OGDCL - 100%

Dera Bugti Balochistan

Gas: 160 MMCFD

Jhal Magsi Development Project

OGDCL - 56% POL - 24% GHPL - 20%

Jhal Magsi Balochistan

Gas: 15 MMCFD @ 934 BTU/SCF

Nashpa / Mela Development Project

OGDCL-56.45% PPL - 28.55% GHPL - 15.0%

Karak & Kohat, KPK

Oil LPG (BPD) (MMCFD) (BPD) (MTD) Current: 48 14,465 Incremental: 41 9,185 340 Total 89 23,650 340

Gas

20

Financial Strength Net Sales & Profit after Tax

Rs in billion 250

223 200

198 CAGR (11%)

150 143 126 100 CAGR (10%) 97 131 131

156

91

50 44

56

59

64

2007-08 2008-09 2009-10 Net Sales 2010-11 PAT 2011-12 2012-13

21

Financial Strength
Rs in Million
Net Sales O ti profit fit margin i (%) Operating EBITDA margin (%) Net profit margin (%) Profit after tax Profit from operating activities Earnings per share (Rs.) Cumulative dividends per share (Rs.)

2007-08
125,908 59 69 35 44,338

2008-09
130,830 59 70 42 55,540

2009-10
142,575 60 71 42 59,177

2010-11
155,631 56 71 41 63,527

2011-12
197,839 62 74 49 96,906

2012-13
223,365 58 69 41 90,777

74,397

77,500

85,188

87,600

123,335

130,017

10.31 9.50

12.91 8.25

13.76 5.50

14.77 5.50

22.53 7.25

21.11 8.25

22

Investment Case
Largest upstream player in Pakistan Strong financial position Excellent production and exploration prospects

Favourable Operating O ti Environment

Attractive costs and returns

Proven exploration track record

23

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