Oil and Gas Development Company Limited (OGDCL) has successfully revitalised production from Kunnar-11 well located in Sindh, resulting in production of oil from the well. The listed company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. “We are pleased to announce that Oil and Gas Development Company Limited (OGDCL) has successfully revitalized Kunnar-11 well,” read the notice. The E&P shared that after re-assessing the well’s potential using production optimization techniques and completing the well with Electrical Submersible Pump (ESP), the Kunnar-11 is now producing 960 barrels of oil per day. Kunnar well-11 is located in Hyderabad district, Sindh and is part of the OGDCL Kunnar Oil Field. OGDCL owns 100% working interest in the Kunnar Mining Lease Area. “This initiative highlights OGDCL’s commitment to optimising production and demonstrates the effectiveness of modern recovery techniques in rejuvenating mature wells,” the company said. Meanwhile, Topline Securities, a brokerage house, in its note informed that in May 2024, the Kunnar-11 well had ceased production with zero flows. “The annual earnings impact of this well is Re0.6/share,” it added. At time of filing, the scrip of OGDC was being traded at Rs132.51. In the last 12-months, the value of OGDC stock has increased by 56%. Last week, OGDC had successfully revitalised production from Nashpa-4 located in Khyber Pakhtunkhwa. The company is the largest exploration and production (E&P) company in Pakistan with operations including exploration, drilling operation services, production, reservoir management, and engineering support.Jazz appoints Farrukh Khan as CFO and CEO of MFH Jazz appointed Farrukh Khan, CEO & Managing Director of the Pakistan Stock Exchange (PSX), as its new Chief Financial Officer (CFO) and CEO of Micro-Finance Holdings (MFH), effective September 15, 2024. Farrukh will also join the board of Mobilink Microfinance Bank. Gábor Kocsis, the outgoing CFO, will remain with Jazz until the end of the year, focusing on strategic projects to facilitate a smooth transition and maintain momentum in ongoing initiatives said a news release. Farrukh Khan brings over 30 years of leadership experience in major financial institutions, including roles as CEO of Acumen Fund, co-founder and CEO of BMA Capital Management, and CFO at American Express. His expertise in mergers and public offerings will enhance Jazz’s financial strategy and innovation. Aamir Ibrahim, CEO of Jazz & Chairman MMBL, commented, “We welcomed Farrukh Khan to our leadership team. His rich expertise and leadership in capital markets are crucial as we evolve into a ServiceCo.” This announcement comes as Jazz unveils its vision to transition from a Mobile Telco to a dynamic ServiceCo. Leveraging core strengths in data and connectivity, Jazz is poised to disrupt various sectors including financial services, software development, data centers & cloud solutions, and entertainment. With a projected compound annual growth rate of 20%+, Jazz aims to double its revenue by 2027, with significant contributions from its new ventures including the fintech platform JazzCash, cloud offering Garaj, and the digital streaming service Tamasha. Farrukh Khan shared his enthusiasm about his new role, stating, “I’m excited to join Jazz during such a transformative time. The team has built outstanding businesses, and I’m eager to help drive the company’s ambitious vision to evolve into a ServiceCo. I look forward to driving financial innovation and supporting the company’s expansion into new sectors.” appODGC has the most extensive exploration acreage in Pakistan, covering over 40% of the country’s total acreage awarded with net hydrocarbons of oil and gas.