PC Announces OGDCL Pakistan Retail Offer Details -Subscription To Launch On January 11, 2007-Retail Offer Price Of PKR110 Per Share

Islamabad, December 28, 2006

The Privatisation Commission of the Islamic Republic of Pakistan today announced the details of the offering of OGDCL Shares to Pakistani retail investors. The subscription period for the retail offering of 21,505,000 Shares at a price of PKR 110 per Share will commence on January 11, 2007 and will close on January 13, 2007. The retail offer price represents an effective discount of almost 3% to the price paid by institutional investors in the international and domestic institutional offering that priced on November 30, 2006.

Following the close of the offer, balloting will take place on or around January 23, 2007, with final allocations announced thereafter.

Commenting on the forthcoming retail offering, Zahid Hamid, Federal Minister for Privatisation and Investment, said: “This retail offer of shares in OGDCL is yet another important milestone in the government’s “Privatisation for the People” program and represents an exciting opportunity for Pakistani nationals to participate in the future growth of one of our country’s flagship enterprises. OGDCL has the largest oil & gas reserves and exploration acreage in Pakistan and with its planned expansion in exploration and production activities, is well poised to benefit from the increasing demand for energy, arising out of country’s rapid economic growth and forward march towards progress and development.”

For further information please contact:

Xenith PR

Zainab Ansari | Faraz Salim - (9221) 534 3681-3

Summary of application process:

Full details of the application process can be obtained from the Offer For Sale Document (OFSD), all potential investors should scrutinise this closely before deciding to invest. A summary has been outlined below:

The Retail Offer will be open to:

Pakistani citizens resident in Pakistan
Companies, bodies corporate or other legal entities incorporated or established in Pakistan (to the extent permitted by their constitutive documents and existing regulations as the case may be)
Provident/pension/gratuity funds/trusts (subject to the terms of their Trust Deed and existing regulations)
Branches in Pakistan of companies and bodies corporate incorporated outside Pakistan

Copies of the OFSD and application forms can be obtained from members of the Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange, BMA Capital, the registered office of OGDCL, and the following banks:

Allied Bank Limited
MCB Bank Limited

Askari Commercial Bank limited
National Bank of Pakistan Limited

Bank Alfalah Limited
PICIC Commercial Bank Limited

Bank Al-Habib Limited
Standard Chartered Bank

Faysal Bank Limited
The Bank of Punjab Limited

Habib Bank Limited
United Bank Limited

The Offer for Sale and application forms can also be downloaded from the following websites:

www.privatisation.gov.pk
www.ogdcl.com
www.bmacapital.com/ogdcl/

Required information:

In the case of individual investors, an attested copy of Computerised National Identity Card (CNIC) should be enclosed and the CNIC number indicated against the name of applicant. Copies of CNIC can be attested by any Federal/Provincial Government gazetted officer, Councillor, Bank Manager, Oath Commissioner or Head Master of High School etc.

Original CNIC, along with one attested photocopy, must be produced for verification to the bank at the time of presenting an application. The bank branch along with the application will after verification, retain the attested photocopy.

Only one application will be accepted against each account. In case of joint accounts, one application will be accepted in the name of each of the joint account holders.
Joint applications by more than four persons shall not be accepted

Subscription money must be paid by cheque drawn on the applicant's own account payable to one of the bankers to the offer “A/c Offer for sale of OGDCL’s shares by Government of Pakistan” and crossed “A/c Payee only” and must be drawn on a bank in the same town as the bank through which the application has been made. All applications must bear the signature and address corresponding with that recorded with the bank in the applicant's account.

Applicants should ensure that the bank branch, on which their payment is made, completes the relevant portion on the application form. This offer is being made at a price of PKR 110/- per ordinary share of PKR 10/- each, inclusive of a premium of PKR 100/- per share, but excluding the share transfer fee, which is to be borne by the applicant at 15 paisa per share in case of physical transfer and 1 paisa per share in the case of transfer under book entry system. Application for shares must be made for 500 shares or in multiples of 500 shares only. Applications, which are neither for 500 shares nor for multiples of 500 shares, shall be rejected.

The minimum amount of application for subscription of 500 shares is PKR 55,075/- in case of physical transfer and PKR 55,005/- in case of transfer under book entry system. Applications below the value of PKR 55,075/- in case of physical transfer and PKR 55,005/- in case of transfer under book entry system shall not be entertained. Allotment of shares shall be subject to scrutiny of applications for subscription. Applications, which do not meet with the above requirements, or applications which are incomplete, will be rejected. Fictitious and multiple applications are prohibited and such application money shall be liable to confiscation under Section 18-A of the Securities and Exchange Ordinance, 1969.