KARACHI - The government is likely to sell out the country's second largest gas field, Qadirpur, having gas reserves of about 3.5 tcf worth $3to 5 billion and an announcement in this regard may appear on Tuesday, The Nation learnt. Moreover, several speculations were circulating at the Karachi stock market that government had already made a deal to sell the field with a Dubai-based company and very soon announce the legal frame work of the expected sale of the field. It was also being speculated that the Qadirpur gas field may be sold at a throw away price. The field is 75 per cent owned by Oil and Gas Development Company (OGDC) while Kirthar Pakistan posses 8.5 per cent, PPL 7 per cent, PKPEL 4.75 per cent and PKPEL-2 4.75 per cent. Analysts commenting on the this development said that Pakistan is in dire need of foreign inflows with forex reserves at 5-year low, thus this will not be a bad move of the government if it sells the field and would be a one time positive incremental EPS impact on OGDC in the range of Rs19-24. They said that Qadirpur is a key portion of the OGDC's production and earnings and future earnings are expected to be negatively affected by such a sale. Analysts said that the expected sale of the field would lead to a significant capital inflows and bolster the external account position and implementation of the Saudi Oil Facility announcement of which is due sometime this week would allow some breathing space on the fiscal deficit front. A report prepared by JS Global said that in the last three trading sessions, Pakistan benchmark index eroded by 8% mainly led by OGDC that contributed 26% in that fall. Lower than expected earnings and payout on August 20 triggered selling in the stock.   Moreover, overall foreign selling data also endorsed this as foreigners sold shares worth of US$41mn in last 3 sessions whereas net selling was US$19mn. Increase of 14% in OGDC CFS volumes also hints at foreign selling being absorbed partially by leverage buyers, report said. Report of the JS Global further said that 'if Qadirpur is sold at $2.4-3.0b, there would be a one time positive incremental EPS impact on OGDC in the range of Rs19-24. And we may expect a one time special dividend once that happens just to support government's deteriorating fiscal deficit.  However, without Qadirpur OGDC's future projected earnings will decline by 16.8% (EPS of Rs2.6). Assuming, the similar situation with PPL, the company could record one time EPS impact of Rs11-14, with decline in recurring earnings by 3.8% (EPS of Rs1.4).