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For the six months period ended December 31, 2016
Financial Information (Unaudited)
Selected notes to and forming part of the Condensed Interim
1. Legal status and operations
2. Statement of compliance
3. Accounting policies
4. Revenue reserves
200,000
1,557,794
25,953,283
27,711,077
5. Deferred liabilities
5,989,719
9,414,389
8,176
15,412,284
6. Trade and other payables
The Company is incorporated in Pakistan as a public limited company and its shares are
quoted on Pakistan Stock Exchange Limited. The registered office of the Company is situated
at Morgah, Rawalpindi. The Company is principally engaged in exploration, drilling and
production of crude oil and gas. Its activities also include marketing of Liquefied Petroleum
Gas under the brand name POLGAS and transmission of petroleum. The Company is a
subsidiary of The Attock Oil Company Limited, UK and its ultimate parent is Bay View
International Group S.A.
This condensed interim financial information of the Company for the six months period ended
December 31, 2016 has been prepared in accordance with the requirements of International
Accounting Standard 34 'Interim Financial Reporting' and provisions of and directives issued
under the Companies Ordinance, 1984. In case where requirements differ, the provision of or
directives issued under the Companies Ordinance, 1984 shall prevail.
The accounting policies and the methods for computation adopted for the preparation of this
condensed interim financial information is the same as those applied in preparation of the
financial statements for the year ended June 30, 2016.
Insurance reserve
200,000
Investment reserve
1,557,794
Unappropriated profit
26,028,483
27,786,277
Provision for deferred income tax
5,804,849
Provision for decommissioning cost
9,821,240
Provision for staff compensated absences
10,553
15,636,642
These include balance due to joint venture partners amounting to Rs 1,628,121 thousand
(June 30, 2016: Rs 1,456,356 thousand) and balances due to related parties amounting to
Rs 346,281 thousand (June 30, 2016: Rs 31,526 thousand).
Dec. 31,
June 30, 2016
Rupees ('000)
2016