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17
For the six months period ended December 31, 2016
Financial Information (Unaudited)
Selected notes to and forming part of the Condensed Interim
7. Contingencies and commitments
7.1
a)
9,329
b)
7.2
7,724,115
1,916,716
66,393
8. Property, plant and equipment
9,629,028
528,484
(787,062)
(2,362)
9,368,088
720,726
10,088,814
Contingencies:
Guarantee issued by banks on behalf of
the company
28,755
The Company is currently contesting applicability of super tax @ 3% of taxable profits
from oil and gas operations under PetroleumConcessionAgreements (PCAs) and has
filed a writ petition in Islamabad High Court on the grounds that the Company being an
exploration and production company falls under Special Tax Regime as granted under
PCAs. Managment based on legal advise is confident that the writ petition will be
decided in favour of the company, accordingly no provision has been made in this
respect in the financial statements for the years ended June 30, 2015 and June 30,
2016.
Commitments:
Capital expenditure commitments outstanding
-Share in joint ventures
9,828,653
-Own fields
2,081,931
-Letter of credit issued by banks on
behalf of the company
157,138
Opening net book value
8,275,395
Additions during the period / year
2,783,492
Depreciation for the period / year
(1,423,822)
Disposals during the period / year
(6,037)
Closing net book value
9,629,028
Capital work in progress - at cost
792,372
10,421,400
Dec. 31,
June 30, 2016
Rupees ('000)
2016
Dec. 31,
June 30, 2016
Rupees ('000)
2016