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4. Accounting policies
5. Capital reserves
59,754
1,422,133
1,481,887
6. Revenue reserves
200,000
6,102,325
24,524,102
30,826,427
7. Deferred liabilities
5,997,507
9,414,389
5,263
8,176
15,425,335
8. Trade and other payables
9. Contingencies and commitments
9.1 Commitments:
a)
9,329
b)
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.
Bonus shares issued by subsidiary/associated companies
59,754
Special reserve
962,745
1,022,499
Insurance reserve
200,000
General reserve
5,102,325
Unappropriated profit
25,967,858
31,270,183
Provision for deferred income tax
5,812,637
Provision for decommissioning cost
9,821,240
Provision for Gratuity
5,263
Provision for staff compensated absences
10,553
15,649,693
These include balances due to joint venture partners amounting to Rs 1,628,121
thousand (June 30, 2016: Rs 2,310,260 thousand) and balances due to related parties
amounting to Rs 349,268 thousand (June 30, 2016: Rs 35,988 thousand).
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 Petroleum Concession Agreements (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
Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the six months period ended December 31, 2016
Dec. 31, 2016
June
30, 2016
Rupees ('000)
Dec. 31, 2016
June
30, 2016
Rupees ('000)