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17
For the six months period ended December 31, 2017
Financial Information (Unaudited)
Selected notes to and forming part of the Condensed Interim
6. TRADE AND OTHER PAYABLES
7. CONTINGENCIES AND COMMITMENTS
7.1Contingencies:
a)
3,083
b)
7.2 Commitments:
7,141,372
1,947,799
14,050
8. PROPERTY, PLANT AND EQUIPMENT
8,941,806
358,188
(392)
(765,478)
8,534,124
1,154,153
9,688,277
These include balances due to joint operating partners amounting to Rs 2,014,772 thousand
(June 30, 2017: Rs 2,158,196 thousand) and balances due to related parties amounting to
Rs 410,607 thousand (June 30, 2017: Rs 130,469 thousand).
Guarantees issued by banks on behalf of
the company
3,083
The Company is currently contesting applicability of super tax @ 3% of taxable profit
from oil and gas operation under Petroleum Concession Agreement (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. Management based on legal advise is confident that the writ petition will be
decided in favour of the company, accordingly provision of Rs 522 million has not been
made in this respect in the financial statements of years ended June 30, 2015, June 30,
2016 and June 30, 2017.
-Share in joint operations
7,622,953
-Own fields
2,774,835
-Letter of credit issued by banks on
behalf of the company
56,868
Operating assets
Opening net book value
9,629,028
Additions during the period / year
925,625
Disposals during the period / year
(34,911)
Depreciation for the period / year
(1,577,936)
Closing net book value
8,941,806
Capital work in progress - at cost
912,728
9,854,534
Dec. 31,
June 30, 2017
Rupees ('000)
2017
Dec. 31,
June 30, 2017
Rupees ('000)
2017