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For the six months period ended December 31, 2017
Selected notes to and forming part of the Condensed Interim
Financial Information (Unaudited)
20
15. CASH AND BANK BALANCES
13,241,275
2,267,550
412
15,509,237
3,490
15,512,727
16. NET SALES
4,106,680
7,358,610
140,402
2,749,936
1,708,581
3,054,217
43,885
77,589
5,999,548
13,240,352
16.1
Bank balance on
Short term deposits
12,615,073
Interest/ mark-up bearing saving accounts
1,543,023
Current accounts
20,534
14,178,630
Cash in hand
2,898
14,181,528
Bank balances include foreign currency balances of US $ 83,364 thousand (June 30, 2017:
US $ 73,533 thousand).
Crude oil
3,174,792
5,593,952
Gas - note 16.1
2,319,673
4,410,577
POLGAS - Refill of cylinders
1,554,577
2,736,136
Solvent oil
31,669
64,236
7,080,711
12,804,901
On August 28, 2015, the Company signed the Supplemental Agreement with the
Government of Pakistan (the Government) for conversion of TAL Block Petroleum
Concession Agreement (PCA) signed under the 1997 Petroleum Policy to Petroleum
(Exploration & Production) Policy 2012 (Petroleum Policy 2012). Price regimes
prevailing in Petroleum Policy 2007, Petroleum Policy 2009 and Petroleum Policy 2012
shall be applicable correlated with the spud date of wells in the respective policies
starting from November 27, 2007 and for future exploratory efforts under the above
mentioned block. The conversion package included Windfall levy on Natural gas only.
Draft statements specifying sums aggregating US $ 34.2 million (Rs 3,390 million) till
June 30, 2015 due to the Company in respect of Mamikhel, Maramzi & Makori East
discoveries in TAL block were submitted to the Government on December 8, 2015.
These statements are pending finalization by the parties to the agreement. During the
period, Oil and Gas Regulatory Authority (OGRA) issued gas price notifications of the
subject arears.
On December 27, 2017, the Ministry of Energy (Petroleum Division) notified
amendments in Petroleum Policy 2012 and has imposed windfall levy on
Oil/Condensate. Under the said Notification, the Supplemental Agreements already
executed for conversion fromPetroleumpolicies of 1994 & 1997 shall be amended within
Dec. 31, 2017
June 30, 2017
Rupees ('000)
Rupees ('000)
Dec. 31, 2016
Six months period ended
Three months period ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017