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4. Accounting policies
5. Capital reserves
59,754
61,701
1,941,044
2,062,499
6. Revenue reserves
200,000
6,852,325
25,598,939
32,651,264
7. Deferred liabilities
6,425,382
9,300,757
6,154
820,304
16,552,597
8. Trade and other payables
9. Contingencies and commitments
9.1 Commitments:
3,083
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, 2017.
Bonus shares issued by subsidiary/associated companies
59,754
Special reserve
15,060
Utilised special reserve
1,941,044
2,015,858
Insurance reserve
200,000
General reserve
6,102,325
Unappropriated profit
27,539,655
33,841,980
Provision for deferred income tax
7,229,001
Provision for decommissioning cost
8,578,227
Provision for Gratuity
6,153
Provision for staff compensated absences
10,075
15,823,456
These include balances due to joint venture 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 448,729 thousand (June 30, 2017: Rs 134,117 thousand).
a) Guarantee issued by banks on behalf of the company
3,083
b) 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.
Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the six months period ended December 31, 2017
Dec. 31, 2017
June
30, 2017
Rupees ('000)
Dec. 31, 2017
June
30, 2017
Rupees ('000)