Page 19 - Condensed Interim Financial Information - Nine Months Ended March 31, 2018

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17
For the nine months period ended March 31, 2018
Selected notes to and forming part of the Condensed Interim
Financial Information (Unaudited)
7. Contingencies and commitments
Contingencies:
a)
3,083
b)
Commitments:
6,017,194
1,145,902
466,228
8. Property, plant and equipment
8,941,806
474,321
(1,150,047)
(506)
8,265,574
1,255,937
9,521,511
Guarantee 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.
Capital expenditure commitments outstanding
- Share in joint ventures
7,622,953
- Own fields
2,774,835
- Letter of credit issued by banks
on behalf of the company
56,868
Opening net book value
9,629,028
Additions during the period / year
925,625
Depreciation for the period / year
(1,577,936)
Disposals during the period / year
(34,911)
Operating assets - net book value
8,941,806
Capital work in progress - at cost
912,728
9,854,534
Mar. 31, 2018
Jun. 30, 2017
Rupees ('000)
Mar. 31, 2018
Jun. 30, 2017
Rupees ('000)