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For the nine months period ended March 31, 2018
Selected notes to and forming part of the Condensed Interim
Financial Information (Unaudited)
Nine months period ended
Three months period ended
Rupees ('000)
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Based on legal advice, the Company is of the view that already executed Supplemental
Agreement cannot be changed unilaterally, the Supplemental Agreement was signed
under the Conversion Package where gas price was enhanced and Windfall Levy on
Oil/Condensate (WLO) was not applicable, the impugned SRO by giving retrospective
effect amounts to taking away the vested rights already accrued in favour of the
Company. The Government has no authority to give any law or policy a retrospective
effect and thereby Constitutional Petitions challenging the imposition of windfall levy on
Oil/Condensate were filed on February 19, 2018. The Honorable Islamabad High Court
after hearing the petitioners on February 20, 2018, directed the parties to maintain the
status quo in this respect and further directed the respondents to file their report & para
wise comments before next date of hearing.
On prudent basis additional revenue on account of enhanced gas price incentive due to
conversion from Petroleum Policy 1997 to Petroleum Policy 2012 since inception to
March 31, 2018 amounting to Rs 6,915 million has been reversed. This revenue will be
accounted for upon resolution of this matter.
Operating Cost
- Own fields
277,543
881,315
- Share in joint ventures
615,497
1,760,685
Well Workovers
14,455
137,091
POLGAS-Cost of gas/LPG, carriage etc.
871,373
2,405,862
Pumping and transportation cost
7,444
23,504
Depreciation
389,025
1,153,898
2,175,337
6,362,355
Opening stock of crude oil
and other products
445,322
375,521
Closing stock of crude oil
and other products
(375,530)
(375,530)
2,245,129
6,362,346
Geological & geophysical cost
246,352
436,683
17. Operating costs
432,586
1,043,312
680,866
1,889,958
81,167
52,616
797,691
2,407,555
16,747
34,629
366,382
1,095,343
2,375,439
6,523,413
241,029
221,893
(225,968)
(225,968)
2,390,500
6,519,338
18. Exploration costs
275,059
1,015,467