Page 18 - Condensed Interim Financial Statements for thesix months ended December 31, 2023

Notes to and forming part of the Condensed Interim
Financial Statements (Unaudited)
For the six months ended December 31, 2023

1 LEGAL STATUS AND OPERATIONS
Pakistan Oilfields Limited (the Company) is incorporated in Pakistan as a public limited
company and its shares are quoted on Pakistan Stock Exchange Limited. The registered
office of the Company is situated at Morgah, Rawalpindi. The Company is principally engaged
in exploration, drilling and production of crude oil and gas in Pakistan. Its activities also
include marketing of liquefied petroleum gas under the brand name POLGAS and
transmission of petroleum. The Company is a subsidiary of The Attock Oil Company Limited,
UK and its ultimate parent is Coral Holding Limited.
2 BASIS OF PREPARATION
These condensed interim financial statements have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting.
The accounting and reporting standards as applicable in Pakistan for interim financial
reporting comprise of:
- International accounting standard (IAS) 34, Interim Financial Reporting, issued by the
International Accounting Standards Board (IASB) as notified under the Companies Act,
2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the
requirements of IAS 34, the provisions of and directives issued under the Companies Act,
2017 have been followed.
- The Securities and Exchange Commission of Pakistan (SECP) through S.R.O. 67 (I)/2023
dated January 20, 2023, in partial modification of its previous S.R.O. 985(1)/2019 and
S.R.O 1177 (I)/2021 dated September 2, 2019 and September 13, 2021 respectively, has
notified that in respect of companies holding financial assets due from the Government of
Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 with
respect to application of expected credit loss (ECL) model shall not be applicable till
December 31, 2024, provided that such companies shall follow relevant requirements of
IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred
financial assets during the exemption period. The Company has assessed that the above
does not have any significant impact on its financial statements.
2.1 These condensed interim financial statements do not include all the information required
for full financial statements and should be read in conjunction with the annual financial
statements for the year ended June 30, 2023.
3 SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods for computation adopted for the preparation of this
condensed interim financial information are the same as those applied in preparation of the
financial statements for the year ended June 30, 2023.

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