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For the nine months period ended March 31, 2017
Selected notes to and forming part of the Condensed Interim
Financial Information (Unaudited)
1. Legal status and operations
2. Statement of compliance
3. Accounting policies
4. Revenue reserves
200,000
1,557,794
25,214,994
26,972,788
5. Deferred liabilities
6,144,639
9,608,661
8,176
15,761,476
6. Trade and other payables
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. 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 Bay View International
Group S.A.
This condensed interim financial information of the Company for the nine months period
ended March 31, 2017 has been prepared in accordance with the requirements of
International Accounting Standard 34 'Interim Financial Reporting' and provisions of and
directives issued under the Companies Ordinance, 1984. In case where requirements differ,
the provisions of or directives issued under the Companies Ordinance, 1984 shall prevail.
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, 2016.
Insurance reserve
200,000
Investment reserve
1,557,794
Unappropriated profit
26,028,483
27,786,277
Provision for deferred income tax
5,804,849
Provision for decommissioning cost
9,821,240
Provision for staff compensated absences
10,553
15,636,642
These include balances due to joint venture partners amounting to Rs 2,116,966 thousand
(June 30, 2016: Rs 1,456,356 thousand) and balances due to related parties amounting to
Rs 517,938 thousand (June 30, 2016: Rs 31,526 thousand).
Mar. 31, 2017
Jun. 30, 2016
Rupees ('000)