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15
For the nine months period ended March 31, 2017
Selected notes to and forming part of the Condensed Interim
Financial Information (Unaudited)
7. Contingencies and commitments
7.1 Contingencies:
a)
9,329
b)
7.2 Commitments:
6,983,141
1,890,665
134,896
8. Property, plant and equipment
9,629,028
850,820
(1,186,526)
(2,373)
9,290,949
621,379
9,912,328
Guarantee issued by banks on behalf
of the company
28,755
The Company is currently contesting applicability of super tax @ 3% of taxable profits
from oil and gas operations under PetroleumConcessionAgreements (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. Managment based on legal advise is confident that the writ petition will be
decided in favour of the company, accordingly no provision has been made in this
respect in the financial statements for the years ended June 30, 2015 and
June 30, 2016.
Capital expenditure commitments outstanding
-Share in joint ventures
9,828,653
-Own fields
2,081,931
-Letter of credit issued by banks
on behalf of the company
157,138
Opening net book value
8,275,395
Additions during the period / year
2,783,492
Depreciation for the period / year
(1,423,822)
Disposals during the period / year
(6,037)
Closing net book value
9,629,028
Capital work in progress - at cost
792,372
10,421,400
Mar. 31, 2017
Jun. 30, 2016
Rupees ('000)
Mar. 31, 2017
Jun. 30, 2016
Rupees ('000)