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Selected notes to and forming part of the Condensed Interim
Consolidated Financial Information (Unaudited)
For the nine months period ended March 31, 2017
5. Capital reserves
59,754
1,848,876
1,908,630
6. Revenue reserves
200,000
6,102,325
23,354,979
29,657,304
7. Deferred liabilities
6,152,428
9,613,924
-
8,176
15,774,528
8. Trade and other payables
9. Contingencies and commitments
9.1 Contingencies:
a)
9,329
b)
Bonus shares issued by subsidiary/associated companies
59,754
Special reserve
962,745
1,022,499
Insurance reserve
200,000
General reserve
5,102,325
Unappropriated profit
25,967,858
31,270,183
Provision for deferred income tax
5,812,637
Provision for decommissioning cost
9,821,240
Provision for gratuity
5,263
Provision for staff compensated absences
10,553
15,649,693
These include balances due to joint venture partners amounting to Rs 2,116,966 thousand
(June 30, 2016: Rs 2,310,260 thousand) and balances due to related parties amounting to
Rs 521,947 thousand (June 30, 2016: Rs 35,988 thousand).
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 Petroleum Concession Agreements (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.
Mar. 31, 2017
Jun. 30, 2016
Rupees ('000)
Mar. 31, 2017
Jun. 30, 2016
Rupees ('000)