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For the six months period ended December 31, 2017
Financial Information (Unaudited)
Selected notes to and forming part of the Condensed Interim
1. LEGAL STATUS AND OPERATIONS
2. STATEMENT OF COMPLIANCE
3. ACCOUNTINGPOLICIES
4. REVENUE RESERVES
200,000
1,557,794
26,220,377
27,978,171
5. DEFERRED LIABILITIES
6,419,612
9,300,758
8,172
15,728,542
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.
The condensed interim financial information of the Company for the six month period ended
December 31, 2017 has been prepared in accordance with the requirements of the
International Accounting Standard 34 - Interim Financial Reporting and provisions of and
directives issued under the Companies Ordinance, 1984. As per the requirements of circular
No. CLD/CCD/PR(11)/2017 dated October 04, 2017 issued by the Securities and Exchange
Commission of Pakistan (SECP) companies whose financial year, including interim period,
closes on or before December 31, 2017 shall prepare their financial statements, including
interim financial statements in accordance with the provisions of the repealed Companies
Ordinance, 1984. In case where requirements differ, the provisions of or directives issued
under the Companies Ordinance, 1984 have been followed.
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, 2017.
Insurance reserve
200,000
Investment reserve
1,557,794
Unappropriated profit
27,372,672
29,130,466
Provision for deferred income tax
6,411,100
Provision for decommissioning cost
8,578,227
Provision for staff compensated absences
10,075
14,999,402
Dec. 31,
June 30, 2017
Rupees ('000)
2017