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14. Cash and bank balances
31,829,642
4,853,693
12,760
36,696,095
4,431
36,700,526
15. Net sales
5,026,918
3,693,195
1,473,076
58,297
10,251,486
15.1
Bank balance on:
Short term deposits
32,182,288
Interest/ mark-up bearing saving accounts
3,519,913
Current account
53,922
35,756,123
Cash in hand
5,317
35,761,440
Balance with banks include foreign currency balances of US $ 120,336 thousand (June 30,
2019: US $ 117,967 thousand). The balances in saving accounts and short term deposits
earned interest/ mark-up ranging from1% to 14.75%p.a (June 30, 2019: 2% to 13.35%p.a).
Crude oil
5,544,376
Gas - note 15.1
3,079,467
POLGAS - Refill of cylinders
1,886,377
Solvent oil
60,217
10,570,437
On August 28, 2015, the Company signed the Supplemental Agreement with the
Government of Pakistan (the Government) for conversion of TAL Block Petroleum
Concession Agreement (PCA) signed under the 1997 Petroleum Policy to Petroleum
(Exploration & Production) Policy 2012 (Petroleum Policy 2012). Price regimes
prevailing in PetroleumPolicy 2007, PetroleumPolicy 2009 and PetroleumPolicy 2012
shall be applicable correlated with the spud date of wells in the respective policies
starting from November 27, 2007 and for future exploratory efforts under the above
mentioned block. The conversion package included Windfall levy on Natural gas only.
Draft statements specifying sums aggregating US $ 34,213 thousand (Rs 3,393,389
thousand) till June 30, 2015 due to the Company in respect of Mamikhel, Maramzi &
Makori East discoveries in TAL block were submitted to the Government on December
8, 2015. On October 9, 2017 Oil and Gas Regulatory Authority (OGRA) issued gas
price notifications of the subject arrears.
On December 27, 2017, the Ministry of Energy (Petroleum Division) notified certain
amendments in Petroleum Policy 2012 which also included addition of following
explanation of conversion package:
“the conversion package shall include (i) price of Natural Gas for New
Exploration Efforts (ii) windfall levy on Natural Gas (iii) EWT gas production,
pricing and obligations (iv) Windfall levy on Oil & Condensate, only for PCAs
converting from 1994 and 1997 Petroleum Policies and (v) Financial obligations
relating to production bonus, social welfare and training”.
Three months period ended
Rupees
(’000)
Sep 30, 2019
Sep 30, 2018
Notes to and forming part of the Condensed Interim
Financial Statements (Unaudited)
For the three months period ended September 30, 2019
Rupees ('000)
Sep 30, 2019
June
30, 2019
(Unaudited)
(Audited)
20