Page 5 - Condensed Interim Financial Statements - 1st quarter ended September 30, 2019

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Directors' Report
In the name ofALLAH, TheMost Gracious, TheMost Merciful
The Directors have pleasure in presenting a brief review of the operations and financial results of the
Company for the Ist quarter ended September 30, 2019.
During the period, the Company has made a profit after tax of Rs. 4,008 million (September 30, 2018:
Rs. 3,867 million), which is higher by 3.6 % as compared to the corresponding period last year. The
profit translates into basic and diluted earnings per share of Rs. 14.12 (September 30, 2018:
Rs. 13.62). Decrease in production volume of crude oil, gas and LPG by 5.7%, 3.8% and 2.2%
respectively in comparison to corresponding period last year is mainly attributable to Annual
Turnaround (ATA) of Plants at TAL block. During the period, the Company made a Consolidated profit
after tax of Rs. 3,884 million (September 30, 2018: Rs. 3,571 million) which translate into consolidated
earnings per share of Rs. 13.68 (September 30, 2018: Rs. 12.57).
The following is a comparison of production from the Company’s own fields, including proportionate
share fromall operated and non-operated joint ventures:
Financial results
Exploration and development activities
Producing Fields
Crude Oil/Condensate US Barrels
Million Cubic Feet
Metric Tonnes
Metric Tonnes
Solvent Oil
US Barrels
The Company’s share in production, including that from joint ventures, for the period under review
averaged 6,530 barrels per day (bpd) of crude, 84.11 million standard cubic feet per day (mmscfd) of
gas, 155.21metric tonnes per day (MTD) of LPG, 1.27MTD of sulphur and 59 bpd of solvent oil.
At Balkassar Lease (100% owned by POL), POL-1 well expected results were not found and in order to
evaluate possibility of fracturing, Mechanical Earth Modeling study is in progress. Balkassar Deep an
exploratory well (to explore deeper horizons) has been staked and Rig-up activity is in progress.
At Pindori Lease (operated by POL with 35% share), Pindori-10 (side track-1) is under drilling at depth
of 8,684 ft.
At Tal block, (operated by MOL, where POL has pre-commerciality share of 25%), Makori Deep-2 well
was tested and produced 1,844 bpd of oil and 18.25 mmscfd of gas at 32/64" fixed choke size at
Three months period ended
Sep 30, 2019
Sep 30, 2018