Page 6 - Condensed Interim Financial Statements for thesix months ended December 31, 2023

Directors’ Report

In the name of ALLAH, The Most Gracious, The Most Merciful
Assalam-u-Alaikum!
The Board takes pleasure in presenting a brief review of the operations and financial results of the Company for the
six months ended December 31, 2023.
Financial results
The Company has achieved a notable Profit After Tax of Rs. 17,578.9 million during the period, marking a
substantial increase of 22.47% compared to the corresponding period last year (December 31, 2022: Rs. 14,353
million). The profit translates into basic and diluted earnings per share of Rs. 61.93 (December 31, 2022: Rs. 50.57).
The increase in profit is mainly due to increased sales value, lower exploration costs, increased interest income due
to higher deposits & interest rates on bank deposits offset to some extent by decreased volumes, exchange loss on
financial assets. Production volume of crude oil, gas & LPG decreased by 6.23%, 2.72% & 4.94% respectively in
comparison to corresponding period last year.
The Company also reported a consolidated profit after tax of Rs. 17,921 million, translating into consolidated
earnings per share of Rs. 63.06, showing a relatively stable performance compared to the same period last year
when the profit was Rs. 14,522 million and earnings per share were Rs. 51.11.
Production
The following is a comparison of production from the Company's own fields, including proportionate share from all
operated and non-operated joint ventures:
Six months ended
Dec. 31, 2023 Dec. 31, 2022
Crude Oil US Barrels 892,863 952,231
Gas Million Cubic Feet 11,676 12,002
LPG Metric Tones 25,927 27,273
Sulphur Metric Tones 314 289
Solvent Oil US Barrels 10,326 9,499

The Company's share in production, including that from joint ventures, for the period under review averaged 4,853
barrels per day (bpd) of crude, 63.45 million standard cubic feet per day (mmscfd) of gas, 140.91 metric tons per day
(MTD) of LPG, 1.70 MTD of Sulphur and 56 bpd of solvent oil.
EXPLORATION AND DEVELOPMENT ACTIVITIES
Producing Fields
Balkassar Deep-1A well was spudded on April 26, 2023, drilling, after encountering different problems, is in
progress at 13,945 ft. The initial prognosed total depth of the well is 14,110 ft. The main objective of the well is to test
the hydrocarbon potential of Chorgali and Sakesar formations of the second sheet underneath main Balkassar
structure.
At Pindori Lease (operated by POL with a 35% share), 3D seismic acquisition project of 60 square kilometers has
been completed and data processing is in progress to evaluate the prospectivity of Chorgali formation and to
evaluate the possibility to produce un-drained oil.
At Tal block, (operated by MOL, where POL has a pre-commerciality share of 25%), Makori East-5 sidetrack was
completed to the target up-dip location and connected to the production line. Presently producing 1,750 barrels of oil
per day and 6.5 million cubic feet of gas per day at 64/64” fixed choke size.
Makori-3 well is also approved and delineation of suitable drilling locations for development of Tolanj West and
Makori East fields is in progress.

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