Page 18 - Condensed Interim Financial Statements - September 2023

Notes to and forming part of the Condensed Interim
Financial Statements (Unaudited)
For the three months ended September 30, 2023

1. Legal status and operations
Pakistan Oilfields Limited (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 in Pakistan. 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 Coral Holding Limited.
2. Basis of preparation
These condensed interim financial statements have been prepared in accordance with the
accounting and reporting standards as applicable in Pakistan for interim financial reporting.
The accounting and reporting standards as applicable in Pakistan for interim financial
reporting comprise of:
- International Accounting Standards (IAS) 34, Interim Financial Reporting issued by
the international Accounting Standards Board (IASB) as notified under the
Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the
requirements of IAS 34, the provisions of and directives issued under the Companies Act,
2017 have been followed.
2.1 These condensed interim financial statements do not include all the information required for
full financial statements and should be read in conjunction with the annual financial
statements for the year ended June 30, 2023.
3. Accounting policies
The new standards, amendments and interpretations that are mandatory for accounting year
ending June 30, 2024 are not considered to be relevant to the Company's financial
statements and hence have not been detailed here.
Unaudited Audited
Sep 30, 2023 Jun 30, 2023
Rupees ('000)
4. Revenue reserves

Insurance reserve 200,000 200,000
Investment reserve 1,557,794 1,557,794
Unappropriated profit 55,767,963 63,090,864
57,525,757 64,848,658

5. Deferred liabilities
Deferred tax liability 5,277,596 4,667,144
Provisions
- Provision for decommissioning cost 26,864,340 26,090,656
- Provision for staff compensated absences 2,949 2,949
26,867,289 26,093,605
32,144,885 30,760,749

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