Page 21 - 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

Unaudited Audited
Sep 30, 2023 Jun 30, 2023
Rupees ('000)
14. Cash and bank balances
Bank balance on:
Short term deposits 66,239,480 62,969,880
Interest/ mark-up bearing saving accounts 14,585,858 7,279,702
Current account 21,284 42,198
80,846,622 70,291,780
Cash in hand 4,692 4,001
80,851,314 70,295,781

Balance with banks include foreign currency balances of US $ 207,141 thousand (June 30,
2023: US $ 201,024 thousand). The balances in saving accounts and short term deposits
earned interest/ mark-up ranging from 4% to 22.87% per annum (June 30, 2023: 2.69% to
21.75% per annum).
Three months ended

Sep 30, 2023 Sep 30, 2022
Rupees (’000)
15. Net sales
Crude oil 9,643,398 9,437,881
Gas - note 15.1 5,563,755 4,326,539
Less: Shrinkages/Own use 836,122 697,141
4,727,633 3,629,398
POLGAS - Refill of cylinders 2,138,044 2,766,302
Solvent oil 173,218 142,820
16,682,293 15,976,401

15.1 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 Petroleum Policy 2007, Petroleum Policy 2009 and Petroleum Policy 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, Maramzai &
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 arears.

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