Page 55 - Pakistan Oilfield Limited - Annual Report 2022

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Annual Report 2022
Chairman’s Review

The company earned profit after tax of Rs. 25.94 The Company is continuously investing in seismic
billion during the year ended June 30, 2022, which data acquisition, processing and interpretation.
is 93.8% higher than that of previous year. This During the year, 3D Seismic data acquisition at
increase was mainly due to increase in average Taung block was completed and data processing
crude oil price, exchange gain on financial assets is in progress. 3D/2D Seismic acquisition will
and higher income on bank deposits due to batter be carried out at Langrial, North Dhurnal, Hisal
interest rates in the country. The Company continued and Nareli block to firm up leads for prospects
its core activities of exploration and development generation. The decision of new wells will be based
during the year. Due to gas price dispute with the on interpretations of the seismic data.
Government on Mamikhel South, the production
could not be commenced. I am hopeful that In the year 2022-23, four exploratory and four
considering the Country’s high energy demand, the development wells will be spudded. The Company is
Government will allow 2012 Petroleum Policy Price investing a substantial amount to increase its reserve
and the Company will be able to start production base and with the Grace of Allah we are pretty much
from this well during 2022-23. hopeful to get new successes.

The Company’s Board comprised of seven directors We are driven by our vision to be the leading oil and
out of whom two were independent, three were non gas exploration and production company of Pakistan
executive and two were executive directors. The with ever increasing proven hydrocarbon reserves
directors have rich experience drawn from different and continuous and improved production. As we
fields like petroleum, finance, corporate sector and move forward, we have a number of factors in our
regulations. I would like to express my profound favor; the strength of our balance sheet, our strong
appreciation for the contribution made by them. cash generation, our expertise and most of all, the
dedication and will of our employees.
The Board provides strategic direction to the
management and fulfills its fiduciary responsibilities On behalf of the Board, I would like to acknowledge
with a sense of commitment. During the with thanks the contributions made by both
pandemic, the Board remained engaged with management and non-management staff, regulatory
the management which helped it to meet the authorities and various Government functionaries.
exceptional and unforeseen challenges. During this Without their support these results would have not
year, five board meetings were held. The Board been possible.
has fulfilled all its mandatory responsibilities I would also like to thank all the shareholders for
including ensuring compliance with all legal and their continued support.
regulatory requirements for the Company. The
Board has constituted Audit and Human Resource I hope and pray that the Company may maintain
and Remuneration Committees. These committees momentum of growth in the future years..
provided valuable input and assistance to the
Board. The Audit Committee particularly focused on
detailed review of financial statements and internal
controls.

Best practices of corporate governance having been Laith G. Pharaon
embedded into the Company’s culture to maintain
highest level of professionalism and business Chairman Attock Group of Companies
conduct. An annual evaluation of performance of the Rawalpindi
Board, members of the Board and its Committees August 16, 2022
was carried out with the help of a formal and
effective mechanism. On the basis of the feedback
received through this mechanism overall role of the
Board has been found to be effective.