Page 20 - Condensed Interim Financial Statements - for the nine months ended March 31, 2024

Notes to and forming part of the Condensed Interim
Financial Statements (Unaudited)
For the nine months ended March 31, 2024

(Unaudited) (Audited)
June 30, 2023
Mar. 31, 2024
Rupees ('000)
17. CASH AND BANK BALANCES
Bank balance on:
Short term deposits 56,656,400 62,969,880
Interest/ mark-up bearing saving accounts 5,446,532 7,279,702
Current account 24,855 42,198
62,127,787 70,291,780
Cash in hand 5,991 4,001
62,133,778 70,295,781
Balance with banks include foreign currency balances of US $ 219,224, 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 22.80% per annum (June 30, 2023: 2.69% to
21.75% per annum).
(Unaudited) (Unaudited)
Three months ended Nine months ended

Mar. 31, 2024 Mar. 31, 2023 Mar. 31, 2024 Mar. 31, 2023
18. NET SALES Rupees ('000)

Crude oil 8,481,516 8,525,959 27,483,480 25,680,249
Gas - note 18.1 5,440,690 5,074,554 16,364,093 13,645,543
Less: Shrinkages/Own use 830,456 792,549 2,504,983 2,166,941
4,610,234 4,282,005 13,859,110 11,478,602
POLGAS -Refill of cylinders 3,059,001 2,961,402 8,547,002 8,330,162
Solvent oil 106,983 104,225 414,402 353,329
Sulphur 30,000 - 30,000 29,088

16,287,734 15,873,591 50,333,994 45,871,430
18.1 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, Maramzi &
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.

18