Page 5 - Condensed Interim Financial Statements - for the nine months ended March 31, 2024

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
nine months ended March 31, 2024.
Financial Results
During this period, the Company achieved a profit after tax of Rs. 29,939 million, which represents a slight decrease
of 2.13% compared to the same period last year when it was Rs. 30,588 million. Basic and diluted earnings per
share stood at Rs. 105.47, down from Rs. 107.76 reported on March 31, 2023. This profit can be attributed to several
factors including increased sales value due to a rise in the rupee-dollar exchange rate, higher interest income from
increased deposits and interest rates, reduced exploration costs, reversal of prior year tax provisions as detailed in
note 25.1 of the financial statements, and decreased finance costs, partially offset by exchange losses on financial
assets of Rs. 1,811 million (March 31, 2023: Exchange gain of Rs.14,388 million) and lower sales volumes of crude
oil and gas compared to the same period last year. Crude oil and gas production volumes decreased by 4.9% and
1.8% respectively compared to the corresponding period last year.
Additionally, the Company achieved a consolidated profit after tax of Rs. 30,392 million, down from Rs. 30,930
million reported on March 31, 2023. This translates into consolidated earnings per share of Rs.106.95, compared to
Rs. 108.87 on March 31, 2023.
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:
Nine months ended
Mar. 31, 2024 Mar. 31, 2023

Crude Oil US Barrels 1,335,135 1,404,507
Gas Million Cubic Feet 17,576 17,901
LPG Metric Tonnes 39,172 40,699
Sulphur Metric Tonnes 458 465
Solvent Oil US Barrels 13,869 13,274
The Company’s share in production, including that from joint ventures, for the period under review averaged 4,855
barrels per day (bpd) of crude, 63.91 million standard cubic feet per day (mmscfd) of gas, 142.44 metric tonnes per
day (MTD) of LPG, 1.66 MTD of sulphur and 50 bpd of solvent oil.
EXPLORATION AND DEVELOPMENT ACTIVITIES
Producing Fields
At Ikhlas block (operated by POL with 80% share), Jhandial well -3 was spuded on October 12, 2023, drilling at
17,300 ft is in progress. The target depth is +/- 17,855 ft.
Balkassar Deep-1A well was spudded on April 26, 2023, after encountering different problems well target depth has
been declared and preparation are under way to test the well.
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 pre commerciality share of 25%), Makori Deep -3 well has been
approved and well site preparation is in progress.
At Adhi Lease (operated by PPL, where POL has 11% share), Adhi South X-1 was put on artificial gas lift and
producing incremental production of around 250 barrels of oil per day.
Due to production problems at Adhi South- 5 jet pump was installed and this well is producing around 150 barrels of
oil per day.
Adhi South-8 well was spuded on March 22, 2024 and drilling at 8,858 ft is in process. The target depth of the well is
+/- 11,417 ft.
Adhi South- 9 well has been approved by the joint venture partners.
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