Pakistan Oilfields : Transmission of Quarterly Report for the Nine Months Period Ended 2024-03-31

Pakistan Oilfields Limited

Condensed Interim

Financial Statements

For the nine months ended March 31, 2024

VISION

To be the leading oil and gas exploration and production Company of Pakistan with the highest proven hydrocarbon reserves and production, and which provides optimum value to all stakeholders.

MISSION

We aim to discover and develop new hydrocarbon reserves and enhance production from existing reserves through the application of the best available technologies and expertise.

In achieving our aim, we will maximize the return to our shareholders, fully protect the environment, enhance the wellbeing of our employees and contribute to the national economy.

Contents

Corporate Information	02
Directors' Report	03
	07
Condensed Interim Separate Financial Statements
Statement of Financial Position	08
Statement of Profit or Loss	10
Statement of Profit or Loss and other Comprehensive Income	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to and forming part of the Financial Statements	14
Condensed Interim Consolidated Financial Statements
Statement of Financial Position	26
Statement of Profit or Loss	28
Statement of Profit or Loss and Other Comprehensive Income	29
Statement of Changes in Equity	30
Statement of Cash Flows	31
Notes to and forming part of the Financial Statements	32
Exploration & Development Interests	42

Corporate Information

Directors

Mr. Laith G. Pharaon

Chairman Attock Group of Companies Alternate Director - Mr. Shuaib A. Malik

Mr. Wael G. Pharaon

Alternate Director - Mr. Babar Bashir Nawaz

Mr. Sajid Nawaz

Mr. Abdus Sattar

Mr. Shamim Ahmad Khan

Mr. Agha Sher Shah

Mr. Shuaib A. Malik

Chairman & Chief Executive

Audit Committee

Mr. Shamim Ahmad Khan

Chairman

Mr. Abdus Sattar

Member

Mr. Babar Bashir Nawaz

Member

Mr. Agha Sher Shah

Member

Human Resource and Remuneration (HR &R) Committee

Mr. Babar Bashir Nawaz

Chairman

Mr. Shuaib A. Malik

Member

Mr. Abdus Sattar

Member

Company Secretary / CFO

Mr. Khalid Nafees

Auditors & Tax Advisors

A.F. Ferguson & Co.

Chartered Accountants

Legal Advisors

Khan & Piracha

Ali Sibtain Fazli & Associates

Registered Office

Pakistan Oilfields Limited

Pol House, Morgah, Rawalpindi. Telephone: [phone] Fax: + 92 51 5487598-99E-mail: [e-mail] Website: www.pakoil.com.pk

Shareholder's Enquiries

For enquiries about your shareholding, including information relating to dividends or share certificates, please: E-mail to: [e-mail] or Write to: The Company Secretary,

Pakistan Oilfields Limited

Pol House, Morgah, Rawalpindi, Pakistan.

Share Registrar

CDC Share Registrar Services Limited CDC House 99-B, Block 'B' S.M.C.H.S, Main Shahra-e-Faisal, Karachi.

Email: [e-mail]

Telephone: [phone] (CDCPL)

Quarterly Report

The quarterly report can be downloaded from the Company's website: www.pakoil.com.pk

printed copies can be obtained by writing to:

The Company Secretary,

Pakistan Oilfields Limited

POL House, Morgah, Rawalpindi, Pakistan.

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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At Ratana Development and Production Lease (operated by Orient Petroleum Inc., where POL has 4.54% share), Ratana - 5A has been approved by the Joint Venture Partners.

Exploration Blocks

At DG Khan block (operated by POL with a 70% share), gravity survey will be carried out to evaluate remaining leads.

North Dhurnal block (operated by POL with 60% share) design study has been completed to acquire 285.3 square kilometers 3D seismic data. Bidding process for data acquisition is under evaluation.

At Tal block (operated by MOL where POL has pre commerciality share of 25%), an exploratory well Razgir has been spuded on January 09, 2024, 7" casing has been laid down to secure reservoir section at 11,831ft and further drilling is in progress.

3D seismic data interpretation of Makori, Makori Deep, Billitang and Kot South, has been completed while seismic interpretation on Kahi North, Sarozai, Sarozai Deep, Manzalai South and Manzalai Deep leads is in progress.

At Hisal block (operated by PPL where POL has 25% share), 3D seismic acquisition of 235 square kilometers has been completed. Data processing to carry out the fracture identification study is in progress.

At Gurgalot block (operated by OGDCL where POL has 20% share), 3D seismic data interpretation has been completed and subsurface location of Gurgalot X-1 has been finalized, well planning is in progress.

At Taung block (operated by Mari Petroleum where POL has 40% share), 340.94 square kilometers 3D Seismic acquisition and interpretation has been completed for the identification of leads.

At Nareli block (operated by Mari Petroleum where POL has 32% share), 2D seismic acquisition program of 564 line kilometers was approved and data acquisition work is in progress. Currently the crew is on standby due to prevailing security situation in the area.

Chah Bali exploration license was awarded to OGDC as an operator with 70% share and to POL with 30% share.

Agreements of Multanai & Saruna Blocks with 100% & 40% share respectively have been signed with the Government.

Acknowledgement

The Board would like to extend its gratitude to all its stakeholders for their continuous support, which they have extended to Pakistan Oilfields Limited.

On behalf of the Board

Shuaib A. Malik	Abdus Sattar
Chairman & Chief Executive	Director
Rawalpindi
April 25, 2024

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