Nine Months Report Ended 31 March 2026

Corporate Information 02

Directors' Interim Review 03

CONDENSED INTERIM FINANCIAL STATEMENTS [Unaudited]

Statement of Financial Position 08

Statement of Profit or Loss 10

Statement of Comprehensive Income 11

Statement of Changes in Equity 12

Statement of Cash Flows 13

Notes to the Interim Financial Statements 14

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS [Unaudited]

Consolidated Statement of Financial Position 32

Consolidated Statement of Profit or Loss 34

Consolidated Statement of Comprehensive Income 35

Consolidated Statement of Changes in Equity 36

Consolidated Statement of Cash Flows 37

Notes to the Interim Consolidated Financial Statements 38

Nine Monthly Report 2025-26 1

Directors' Interim Review ( ودرُُا ) 60

Corporate Information

Board of Directors

Mr. Zafar Masud Chairman

Mr. Hamed Yaqoob Sheikh* Director

Mr. Shakeel Qadir Khan Director

Mr. Imdad Ullah Bosal Director

Mr. Zafar Abbas Director

Mr. Muhammad Riaz Khan Director

Mrs. Shamama Tul Amber Arbab Director

Mr. Jahanzaib Durrani Director

Mr. Ahmed Hayat Lak MD/CEO/Director

* Mr. Mirza Nasir Ud Din Mashhood Ahmad was appointed as director on the board w.e.f. 2 February 2026 in place of Mr. Momin Agha. Mr. Hamed Yaqoob Sheikh was appointed as director on the board w.e.f. 13 March 2026 in place of Mr. Mirza Nasir Ud Din

Mashhood Ahmad.

Chief Financial Officer

Mr. Muhammad Anas Farook

Company Secretary

Mr. Wasim Ahmad

Auditor

M/s A.F. Ferguson & Co., Chartered Accountants

Legal Advisor

M/s Khokhar Law Chambers

Tax Advisor

M/s A.F. Ferguson & Co., Chartered Accountants

Registered Office/Head Office

OGDCL House, Plot No. 3, F-6/G-6, Blue Area, Jinnah Avenue, Islamabad.

Phone: (PABX) +92 51 9209811-8

Fax: +92 51 9209804-6, 9209708

Website: https://www.ogdcl.com Email: info@ogdcl.com

Registrar Office

CDC-Share Registrar Services Limited, CDC House, 99-B, Block-B, S.M.C.H.S.,

Main Shahrah-e-Faisal, Karachi-74400. Phone: +92 21 111 111 500

Fax: +92 21 34326053

Website: https://www.cdcsrsl.com Email: info@cdcsrsl.com

Directors' Interim Review

The Board of Directors of Oil & Gas Development Company Limited (OGDCL) is pleased to present a concise review of the Company's operational and financial performance together with unaudited condensed interim financial information for the nine months ended 31 March 2026.

Notwithstanding production curtailments imposed by SNGPL and UPL due to system load constraints coupled with reduction in crude oil basket price to US$70.09 per barrel (9M 2024-25: US$76.51 per barrel), OGDCL maintained operational agility and sustained value creation for its shareholders. The Company made a significant contribution to the national exchequer, remitting Rs 160 billion in the form of corporate tax, dividends, royalties, and other government levies. Additionally, its oil and gas production generated foreign exchange savings of US$ 2.3 billion through import substitution.

On the operational front, OGDCL on 16 April 2026 successfully injected Baragzai X-1 well, located in Nashpa exploration license, into production gathering system. Baragzai X-1 well is currently producing around 6,100 barrels of oil per day,18 MMcf of gas per day, and 50 metric tons of LPG per day. Moreover, production optimization initiatives rendered incremental cumulative daily increase of 4,149 barrels of crude oil, 9 MMcf of natural gas, and 17 tons of LPG. Based on these production optimization initiatives, Company's gross crude oil production surpassed the 40,000 barrels per day milestone after 27 quarters, a level last achieved in FY 2018-19. Overall, core product mix contributed approximately 50%, 27%, and 33%, to the Country's total crude oil, natural gas, and LPG production, respectively.

As the market leader in Pakistan's E&P sector, OGDCL holds the largest exploration acreage, which stood at 98,312 sq. km as of 31 March 2026, representing 35% of the Country's total area under exploration (source: PPIS). The Company's exploration portfolio currently comprises 55 100%-owned and operated JV exploration licenses, in addition to possessing working interest in 17 exploration blocks operated by other E&P companies.

During the reporting period, 3D seismic activities were affected by security concerns at blocks; Kotra East, Pirkoh, and Kohat along with torrential rains at Fateh Jang. Despite security constraints, OGDCL acquired 523 Line km of 2D (9M 2024-25: 307 Line km) and 211 sq. km of 3D seismic data (9M 2024-25: 489 sq. km). The acquired seismic data represents 51% and 24% of total 2D and 3D seismic data acquisition in the Country respectively (source: PPIS). Moreover, the Company using in-house resources processed/reprocessed 1,212 Line km of 2D and 2,288 sq. km of 3D seismic data.

On the drilling front, OGDCL spud 10 wells (9M 2024-25: 4 wells) including 3 exploratory wells; Sahito-1, Saidpur-1, & Chak 203-1, 4 development wells; Dars West-3, Thal West-1A, Sono-10, & KNR WIW-13, 2 shale/tight gas wells; Gajah wah-1 & Katiar-1 and 1 geothermal well Wahid Buksh-1,. Moreover, drilling and testing work of 10 wells pertaining to previous fiscal year was also completed. Total drilling recorded during the reporting period was 42,533 meters (9M 2024-25: 25,777 meters).

During the period under review, OGDCL's sustained efforts to assess and unlock hydrocarbon potential in its exploratory blocks yielded 8 oil and gas discoveries viz., Chakar-1 in district Tando Allah Yar, Bitrism East-1 & Sahito-1 in district Khairpur, Sindh, Baragzai X-1 (Kingraili formation), Baragzai X-1 (Datta formation), Baragzai X-1 (Samana Suk & Shinawari formations), Baragzai X-1 (Hangu & Lumshiwal formations), and Baragzai X-1 (Lockhart formation) in district Kohat, KP (9M 2024-25: 4 discoveries). The expected combined daily crude oil and gas production potential of these discoveries is 14,435 barrels and 76 MMcf, whereas 2P reserves are 51 MMSTB and 337 bcf respectively, combined 119 MMBOE, resulting in net RRR of 153%.

OGDCL carried on with its efforts for fast-track completion of ongoing development projects. The current status of development projects is tabulated below:

OGDCL's average daily net saleable crude oil, gas, and LPG production clocked in at 32,022 barrels, 648 MMcf, and 653 tons in comparison to 31,710 barrels, 676 MMcf and 654 Tons in the comparative period. Average daily net production of crude oil, gas and LPG in the absence of forced curtailment would have clocked in at 35,505 barrels, 789 MMcf, and 701 tons respectively. Forced production curtailment is driven by an oversupply of imported RLNG and weak consumer demand. This resulted in less gas offtake from operated fields; Qadirpur, Dakhni, Nashpa, Chanda, Dhok Hussain, Bettani, and Togh and NJV fields; TAL, Waziristan and Adhi owing to SNGPL system constraints and by UPL from Uch field due to less demand from power purchaser, which adversely impacted daily net production by 3,483 barrels of crude oil, 141 MMcf of gas, and 48 tons of LPG. Since 20 March 2026, production curtailment substantially reduced due to the Middle East conflict, declining from 2,890 barrels per day and 53 MMcf per day to 1,920 barrels per day and 32 MMcf per day as of 31 March 2026.

The Company's production capability was augmented by injection of 10 wells in the production gathering system viz., Aradin-1, Soghri North-1, Pasahki-13 & 14, Bettani Deep-1, Dars West-3, Kunnar-13, Thal West-1A ,and Jhal Magsi South-1 & 2, which cumulatively yielded gross crude oil, gas, and LPG production of 259,626 barrels, 5,563 MMcf, and 666 Tons respectively. OGDCL with an aim to maintain and increase production successfully installed electrical submersible pumps at Rajian-5, Toot Deep-1 and Pasakhi-2 & 11, which led to incremental crude oil production of 3,370 barrels per day. The Company in an effort to arrest natural decline and sustain production, carried out 81 workover jobs, comprising 16 with rig and 65 rig-less.

To assess shale gas potential, horizontal drilling of KUC-1 is planned, for which consultancy services of Baker Hughes were hired in April 2025. The consultancy scope includes the development of specifications for long lead items (LLIs) required for the drilling and hydraulic fracturing of KUC-1 (horizontal). Consultancy services have also been hired for the evaluation and monitoring of hydraulic fracturing operations at wells; Dhamach-1 and Gajawah-1. Following post-frac-turing flowback, Dhamach-1 has been shut in for wellhead pressure stabilization. Hydraulic fracturing has been successfully executed at Gajawah-1 and Katiar-1, and cleaning operations are currently in progress. In addition, a regional third-party study to identify and validate tight gas potential in drilled wells was awarded to SLB in November 2024. The contractor has submitted phase-I of the report, while phase-II of the report is under review and initial wells for re-entry will be identified by June 2026. The overall study is scheduled for completion in January 2027.

In pursuit of enhanced profitability and risk mitigation, OGDCL is focused on the following business diversification

initiatives:

The SOEs; OGDCL, PPL and GHPL hold 25% of equity in the project, divided equally among these companies. Barrick Gold Corporation holds 50% of equity in the project along with management and operatorship rights, while remaining 25% of equity pertains to the Government of Balochistan. A special purpose vehicle namely Pakistan Minerals (Private) Limited (PMPL) is managing the equity shareholding of the SOEs.

The project feasibility study was completed in January 2025 and subsequently approved by the OGDCL Board. The Reko Diq Mining Company (RDMC) Board also granted its approval. On 18 August 2025, the Board of Directors approved the Company's pro-rata funding commitment, including project financing costs amounting to USD 715 million. This funding commitment was further endorsed by the shareholders in an EOGM held on 10 September 2025.

Since February 2026, the operator continues to review all aspects of the project with respect to project's security

arrangements, development timetable, financing, and capital budget.

At Offshore Block-5, exploration and appraisal activities are underway, whereby drilling of 4 wells is planned, comprising 2 appraisal wells and 2 exploration wells. Moreover, exploration prospectivity evaluation study and integrated reservoir study of Mandous field have been completed. The first production is expected during 2028 leading to foreign exchange savings in the future.

OGDCL is actively exploring geothermal energy potential across its assets as part of its commitment to diversify its energy portfolio and harness renewable resources to complement traditional oil and gas operations. In this regard, rig has been deployed at Wahid Bukhsh-1 well based on geothermal pilot study to test its geothermal potential. Operations at the well are expected to be completed during 4Q 2025-26.

During the period under review, OGDCL continued to strengthen its ESG governance, strategy, and disclosure practices, achieving several important milestones in its sustainability journey. The Company released its second ESG Report in November 2025, reflecting improved data coverage, enhanced governance disclosures, and clearer articulation of ESG priorities aligned with international reporting standards. Building on this progress, OGDCL published TCFD-aligned climate disclosures for the first time. ESG leadership was further reinforced through the introduction of OGDCL's first ESG Strategy and continued strengthening of the ESG Council.

Recognizing the importance of value chain impacts, OGDCL introduced a Sustainability Supply Chain Roadmap to gradually integrate ESG considerations into supplier engagement, risk assessment, and performance monitoring. In parallel, the Company implemented a phased activity plan for IFRS S1 and S2 adoption. This plan provides a structured approach covering risk and opportunity assessment, data readiness, and assurance preparation, in line with global sustainability standards. The Company is also developing a biodiversity policy aligned with the Kunming-Montreal Global Biodiversity Framework for management of natural capital impacts.

During the nine months ended 31 March 2026, OGDCL registered Sales Revenue of Rs 300.127 billion (9M 2024-25: Rs 310.907 billion). The Company's Sales declined primarily due to forced production curtailment amounting to Rs

53.58 billion accompanied with reduction in realized price of crude oil and LPG to US$ 58.86/barrel (9M 2024-25: US$ 62.48/barrel) and Rs 144,088/Ton (9M 2024-25: Rs 170,092/Ton) respectively. Whereas, increase in average realized price of gas to Rs 759.56/Mcf (9M 2024-25: Rs 714.54/Mcf) combined with appreciation of US Dollar against Pak Rupee to Rs 281.35/US$ (9M 2024-25: Rs 278.92/US$) lent partial relief to business revenue.

In addition to the above, OGDCL's financials were impacted by increase in the operating expenses on account of salaries, wages and benefits, joint operations, workover charges, contract services, depreciation, and amortization. Moreover, decline in finance and other income due to reduction in interest income on investments and bank deposits, nil delayed payments surcharge from customers, and exchange loss contributed toward lower profitability. Furthermore, higher exploration and prospecting expenditure also negatively impacted profitability. While lower taxation in comparison to the corresponding period, wherein Rs 12.8 billion attributable to tax payment on bonus shares issued by Mari Energies Ltd, positively influenced the financial performance. Nonetheless, the Company registered Profit after tax of

Rs 115.263 billion (9M 2024-25: Rs 129.606 billion) translating into an EPS of Rs 26.80 (9M 2024-25: Rs 30.13). It is pertinent to mention that increase in gas tariffs led to higher rate of collection of gas receivables i.e. 126%. Overall, the receivables build-up trend reversed on account of improvement in the receivables collection rate, reaching 111% during the reporting period.

The Board has announced third interim cash dividend of Rs 3.25 per share (32.5%) for the year ending 30 June 2026. This is in addition to the first interim cash dividend of Rs 3.50 per share (35%) and second interim cash dividend of Rs 4.25 per share (42.5%) totaling Rs 7.75 per share (77.5%) already declared and paid during the fiscal year.

OGDCL's Board of Directors highly appreciates the Company's strong business performance, which reflects the workforce resilience, technical expertise, and unwavering commitment. The successful implementation of the production enhancement strategy has not only reversed the declining output from mature fields but also significantly strengthened upstream performance. Looking ahead, the Company, while banking on reduced production curtailment, improved realized prices across the product portfolio, and continued support from stakeholders, is well-positioned to sustain business continuity and drive growth in a safe and responsible manner.

On behalf of the Board

(Ahmed Hayat Lak) Managing Director/CEO 29 April 2026

(Zafar Masud)

Chairman

Condensed Interim Statement of Financial Position [unaudited] As at 31 March 2026

Unaudited

31 March

2026

Audited

30 June

2025

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Unaudited 31 March

2026

Audited 30 June

2025

Condensed Interim Statement of Financial Profit or Loss [unaudited]

For Nine Months Ended 31 March 2026

Three months ended 31 March Nine months ended 31 March

2026

2025

2026

2025

Note

(Rupees '000)

Sales- net 17

Royalty

Operating expenses Transportation charges

Gross profit

Finance and other income 18

Exploration and prospecting expenditure General and administration expenses Finance cost

Workers' profit participation fund

Share of profit in associates -net of taxation Profit before taxation

Final taxes -levies 19

Profit before income tax

Income tax 20

Profit for the period

Earnings per share -basic and diluted (Rupees) 21

104,483,920

(44,569,526)

59,914,394

18,109,666

(6,783,868)

(1,813,520)

(1,534,614)

(3,541,071)

2,929,367

67,280,354

-67,280,354

(20,131,112)

47,149,242

10.96

310,907,139

(123,579,669)

187,327,470

64,691,950

(14,670,682)

(5,613,444)

(4,474,754)

(11,742,094)

7,581,349

223,099,795

-223,099,795

(93,493,887)

129,605,908

30.13

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Condensed Interim Statement of Comprehensive Income [unaudited] For Nine Months Ended 31 March 2026

Three months ended 31 March Nine months ended 31 March

2026

2025

2026

2025

(Rupees '000)

Profit for the period

Other comprehensive (loss) /income

Items that will be subsequently reclassified to profit or loss: Effects of translation of investment in a foreign associate Share of effect of translation of investment in foreign associated company of the associates -net of taxation

Other comprehensive (loss) /income for the period Total comprehensive income for the period

47,149,242

329,153

47,478,395

129,605,908

367,731

129,973,639

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Total equity

12 Oil & Gas Development Company Limited

Balance as at 1 July 2024

Total comprehensive income for the period

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Transfer to self insurance reserve Charge to self insurance reserve

Transfer to capital redemption reserve fund by an associated company

Transactions with owners of the Company Distributions

Final dividend 2024: Rs 4.00 per share

First interim dividend 2025: Rs 3.00 per share Second interim dividend 2025: Rs 4.05 per share Total distributions to owners of the Company

Balance as at 31 March 2025

Balance as at 1 July 2025

Total comprehensive income for the period

Profit for the period

Other comprehensive (loss) for the period

Total comprehensive (loss) /income for the period

Transfer to self insurance reserve Charge to self insurance reserve

Transactions with owners of the Company Distributions

Final dividend 2025: Rs 5.00 per share

First interim dividend 2026: Rs 3.50 per share Second interim dividend 2026: Rs 4.25 per share Total distributions to owners of the Company

Balance as at 31 March 2026

43,009,284

-

-

-

-

-

-

-

-

-

-

43,009,284 43,009,284

836,000

-

-

-

-

-

-

-

-

-

-

836,000

836,000

19,300,000

-

-

-

1,089,922

(2,422)

-

-

-

-

-

20,387,500 20,750,000

(Rupees '000)

2,118,000

-

-

-

-

-(2,118,000)

-

-

-

-

-

-

920,000

-

-

-

-

-

-

-

-

-

-

920,000

920,000

15,147,066

-367,731

367,731

-

-

-

-

-

-

-

15,514,797 11,403,396

1,169,165,868

129,605,908

-129,605,908

(1,089,922)

2,422

2,118,000

(17,203,714)

(12,902,785)

(17,418,760)

(47,525,259)

1,252,277,017 1,271,319,016

1,250,496,218

129,605,908

367,731

129,973,639

-

-

-

(17,203,714)

(12,902,785)

(17,418,760)

(47,525,259)

1,332,944,598 1,348,237,696

Condensed Interim Statement of Changes in Equity [unaudited] For Nine Months Ended 31 March 2026

The annexed notes 1 to 29 form an integral part of these interim financial statements.

Director

Chief Financial Officer Chief Executive

Condensed Interim Statement of Cash Flows [unaudited] For Nine Months Ended 31 March 2026

Nine months ended 31 March

Note

2026

(Rupees '000)

2025

Cash flows from operating activities Profit before income tax Adjustments for:

Depreciation

Amortization of development and production assets 9

Delayed payments surcharge from customers 18

Unwinding of loss on modification in terms of TFCs

Royalty

Workers' profit participation fund Provision for deferred employee benefits

Unwinding of discount on provision for decommissioning cost 5

Interest income on investments and bank deposits 18

Interest income on lease 18

Unwinding of lease liability

Un-realized gain on investments at fair value through profit or loss 18

Realized gain on investments at fair value through profit or loss 18

Exchange loss /(gain) -net

Dividend income from investment at fair value through profit or loss 18

Gain on disposal of property, plant and equipment Share of profit in associates -net of taxation Stores inventory written off

Provision for doubtful advances

Cost of dry and abandoned wells during the period Reversal of trade debts provision

Changes in:

Stores, spare parts and loose tools Stock in trade

Trade debts

Deposits and short term prepayments Loan and advances and other receivables Trade and other payables

Cash generated from operations

Royalty paid

Deferred employee benefits paid

Long term advances, prepayments and other receivables

Decommissioning cost paid 5

Payment to workers' profit participation fund-net

Income taxes and levies paid 15

Net cash generated from operating activities

Cash flows from investing activities

Capital expenditure Interest received

Lease payments received Dividends received Encashment of investment

Investments at fair value through profit or loss - net

Investment in associates

Proceeds from disposal of property, plant and equipment Net cash (used in) /generated from investing activities

Cash flows from financing activities

Dividends paid

Lease payments made

Net cash used in financing activities

Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period

Effect of movements in exchange rate on cash and cash equivalents

Cash and cash equivalents at end of the period 23

223,099,795

7,717,192

13,678,088

(8,503,459)

(10,661,946)

36,936,504

11,742,094

6,350,275

4,436,806

(27,821,064)

(14,749,037)

-(232,826)

-(2,361,191)

-(151,803)

(7,581,349)

92,178

-3,533,127

(2,250)

235,521,134

(4,430,656)

111,603

15,105,073

(4,173,392)

(11,198,562)

(15,454,143) 215,481,057

(54,411,363)

(16,279,483)

926,711

-(15,462,479)

(114,400,126)

(199,626,740)

15,854,317

(46,464,917)

53,059,473

11,790,953

3,545,394

10,000,000

-(17,064,600)

186,617

15,052,920

(87,839,529)

-(87,839,529)

(56,932,292)

258,613,241

676,362 202,357,311

The annexed notes 1 to 29 form an integral part of these interim financial statements.

1. LEGAL STATUS AND OPERATIONS

   Oil and Gas Development Company Limited (OGDCL), 'the Company', was incorporated on 23 October 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). The Company was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The registered office of the Company is located at OGDC House, Plot No.3, F-6/G-6, Blue Area, Islamabad, Pakistan. The shares of the Company are quoted on Pakistan Stock Exchange Limited. The Global Depository Shares (1GDS = 10 ordinary shares of the Company) of the Company are listed on the London Stock Exchange.

   Government of Pakistan (GoP) holds 74.97% (30 June 2025: 74.97%) paid up capital of the Company. Pursuant to the decision of the Honorable Supreme Court of Pakistan of 2022, declaring the Benazir Employees' Stock Option Scheme ultra vires the shares currently held by OGDC Employees' Empowerment Trust (OEET) 10.05% (30 June 2025: 10.05%) will be transferred back to the GoP and the GoP holding will be increased. During the year ended 30 June 2024, the Pakistan Sovereign Wealth Fund Act, 2023 became effective. Under the said Act, the GoP's shareholding in the Company including shares held by OEET stands transferred to the Pakistan Sovereign Wealth Fund (PSWF). Accordingly, the GoP is in the process of taking necessary actions required to record the transfer of the shares to PSWF.

2. BASIS OF PREPARATION

   1. These condensed interim financial statements (here in after referred as the "interim financial statements") are the separate interim financial statements of the Company and have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting

        Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of, directives and notifications issued under the Companies Act, 2017.

      Where provisions of, directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

   2. These interim financial statements are unaudited and are being submitted to the members as required under Section 237

      of Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.

   3. The Securities and Exchange Commission of Pakistan (SECP) through S.R.O 25 (I) / 2024 dated 06 January 2026, in partial modification of its previous S.R.O. 1784 (I) / 2024 dated 04 November 2024, has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 (Financial Instruments) with respect to application of Expected Credit Loss (ECL) model shall not be applicable on such financial assets for the financial years ending on or before 31 December 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.

   4. The disclosures in these interim financial statements do not include those reported for full annual audited financial statements and should therefore be read in conjunction with the annual audited financial statements for the year ended 30 June 2025. Comparative statement of financial position is extracted from the annual audited financial statements as of 30 June 2025, whereas comparative statement of profit or loss, statement of comprehensive income, statement of changes in equity and statement of cash flows are stated from unaudited interim financial statements for the nine months ended 31 March 2025.

3. ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

   The accounting policies, significant judgments made in the application of accounting policies, key sources of estimations, the methods of computation adopted in preparation of these interim financial statements and financial risk management policies are the same as those applied in preparation of annual audited financial statements for the year ended 30 June 2025. The management also believes that standards, amendments to published standards and interpretations that are effective for the Company from accounting periods beginning on or after 01 July 2025 do not have any significant effect on these interim financial statements or are not relevant to the Company.

   Unaudited 31 March

   2026

   Audited 30 June

   2025

4. RESERVES

   Capital reserves:

   Capital reserve

   Note

   4.1

   (Rupees '000)

   836,000

   Self insurance reserve

   Self insurance reserve- associate

   Other reserves:

   Foreign currency translation reserve

   Foreign currency translation reserve- associates (net)

   4.2

   4.3

   4.4

   4.5

   20,750,000

   836,000 21,837,500 920,000

   23,593,500

   1,760,975 8,272,736

   10,033,711

   33,627,211

   920,000

   22,506,000

   2,093,734

   9,309,662

11,403,396

33,909,396

1. 1. This represents bonus shares issued by former wholly owned subsidiary- Pirkoh Gas Company (Private) Limited (PGCL) prior to merger. Accordingly, this reserve is not available for distribution to shareholders.

   2. The Company has set aside a specific capital reserve for self insurance of rigs, buildings, wells, plants, pipelines, workmen compensation, inventory, terrorism, vehicle repair and losses for petroleum products in transit. Accordingly, this reserve is not available for distribution to shareholders.

   3. This represents a specific capital reserve set aside by an associate for self insurance of its assets which have not been

      insured, for uninsured risks and for deductibles against insurance claims.

   4. This represents accumulated balance of translation effect of a foreign operation in Rupees as per the Company's accounting policy.

   5. This represents accumulated balance of a translation effect of foreign operations in Rupees of associates.

2. PROVISION FOR DECOMMISSIONING COST

   Unaudited 31 March

   2026

   Audited 30 June

   2025

   (Rupees '000)

   Balance at beginning of the period /year	61,594,813	59,600,474
   Provision during the period /year	1,007,389	1,722,273
   Decommissioning cost incurred during the period /year	(68,423)	(143,416)
   	62,533,779	61,179,331
   Revision due to change in estimates	-	(5,255,809)
   Unwinding of discount on provision for decommissioning cost	3,580,527	5,671,291
   Balance at end of the period /year	66,114,306	61,594,813

   Unaudited 31 March

   2026

   Audited 30 June

   2025

3. TRADE AND OTHER PAYABLES

   Creditors Accrued liabilities

   Payable to partners of joint operations Retention money payable

   Royalty payable to the Government of Pakistan Excise duty payable

   General sales tax payable Petroleum levy payable Withholding tax payable Trade and other deposits

   Workers' profit participation fund Employees' pension trust Gratuity fund

   Liability for staff compensated absences -current portion Advances from customers- unsecured

   Other payables

   Note

   6.1

   (Rupees '000)

   2,546,676 19,768,104 9,808,174 16,406,549 8,636,148 208,991 -228,180 377,708 3,665,612 9,252,859 16,188,521 61,986 2,389,872 3,277,121 26,101,131

   118,917,632

   1,215,105

   20,662,174

   10,605,676

   7,431,297

   11,778,726

   101,030

   1,585,703

   171,418

   500,908

   3,765,588

   14,700,782

   19,816,723

   739,295

   5,617,526

   2,552,944

   22,515,718

   123,760,613

   1. This includes an amount of Rs 25,551 million (30 June 2025: Rs 21,891 million) received from customers on account of additional revenue due to enhanced gas price incentive as explained in note 17.1.

   2. Gas Infrastructure Development Cess (GIDC) amounting to Rs 2,255 million (30 June 2025: Rs 2,255 million) is recoverable from customers and payable to the GoP. These interim financial statements do not reflect the said amount since under the provisions of the GIDC laws and regulations, the Company is required to pay the said amount as and when the same is collected from customers. The GIDC is presented as payable to the extent that it is received from customers but not deposited with the GoP. As at period end, no such amount was received which was not deposited with the GoP. On 13 August 2020, the Supreme Court of Pakistan has decided the matter of GIDC by restraining from charging GIDC from 01 August 2020 onward and ordered gas consumers to pay GIDC arrears due upto 31 July 2020 in instalments. The fertilizer companies have obtained stay against recovery from the Sindh High Court, where the matter is subjudice.

4. CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      1. There are no significant changes in the status of the contingencies as disclosed in the annual audited financial statements for the year ended 30 June 2025, except as disclosed in note 15.1 and that in respect of sales tax returns condonation case disclosed in note 12.1 to the annual financial statements for the year ended 30 June 2025, during the period the Islamabad High Court vide order dated 16 December 2025 has directed the Federal Board of Revenue to decide the pending application within 30 days, strictly in accordance with the law. Large Taxpayers Office (LTO) Islamabad has furnished a fresh recommendation to FBR vide its letter dated 16 February 2016 for appropriate disposal.

   2. Commitments

      1. Commitments outstanding at end of the period amounted to Rs 69,468 million (30 June 2025: Rs 81,413 million). These include amounts aggregating to Rs 41,134 million (30 June 2025: Rs 42,210 million) representing the Company's share in the minimum work commitments under Petroleum Concession Agreements (PCAs). The Company and its associate has given corporate guarantees to GoP under various PCAs for the performance of obligations.

      2. Letters of credit issued by various banks on behalf of the Company in ordinary course of the business, outstanding at end of the period amounted to Rs 11,184 million (30 June 2025: Rs 49,957 million).

      3. The Company's share of associate commitments based on latest available financial statements as on 31 December

         2025 are as follows:

         Unaudited 31 March

         2026

         Audited 30 June

         2025

         (Rupees '000)

         Commitment for capital expenditure	35,226,215	32,385,203
         Outstanding minimum work commitments under various PCAs	4,715,575	4,868,520

      4. As part of the Shareholders Agreement with the consortium partners in PIOL, associate, the Company has committed to invest upto US$ 100 million in PIOL during the next five years from 31 August 2021. The Company has invested the entire committed amount of US$ 100 million till 31 March 2026 (30 June 2025: US$ 85 million). The Company's share of associate commitment in this respect amounts to US$ Nil ; Rs Nil (30 June 2025: US$ 3 million; Rs 852 million).

      5. With respect to PMPL (note 11.4), the Company had earlier entered into a Joint Venture Agreement with the stakeholders, under which the Company had committed to invest a total amount of up to USD 398 million, to be adjusted for inflation, for funding its proportionate share during Phase-I of the Reko Diq project. During the period, the shareholders of the Company have approved to increase the investment amount to USD 715 million to be adjusted for actual inflation and financing costs. However, after accounting for the expected project financing to be obtained by RDMC, the proportionate shareholder contributions by the Company will be reduced to USD 391 million to be adjusted for actual inflation and financing costs. In addition, the Company has committed to contribute, in the form of equity, up to USD 1 million per year towards its proportionate share in the administrative expenses of PMPL. Furthermore, the Company has provided a several corporate guarantee to fund the obligations of the Company under the Definitive Agreements.

         RDMC is in the final stages of concluding project financing arrangements for Phase 1 of the Reko Diq project, with financial close expected in first quarter of 2026. During the period, as part of the financing terms, the State Owned Enterprises (SOEs) have agreed to provide joint and several Completion Guarantees for their pro rata contributory share (which is equal to 27.7778%) of RDMC's secured debt obligations. This guarantee will remain effective until the project achieves financial completion, i.e., the date when specific criteria are met to demonstrate the required level of commercial operations.

         Furthermore, the Company has also committed to enter into a Transfers Restriction Agreement required by the project lenders. This agreement mainly requires the SOEs, in aggregate, to maintain their existing shareholding percentage of 25% in RDMC until the project achieves financial completion. Post financial completion, the requirements are relaxed to maintain 10% shareholding in RDMC, until the project debt has been fully repaid. The Completion Guarantee and Transfer Restriction Agreement have not yet been executed.

         Unaudited 31 March

         2026

         Audited 30 June

         2025

5. PROPERTY, PLANT AND EQUIPMENT

   Note

   (Rupees '000)

   Carrying amount at beginning of the period /year			86,837,819
   Additions during the period /year	8.1		23,602,381
   Book value of disposals			(51,276)
   Depreciation charge for the period /year			(11,568,974)
   Revision in estimate of decommissioning cost during the period /year			(958,434)
   Carrying amount at end of the period /year	8.2		97,861,516
   8.1 Additions during the period /year
   Freehold land				-
   Buildings, offices and roads on freehold land				244,668
   Buildings, offices and roads on leasehold land				685,192
   Plant and machinery				10,556,041
   Rigs				112,055
   Pipelines				294,832
   Office and domestic equipment				207,270
   Office and technical data computers				272,843
   Furniture and fixture				2,420
   Vehicles				931,154
   Right of use of Asset				3,468,690
   Decommissioning cost				881,617
   Capital work in progress (net movement)				3,918,979
   Stores held for capital expenditure (net movement)				2,026,620
   				23,602,381
   8.2 Property, plant and equipment comprises:
   Operating fixed assets				79,726,425
   Capital work in progress				10,134,480
   Stores held for capital expenditure				8,000,611
   				97,861,516

   97,861,516 38,466,183 (37,714) (9,605,203) - 126,684,782 67,454 74,841 1,184,163 12,720,225 195,425 784,857 515,153 250,563 805 454,584 - -23,125,043 (906,930)

   38,466,183

   86,331,578 33,259,523 7,093,681

   126,684,782

   8.2.1 This includes an amount of Rs 3,114 million (30 June 2025: Rs 3,375 million) in respect of Right of Use Asset.

   Unaudited 31 March

   2026

   Audited 30 June

   2025

   (Rupees '000)

   139,011,750 18,325,213 22,994,147 2,927,235 (15,918,504) -

   167,339,841

6. DEVELOPMENT AND PRODUCTION ASSETS

   Carrying amount at beginning of the period /year		120,435,679
   Additions during the period /year		10,444,594
   Transferred from exploration and evaluation assets during the period /year		24,470,927
   Stores held for development and production activities (net movement)		10,237,513
   Amortization charge for the period /year		(23,058,571)
   Revision in estimates of decommissioning cost during the period /year		(3,518,392)
   Carrying amount at end of the period /year		139,011,750

   Unaudited 31 March

   2026

   Audited 30 June

   2025

7. EXPLORATION AND EVALUATION ASSETS

   Balance at beginning of the period /year Additions during the period /year

   Cost of dry and abandoned wells during the period /year

   Cost of wells transferred to development and production assets during the period /year

   Stores held for exploration and evaluation activities Balance at end of the period /year

8. LONG TERM INVESTMENTS IN SUBSIDIARY AND ASSOCIATES

   Note

   (Rupees '000)

   23,674,238 25,590,869

   49,265,107

   (4,774,868) (22,994,147)

   (27,769,015)

   21,496,092 4,433,238 25,929,330

   18,552,999

   33,825,293

   52,378,292

   (4,233,127)

   (24,470,927)

(28,704,054)

23,674,238

5,265,580

28,939,818

1. 1. During the year ended 30 June 2024, the Company incorporated a wholly owned subsidiary in Pakistan, Pakistan Energy Development (Private) Limited (PEDL), under the Companies Act, 2017. During the year ended 30 June 2025, the name of the PEDL was changed to OGDC Renewable Energy (Private) Limited (OREL). The principal line of business of OREL is to engage in exploration, exploitation and development of renewable energy resources in Pakistan and has not yet commenced commercial operations. The total subscribed capital of OREL is Rs 100 thousand divided into 10,000 ordinary shares of Rs 10 each.

   2. Mari Energies Limited (formerly, Mari Petroleum Company Limited) (MEL) is a listed company incorporated in Pakistan and is principally engaged in exploration, production and sale of hydrocarbons in Pakistan. The Company has 20% (30 June 2025: 20%) holding in the associate. The market value of the investment in associate as at period end is Rs 150,801 million (30 June 2025: Rs 150,532 million).

      During the year ended 30 June 2025, MEL issued 213,444,000 bonus shares to the Company in the ratio of eight shares for every one share held after collection of tax under the Income Tax Ordinance, 2001 from the Company amounting to Rs 9,498 million, equal to ten- percent of the market value of the bonus shares to be issued to the Company, which was charged as taxation expense during the year ended 30 June 2025. As at the period end, 2,001,042 bonus shares (30 June 2025: 2,001,042 bonus shares) have been withheld by MEL due to pending resolution of issue relating to withholding tax on issuance of bonus shares.

   3. Pakistan International Oil Limited (PIOL) is a company engaged in the business of extraction of oil and natural gas in the Emirate of Abu Dhabi and is registered as a limited liability company in the Emirate of Abu Dhabi and incorporated in Abu Dhabi Global Market. Each consortium company (investors) which includes OGDC, MEL, Pakistan Petroleum

      Company Limited (PPL) and Government Holdings (Private) Limited (GHPL) have a 25% equity stake in PIOL. The concession agreement between PIOL and Abu Dhabi National Oil Company (ADNOC) was signed on 31 August 2021 and the Offshore Block 5 was awarded to PIOL. Till 31 March 2026, the Company has subscribed 10 million ordinary shares of PIOL (30 June 2025: 8.5 million ordinary shares) by paying USD 100 million; Rs 24,626 million (30 June 2025: USD 85 million; Rs 20,426 million).

      On 11 June 2025, the Supreme Council for Financial and Economic Affairs (SCFEA) awarded the Production Concession Agreement to ADNOC and PIOL in respect of Offshore Block 5 with PIOL holding 40% participating interest in the concession.

   4. The Company has invested in the project company, i.e. Reko Diq Mining Company (Private) Limited (RDMC) through Pakistan Minerals (Private) Limited (PMPL), an entity incorporated and operating in Pakistan with collective representation of the Company, PPL and GHPL, together called the State-Owned Enterprises (SOEs). RDMC is engaged in the mineral exploration activities in Pakistan. PMPL holds an indirect working interest of 25% (8.33% of each SOE) in the RDMC through offshore holding companies namely Reko Diq Holdings Limited and Reko Diq Investments Limited (hereinafter referred to as "Holdcos"). RDMC is incorporated in Pakistan and Holdcos are incorporated in Bailiwick of Jersey. The Company's equity interest in PMPL is 33.33% with an effective interest of 8.33% in RDMC. The SOEs have representation on the Boards of Holdcos and RDMC through PMPL.

      PMPL through resolution dated 14 May 2025 had increased the paid-up capital of the company by the issue of a further 1,549,250,040 ordinary shares of face value of PKR 10 each at a subscription price of Rs 100 each, through rights issue by offering the shares to existing members of PMPL, in proportion to their existing shareholding. Accordingly, the Company subscribed 516,416,680 ordinary shares of face value PKR 10 along with the premium. The total shares subscribed by the Company in PMPL now stands at 516,420,680.

      During the period, the Company has made further equity contribution amounting to Rs 21,146 million (30 June 2025: Rs 12,691 million) in PMPL. The operator continues to review all aspects of the project with respect to security arrangements, development timetable, financing, and capital budget.

      Unaudited 31 March

      2026

      Audited 30 June

      2025

2. LONG TERM INVESTMENTS AT AMORTISED COST

   Investments at amortized cost Pakistan Investment Bonds (PIBs) Term Finance Certificates (TFCs)

   Note

   12.1

   12.2

   (Rupees '000)

   21,255,210

   22,542,184

   20,701,527

   84,104,789

Less: Current portion shown under current assets

43,797,394

(23,511,749)

20,285,645

104,806,316

(84,520,671)

20,285,645

1. LEASE RECEIVABLES

   Net investment in lease has been recognized on Gas Sale Agreements (GSAs) with power companies i.e. Uch Power (Private) Limited (UPL) and Uch-II Power (Private) Limited (Uch-II) as follows:

   Unaudited 31 March

   2026

   Audited 30 June

   2025

   Note (Rupees '000)

   Net investment in lease		105,323,323	140,894,502
   Less: Current portion of net investment in lease	13.1	(27,574,884)	(48,696,323)
   		77,748,439	92,198,179

   1. Current portion of net investment in lease includes amounts billed to customers of Rs 10,687 million (30 June 2025: Rs 33,654 million) out of which Rs 3,446 million (30 June 2025: Rs 30,226 million) is overdue on account of inter-corporate circular debt. As disclosed in note 2.3, SECP has deferred the applicability of ECL model till financial year ending on or before 31 December 2026 on debts due directly or ultimately from the GoP in consequence of the circular debt. The amount is considered to be fully recoverable as the GoP is committed, hence continuously pursuing for satisfactory settlement of inter-corporate circular debt issue. The Company has contractual right and is entitled to charge interest if lease payments are delayed beyond agreed payment terms, however, the same is recognized when received by the Company. During the year ended 30 June 2025, the Board of Directors of the Company has approved the waiver of unrecognised late payment surcharge as granted by Federal Cabinet on 19 March 2025, uptil 31 December 2024 to expedite the settlement of circular debt balance.

      Unaudited 31 March

      2026

      Audited 30 June

      2025

      (Rupees '000)

2. TRADE DEBTS

   Un-secured- considered good Un-secured- considered doubtful

   Provision for doubtful trade debts

   613,660,983

   598,699,532 42,048 598,741,580 (42,048)

   598,699,532

   78,527 613,739,510

   (78,527)

   613,660,983

   1. Trade debts include overdue amount of Rs 530,145 million (30 June 2025: Rs 549,976 million) on account of inter-corporate circular debt, receivable from oil refineries, gas companies and power producers out of which Rs 268,540 million (30 June 2025: Rs 264,208 million) and Rs 239,625 million (30 June 2025: Rs 231,980 million) are overdue from related parties, Sui Northern Gas Pipeline Limited and Sui Southern Gas Company Limited respectively. The Government of Pakistan (GoP) is committed, hence continuously pursuing for satisfactory settlement of inter-corporate circular debt issue, however, the progress is slower than expected resulting in accumulation of Company's trade debts. The Company considers this amount to be fully recoverable because the Government of Pakistan has been assuming the responsibility to settle the inter-corporate circular debt in the energy sector. The Company recognizes interest /surcharge, if any, on delayed payments from customers when the interest /surcharge on delayed payments is received by the Company, also refer note 13.1 related to waiver of late payment surcharge from UPL and Uch-II. As disclosed in note 2.3, SECP has deferred the applicability of ECL model till financial year ending on or before 31 December 2026 on financial assets due directly or ultimately from the GoP in consequence of the circular debt.

      Unaudited 31 March

      2026

      Audited 30 June

      2025

      Note (Rupees '000)

      15	INCOME TAX- ADVANCE
      	Income tax -advance at beginning of the period /year		114,026,596	54,019,658
      	Income tax paid during the period /year		98,569,841	154,678,576
      	Provision for current taxation- profit or loss	20	(56,663,885)	(106,995,830)
      	Tax credit related to remeasurement gain on employee
      	retirement benefit plans -other comprehensive income		-	12,324,192
      	Income tax- advance at end of the period /year		155,932,552	114,026,596

3. .1 Subsequent to the period ended 31 December 2025, the Federal Constitutional Court ("FCC") announced its decision via short order on 27 January 2026, regarding the constitutional challenges to the Super Tax levied under Section 4B and 4C of the Income Tax Ordinance, 2001. In its decision, the FCC held that, in respect of Exploration & Production (E&P) Companies application of section 4B and 4C by virtue of Rules 4AA and 4B of the Fifth Schedule (the Schedule) will not apply to the petroleum income arising to E&P Companies if it's application does not result in exceeding the aggregate rate of taxes provided in the Schedule and their respective PCAs. The Company has maintained a provision of Rs. 87,607 million on account of super tax on petroleum income. Pending final determination of the matter and detailed judgment on the matter by FCC, management believes that impact of the judgement on the Company can not be currently determined and accordingly no adjustments have been incorporated in these interim financial statements in this respect.

Further, with reference to note 33.2 of the annual audited financial statements for the year ended 30 June 2025, during the period, assessment for the tax year 2025 has been made by tax authorities and certain disallowances have been made on the same issues. Against the said assessment, the Company has applied to FBR on 16 April 2026 for constitution of Alternate Dispute Resolution Committee (ADRC).

Unaudited 31 March

2026

Audited 30 June

2025

Note (Rupees '000)

Three months ended 31 March Nine months ended 31 March

2026

2025

2026

2025

(Rupees '000)

1. SALES- NET

   Gross sales Crude oil Gas

   Liquefied petroleum gas

   Sulphur

   Government levies General sales tax Petroleum levy Excise duty

   49,219,209

   49,904,758 59,144,324 11,135,633 33,120 120,217,835

   (12,145,715) (285,058) (490,053)

   (12,920,826) 107,297,009

   54,537,398

   13,266,379

   -117,022,987

   (11,759,457)

   (296,099)

   (483,512)

(12,539,068) 104,483,919

147,773,893

163,793,968

36,892,273

344,313 348,804,446

(37,897,307) 310,907,139

1. 1. As detailed in note 27.1 to the annual financial statements of the Company for the year ended 30 June 2025, the Company along with other joint operation partners has challenged the applicability of Windfall Levy on Oil / Condensate (WLO) against the backdrop of supplemental agreements already executed pursuant to Petroleum Policy (PP) 2012 in the Honorable Islamabad High Court which has granted stay order till next date of hearing against the Council of Common Interests (CCI) decision dated 24 November 2017 on imposition of WLO. The Company on the advice of its legal counsel is confident that it has sound grounds to defend the aforesaid issue in the Court and that the issue will be decided in favour of the Company.

      The cumulative past benefit accrued and recorded in the financial statements by the Company upto 23 November 2017 in the form of revenue and profit after tax is Rs 8,550 million and Rs 4,426 million respectively. However, without prejudice to the Company's stance in the Court case, revenue of Rs 49,528 million (30 June 2025: Rs 44,899 million) related to gas price incentive against the supplemental agreements has been set aside on a point forward basis effective 24 November 2017 (the date of decision of CCI).

   2. Gas Sale Agreement (GSA) in respect of Kunnar Pasakhi Deep (KPD) fields between the Company and Sui Southern Gas Company Limited has been finalized between the parties on 12 July 2024 and the final approval of the MoE is pending. Adjustments on finalization of GSA had been incorporated in the financial statements for the year ended 30 June 2025.

   3. In prior year, MoE had approved formula for wellhead price of gas sale from Nur-Bagla field and the Company had applied, on 19 July 2024 by paying wellhead gas price application fee, to OGRA for notification of price of gas. Thereafter, OGRA vide letter dated 13 November 2024 appraised that the Authority is empowered to determine the well-head gas prices for the producers of natural gas in accordance with the relevant agreements or contracts to notify the same in the official gazette. Therefore, the Company filed a draft Gas Pricing Agreement (GPA) of Nur-Bagla on 3 December, 2024 before the MoE for approval. After the approval by MoE, the same shall be submitted to OGRA for the notification of well-head gas price of Nur-Bagla. Currently the sales revenue is being recognised as per price applicable according to the formula approved by the MoE. The management expects that there will be no material differences in the gas price to be notified by OGRA.

      Three months ended 31 March Nine months ended 31 March

      2026

      2025

      2026

      2025

2. FINANCE AND OTHER INCOME

   Interest income on:

   Note

   (Rupees '000)

   Investments and bank deposits		5,234,092	7,909,298	14,108,312	27,821,064
   Finance income- lease		4,206,019	4,781,695	13,184,210	14,749,037
   Delayed payments surcharge from customers		-	-	-	8,503,459
   Unwinding of loss on modification in terms of TFCs	12.2	1,658,735	3,619,398	7,966,500	10,661,946
   Dividend income from investment at fair value through profit or loss		7,871	-	21,168	-
   Investment at fair value through profit or loss: Un-realized		(160,291)	(16,890)	775,867	232,826
   Realized gain		923,992	-	1,867,343	-
   Exchange loss /(gain) -net		(902,634)	2,662,790	(1,297,942)	2,470,473
   Contract renewal fee	18.1	258,850	407,746	798,884	929,816
   Income /(loss) on account of liquidated damages		65,947	(2,051,717)	769,737	(1,809,475)
   Others		270,402	797,346	306,459	1,132,804
   		11,562,983	18,109,666	38,500,538	64,691,950

   1. This represents income recognized on account of contract renewal fee in respect of allocation of LPG quota.

3. FINAL TAXES -LEVIES

   This represents final taxes paid under section 5 of Income Tax Ordinance, 2001 (ITO), representing levy in terms of requirements

   of IFRIC 21/IAS 37.

   Three months ended 31 March Nine months ended 31 March

   2026

   2025

   2026

   2025

4. TAXATION

   (Rupees '000)

   20,743,771 1,949,142

   22,692,913

   Current tax- charge

   Deferred tax- charge /(credit)

   1. Also refer note 15.1 to these interim financial statements.

      19,197,146

      933,966

      20,131,112

      Three months ended 31 March

      93,027,587

      56,658,593 3,877,221

      60,535,814

      466,300

      93,493,887

      Nine months ended 31 March

      2026

      2025

      2026

      2025

5. EARNINGS PER SHARE- BASIC AND DILUTED

   (Rupees '000)

   42,243,957

   4,300,928

   9.82

   Profit for the period (Rupees '000) Average number of shares outstanding during the period ('000)

   Earnings per share- basic (Rupees)

   There is no dilutive effect on the earnings per share of the Company.

   47,149,242

   4,300,928

   10.96

   129,605,908

   115,263,205

   4,300,928

   26.80

   4,300,928

   30.13

6. FAIR VALUE HIERARCHY

   The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

   Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

   Level 2: inputs other than quoted market prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

   Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

   Level 1 Level 2 Level 3

   (Rupees '000)

   Financial assets measured at fair value

   through profit or loss

   Other financial assets- Mutual Funds

   31 March 2026 40,245,252 - -

   30 June 2025 600,772 - -

   Unaudited 31 March

   2026

   Audited 30 June

   2025

7. CASH AND CASH EQUIVALENTS

   Cash and bank balances

   Short term highly liquid investments- Term deposits

   (Rupees '000)

   57,388,339 154,518,398

   211,906,737

   29,607,321

   172,749,990

   202,357,311

8. RELATED PARTIES TRANSACTIONS

   Government of Pakistan owns 74.97% (30 June 2025: 74.97%) shares of the Company. In 2022, the Honorable Supreme Court of Pakistan declared the Benazir Employees' Stock Option Scheme ultra vires. Accordingly, the shares currently held by OGDC Employees' Empowerment Trust (OEET) 10.05% (30 June 2025: 10.05%) will be transferred back to the GoP, and GoP holding will be increased. Therefore, all entities owned and controlled by the Government of Pakistan are related parties of the Company. Other related parties comprise associates, major shareholders, directors, companies with common directorship, key management personnel, OGDC employees empowerment trust, employees pension trust and gratuity fund. The Company in normal course of business pays for airfare, electricity, telephone, gas, yield analysis required under Petroleum Concession Agreements and make regulatory payments to entities controlled by the GoP which are not material, hence not disclosed in these interim financial statements. Transactions with related parties other than disclosed below are disclosed in relevant notes to these interim financial statements. Transactions of the Company with related parties and balances outstanding at period end are as follows:

   Nine months ended 31 March

   RELATED PARTIES TRANSACTIONS- continued

   2026

   (Rupees '000)

   2025

   OREL- Subsidiary company- 100% shareholding of the Company and common
   directorship Cost of investment	-	100
   Payable as at 31 March	-	100
   Receivable as at 31 March	1,600	-
   MEL- Associated company- 20% shareholding of the Company and common
   directorship
   Share of profit in associate	9,943,910	9,139,958
   Share of other comprehensive income of the associate- net of taxation	(41,742)	(3,530)
   Dividend received	7,267,230	3,545,394
   Expenditure charged by joint operations partner- net	(5,468,391)	(3,645,180)
   Cash calls paid /(received) to joint operations partner- net	4,566,285	(3,428,622)
   Share (various fields) payable as at 31 March	1,912,318	1,829,914
   Share (various fields) receivable as at 31 March	642,705	196,787
   PIOL- Associated company- 25% shareholding of the Company and common
   directorship
   Cost of investment made during the period	4,200,000	6,975,000
   Share of (loss) in associate	(428,791)	(226,808)
   Share of other comprehensive (loss) /income	(332,759)	77,840
   PMPL- Associated company- 33.33% shareholding of the Company and common
   directorship
   Cost of investment made during the period	21,146,433	10,089,600
   Share of loss in associate	(374,934)	(1,331,801)
   Share of other comprehensive (loss) /income	(796,147)	293,421
   Major shareholders
   Government of Pakistan (74.97% share holding) Dividend paid	42,512,799	77,715,306
   Dividend paid- Privatization Commission of Pakistan	4,111,377	3,563,192
   OGDC Employees' Empowerment Trust (10.05% share holding) Dividend paid to GoP on behalf of OEET	-	-
   Dividend withheld	-	-
   Related parties by virtue of the GoP holdings and /or common directorship
   Sui Northern Gas Pipelines Limited Sale of natural gas	70,408,971	73,706,335
   Sale of liquefied petroleum gas	46,208	29,335
   Trade debts as at 31 March	282,718,815	268,935,427
   Advance against sale of LPG as at 31 March	823	19,704

   Nine months ended 31 March

   RELATED PARTIES TRANSACTIONS- continued

   2026

   (Rupees '000)

   2025

   Pakistan State Oil Company Limited
   Sale of liquefied petroleum gas	716,385	1,105,649
   Purchase of petroleum, oil and lubricants	6,279,560	5,786,074
   Payable as at 31 March	115,715	146,353
   Advance against sale of LPG as at 31 March	163,219	142,101
   Pakistan Petroleum Limited Payable as at 31 March	206	3,383
   Expenditure charged to /(by) joint operations partner- net	2,897,087	2,373,968
   Cash calls received joint operations partner- net	(1,783,200)	(435,681)
   Share (various fields) receivable as at 31 March	1,802,856	3,442,919
   Share (various fields) payable as at 31 March	886,159	1,661,618
   Pak Arab Refinery Company Limited Sale of crude oil	7,831,111	9,405,576
   Trade debts as at 31 March	2,917,378	2,153,847
   PARCO Pearl Gas (Private) Limited Sale of liquefied petroleum gas	467,821	563,410
   Advance against sale of LPG as at 31 March	17,986	102,207
   Pakistan Refinery Limited Sale of crude oil	11,172,236	11,172,540
   Trade debts as at 31 March	5,895,340	7,076,361
   Khyber Pakhtunkhwa Oil & Gas Company (KPOGCL) Expenditure charged to joint operations partner	32,800	49,856
   Cash calls received from joint operations partner	36,181	832,922
   Share (various fields) receivable as at 31 March	11,548	127,391
   Sindh Energy Holding Company Limited (SEHCL) Expenditure charged to joint operations partner	986	1,789
   Share (various fields) payable as at 31 March	-	394
   Share (various fields) receivable as at 31 March	3,425	-
   Sui Southern Gas Company Limited Sale of natural gas	37,908,288	38,261,248
   Sale of liquefied petroleum gas	797,523	813,153
   Trade debts as at 31 March	248,185,357	256,268,896
   Advance against sale of LPG as at 31 March	15,868	128,260
   Sui Southern Gas Company LPG (Pvt) Limited Sale of liquefied petroleum gas	-	18,296
   Advance against sale of LPG as at 31 March	101,514	72
   Government Holdings (Private) Limited (GHPL) Expenditure charged to joint operations partner	3,884,849	3,845,225
   Cash calls (paid to) /received from joint operations partner	(3,104,390)	3,402,547
   Share (various fields) receivable as at 31 March	4,247,168	3,935,129
   Share (various fields) payable as at 31 March	377,945	679,018

   National Investment Trust
   Investment as at 31 March	4,876,178	620,114
   National Bank of Pakistan Balance at bank as at 31 March	2,936,680	3,728,198
   Balance of investment in TDRs (including accrued interest) as at 31 March	105,551,918	96,436,663
   Interest earned	5,166,254	6,889,256
   Power Holding Limited (PHL) Balance of mark-up receivable on TFCs as at 31 March	22,542,184	80,271,356
   National Insurance Company Limited Insurance premium paid	568,382	1,345,800
   Payable as at 31 March	1,396,747	24,323
   National Logistic Cell Crude transportation charges paid	1,073,894	1,216,982
   Payable as at 31 March	677,153	747,378
   Enar Petrotech Services Limited Consultancy services	42,554	19,468
   Enar Petroleum Refining Facility Sale of crude oil	26,685,858	27,964,876
   Receivable as at 31 March	7,411,424	7,169,675
   Other related parties Contribution to pension fund	7,328,738	12,477,369
   Contribution to gratuity fund	1,235,190	-
   Remuneration including benefits and perquisites of key management personnel	1,433,869	1,028,051

9. SHARIAH DISCLOSURES UNDER CLAUSE VII OF PART I OF SCHEDULE IV OF THE COMPANIES ACT, 2017

   Unaudited 31 March

   2026

   Audited 30 June

   2025

   Condensed interim statement of financial position

   Description Explanation

   Liabilities:

   Financing (long-term, short-term, or lease financing) obtained as per Islamic mode Interest or mark-up accrued on any conventional loan or advance

   Investments in subsidiary and associates	Shariah compliant	11	163,688,975	137,640,235
   Bank deposits, bank balances and TDRs	Shariah compliant		5,444,267	11,117,997
   Investment in mutual funds	Shariah compliant	16	14,233,068	-

   Assets:

   Note

   (Rupees '000)

   Not Applicable Not Applicable

   Not Applicable Not Applicable

   Nine months ended 31 March

   Condensed interim statement of profit or loss

   300,126,903 -769,737 9,140,185

   13,518,710 589,602

   14,108,312

   764,940 (2,062,882)

   (1,297,942) Not Applicable Not Applicable Not Applicable 13,184,210 7,966,500

   21,142 26

   21,168

   Description Explanation

   Note

   2026

   (Rupees '000)

   2025

   Sales -net Shariah compliant 17

   Delayed payments surcharge from customers Non-shariah 18

   Income on account of liquidated damages Non-shariah 18

   Share of profit in associates -net of taxation Shariah compliant

   Interest income on:

   Investments, bank deposits and TDRs Non-shariah Shariah compliant

   18

   Exchange (loss) /gain on actual currency Shariah compliant

   Non-shariah

   18

   Exchange gains earned using

   conventional derivative financial instruments Profit paid on Islamic mode of financing

   Total interest earned on any conventional loan or advance Sources and detailed breakup of other income

   Finance income -lease Shariah compliant 18

   Unwinding of Loss on modification in terms of TFCs Non-shariah 18

   Dividend income from investment at fair value Shariah compliant

   through profit or loss Non-shariah

   18

   310,907,139

   8,503,459

   (1,809,475)

   7,581,349

   27,104,631

   716,433

   27,821,064

   1,671,590

   798,883

   2,470,473

   Not Applicable Not Applicable Not Applicable

   14,749,037

   10,661,946

   -

   -

-

Un-realized gain on investments at fair Shariah compliant

value through profit or loss Non-shariah

Realized gain on investments at fair value Shariah compliant

through profit or loss Non-shariah

Contract renewal fee Shariah compliant

Gain on disposal of property, plant and equipment Shariah compliant Gain on disposal of stores, spare parts

and loose tools Shariah compliant

Others Shariah compliant

Note

18

18

18

18

18

18

2026

(Rupees '000)

2025

-

-

-232,826

232,826

151,803

359,192

621,809

-929,816

1,132,804

Name of the Company's shariah compliant financial institutions Arrangements

Faysal Bank Bank deposits

Dubai Islamic Bank Bank deposits

Meezan Bank Limited Bank deposits

Faysal Asset Management Limited Investments

HBL Asset Management Limited Investments

Al Meezan Investment Management Limited Investments

1. RISK MANAGEMENT

   Financial risk management objectives and policies are consistent with that disclosed in the annual audited financial

   statements for the year ended 30 June 2025.

2. NON ADJUSTING EVENT AFTER REPORTING DATE

   1. The Board of Directors approved interim cash dividend at the rate of Rs. 3.25 per share amounting to Rs 13,978 million in its meeting held on 29 April 2026.

3. GENERAL

   Figures have been rounded off to the nearest thousand of rupees, unless otherwise stated.

4. DATE OF AUTHORIZATION FOR ISSUE

Director

These interim financial statements were authorized for issue on 29 April 2026 by the Board of Directors of the Company.

Chief Financial Officer Chief Executive

Nine Monthly Report 2025-26 31

For Nine Months Ended 31 March 2026

Condensed Interim Consolidated Statement of Financial Position [unaudited] For Nine Months Ended 31 March 2026

Unaudited

31 March

2026

Audited

30 June

2025

The annexed notes 1 to 29 form an integral part of these interim consolidated financial statements.

Unaudited 31 March

2026

Audited 30 June

2025

Condensed Interim Consolidated Statement of Profit or Loss [unaudited]

For Nine Months Ended 31 March 2026

Three months ended 31 March Nine months ended 31 March

2026

2025

2026

2025

Note

(Rupees '000)

Sales- net 17

Royalty

Operating expenses Transportation charges

Gross profit

Finance and other income 18

Exploration and prospecting expenditure General and administration expenses Finance cost

Workers' profit participation fund

Share of profit in associates -net of taxation Profit before taxation

Final taxes -levies 19

Profit before income tax

Income tax 20

Profit for the period

Earnings per share- basic and diluted (Rupees) 21

104,483,920

(44,569,526)

59,914,394

18,109,666

(6,783,868)

(1,813,520)

(1,534,614)

(3,541,071)

2,929,367

67,280,354

-67,280,354

(20,131,112)

47,149,242

10.96

310,907,139

(123,579,669)

187,327,470

64,691,950

(14,670,682)

(5,613,444)

(4,474,754)

(11,742,094)

7,581,349

223,099,795

-223,099,795

(93,493,887)

129,605,908

30.13

The annexed notes 1 to 29 form an integral part of these interim consolidated financial statements.

Condensed Interim Consolidated Statement of Comprehensive Income [unaudited] For Nine Months Ended 31 March 2026

Three months ended 31 March Nine months ended 31 March

2026

2025

2026

2025

(Rupees '000)

Profit for the period

Other comprehensive (loss) /income

Items that will be subsequently reclassified to profit or loss: Effects of translation of investment in a foreign associate Share of effect of translation of investment in foreign associated company of the associates -net of taxation

Other comprehensive (loss) /income for the period Total comprehensive income for the period

47,149,242

329,153

47,478,395

129,605,908

367,731

129,973,639

The annexed notes 1 to 29 form an integral part of these interim consolidated financial statements.

Total equity

36 Oil & Gas Development Company Limited

Balance as at 1 July 2024

Total comprehensive income for the period

Profit for the period

Other comprehensive income for the period Total comprehensive income for the period

Transfer to self insurance reserve Charge to self insurance reserve

Transfer to capital redemption reserve fund by an associated company

Transactions with owners of the Parent's Company Distributions

Final dividend 2024: Rs 4.00 per share

First interim dividend 2025: Rs 3.00 per share Second interim dividend 2025: Rs 4.05 per share Total distributions to owners of the Parent's Company

Balance as at 31 March 2025

Balance as at 1 July 2025

Total comprehensive income for the period

Profit for the period

Other comprehensive (loss) for the period

Total comprehensive (loss) /income for the period

Transfer to self insurance reserve Charge to self insurance reserve

Transactions with owners of the Parent's Company Distributions

Final dividend 2025: Rs 5.00 per share

First interim dividend 2026: Rs 3.50 per share Second interim dividend 2026: Rs 4.25 per share Total distributions to owners of the Parent's Company

Balance as at 31 March 2026

43,009,284

-

-

-

-

-

-

-

-

-

-43,009,284

43,009,284

836,000

-

-

-

-

-

-

-

-

-

-836,000

836,000

19,300,000

-

-

-

1,089,922

(2,422)

-

-

-

-

-20,387,500

20,750,000

(Rupees '000)

2,118,000

-

-

-

-

-(2,118,000)

-

-

-

-

-

-

920,000

-

-

-

-

-

-

-

-

-

-920,000

920,000

15,147,066

-367,731

367,731

-

-

-

-

-

-

-15,514,797

11,403,396

1,169,165,868

129,605,908

-129,605,908

(1,089,922)

2,422

2,118,000

(17,203,714)

(12,902,785)

(17,418,760)

(47,525,259)

1,252,277,017

1,271,317,916

1,250,496,218

129,605,908

367,731

129,973,639

-

-

-

(17,203,714)

(12,902,785)

(17,418,760)

(47,525,259)

1,332,944,598

1,348,236,596

Director

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-(1,369,685)

(1,369,685)

115,262,705

-115,262,705

115,262,705

(1,369,685)

113,893,020

-

-

-

-

1,088,783

(1,283)

-

-

-

-

-

-

(1,088,783)

1,283

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

(21,504,642)

(15,053,249)

(18,278,946)

(54,836,837)

(21,504,642)

(15,053,249)

(18,278,946)

(54,836,837)

43,009,284

836,000

21,837,500

-

920,000

10,033,711

1,330,656,284 1,407,292,779

Condensed Interim Consolidated Statement of Change in equity [unaudited] For Nine Months Ended 31 March 2026

The annexed notes 1 to 29 form an integral part of these interim consolidated financial statements.

Chief Financial Officer Chief Executive

Condensed Interim Consolidated Statement of Cash Flows [unaudited] For Nine Months Ended 31 March 2026

Nine months ended 31 March

Note

2026

(Rupees '000)

2025

Cash flows from operating activities Profit before income tax Adjustments for:

Depreciation

Amortization of development and production assets 9

Delayed payments surcharge from customers 18

Unwinding of loss on modification in terms of TFCs

Royalty

Workers' profit participation fund Provision for deferred employee benefits

Unwinding of discount on provision for decommissioning cost 5

Interest income on investments and bank deposits 18

Interest income on lease 18

Unwinding of lease liability

Un-realized gain on investments at fair value through profit or loss 18

Realized gain on investments at fair value through profit or loss 18

Exchange (gain) /loss -net

Dividend income from investment at fair value through profit or loss 18

Gain on disposal of property, plant and equipment Share of profit in associates -net of taxation Stores inventory written off

Provision for doubtful advances

Cost of dry and abandoned wells during the period Reversal of trade debts provision

Changes in:

Stores, spare parts and loose tools Stock in trade

Trade debts

Deposits and short term prepayments Loan and advances and other receivables Trade and other payables

Cash generated from operations

Royalty paid

Deferred employee benefits paid

Long term advances, prepayments and other receivables

Decommissioning cost paid 5

Payment to workers' profit participation fund-net

Income taxes and levies paid 15

Net cash generated from operating activities

Cash flows from investing activities

Capital expenditure Interest received

Lease payments received Dividends received Encashment of Investment

Investments at fair value through profit or loss - net

Investment in associates

Proceeds from disposal of property, plant and equipment Net cash (used in)/ generated from investing activities

Cash flows from financing activities

Dividends paid

Lease payments made

Net cash used in financing activities

Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period

Effect of movements in exchange rate on cash and cash equivalents

Cash and cash equivalents at end of the period 23

223,099,795

7,717,192

13,678,088

(8,503,459)

(10,661,946)

36,936,504

11,742,094

6,350,275

4,436,806

(27,821,064)

(14,749,037)

-(232,826)

-(2,361,191)

-(151,803)

(7,581,349)

92,178

-3,533,127

(2,250) 235,521,134

(4,430,656)

111,603

15,105,073

(4,173,392)

(11,198,562)

(15,454,143) 215,481,057

(54,411,363)

(16,279,483)

926,711

-(15,462,479)

(114,400,126)

(199,626,740)

15,854,317

(46,464,917)

53,059,473

11,790,953

3,545,394

10,000,000

-(17,064,600)

186,617

15,052,920

(87,839,529)

-(87,839,529)

(56,932,292)

258,613,241

676,362 202,357,311

The annexed notes 1 to 29 form an integral part of these interim consolidated financial statements.

Notes to the Interim Consolidated Financial Statements [unaudited] For Nine Months Ended 31 March 2026

1. LEGAL STATUS AND OPERATIONS

   Oil and Gas Development Company Limited (OGDCL) (the Group) comprises of Oil and Gas Development Company Limited (OGDCL) (OGDCL or the Parent Company) and its wholly owned subsidiary, OGDC Renewable Energy (Private) Limited (OREL)). Oil and Gas Development Company Limited (OGDCL), 'OGDCL', was incorporated on 23 October 1997 under the Companies Ordinance, 1984 (now the Companies Act, 2017). OGDCL was established to undertake exploration and development of oil and gas resources, including production and sale of oil and gas and related activities formerly carried on by Oil and Gas Development Corporation, which was established in 1961. The shares of OGDCL are quoted on Pakistan Stock Exchange Limited. The Global Depository Shares (1GDS = 10 ordinary shares of OGDCL) of OGDCL are listed on the London Stock Exchange. The registered office of OGDCL and its subsidiary is located at OGDCL House, Plot No. 3, F-6/G-6, Blue Area, Islamabad, Pakistan.

   OGDC Renewable Energy (Private) Limited (OREL) is a private limited company incorporated in Pakistan on 07 June 2024 under the Companies Act, 2017. OREL principal line of business is exploration, exploitation and development of renewable energy resources including solar, wind, hydro, geothermal energy. Presently, OREL is in the process of carrying out the pre commencement activities and has not yet commenced its operations.

   For the purpose of these consolidated financial statements, OGDCL and its consolidated subsidiary - OREL are referred

   as the Group.

   In consideration for all the properties, rights, assets, obligations and liabilities of Oil and Gas Development Corporation vested in the Parent Company, 1,075,232,100 ordinary fully paid shares of Rs 10 each were issued to the Government of Pakistan (GoP) on 23 October 1997. Currently, the GoP holds 74.97% (30 June 2025: 74.97%) paid up capital of the Parent Company. Pursuant to the decision of the Honorable Supreme Court of Pakistan of 2022, declaring the Benazir Employees' Stock Option Scheme ultra vires the shares currently held by OGDCL Employees' Empowerment Trust (OEET) 10.05% (30 June 2025: 10.05%) will be transferred back to the GoP and accordingly, the GoP holding will be increased. During the year ended 30 June 2024, the Pakistan Sovereign Wealth Fund Act, 2023 became effective. Under the said Act, the GoP's shareholding in the Parent Company including shares held by OEET stands transferred to the Pakistan Sovereign Wealth Fund (PSWF). Accordingly, the GoP is in the process of taking necessary actions required to record the transfer of the shares to PSWF.

2. BASIS OF PREPARATION

   1. These condensed interim consolidated financial statements (here in after referred to as the "interim consolidated financial statements") are the separate interim consolidated financial statements of the Group and have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim consilidated financial reporting. The accounting and reporting standards as applicable in Pakistan for interim consolidated financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting

        Standards Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of, directives and notifications issued under the Companies Act, 2017.

        Where provisions of directives and notifications issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017 have been followed.

   2. These interim consolidated financial statements are unaudited and are being submitted to the members as required under

      Section 237 of Companies Act, 2017 and Rule Book of Pakistan Stock Exchange Limited.

   3. The Securities and Exchange Commission of Pakistan (SECP) through S.R.O 25 (I) / 2024 dated 06 January 2026, in partial modification of its previous S.R.O. 1784 (I) / 2024 dated 04 November 2024, has notified that in respect of companies holding financial assets due or ultimately due from the Government of Pakistan (GoP) in respect of circular debt, the requirements contained in IFRS 9 (Financial Instruments) with respect to application of Expected Credit Loss (ECL) model shall not be applicable on such financial assets for the financial years ending on or before 31 December 2026, provided that such companies shall follow relevant requirements of IAS 39 'Financial Instruments: Recognition and Measurement' in respect of above referred financial assets during the exemption period.

      The disclosures in these interim consolidated financial statements do not include those reported for full annual audited consolidated financial statements and should therefore be read in conjunction with the annual audited consolidated financial statements for the year ended 30 June 2025. Comparative statement of consolidated financial position is extracted from the annual audited consolidated financial statements as of 30 June 2025, whereas comparative consolidated statement of profit or loss, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows are stated from unaudited interim consolidated financial statements of the Parent Company and its subsidiary for the period ended 31 March 2025.

      Notes to the Interim Consolidated Financial Statements [unaudited] For Nine Months Ended 31 March 2026

3. ACCOUNTING POLICIES, ESTIMATES AND JUDGEMENTS

   The accounting policies, significant judgments made in the application of accounting policies, key sources of estimations, the methods of computation adopted in preparation of these interim consolidated financial statements and financial risk management policies are the same as those applied in preparation of annual audited consolidated financial statements for the year ended 30 June 2025. The management also believes that standards, amendments to published standards and interpretations that are effective for the Group from accounting periods beginning on or after 01 July 2025 do not have any significant effect on these interim consolidated financial statements or are not relevant to the Group.

   Unaudited 31 March

   2026

   Audited 30 June

   2025

4. RESERVES

   Capital reserves:

   Capital reserve

   Note

   4.1

   (Rupees '000)

   836,000

   Self insurance reserve

   Self insurance reserve- associate

   Other reserves:

   Foreign currency translation reserve

   Foreign currency translation reserve- associates (net)

   4.2

   4.3

   4.4

   4.5

   20,750,000

   836,000 21,837,500 920,000

   23,593,500

   1,760,975 8,272,736

   10,033,711

   33,627,211

   920,000

   22,506,000

   2,093,734

   9,309,662

11,403,396

33,909,396

1. 1. This represents bonus shares issued by former wholly owned subsidiary- Pirkoh Gas Company (Private) Limited (PGCL) prior to merger. Accordingly, this reserve is not available for distribution to shareholders.

   2. The Group has set aside a specific capital reserve for self insurance of rigs, buildings, wells, plants, pipelines, workmen compensation, inventory, terrorism, vehicle repair and losses for petroleum products in transit. Accordingly, this reserve is not available for distribution to shareholders.

   3. This represents a specific capital reserve set aside by an associate for self insurance of its assets which have not been

      insured, for uninsured risks and for deductibles against insurance claims.

   4. This represents accumulated balance of translation effect of a foreign operation in Rupees as per the Group's accounting policy.

   5. This represents accumulated balance of a translation effect of foreign operations in Rupees of associates.

      Unaudited 31 March

      2026

      Audited 30 June

      2025

      (Rupees '000)

2. PROVISION FOR DECOMMISSIONING COST