Transmission of Interim Report and Accounts for the Period Ended March 31, 2025

PAKISTAN OILFIELDS LIMITED

Ref: POLfFIN-CORP/PSX/24-25/040

The General Manager

Pakistan Stock Exchange Limited

Stock Exchange Building Stock Exchange Road, Kxacb.

Dear Sir,

April 30, 2025

INTERIM REPORT AND ACCOUNTS FOR THE NINE MONTHS ENDED MARCH 31, 2025

Please be informed that we have uploaded the Interim Report and Accounts for the nine months ended March 31, 2025 on Pakistan Unified Corporate Action Reporting System (PUCARS) and on our websiJe i.e. https://www.Pakoil.com.pk

Yours Sincerely,

For Pakistan Oilfields Limited

retary

P.O.L. HOUSE, MORGAH, RAWALPINDI 46600 PAKISTAN

Telephone Nos: +92-51-5487589-97(9 Lines) Telefax Nos. -1-92-51-5487598-99(2 Lines)

Corporate Information

Directors' Report

Condensed Interim Separate Financial Statements

Statement of Financial Position

Statement of Profit or Loss

Statement of Profit or Loss and other Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to and forming part of the Financial Statements

Condensed Interim Consolidated Financial Statements

Statement of Financial Position

Statement of Profit or Loss

Statement of Profit or Loss and Other Comprehensive Income

Statement of Changes in Equity

Statement of Cash Flows

Notes to and forming part of the Financial Statements

Shareholding in Exploration Licenses and D&P Leases

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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: +92 51 5487589-97

Fax: + 92 51 5487598-99

E-mail: polcms@pakoil.com.pk Website: https://www.pakoil.com.pk

Shareholder's Enquiries

E-mail to: cs@pakoil.com.pk or Write to: The Company Secretary,

Pakistan Oilfields Limited

Pol House, Morgah, Rawalpindi.

Share Registrar

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

Email: info@cdcsrsl.com Telephone: 0800 23275 (CDCPL)

Report

This report can be downloaded from the Company's website: https://www.pakoil.com.pk

Printed copies can be obtained by writing to:

The Company Secretary, Pakistan Oilfields Limited

POL House, Morgah, Rawalpindi.

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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, 2025.

Financial results

The Company has reported a profit after tax of Rs 16,753.3 million for the period, reflecting a substantial decrease of 44% compared to the corresponding period last year (March 31, 2024: Rs 29,939.5 million). This translates into basic and diluted earnings per share of Rs 59.02, as against Rs

105.47 for the same period last year.

The primary reason for the lower profit is the recognition of Balkassar Deep-1 well cost amounting to Rs 7,687 million as exploration expense due to unsuccessful results. Additionally, the sales value declined by 11%, mainly due to reduced quantities sold, which were affected by enhanced pipeline pressures of the gas distribution company. Interest income also declined due to lower interest rates compared to the corresponding period.

However, the impact of these adverse factors was partially offset by higher dividend income from investments, exchange gains on financial assets (compared to a loss in the previous period), and recognition of an insurance claim relating to stores and spares written off in the prior year due to a fire incident.

In terms of production, the volumes of crude oil, natural gas, and LPG decreased by 6.4%, 12.2%, and 3.9%, respectively, compared to the corresponding period last year.

The Company also reported a consolidated profit after tax of Rs 16,985 million, translating into consolidated earnings per share of Rs 59.75, as compared to the same period last year when the profit was Rs 30,392 million and earnings per share were Rs 106.95.

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:

The Company's share in production, including that from joint ventures, for the period under review averaged 4,562 barrels per day (bpd) of crude (Mar 31, 2024: 4,855 bpd), 56.35 million standard cubic feet per day (mmscfd) of gas (Mar 31, 2024: 63.91 mmscf), 137.43 metric tons per day (MTD) of LPG (Mar 31, 2024: 142.44 mtd), 1.56 MTD of Sulphur (Mar 31, 2024: 1.66 mtd) and 51 bpd of solvent oil

(Mar 31, 2024: 50 bpd).

EXPLORATION AND DEVELOPMENT ACTIVITIES

Producing fields

At Ikhlas block (operated by POL with 80% share), Jhandial-2 site track start date has been extended due to operational reasons to the fourth quarter of this financial year. Jhandial-04 drilling has been firmed up and the well is planned to spud in the first quarter of the next financial year.

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At Pindori Lease (operated by POL with a 35% share), 3D seismic data processing is in progress to evaluate the prospectivity of Chorgali formation and to evaluate the possibility to produce un-drained oil.

At Adhi Lease (operated by Pakistan Petroleum Limited where POL has 11% share), Adhi-32 site track is under progress.

At Tal block (operated by MOL where POL has pre commerciality share of 25%), Makori Deep-3 has been spuded on December 2, 2024 and drilling at above 11,200 ft in in progress.

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 North Dhurnal block (operated by POL with 60% share) 3D Seismic data acquisition work is in progress and till to date around 266.3 square kilometers have been acquired against total of 285.3 square kilometers.

At Tal block (operated by MOL where POL has pre commerciality share of 25%), Razgir well pipeline construction has been completed and after completing regulatory compliances production is expected in the month of May-2025. Currently the plant's spare capacity for processing Razgir gas is approximately 25 MMscfd. After the planned capacity enhancement by an additional 10 MMscfd, enabling the processing of the remaining Razgir gas. The plant enhancement is expected to be completed by end of 2025.

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. Based on the interpretation. Drilling of Billitang-01 has been approved by the Joint Venture Partners.

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, and the well is planned to spud in the last quarter of the current financial year

At Taung block (operated by Mari Energies Limited 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 Energies Limited where POL has 32% share), 2D seismic acquisition of 520-line kilometers has been completed and data processing is in process.

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 28, 2025

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As at March 31, 2025

(Audited) June 30, 2024

Rupees ('000)

SHARE CAPITAL AND RESERVES

Authorized capital 5,000,000 5,000,000

500,000,000 (June 30, 2024: 500,000,000)

ordinary shares of Rs 10 each

Issued, subscribed and paid-up capital 2,838,551 2,838,551 283,855,104 (June 30, 2024: 283,855,104)

ordinary shares of Rs 10 each

Revenue reserves 4 69,800,502 80,013,423

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The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.

Khalid Nafees CFO

Shuaib A. Malik Chief Executive

Abdus Sattar Director

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For the nine months ended March 31, 2025

Three months ended Nine months ended

Note Mar. 31, 2025 Mar. 31, 2024 Mar. 31, 2025 Mar. 31, 2024

Rupees ('000)

The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.

Khalid Nafees CFO

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Shuaib A. Malik Chief Executive

Abdus Sattar Director

For the nine months ended March 31, 2025

Three months ended Nine months ended

Mar. 31, 2025 Mar. 31, 2024 Mar. 31, 2025 Mar. 31, 2024

Rupees ('000)

Profit for the period 6,611,771 12,360,544 16,753,314 29,939,488

Other comprehensive income - - - -

Total comprehensive income

for the period 6,611,771 12,360,544 16,753,314 29,939,488

The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.

Khalid Nafees CFO

Shuaib A. Malik Chief Executive

Abdus Sattar Director

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For the nine months ended March 31, 2025

Share

Insurance

Revenue reserves Investment Unappropriated

Total

capital

reserve

reserve profit

Rupees ('000)

Balance at June 30, 2023 2,838,551 200,000 1,557,794 63,090,864 67,687,209

Total comprehensive income for the period:

Profit for the period - - - 29,939,488 29,939,488

Other comprehensive income - - - - -

- - - 29,939,488 29,939,488

Transactions with owners:

Final dividend @ Rs 60 per share -

Year ended June 30, 2023 - - - (17,031,306) (17,031,306)

Interim dividend @ Rs 25 per share -

Year ending June 30, 2024 - - - (7,096,378) (7,096,378)

Total transactions with owners - - - (24,127,684) (24,127,684)

Balance at March 31, 2024 2,838,551 200,000 1,557,794 68,902,668 73,499,013

Total comprehensive income for the period:

Profit for the period - - - 9,212,023 9,212,023

Other comprehensive income - - - 140,938 140,938

- - - 9,352,961 9,352,961

Balance at June 30, 2024 2,838,551 200,000 1,557,794 78,255,629 82,851,974

Total comprehensive income for the period:

Profit for the period - - - 16,753,314 16,753,314

Other comprehensive income - - - - -

- - - 16,753,314 16,753,314

Transactions with owners:

Final dividend @ Rs 70 per share -

Year ended June 30, 2024 - - - (19,869,857) (19,869,857)

Interim dividend @ Rs 25 per share -

Year ending June 30, 2025 - - - (7,096,378) (7,096,378)

Total transactions with owners - - - (26,966,235) (26,966,235)

Balance at March 31, 2025 2,838,551 200,000 1,557,794 68,042,708 72,639,053

The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.

Khalid Nafees CFO

Shuaib A. Malik Chief Executive

Abdus Sattar Director

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For the nine months ended March 31, 2025

Cash receipts from customers Operating and exploration costs paid Royalty paid

Taxes and levies paid

Note

Rupees ('000)

Cash provided by operating activities 17,480,541 20,241,026

Capital expenditure

Proceeds from disposal of property, plant and equipment Income on bank deposits and investments at amortized cost Dividend income received

Cash used in investing activities 4,660,168 2,747,376

Dividend paid (26,690,487) (22,103,496)

The annexed notes 1 to 28 form an integral part of these condensed interim financial statements.

Khalid Nafees CFO

Shuaib A. Malik Chief Executive

Abdus Sattar Director

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For the nine months ended March 31, 2025

1. LEGAL STATUS AND OPERATIONS

   Pakistan Oilfields Limited (the Company) is incorporated in Pakistan as a public limited company and its shares are quoted on Pakistan Stock Exchange Limited. The registered office of the Company is situated at Morgah, Rawalpindi. The Company is principally engaged in exploration, drilling and production of crude oil and gas in Pakistan. Its activities also include marketing of liquefied petroleum gas under the brand name POLGAS and transmission of petroleum. The Company is a subsidiary of The Attock Oil Company Limited, UK and its ultimate parent is Coral Holding Limited.

2. BASIS OF PREPARATION

   1. These condensed interim financial statements 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 and directives issued under the Companies Act, 2017.

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

   2. The Securities and Exchange Commission of Pakistan (SECP) through S.R.O 1784 (I) / 2024 dated November 4, 2024 , in partial modification of its previous S.R.O. 67 (I) / 2023 dated January 20, 2023, 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 instruments for the financial years ending on or before December 31, 2025, 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 Company has assessed that the above does not have any material impact on its condensed interim financial statements.

   3. These condensed interim financial statements do not include all the information required for full financial statements and should be read in conjunction with the annual financial statements for the year ended June 30, 2024.

3. MATERIAL ACCOUNTING INFORMATION

   The accounting policies and methods for computation adopted for the preparation of these condensed interim financial statements are the same as those applied in preparation of the financial statements for the year ended June 30, 2024.

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   Notes to and forming part of the Condensed Interim Financial Statements (Unaudited)

   For the nine months ended March 31, 2025

   (Unaudited) (Audited) Mar. 31, 2025 June 30, 2024

   Rupees ('000)

4. REVENUE RESERVES

   Insurance reserve 200,000 200,000

   Investment reserve 1,557,794 1,557,794

   Unappropriated profit 68,042,708 78,255,629

   69,800,502 80,013,423

5. PROVISIONS

   Provision for decommissioning costs 28,696,085 26,654,198 Provision for staff compensated absences 1,980 2,506

   28,698,065 26,656,704

6. TRADE AND OTHER PAYABLES

   These include balance due to joint venture partners amounting to Rs 2,267,048 thousand (June 30, 2024: Rs 3,200,564 thousand) and balances due to related parties amounting to Rs 1,247,470 thousand (June 30,2024: Rs 2,911,973 thousand).

   These also include payments received from a customer on account of additional revenue and related sales tax due to enhanced gas price incentive of Rs 36,514,174 thousand (June 30, 2024: Rs 31,147,387 thousand) as explained in note 16.1.

7. CONTINGENCIES AND COMMITMENTS

   1. There were no material contingencies at March 31, 2025 (June 30, 2024: Nil).

      (Unaudited) (Audited) Mar. 31, 2025 June 30, 2024

   2. Commitments

      Rupees ('000)

      Share in joint ventures 17,375,081 16,498,572 Own fields - 118,738

      Letter of credit issued by banks on

      behalf of the Company 1,194,795 283,632

8. PROPERTY, PLANT AND EQUIPMENT

Operating assets

Opening net book value 4,761,031 5,417,443

Additions during the period / year 1,238,978 744,846

Disposals during the period / year - (414)

Depreciation for the period / year (921,723) (1,400,844)

Closing net book value 5,078,286 4,761,031 Capital work in progress - at cost 2,354,872 1,072,638

7,433,158 5,833,669

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For the nine months ended March 31, 2025

(Audited) June 30, 2024

Closing book value 881,299 1,067,314

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For the nine months ended March 31, 2025

1. LONG TERM INVESTMENTS IN SUBSIDIARY AND ASSOCIATED COMPANIES - AT COST

   (Unaudited)

   March 31, 2025

   (Audited)

   June 30, 2024

   Subsidiary company

   Unquoted

   Percentage holding

   Amount Rupees ('000)

   Percentage holding

   Amount Rupees ('000)

   Capgas (Private) Limited 51 1,530 51 1,530

   Associated companies

   Quoted
   National Refinery Limited - Note 11.1	25	8,046,635	25	8,046,635
   Attock Petroleum Limited	7	1,562,938	7	1,562,938
   Unquoted Attock Information Technology Services
   (Private) Limited 10		4,500	10	4,500
   		9,615,603		9,615,603

   1. Based on a valuation analysis, the recoverable amount of investment in National Refinery Limited exceeds its carrying amount. The recoverable amount had been estimated based on a value in use calculation carried out by an external investment advisor engaged by the management, on an annual basis.

2. TRADE DEBTS

   These include Rs 5,240,125 thousand (June 30, 2024: Rs 5,364,659 thousand) receivable from related parties.

3. ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES

   These include balances due from joint operating partners amounting to Rs 1,034,007 thousand (June 30, 2024: Rs 171,372 thousand) and balances due from related parties amounting to Rs 620,423 thousand (June 30, 2024: Rs 691,417 thousand).

   (Unaudited) (Audited) Mar. 31, 2025 June 30, 2024
4. OTHER FINANCIAL ASSETS

These represents Investments in mutual funds

Rupees ('000)

classified as fair value through profit or loss 31,735,674 37,832,533

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