| PAKISTAN OILFIELDS LIMITED |
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| ANNUAL
REPORT 1996-97 |
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| Contents |
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| Pakistan
Oilfields Limited |
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| Company Information |
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| Notice of Annual General
Meeting |
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| Chairman's Review |
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| Directors' Report |
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| Pattern of Shareholding |
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| Statement under Section 237 |
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| Ten Years at a Glance |
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| Auditors' Report to the
Members |
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| Balance Sheet |
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| Profit and Loss Account |
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| Cash Flow Statement |
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| Notes to the Accounts |
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| Subsidiaries
of Pakistan Oilfields Limited |
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| Attock
Chemicals (Private) Limited |
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| Company Information |
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| Directors' Report |
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| Pattern of Shareholding |
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| Auditors' Report |
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| Balance Sheet |
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| Profit and Loss Account |
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| Notes to the Accounts |
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| Capgas
(Private) Limited |
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| Company Information |
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| Directors' Report |
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| Pattern of Shareholding |
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| Auditors' Report |
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| Balance Sheet |
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| Profit and Loss Account |
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| Notes to the Accounts |
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| Attock
Industrial Products Limited |
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| Company Information |
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| Directors' Report |
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| Pattern of Shareholding |
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| Auditors' Report |
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| Balance Sheet |
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| Notes to the Accounts |
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| Form
of Proxy |
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| Company
Information |
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Gaith Rs. Pharaon |
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| Directors: |
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Chairman |
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Arif Kemal |
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Chief Executive |
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Shahid Ahmad |
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Shahid Akbar |
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Khalid A. Ghazi |
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Shuaib A. Malik |
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Lt. Gen. (R) Talat Masood |
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Leith G. Pharaon |
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M. Salim |
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J M.T.K. Sherwani |
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Iqbal A. Khwaja |
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| Company Secretary: |
F.C.A |
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| Legal Advisers: |
Khan & Piracha, |
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M. Afzal Siddiqui |
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Legal Advisers Inc. |
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| Tax Adviser: |
Nasaam Zafar |
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| Auditors: |
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A. F. Ferguson &Co. |
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Chartered Accountants |
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| Registered
Office: |
P.O.L. House, P.O.
Refinery, |
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Morgah, Rawalpindi |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the FORTY-SIXTH Annual General Meeting (being the
Fifty-Sixth |
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| General
Meeting) of the Company will be held at Hotel Pearl Continental, Rawalpindi
on Monday, |
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| December
29, 1997 at 11.00 A.M. to transact the following business: |
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| ORDINARY
BUSINESS |
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| 1.
To confirm the minutes of the Fifty-fifth General Meeting held on May
15,1997. |
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| 2.
To receive, consider and approve the audited accounts of the Company together
with |
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| Directors'
and Auditors' Reports for the year ended June 30, 1997. |
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| 3.
To declare a final cash dividend of 15% as recommended by the Board of
Directors, in |
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| addition
to 15% interim dividend already paid, for the year ended June 30, 1997. |
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| 4.
To appoint auditors for the year ending June 30, 1998 and fix their
remuneration. The present |
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| auditors
Messrs A. F. Ferguson & Co., Chartered Accountants, retire and being
eligible, offer |
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| themselves
for reappointment. |
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| 5.
To transact any other business with the permission of the Chairman. |
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| SPECIAL
BUSINESS |
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| 6.
To consider and, if thought fit, to pass the following resolution, pursuant
to section 208 of the |
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| Companies
Ordinance, 1984 in respect of the Company's investment in its subsidiary. |
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| "RESOLVED"
that Pakistan Oilfields Limited (POL) is hereby authorized to invest an |
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| additional
amount of Rs. 7.5 million in the equity of an associated company "Attock
Petroleum |
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| Limited"
(APL) to bring total investment of POL to Rs. 8.5 million in the enhanced
equity of |
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| APL. |
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| Further
resolved that Chief Executive be and is hereby authorized to sign such
documents |
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| and
take such steps from time to time as and when required in acquiring the said
equity |
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| interest
in APL. |
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| NOTES: |
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| PARTICIPATION
IN THE ANNUAL GENERAL MEETING |
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| A
member entitled to attend and vote at this meeting is entitled to appoint
another member as his/her |
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| proxy
to attend and vote. Proxies in order to be effective must be received at the
Registered Office |
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| of
the Company duly stamped and signed not less than 48 hours before the
meeting. |
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| CLOSURE
OF SHARE TRANSFER BOOKS |
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| The
share transfer books of the Company will remain closed and no transfer of
shares will be |
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| accepted
for registration from December 15, 1997.to December 29, 1997 (both days
inclusive). |
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| CHANGE
IN ADDRESS |
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| The
members are requested to promptly notify any change in their addresses. |
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| STATEMENT
UNDER SECTION 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984. |
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| Equity
investment in Attock Petroleum Limited |
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| a)
Attock Petroleum Limited (APL) has increased its authorized capital from
Rs.10 million to |
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| Rs
100 million and paid up capital from Rs. 10 million to Rs. 50 million to meet
its capital |
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| requirements. |
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|
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| b)
POL Directors recommend that in addition to Rs. 1 million already invested in
the equity of |
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| APL,
further investment of Rs. 7.5 million be made in this associated company. |
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| c)
The Directors are of the view that the additional investment is essential for
APEs capital |
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| requirement
and is in the interest of POL, the sponsoring Company. |
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| d)
The Directors have no vested interest in' the above investment except that
majority of |
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| the
Directors of the Company are also the Directors of the associated company. |
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| Chairman's
Review |
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| In
the name of Allah, Most Gracious, Most Merciful |
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| Assalam-o-Alaykum |
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| It
gives me pleasure to present the review of operations and audited financial
statements of your |
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| Company
for the year ended June 30, 1997. |
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| BOARD
OF DIRECTORS |
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| During
the year under review Mr. M.T.K. Sherwani and Mr. Shahid Akbar were nominated
by the |
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| Government
of Pakistan as directors in place of Mr. Munir Ahmad and Mr. M. Mubeen Ahsan |
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| respectively.
We sadly report sudden demise of Mr. Tanvir Ahmad alternate director to |
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| Dr.
Ghaith R. Pharaon. The management and employees of the Company share the
grief with the |
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| family
of Mr. Tanvir Ahmad. His services to the Company shall be remembered for a
long time. |
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| In
August, 1997 Mr. Usman Aminuddin resigned and Mr. Arif Kemal was appointed as
Cheif |
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| Executive
of the Company. I welcome the directors joining the Board and would like to
place on |
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| record
appreciation of the services of all the outgoing directors. |
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| FINANCIAL
RESULTS |
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| Your
Company has earned a profit after tax for the current year of Rs. 569 million
(1995-96: |
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| 18
months; Rs. 388 million). Sales revenue for the year under review was Rs.
1,889 million as |
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| compared
to Rs. 1,540 million for the eighteen months ended June 30,1996. |
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| Crude
oil prices peaked to US $ 25 per barrel for a short while before declining to
around US $19 |
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| per
barrel. Average price of POL crude during the year was US $19.83 per barrel
as compared to |
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| US
$16.59 for 1995-96. An interim dividend of Rs. 1.50 per share '(15%) was
declared for the six |
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| months
to December, 1996. Final cash dividend of Rs.1.50 per share (15%) is also
being recom- |
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| mended
by your Board. |
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| Your
Company has contributed Rs. 244 million to the national exchequer (1995-96:
Rs. 210 million) |
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| and
effected foreign exchange saving for the country to the tune of US $ 52
million (1995-96: |
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| US
$ 54 million) during the year. |
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| PRODUCTION |
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| A
comparison of total production of crude oil and other products inclusive of
POl's share from joint |
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| ventures
is given below: |
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12 months to |
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18 months to |
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June 30, 1997 |
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June 30, 1996 |
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| Crude oil |
US barrels |
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1,476,357 |
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1,572,142 |
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| Gas |
MMCF |
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6,465 |
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8,340 |
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| LPG |
Metric tonnes |
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27,792 |
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39,303 |
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| Sulphur |
Metric tonnes |
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3,137 |
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7,107 |
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| Solvent oil |
US barrels |
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22,562 |
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32,981 |
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| POL's
OWN PRODUCING FIELDS |
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| POl's
average production during report year was 2,316 barrels of oil per day (BOPD)
(1995-96: |
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| 2,045
BŠPD) and 9.37 million cubic feet per day (MMCFD) of gas (1995-96:10
MMCFD).The major |
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| share
of production is from Meyal field, where new well Meyal-16 has been
successfully drilled to a |
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| depth
of 13,188 feet in March, 1997. At present this well is producing 900 BOPD. |
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| POL
is planning to acquire 126 line km. of new seismic in Meyal to define
compartmentalization for |
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| it's
further exploitation. Meyal field has produced an average of 1,600 BOPD and
9.37 MMCFD of |
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| gas. |
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| POL
has acquired 80 sq.km. of 3-D seismic on Khaur and 69.5 sq.km. on Balkassar
Development |
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| and
Production Lease. In Dhulian field workover job at well #39 is in progress.
POL plans 5 workovers |
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| and
deepening of well # 17 to increase the production in this field. |
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| JOINT
VENTURES' PRODUCING FIELDS |
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| Soan
Concession (Pindori Area) |
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| POL
has completed processing of 30 sq.km. of 3-D seismic data that was acquired
in July 1996. |
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| It's
interpretation has been completed on our work-station. There are plans to
drill Pindori-4 |
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| development
well in 1997-98. The LPG plant was installed and production started from
April 1997. |
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| The
plant is producing over 20 metric tonnes of LPG and 340 barrels of Solvent
oil per day. |
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| Pindori
field has produced an average production of 1,834 BOPD and 5.73 MMCFD of gas
out of |
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| which
POEs average share was 642 BOPD and 2 MMCFD of gas. |
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| Your
company has 35% interest in Pindori Development and Production Lease. |
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| Ahmadal
Concession |
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| In
this concession, Pariwali discovery was declared commercial on June 10, 1997
and a 121.95 |
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| sq.km.
Development and Production Lease was granted to your Company for a period of
twenty |
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| years
w.e.f. July 1, 1997.3-D seismic survey of 70 sq.km. over Pariwali field has
been completed. |
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| Seismic
interpretation at POL work-station has identified a Pariwali-2 development
location. Your |
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| company
plans to process 3-D seismic to Pre-Stack migration for further delineation
of other |
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| compartments
on this structure. Development well Pariwali-2 has been planned for 1997-98 |
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| Average
production from Pariwali field was 841 BOPD, 8.97 MMCFD of gas and 19 metric
tonnes |
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| of
LPG. POL has 82.5% interest in Pariwali field. Remaining 17.5% are owned by |
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| Government
Holdings. |
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| Dhurnal
(North Potwar Block) |
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| Your
Company has a 5% interest in this concession which is under operatorship of
Orient Petroleum |
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| Inc.
(oPI) (formerly Occidental of Pakistan Inc.) The average production during
the year under |
|
| review
was 1,603 BOPD, 7.3 MMCFD of gas and 21 metric tonnes of LPG. This field is
on |
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| continuous
decline. |
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| Bhangali
(Soan Block) |
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| Average
production from Bhangali field operated by OPI was 465 BOPD and 13.14 MMCFD
of gas. |
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| Your
company has 7% interest in the field. As the behavior of well was not steady,
the Operator |
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| has
approached the Government for approval of installing Gas Lift system.
Currently the well is |
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| producing
intermittently. |
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| Ratana |
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| A
total of 230 sq.km. of 3-D seismic acquisition was completed on September 26,
1996.3-D seismic |
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| interpretation
on Post-Stack migrated data was completed. Based upon recommendations,
seismic |
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| inversion
on selected lines of final 3-D data was initiated. Pre-Stack time migrated
data is being |
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| loaded
on to work-station for interpretation. |
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| Average
daily production of 463 barrels of condensate and 0.61 MMCF of gas was
achieved from |
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| Rataria
field operated by OPI. |
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| Your
Company has 4.54% interest in Rataria field. |
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|
| Chak
Naurang |
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| Average
production of 855 BOPD was achieved from Chak Naurang field operated by Oil
& Gas |
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| Development
Corporation (OGDC) during the year under review. The Company has 15% share in |
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| this field. |
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| EXPLORATION
& DEVELOPMENT |
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| Your
company continued exploration activities throughout the year under review. A
summary of each |
|
| area
is highlighted below: |
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| Ahmadal
Concession |
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| On
a separate prospect, new seismic acquisition and processing of 52 line kin.
has been completed. |
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| Seismic
interpretation has identified a new prospect which is located east of Dhurnal
oil field, where |
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| "Khudadad-l"
well was spudded on January 4, 1997. Drilling is in progress at this well.
The |
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| Company
has 95% working interest in this prospect and carries 5% working interest of
Government |
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| Holdings
during exploration phase. |
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| Central
Potwar Concession |
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| In
this concession re-processing of 564 line km. of previous seismic data has
been completed and |
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| 321
line kin. of new seismic data has been acquired. Seismic processing and
interpretation has been |
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| completed.
Your Company has identified Turkwal Prospect where additional 165 line kin.
of new |
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| seismic
acquisition was planned. This acquisition is in progress for further
delineation. An |
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| exploratory
well shall be drilled in this Prospect in 1997-98. |
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| Considering
a possibility of quick cashflow, Turkwal-1 well has been re-entered which was
earlier |
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| drilled
by OGDC. After testing vertical well, horizontal drilling in Eocene formation
is in progress to |
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| intersect
possible oil bearing fractured zone. |
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| The
Company has 95% working interest in this block and carries 5% working
interest of |
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| Government
Holdings during exploration phase. |
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| Minwal |
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| POL
drilled Minwal X-1 as an oil discovery well to a total depth of 7,150 feet.
This oil discovery was |
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| put
on an extended production test since January 3, 1997. This well is producing
heavy oil at 600 |
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| BOPD.
There are plans to declare commerciality on one well basis and apply for
Development |
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| Lease.
Your Company has 95% working interest in exploration phase and 82.5% interest
in extended |
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| test
production and after commerciality is declared. |
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| East
Badin Block-B |
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|
| Tullow
Pakistan (Development) Limited (Tullow) has acquired 2-D seismic during this
period and it's |
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| processing
has been completed in UK. Suri # 1 well was drilled to a total depth of 4,065
feet into |
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| Cretaceous.
Drilling results indicated presence of gas in 3 zones. This well has been |
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| completed
and lower most zone has tested gas @ 12.34 MMCFD on 40/64 inch choke. Tullow
also |
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| plans
to test the remaining two upper zones. |
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| Sara
Gas Sale agreement is under negotiation withWater and Power Development
Authority (WAPDA). |
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| Government
of Pakistan has already given its approval for allocation of gas to WAPDA. |
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| Your
Company has an interest of 22.97% during exploration and 14.54% during
development and |
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| production
phase. |
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| NEW
CONCESSIONS |
|
|
| Southern
Sind Block |
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| Your
Company is continuing to look for new oil and gas prospects so as to increase
it's reserve base |
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| and
add on to its present production. POL applied for a 2,619 sq.km. area in
Southern Sind Block |
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| which
is located in south-eastern part of Sind Province in the Lower Indus basin.
POL has been |
|
| awarded
this block and concession agreement was signed on October 18, 1997. Your
Company has |
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| 95%
interest in this block and will carry 5% working interest of Government
Holdings during |
|
| exploration
phase. |
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|
| Cholistan |
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|
| Processing
and interpretation of 313 line km. of seismic has been completed which was
acquired in |
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| 1996.
In order to achieve more time without any major commitment your Company
surrendered this |
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| concession
on it's expiry date of November 20, 1996 and re-applied for this block with a
commitment |
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| to
re-process 200 line km. of existing seismic data only. |
|
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| POL
was awarded this block and concession agreement was signed on October 18,
1997. POL |
|
| plans
to re-process seismic data and complete it's final interpretation to identify
and define a drill- |
|
| able
prospect. The Company has 95% working interest in this block and will carry
5% working |
|
| interest
of Government Holdings during exploration phase. |
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|
| PIPELINES |
|
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| The
pipelines of your Company are operating satisfactorily. Pipeline from Minwal
X-1 to Joyamair for |
|
| disposal
of oil production has been completed. Work on oil tanks and other facilities
is in progress. |
|
|
| The
pipeline crossing over river Soan in the Balkasser - Khaur line was washed
away during the |
|
| recent
floods in August, 1997. A temporary connection has been made operative while |
|
| arrangements
are being made to rebuild the crossing. |
|
|
| POLGAS
OPERATIONS |
|
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| Net
profit for the LPG cylinders sales project amounted to Rs. 63 million for the
year under review |
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| (18
months to June 30, 1996: Rs. 51 million). |
|
|
| SUBSIDIARIES |
|
|
| Attock
Chemicals (Private) Limited (ACL) |
|
|
| Your
subsidiary earned the highest ever profit before tax of Rs. 8.2 million
during the year (18 months |
|
| to
June 30, 1996: Rs. 2.3 million). The increase in profit has been mainly due
to better market price |
|
| achieved
for sulphuric acid during the year. Total sales revenue of ACL for the year
was Rs. 44 million |
|
| and
after providing for taxation it earned a profit of Rs. 5.2 million. |
|
|
| Capgas
(Private) Limited (CAPGAS) |
|
|
| CAPGAS
continued to market its share of LPG production from Pakistan Petroleum
Limited's Adhi |
|
| field.
The Company has earned a profit before tax of Rs. 42 million during the year
(18 months to |
|
| June
30, 1996: Rs. 39.4 million). An LPG bowzer has been acquired for the
transportation of local |
|
| and
imported LPG. This has been employed gainfully and is operating smoothly. |
|
|
| Attock
Industrial Products Limited (AIPL) |
|
|
| The
Plant at Rawat to manufacture Basic Chromium Sulphate is complete in all
respects but |
|
| there
are teething problems. Heavy Mechanical Complex (Pvt.) Limited (HMC) could
not complete |
|
| the
Plant within the contractual period of 24 months from the effective date.
Every effort was made |
|
| to
help out HMC for completion of the Plant even after the contractual period.
After a laps of |
|
| approximately
sixteen months, AIPL by giving a notice of fifteen days terminated HMC's
contract on |
|
| February
19, 1997. |
|
|
| During
the trial operations, AIPL has manufactured the product of required
specification but has not |
|
| been
able to achieve the full capacity. Chinese and British consultants have been
hired and every |
|
| effort
is being made to bring the Plant in production upto the required capacity.
POL has 75% |
|
| interest
in the equity of AIPL. |
|
|
| FUTURE
PROSPECTS |
|
|
| In
order to increase POl's asset base value and grow it's reserve base, your
Company is planning to |
|
| go
international in its oil and gas exploration efforts. POL is considering to
acquire oil reserves |
|
| through
participation in low risk viable prospects in Joint Ventures with sound oil
companies |
|
| operating
in basin of large oil and gas potential that are located in close proximity
to Pakistan. |
|
|
| STAFF |
|
|
| Finally
I wish to express my warm thanks to all our staff for their hard work and
commitment. I look |
|
| forward
to their continued efforts to meet the challenges which lie ahead. |
|
|
| Our
agreement with CBA expired on June 30, 1997 and we hope to achieve a
satisfactory settlement |
|
| with
them in a cordial atmosphere as in the years before. |
|
|
|
| Directors'
Report |
|
|
| The
Directors have pleasure in presenting their Annual Report and Audited
Accounts of the |
|
| Company
for the year ended June 30, 1997. |
|
|
| 1.
FINANCIAL RESULTS |
|
|
Rs. 000 |
|
| These
are summarised below: |
|
|
|
| Profit
for the year after providing for all expenses |
|
|
|
| including
depreciation, exploration and amortization of |
|
|
|
| drilling
expenditure based on units of production method. |
694,388 |
|
|
|
|
|
|
|
| Less:
Provision for taxation |
Current |
|
- |
|
|
|
Deferred |
|
125,000 |
|
|
|
|
|
125,000 |
|
|
|
569,388 |
|
|
|
|
|
| Add:
Transfer from exchange equalisation reserve |
|
7,397 |
|
| Unappropriated
profit brought forward |
|
1,678,969 |
|
|
|
|
|
| Profit
available for appropriations |
|
2,255,754 |
|
| Appropriations |
|
| Interim
dividend paid at the rate of 15% |
|
| (equivalent
to Rs. 1.50 per share of Rs. 10 each) |
|
57,038 |
|
|
|
|
|
|
| Final
dividend now recommended by the Directors at the rate of 15% |
|
| (equivalent
to Rs. 1.50 per share of Rs. 10 each) |
|
57,038 |
|
|
|
|
|
|
---------- |
|
|
|
|
114,076 |
|
|
|
|
---------- |
|
| Unappropriated
profit carried forward to next year |
|
2,141,678 |
|
|
|
|
========== |
|
| The
profit has been arrived at after setting aside |
|
| Rs.
36.6 million for workers' profit participation fund |
|
| and
Rs 0.98 million in respect of workers' welfare fund. |
|
|
|
|
| Earning
per share for the year is Rs. 14.97 (1996: Rs. 12.74) |
|
|
|
|
| 2. DIVIDEND |
|
|
| The
Directors have already declared an interim dividend @ 15% and are now |
|
| recommending
a final dividend @ 15% making a total of 30% for the year ended |
|
| June
30, 1997. (1996: Dividend @ 25% and Bonus shares @ 25%). |
|
|
| 3.
DIRECTORS |
|
| During
the year Mr. M. K. T. Sherwani and Mr. Shahid Akbar were nominated as
directors by |
|
| the
Government of Pakistan in place of Mr. Munir Ahmed and Mr. M. Mubeen Ahsan |
|
| respectively.
We sadly report sudden demise of Mr. Tanvir Ahmed, alternate director to |
|
| Dr.
Ghaith R. Pharaon. In August, 1997. Mr. Usman Aminuddin resigned and Mr. Arif
Kemal |
|
| was
appointed as Chief Executive of the Company. |
|
|
| 4. AUDITORS |
|
|
| The
auditors Messrs A. F. Ferguson & Co., Chartered Accountants, retire and
offer themselves |
|
| for
reappointment. |
|
|
| 5. PATTERN OF SHAREHOLDING |
|
| The
pattern of shareholding is annexed. |
|
|
| 6.
HOLDING COMPANY |
|
| The
Attock Oil Company Limited, incorporated in England, is the holding company
of Pakistan |
|
| Oilfields
Limited. |
|
|
|
|
|
| PATTERN
OF SHAREHOLDING AS ON JUNE 30, 1997 |
|
|
|
|
FORM - 34 |
|
|
| Number of |
|
Size of holding of shares |
|
Total shares |
|
| shareholders |
From |
|
To |
held |
|
|
| 209 |
1 |
|
100 |
8,471 |
|
| 305 |
101 |
|
500 |
72,101 |
|
| 117 |
501 |
|
1,000 |
83,538 |
|
| 141 |
1,001 |
|
5,000 |
292,738 |
|
| 21 |
5,001 |
|
10,000 |
155,277 |
|
| 8 |
10,001 |
|
15,000 |
99,511 |
|
| 5 |
15,001 |
|
20,000 |
84,764 |
|
| 2 |
20,001 |
|
25,000 |
45,650 |
|
| 1 |
30000 |
|
35,000 |
31,250 |
|
| 1 |
40001 |
|
45,000 |
41,250 |
|
| 3 |
60,001 |
|
65,000 |
188,750 |
|
| 1 |
95,001 |
|
100,000 |
100,000 |
|
| 1 |
100,001 |
|
105,000 |
105,000 |
