| Pakistan Oilfield Limited |
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| Annual
Report 2000 |
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| Contents |
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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 |
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| Balance
Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accouters |
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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
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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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
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Consolidated
Financial Statements |
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| Auditors'
Report |
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| Consolidated
Balance Sheet |
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| Consolidated
Profit & Loss Account |
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| Consolidated
Cash Flow Statement |
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| Consolidated
Statement of Changes in Equity |
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| Notes
to the Consolidated Accounts |
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| Company
Information |
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| Directors |
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Ghaith R. Pharaon |
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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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M. Jehangir Bashar |
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Iqbal A. Khwaja |
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Shuaib A. Malik |
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Lt. Gen. (R) Talat Masood |
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Laith G. Pharaon |
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Mohammad Raziuddin |
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Rashid M. Chaudhry |
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Alternate Director |
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Babar Bashir Nawaz |
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Alternate Director |
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| Company
Secretary |
Iqbal A. Khwaja |
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FCA |
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| Legal
Adviser |
Jillani & Associates |
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| Auditors
& Tax Adviser |
A.F. Ferguson & Co. |
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|
Chartered Accountants |
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| Registered
Office |
P.O.L. House, Morgah,
Rawalpindi |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the FORTY-NINTH Annual General Meeting (being the
SIXTIETH |
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| General
Meeting) of the Company will be held at Hotel Pearl Continental, Rawalpindi
on Thursday, |
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| December
21,2000 at 11:00 A.M. to transact the following business: |
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| 1.
To confirm the minutes of the forty-eighth Annual General Meeting (being the
fifty-ninth General |
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| Meeting)
held on December 08, 1999. |
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| 2.
To receive, consider and approve the audited accounts of the Company together
with Directors' |
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| and
Auditors' Reports for the year ended June 30, 2000. |
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| 3.
To declare final cash dividend of 60% (Rs 6.00 per share) as recommended by
the Board |
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| of
Directors. This is in addition to 40% (Rs 4.00 per share) interim dividend
already paid and |
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| will
make a total of 100% (Rs 10.00 per share) for the year ended June 30, 2000. |
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| 4.
To appoint auditors for the year ending June 30, 2001 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 authorise the Board of Directors to take necessary actions in relation to
its subsidiary |
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| The
Attock Industrial Products Limited (under court order liquidation). |
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By Order of the Board |
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| Registered
Office: |
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| POL House, |
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| Morgah,
Rawalpindi |
|
IQBAL A. KHWAJA |
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| November
27, 2000 |
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Director/Company Secretary |
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| STATEMENT
UNDER SECTION 160(1) (B) OF THE COMPANIES ORDINANCE 1984 IN |
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| RESPECT
OF SPECIAL BUSINESS AND RELATED DRAFT RESOLUTION: |
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| One
of the shareholders of Attock Industrial Products Limited (AIPL) filed a
petition for winding up of |
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| AIPL
under section 305 of Companies Ordinance 1984. The Lahore High Court,
Rawalpindi Bench, |
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| Rawalpindi
gave its verdict for the winding up of AIPL and appointed official
liquidators. |
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| Shareholders'
approval is being sought to authorise Board of Directors to take all
necessary actions |
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| required
in connection with AIPL (under court order liquidation). For the purpose it
is proposed to pass |
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| the
following resolution as an ordinary resolution: |
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| "Resolved
that the Board be authorised and empowered to do all acts, deeds and things
for and on |
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| behalf
of the Company (including negotiations and execution of any and all documents
and writing off |
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| of
any amount without limitation) as may be deemed necessary, prudent or
required in connection with |
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| AIPL
(under court order liquidation)." |
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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 of |
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| the
Company duly stamped and signed not less than 48 hours before the meeting. |
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| A
member who has deposited his/her shares into Central Depository Company of
Pakistan Limited, |
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| must
bring his/her participant ID number and account/sub-account number along with
original National |
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| Identity
Card (NIC) or original passport at the time of attending the meeting. |
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| In
case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen |
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| signature
of the nominee shall be produced (Unless it has been provided earlier) at the
time of the |
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| 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 11, 2000 to December 21, 2000 (both days
inclusive). |
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| Transfers
received in order at the Registered Office of the Company by the close of
business on |
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| December
09, 2000 will be treated in time for the purpose of payment of the final
dividend, if declared. |
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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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| Chairman's
Review |
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| In
the name of Allah, Most Gracious, Most Merciful |
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| Assalam-o-Alaiykum |
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| It
gives me immense pleasure in presenting the review |
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| of
operations and audited financial statements of your |
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| Company
for the year ended June 30, 2000. Your |
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| Company
has achieved by the grace of Allah, the |
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| highest
ever profit after tax of Rs 1.1 billion. The results |
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| translate
into an earning of Rs 24.06 per share of Rs 10 |
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| each. |
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| THE
BOARD |
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| Three
Directors nominated by the Government of |
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| Pakistan
(GOP), Messrs Abdus Sattar, Zakauddin Malik |
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| and
Munir Ahmad retired from the Board. One vacancy |
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| has
been filled by the nomination of Mr. M. Jehangir |
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| Bashar
and two vacancies are yet to be filled. |
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| I
welcome the director joining the Board and would like |
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| to
place on record appreciation of the services of the |
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| outgoing
directors. |
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| FINANCIAL
RESULTS |
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| During
the year under review there was substantial |
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| improvement
in Crude Oil prices which in the last year |
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| was
at its lowest level in two decades. Average price |
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| achieved
by POL for its Crude Oil, during the year, was |
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| USS
22.76 per barrel. |
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| Higher
Crude Oil, Gas and LPG prices and increased |
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| production
has contributed towards a record sales |
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| revenue
of Rs 3.6 billion compared to Rs 1.9 billion in |
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| the last year. |
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| The
Company has contributed Rs 938 million (1998-99: Rs 298 million) to the
national |
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| exchequer
in terms of royalty, sales tax, excise duty and development surcharge and
effected foreign |
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| exchange
savings for the country to the tune of USS 80 million (1998-99 USS 40
million). |
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| PRODUCTION |
|
| A
comparison of total production of Crude Oil and other products from POL's
100% own producing |
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| fields
and it's share from all joint ventures is given below: |
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|
Increase/ |
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|
(Decrease) |
|
|
1999-2000 |
1998-1999 |
% |
|
| Crude
Oil/Cond. |
US barrels |
|
1,454,532 |
1,345,686 |
8.10 |
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| Gas |
|
Million standard |
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|
cubic feet |
|
11,406 |
9,300 |
22.60 |
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| LPG |
|
Metric tonnes |
35,370 |
30,988 |
14.10 |
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| Solvent Oil |
|
US barrels |
|
104,235 |
76,715 |
35.90 |
|
| Sulphur |
|
Metric tonnes |
2,079 |
2,167 |
(4.1) |
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| POL's
OWN PRODUCING FIELDS |
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| At
Meyal, the main producing reservoir (Eocene) has been depleted and it is now
in a blow |
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| down
phase of gas cap. Efforts to increase oil production by horizontal drilling
of the Meyal |
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| well
# 9 were not successful and the program has been deferred until availability
of POL's |
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| own
rig. Meyal field is producing 226 barrels of Oil per day (BOPD) and 11.52
million standard cubic |
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| feet
of Gas per day (MMSCFD), 40 barrels of Solvent oil per day (bbls/D), 24
metric tons |
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| of
LPG per day (MT/D) and 6 metric tons of Sulphur per day (MT/D). |
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| At
Balkassar, a reservoir study by Baker Hughes Geosciences has been completed
and is being |
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| reviewed
for development of a program to increase production. Balkassar production
averaged at |
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| 305 BOPD. |
|
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| Joya
Mair continued to produce an average of 154 BOPD. |
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| Dhulian
field continued to produce at an enhanced rate after previously completed
workover |
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| jobs
in 1998. At present the field is producing at an average of 110 BOPD, 4.4
MMSCFD of Gas, |
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| 18
MT/D of LPG and 12 bbls/D of Solvent oil. |
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| JOINT
VENTURES (POL OPERATED PRODUCING FIELDS) |
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| Pindori
Development & Production Lease (Soan Concession) |
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| A
development well Pindori # 5 was spudded on July 10, 2000 and has been
drilled down to 5,300 feet |
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| in
the Chinji Formation where drilling is in progress. This well will test the
potential of the Paleocene |
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| carbonates
in northwestern part of the structure with a projected total depth of 13,850
feet. |
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| Latest
seismic interpretation techniques are being utilized to define the structure
that has potential to |
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| double
the size of the field. |
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| Pindori
field averaged 4,258 BOPD, 14.44 MMSCFD of Gas, 58 MT/D of LPG and 618 bbls/D
of |
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| Solvent oil. |
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| POL
has a 35% working interest in Pindori field. |
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|
| Pariwali
Development & Production Lease (Ahmadal Concession) |
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| A
development well Pariwali # 3 was spudded on October 22, 1999 and was drilled
to a total depth of |
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| 16,164
feet in the Wargal Formation of the Permian age. The well tested hydrocarbon
in commercial |
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| quantities
from the Dhak-Pass Formation. This is the first Dhak-Pass oil discovery in
Pakistan. The |
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| well
was completed in the Dhak-Pass and Lockhart Formations commingled. The well
was brought on |
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| regular
production on July 05,2000. |
|
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| The
average production from Pariwali field was 768 BOPD, 7.29 MMSCFD of Gas, 22
MT/D of LPG |
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| and
18 bbls/D of Solvent oil. |
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| POL
has 82.5% working interest. |
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|
| Minwal
Development & Production Lease |
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| Seismic
reprocessing and application of latest interpretation technique indicates
potential for the |
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| presence
of additional oil in this area. Further studies are in progress. |
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|
| Minwal
X-1 well remained on production during the year at an average of 293 BOPD. |
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| POL
has 82.5% working interest. |
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|
| JOINT
VENTURE S (NON OPERATED) PRODUCING FIELDS |
|
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| Dhurnal
Mining Lease (North Potwar Concession) |
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| The
production from Dhurnal field has drastically dropped due to a mechanical
problem at well |
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| D-6
(main producer) in September, 1999. A workover job to rectify the problem and
restore the |
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| production
of D-6 was not successful. |
|
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| The
average production was 389 BOPD, 1.69 MMSCFD of Gas and 4 MT/D of LPG. |
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|
| POL
has 5% working interest in this field which is under the operatorship of
Orient Petroleum Inc. |
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| (OPI). |
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| Bhangali
Development & Production Lease (Soan Concession) |
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| The
average production from the field is 717 BOPD and 2.43 MMSCFD of Gas. |
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| The
field is operated by OPI and POL has a 7% share. |
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|
| Ratana
Development & Production Lease (North Potwar Concession) |
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| The
Ratana field is also on a declining trend. Average daily production is 101
BOPD and 3.28 MMSCFD |
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| of Gas. |
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| POL
has 4.54% share in the field which is operated by OPI. |
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|
| Chak
Naurang Mining Lease (Chakwal Concession) |
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| The
average production was 696 BOPD from two wells in this field. |
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|
| POL
has 15 % interest in the field operated by Oil & Gas Development Company
Ltd. (OGDCL). |
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|
| Sara
D&P Lease and Suri Discovery (East Badin Ext. Block El) |
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| The
operator Tullow Pakistan (Developments) Limited (Tullow) has submitted a
development plan and |
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| commerciality
document and applied for D & P Lease over Suri area. Out of the two
appraisal wells |
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| planned
one was drilled and found dry. Drilling of the second well is in progress. |
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| The
laying of pipeline from Sara to Mari field was completed and production from
Sara and Suri |
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| Gas
fields commenced from December 9, 1999 at an average rate of about 38.73
MMSCFD. |
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| (Sara:
18.39 MMSCFD, Suri: 20.34 MMSCFD). |
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| POL
has 22.97% interest during exploration and 14.54% interest in development
phase. |
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| EXPLORATION
AND 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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| CENTRAL
POTWAR CONCESSION |
|
| Turkwal
Horizontal # 1 continued to produce at an average rate of 951 BOPD, 0.93
MMSCFD of Gas, |
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| 6
MT/D of LPG and 4 bbls/D of Solvent oil. |
|
|
| Your
Company has been successful in obtaining the D & P Lease over Turkwal
area which was |
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| granted
for a period of sixteen (16) years w.e.f. August 26, 1999. |
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| The
exploratory commitment well Turkwal Deep X # 2 was spudded on August 10, 1999
and was |
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| drilled
to a total depth of 14,201 feet in the Sakessar Formation in the subthrust
position. During initial |
|
| testing
flow of oil and gas with a declining trend was observed. It was deepened down
to 14,450 feet |
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| and
was tested, but no improvement was observed even with artificial lift. In
order to test adjacent |
|
| fault
Block Turkwal Deep X # 2 was deviated to a depth of 14,715 feet but again the
results were not |
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| encouraging.
Testing was suspended for post drill evaluation. |
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|
| POL
has 80% and AOC has 15% working interest in the Block while 5% share of
Government Holdings |
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| will
be carried by POL and AOC during exploration phase. In the production phase
POL, AOC and |
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| Government
Holdings will have 67.37%, 12.63%, and 20% share respectively. |
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| SOUTHERN
SINDH CONCESSION |
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| Your
Company acquired 238.6 line kilometers of new 2-D seismic data and identified
two drillable |
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| prospects
in the western part of the concession. The exploratory well (South Sindh X-l)
was |
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| spudded
on October 04, 2000. |
|
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| POL
has 95% working interest in the Block and carries 5% interest of Government
Holdings during the |
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| exploration
phase. |
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|
| KHUDADAD
CONCESSION |
|
| The
post drill evaluation was negative and the concession was relinquished on
April 27, 2000. |
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|
| KHUSHALGARH
CONCESSION |
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| As
part of our commitment to continue an aggressive exploration for oil and gas
your Company |
|
| has
obtained the exploration license over Khushalgarh area which was granted to
POL w.e.f. |
|
| November
06, 1999 for a period of three years. Presently, your Company is reprocessing
360 line |
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| kilometers
of existing seismic data and is planning to acquire about 300 line kilometers
of new |
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| seismic
data in the concession. |
|
|
| POL
has 47.5% interest in the Block and 47.5% working interest is held by O(3DCL
while 5% share of |
|
| Government
Holdings will be carried by POL and OGDCL during exploration phase. |
|
|
| KHAUR
RECONNAISSANCE PERMIT |
|
| A
Reconnaissance Permit (with exclusive rights) over Khaur area was granted to
POL w.e.f. |
|
| December
23, 1999 for a period of one year. POL is reviewing the geological,
geophysical and |
|
| production
data of the Khaur Field. |
|
|
| NEW
APPLICATION: KOTRA BLOCK |
|
| POL
applied for this Exploration License in Baluchistan on July 01,2000 and won
the bid acceptance |
|
| on
August 10, 2000. POL has sent a draft Petroleum Concession Agreement and
License Deed |
|
| to
Directorate General of Petroleum Concession (DGPC). Meanwhile the
negotiations to farm-out |
|
| certain
working interest in this Block to OGDCL are in progress. |
|
|
| FARM-IN
PROPOSALS |
|
| GURGALOT
BLOCK (Operated by OGDCL) |
|
| In
order to expand exploration in the oil proven Potwar Plateau your Company has
successfully |
|
| farmed-in
with a 20% working interest in the Gurgalot Block which is located
immediately North of a |
|
| latest
oil discovery at Chanda in Shakardara area located east of Bannu Town, NWFP. |
|
|
| An
assignment agreement for 20% working interest has been submitted to DGPC. The
agreement |
|
| is
expected to be signed shortly. |
|
|
| POLGAS
OPERATIONS |
|
| Net
profit from the sale of LPG in cylinders amounted to Rs 128 million for the
year under review |
|
| (1998-99:
Rs 86 million). The network of POLGAS distributors also increased by 31% over
the year. |
|
| The
market share of POLGAS is being expanded further to market not only the
enhanced production |
|
| from
Company's own fields but also to market the allocation of 14 MT/D of LPG made
to POL from |
|
| Pak-Arab
Refinery Limited (PARCO). |
|
|
| SUBSIDIARIES
AND ASSOCIATED COMPANIES |
|
| Attock
Chemicals (Private) Limited (ACL) |
|
| As
reported last year due to over capacity in sulphuric acid industry your
subsidiary is facing problem |
|
| to
keep itself profitable. This year there is a loss before tax of Rs 1.043
million (1998-99: loss of |
|
| Rs
5.1 million). Your Board is recommending that POL should dispose its share in
ACL to concentrate |
|
| on
its core activities of Oil, Gas and LPG. |
|
|
| Capgas
(Private) Limited (CAPGAS) |
|
| Your
subsidiary earned a profit before tax of Rs 42.5 million in the year under
review |
|
| (1998-99:
Rs 38.4 million). The profit also include hospitality service provided to POL
by filling and |
|
| distributing
its cylinders. POL has now put up its own filling facilities at Pindori, and
this income will |
|
| not
be available to CAPGAS in future. |
|
|
| Future
profitability is also expected to decline due to deregulation of LPG business
announced by the |
|
| Government
of Pakistan effective September, 2000. In the deregulation scenario producer
has the |
|
| right
to bring its selling price to the international level in stages or even to
follow bidding procedure |
|
| for
the sale of LPG after expiry of sale/purchase agreement with marketing
companies. A tougher |
|
| competition
is expected in years to come. CAPGAS has also been allocated 7 MT/D of LPG |
|
| from
PARCO. |
|
|
| Attock
Industrials Products Limited (AIPL) |
|
| As
reported last year the AIPL went under court order liquidation on August 7,
1999 and official |
|
| liquidators
took the charge in December 1999. The Official Liquidators are in the process
to |
|
| dispose
off the assets. |
|
|
| Attock
Petroleum Limited (APL) |
|
| Attock
Petroleum Limited in which your Company holds 10% equity has paid a cash
dividend of 125% |
|
| and
is proposing issuing of bonus shares in the ratio of one share for every
three shares held. |
|
|
| OTHER
OPERATIONS |
|
| ARL
Crude Transportation |
|
| Your
Company has put up a Khaur Crude Decanting Facility (KCDF) for decanting and
transporting |
|
| the
crude coming from Southern part of the country to Attock Refinery Limited
(ARL). The project has |
|
| been
completed and is expected to generate additional revenue for your Company.
The project has |
|
| also
a national importance as it will take away a tremendous load of bowzers
entering Rawalpindi to |
|
| reach
the city Refinery, and thus it will not only remove congestion from the road
but will also help the |
|
| environment. |
|
|
| Pindori
Crude Transportation |
|
| POL
is planning to lay a 6" pipeline to transport Turkwal, Adhi and Pindori
crude oil to ARL. |
|
| A
preliminary survey is being conducted in this regard. The project is going to
cost approximately |
|
| Rs
81 million and is expected to take about five months to complete. This
project has a long |
|
| term
benefit for the Company and has similar social and environmental benefits as
for ARL crude |
|
| transportation
project. |
|
|
| POLGAS
Filling Facility at Pindori |
|
| The
project for construction of LPG filling facility for POLGAS at Pindori has
been completed in |
|
| March,
2000. This is not only contributing to savings in transportation/handling
costs but has also |
|
| increased
the efficiency of LPG supply to its distributors. |
|
|
| FUTURE
PROSPECTS |
|
| Your
Company is actively pursuing opportunities for International Joint Ventures.
In this respect |
|
| various
countries were targeted for entry namely, Kazakhstan, Sudan, Iraq and
Azerbaijan. |
|
|
| Diversification
of investment risk by farm-out of our share in the POL held exploration
concessions |
|
| and
farm-in of minority share in high prospectivity concessions held by other
companies will be |
|
| actively
pursued. |
|
|
| STAFF |
|
| I
acknowledge with deep appreciation the loyalty and dedication with which
officers and staff |
|
| of
the Company have maintained the pace of achieving the objectives of the
Company for its future |
|
| growth.
Your Company is facing certain problems in retaining the professional and
technical staff |
|
| as
young staff members have opportunities available to them within and outside
Pakistan. Your |
|
| Company
is alive to the situation and will be taking steps to arrest the exodus. |
|
|
| The
management is negotiating a fresh agreement with the CBA for a further period
of two years to |
|
| June
30, 2001. |
|
|
| Rawalpindi |
|
Ghaith R. Pharaon |
|
| November
02, 2000 |
|
Chairman |
|
|
|
| Directors'
Report |
|
|
| The
Directors have pleasure in presenting their Annual Report and Audited
Accounts of the |
|
| Company
for the year ended June 30, 2000. |
|
|
| 1.
FINANCIAL RESULTS |
|
Rs (000) |
|
| These
are summarised below: |
|
| Profit
for the year after providing for all expenses |
|
| including
depreciation, exploration, amortization, |
|
| workers'
funds and after writing off Investment in |
|
| and
receivables from Attock Industrial |
|
| Products
Ltd. (under court order liquidation) |
|
1,512,806 |
|
|
| Less:
Provision for taxation |
|
415,000 |
|
|
----------- |
|
| Profit
after tax |
|
1,097,806 |
|
|
| Add:
Unappropriated profit brought forward |
|
2,462,638 |
|
|
----------- |
|
| Profit
available for appropriations |
|
3,560,444 |
|
| Appropriations: |
|
| Interim
dividend paid at the rate of 40% (equivalent to |
|
| Rs
4 per share of Rs 10 each) |
|
182,520 |
|
|
| Final
dividend now recommended by the directors at the |
|
| rate
of 60% (equivalent to Rs 6 per share of Rs 10 each) |
|
273,780 |
|
|
----------- |
|
|
456,300 |
|
|
----------- |
|
| Unappropriated
profit carried forward to next year |
|
3,104,144 |
|
|
========== |
|
| The
profit has been arrived at after setting aside |
|
| Rs
80.94 million for Workers' Profit Participation Fund and |
|
| Rs
25 million in respect of Workers' Welfare Fund. |
|
|
| 2.
DIVIDEND |
|
| The
Directors have recommended final cash dividend at 60% (Rs 6 per share). This
is |
|
| in
addition to 40% (Rs 4 per share) interim dividend already paid and will make
a total of 100% |
|
| (Rs
10 per share) for the year ended June 30, 2000 (1998-99: Dividend 20% and |
|
| Bonus
Shares @ 20%). |
