Oil&gas Regs Regulatory News (OGDC)

25 Oct 2007 08:16

Oil and Gas Development Company Ltd25 October 2007 OIL AND GAS DEVELOPMENT COMPANY LIMITEDBALANCE SHEET (Un-audited)AS AT SEPTEMBER 30, 2007 Un-audited Audited Un-audited Audited Sept. 30, June 30, Sept 30, June 30, 2007 2007 2007 2007 Note (Rupees '000) Note (Rupees '000)SHARE CAPITAL AND RESERVES NON CURRENT ASSETS Fixed assetsShare capital 3 43,009,284 43,009,284 Property, plant and 7 21,444,125 21,600,201 equipment Development and 8 29,406,864 28,749,993 production assets- intangibleCapital reserve 4 2,512,082 2,438,228 Exploration and 9 7,181,658 6,365,706 evaluation assets 58,032,647 56,715,900 Unappropriated 52,378,897 55,169,140 Long term investments 10 3,109,536 2,945,938profit 97,900,263 100,616,652 Long term loans and 1,077,528 1,117,755 receivables Long term prepayments 62,700 39,821 62,282,411 60,819,414NON CURRENT LIABILITIES CURRENT ASSETSDeferred taxation 12,189,683 11,023,916 Stores, spare parts 13,464,331 13,178,295 and loose toolsDeferred employee Stock in trade 160,746 93,788benefits 1,403,938 1,423,132 Provision for Trade debts 11 29,812,176 27,873,515decommissioning cost 5,326,446 5,151,807 18,920,067 17,598,855 Loans and advances 1,718,685 1,538,657CURRENT LIABILITIES Deposits and short term prepayments 277,185 292,928 Interest accrued 236,149 253,222Trade and other 5 25,432,070 11,122,665 Other receivables 519,592 1,063,389payables 44,352,137 28,721,520 Advance tax 6,999,012 5,950,713 Other financial 16,178,425 13,553,959 assets Cash and bank 10,603,688 4,720,292 balancesCONTINGENCIES AND 6 79,969,989 68,518,758COMMITMENTS 142,252,400 129,338,172 142,252,400 129,338,172 The annexed notes 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDPROFIT AND LOSS ACCOUNT (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Quarter ended September 30, 2007 2006 Note (Rupees '000) Sales - net 12 27,768,732 25,295,635 Royalty (4,066,155) (2,839,929)Operating expenses 13 (3,757,893) (3,300,825)Transportation charges (302,362) (261,164) (8,126,410) (6,401,918)Gross profit 19,642,322 18,893,717 Other income 638,945 1,362,769Exploration and prospecting expenditure (1,728,087) (1,565,887)General and administration expenses (313,559) (200,656)Finance costs (139,065) (109,088)Workers' profit participation fund (905,028) (919,043) PROFIT BEFORE TAXATION 17,195,528 17,461,812Taxation (4,858,668) (5,134,009)PROFIT FOR THE QUARTER 12,336,860 12,327,803 Earnings per share - basic and diluted (Rupees) 14 2.87 2.87 The annexed notes 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDCASH FLOW STATEMENT (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Quarter ended September 30, 2007 2006 (Rupees '000)Cash flows from operating activities Net profit before taxation 17,195,528 17,461,812 Adjustments for: Depreciation 692,003 573,367 Amortization of development and production assets 973,031 783,579 Royalty 4,066,155 2,839,929 Workers' profit participation fund 905,028 919,043 Provision for employee benefits 90,074 106,631 Unwinding of discount on provision for decommissioning cost 137,453 108,365 Interest income (554,134) (1,023,492) Unrealized loss on investments at fair value through profit or loss 28,604 7,037 Dividend income (35,632) (284,484) Gain on disposal of property, plant and equipment (303) - Interest income on long term receivables - (15,106) 23,497,807 21,476,681Working capital changes (Increase)/decrease in current assets: Stores, spare parts and loose tools (286,036) (556,784) Stock in trade (66,958) 4,587 Trade debts (1,938,661) (3,876,436) Deposits and prepayments 15,743 34,206 Advances and other receivables 117,613 338,310 Increase/(decrease) in current libilities: Trade and other payables (36,075) 896,491Cash generated from operations 21,303,433 18,317,055 Royalty paid (3,299,282) (2,469,322) Employee benefits paid (109,268) (50,026) Received from workers' profit participation fund - 30,983 Income taxes paid (4,741,200) (3,315,214) (8,149,750) (5,803,579)Net cash from operating activities 13,153,683 12,513,476 Cash flows from investing activities Fixed capital expenditure (2,945,756) (4,943,910) Interest received 600,818 650,189 Dividend received 35,632 284,484 Purchase of investments (200,000) (20,000) Proceeds from encashment of investments 6,791 10,639 Proceeds from disposal of property, plant and equipment 1,464 1 Long term prepayments (22,879) 15,634Net cash used in investing activities (2,523,930) (4,002,963)Cash flows from financing activities Dividend paid (2,093,287) (15,815,282)Net cash used in financing activities (2,093,287) (15,815,282) Net increase/(decrease) in cash and cash equivalents 8,536,466 (7,304,769)Cash and cash equivalents at beginning of the quarter 17,994,342 32,177,279Cash and cash equivalents at end of the quarter 26,530,808 24,872,510 The annexed notes 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director OIL AND GAS DEVELOPMENT COMPANY LIMITEDSTATEMENT OF CHANGES IN EQUITY (Un-audited)FOR THE QUARTER ENDED SEPTEMBER 30, 2007 Share Capital Unappropriated Total capital reserve profit equity (Rupees '000) Balance at July 01, 2006 43,009,284 2,219,027 49,541,966 94,770,277 Final dividend 2006: Rs 3.75 per share - - (16,128,482) (16,128,482)Transfer to captial reserve - 55,943 (55,943) - Profit for the quarter ended September 30, 2006 - - 12,327,803 12,327,803 Balance as at September 30, 2006 43,009,284 2,274,970 45,685,344 90,969,598First interim dividend 2007: Rs 1.75 per share - - (7,526,625) (7,526,625)Second interim dividend 2007: Rs 1.75 per share - - (7,526,625) (7,526,625)Third interim dividend 2007: Rs 2.00 per share - - (8,601,857) (8,601,857)Transfer to captial reserve - 163,258 (163,258) -Profit for nine months ended June 30, 2007 - - 33,302,161 33,302,161 Balance as at June 30, 2007 43,009,284 2,438,228 55,169,140 100,616,652 Balance as at July 01, 2007 43,009,284 2,438,228 55,169,140 100,616,652Final dividend 2007: Rs 3.50 per share - - (15,053,249) (15,053,249)Transfer to capital reserve - 73,854 (73,854) -Profit for the quarter ended September 30, 2007 - - 12,336,860 12,336,860 Balance as at September 30, 2007 43,009,284 2,512,082 52,378,897 97,900,263 The annexed notes 1 to 19 form an integral part of these financial statements. Chairman and Chief Executive Director Paste the following link into your web browser to download the PDF document related to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/3206g_-2007-10-24.pdf This information is provided by RNS The company news service from the London Stock Exchange