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Annex - III Islamabad, August 09, 2012 FOR IMMEDIATE RELEASE OGDCL Audited Financial Results for the Full Year Ended 30 June 2012 Oil and Gas Development Company Limited (OGDCL), (Ticker: OGDC), today announces its financial results for the Full Year ended 30 June 2012. Financial Statements have been prepared in accordance with International Financial Reporting Standards. Highlights of the Full Year include: OGDCL’s net sales increased to Rs 197.839 billion compared to Rs 155.631 billion in the
   1 Annex - IIIIslamabad, August 09, 2012FOR IMMEDIATE RELEASE OGDCL Audited Financial Results for the Full Year Ended 30 June 2012 Oil and Gas Development Company Limited (OGDCL), (Ticker: OGDC), today announces itsfinancial results for the Full Year ended 30 June 2012. Financial Statements have been prepared inaccordance with International Financial Reporting Standards. Highlights of the Full Year include:  OGDCL’s net sales increased to Rs 197.839 billion compared to Rs 155.631 billion in thecorresponding period last year   Net profit before taxation increased to Rs 133.083 billion compared to Rs 90.982 billion inthe corresponding period last year   Net profit after taxation (NPAT) increased to Rs 96.906 billion compared to Rs 63.527 billionin the corresponding period of preceding year translating into an Earnings per Share of Rs22.53  Payable final dividend of Rs. 2.75 per share  Operating profit margin and net profit margin were 62% and 49% respectively  Average net realized price of crude oil sold was US$ 84.91/bbl as against US$ 72.05/bblduring corresponding period last year   Average net realized price for natural gas sold was Rs 228.56/Mcf as against Rs 214.03/Mcf during corresponding period last year   2,589 L. Kms of 2D and 654 Sq. Kms of 3D seismic acquisition completed  17 new wells including seven (07) exploratory / appraisal wells and ten (10) developmentwells were spudded during the year ended 30 June 2012  Company’s exploratory efforts yielded two (2) new significant oil & gas discoveries namelyNashpa -2 (Nashpa E.L) and Zin-X- 1 (Zin E.L)  Net crude production of 37,615 Bpd, net gas production of 1,091 MMcfd, net LPGproduction of 205 MTPD and net Sulphur production of 62 MTPD was witnessed during theperiod under review. FY 2010-11Rupees ‘000FY 2011-12Rupees ‘000%ChangeNet Sales 155,631,290197,838,726 27.1 Profit before Taxation 90,982,204133,082,814 46.3 Profit after Taxation 63,527,27096,905,575 52.5 Earnings per Share - Rs 14.7722.53 52.5 Net Cash from Operating activities 67,883,52848,582,753 (28.4)   2 MD and CEO’s Statement MD and CEO of OGDCL, Mr. Masood Siddiqui, commenting on the financial results of OGDCL’s fullyear FY2011-12, stated: “It gives me a great pleasure to report that OGDCL again delivered strong financial results and stable operating performance which merits great pride for all our stakeholders. The increase in theCompany’s production volumes along with higher realized prices of crude oil, gas, LPG and sulphur lead the Company to register a record Profit after Tax (PAT) of Rs 96.906 billion in the reporting  period translating into Earnings per Share (EPS) of Rs 22.53. Let me assure you that we will not stop here, but will continue to progress aggressively and improve on the results that we have produced so far and the Management is fully focused on taking the Company to an even higher  platform of success.During the year 2011-12, Company’s relentless efforts to locate new hydrocarbon reserves yielded two (02) new significant oil and gas discoveries namely Nashpa-2 and at Zin X-1. Naspha-2 development was fast-tracked and has already been put on production. In addition, the Company successfully completed Phase-I of the Kunnar Pasahki Deep-Tando Allah Yar (KPD-TAY)development project which contributed significant volumes of hydrocarbons to Pakistan’s energy-starved network. KPD-TAY channelled about 110 MMscfd of gas, 1,500 bpd of condensate and 130 M.Tons per day of LPG to the energy sector of the Country.I would also like to touch upon a significant milestone that the Company achieved this year i.e., theGolden Jubilee representing fifty years of OGDCL’s existence during which OGDCL attained thebenchmark position as Pakistan’s leading Exploration & Production (E&P) Company. For OGDCL,the past five decades have been the story of continuous efforts and successes in exploring of new hydrocarbon reserves and exploiting / optimizing these for meeting the growing energy demands of the Country.I take pride in informing you that the superior performance of the Company would not have been possible without the hard and intelligent work, dedication and commitment of our human resource pool. I am certain with the current mix of human and material resources, OGDCL will attain higher grounds and we will continue to maximize the value of our shareholders. I look forward towards abrighter future for all our stakeholders.”    3 For further information:Investor Relations Contacts:Asher Yousfani  Assistant Accountant(Management Reporting / Investor Relations)Telephone: +92 51 920 022531Email:asher@ogdcl.com  Usman M. Bajwa Investor Relations Officer Telephone: +92 51 920 9888Fax: +92 51 920 9858Email:usman_bajwa@ogdcl.com  Notes to Editors OGDCL, the largest petroleum Exploration and Production (E&P) Company in Pakistan, was listedon all three stock exchanges of the country in November 2003 and its Global Depository Shares(GDS) were issued on London Stock Exchange in December 2006. It holds the largest portfolio of recoverable hydrocarbon reserves of Pakistan, at 31% of gas and 48% of oil, respectively, as at 31December 2011. It contributed 27% of the country’s total natural gas production and 58% of its totaloil production as at 30 June 2012.With a portfolio of 34 exploration licences, the Company has the largest exploration acreage inPakistan, covering 23% of the total awarded acreage as of 30 June 2012. Currently all productionvolumes are being realized from onshore areas of Pakistan, however, the Company also hasworking interests in Pakistan’s offshore exploration blocks.OGDCL had a net profit after tax of Rs 96.906 billion for the year ended 30 June 2012.   4 SUMMARY RESULTS During the year under review, the Company witnessed improved financial results despite torrentialrains/floods in the Southern region of the Country during the month of September 2011 affectingCompany’s oil and gas production, natural decline of crude oil production in some of the producingfields, issue of inter-corporate circular debt and unfavorable security situation in few of theCompany’s operational areas. Company’s sales revenue and Profit after Tax (PAT) increased by27.1% and 52.5% to Rs 197.839 billion and Rs 96.906 billion resulting in Earnings per Share (EPS)of Rs 22.53 compared to Rs 14.77 during the preceding year. These results are primarilyattributable to higher realized prices of crude oil, gas, LPG and sulphur coupled with the increase inthe production of gas and crude oil.I am also delighted to mention that during the year, Company’s exploratory efforts resulted in two(02) new significant oil and gas discoveries at Nashpa-2 exploratory well in District Karak, Khyber Pakhtunkhwa province and at Zin X-1 exploratory well in District Dera Bugti, Balochistan province.Out of the said discoveries, Nashpa-2 has already been put on production and is currentlyproducing around 6,000 barrels of crude oil per day and 20 million cubic feet (MMcf) of gas per day.During the year under review, OGDCL’s production on working interest basis averaged 37,615barrels of crude oil per day, 1,091 MMcf of gas per day and 205 M.Tons of LPG per day. It ispertinent to highlight here that Company endeavors to enhance production led to a significantincrease in crude oil, gas and LPG daily net production which averaged 38,177 barrels, 1,175 MMcf and 283 M.Tons respectively during the month of June 2012. OGDCL expects that this rising trendin production will continue in the near future as the Company is making utmost efforts to explorenew fields, develop already discovered fields and complete all its ongoing development projects onfast track basis.On the basis of the sound financial results and stable operating performance during the year 2011-12 the Company’s Management is optimistic to deliver industry leading returns to the shareholdersin the future leading to sustainable growth and strengthening of business competitive position. Financial Performance Review OGDCL’s financial results for the year under review reflect land mark achievements. This can bewitnessed from the fact that the Company’s Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) for the year 2011-12 increased to Rs 145.662 billion up by 32.7% from thelast year. The significant improvement in EBITDA is mainly due to higher realized prices of crude oil,gas & LPG which averaged at US$ 84.91/BBL, Rs 228.56/Mcf and Rs 74,020/M.Ton compared toUS$ 72.05/BBL, Rs 214.03/Mcf and Rs 65,443/M.Ton respectively during the preceding year andalso on account of increased gas, crude oil & LPG production. In addition, decrease in Exploration& Prospecting expenditures, as no well was declared dry and abandoned in the year 2011-12against seven (07) wells declared dry and abandoned in the year 2010-11, also contributedpositively towards improved EBITDA.During the year under review, the Company registered a record Profit after Taxation of Rs 96.906billion up by 52.5% over the preceding year owing to increase in the Earning before Interest &Taxes(EBIT) and higher reported other income on account of increase in return on investment & bankdeposits and exchange gain.
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