Years

Sales - net
Royalty
Operating expenses
Transportation charges
Total cost

Gross profit

Other income
Exploration and prospecting expenditure
General and administration expenses
Finance cost
Workers' profit participation fund
Share of profit in associate - net of taxation
Profit before taxation
Taxation
Profit for the year
Dividend
Addition to retained earing
Profit Margin
ROE
Earnings per share - basic and diluted (Rupees)

Shares
Tax
Growth
Yearly dividend
Payout Ratio
R.Ratio
 Previous Income Statemen
2010 2011
142,571,863 155,631,290
(16,728,843) (17,703,601)
(23,727,818) (32,997,860)
(1,492,267) (2,201,339)
(41,948,928) (52,902,800)

100,622,935 102,728,490

3,300,214 3,303,971
(7,902,370) (6,621,705)
(1,598,161) (2,233,672)
(1,273,312) (1,484,781)
(4,660,671) (4,788,537)
64,118 78,438
88,552,753 90,982,204
(29,375,628) (27,454,934)
59,177,125 63,527,270
(27,954,311) (19,354,957)
31,222,814 44,172,313
41.51% 40.82%
37.60% 31.52%
13.76 14.77

2010 2011
4,300,928 4,300,928
33.17% 30.18%
- 9.16%
6.5 4.5
47.24% 30.47%
52.76% 69.53%
Previous Income Statement
2012 2013 2014 2015
197,838,726 223,365,490 257,014,254 210,624,908
(23,123,176) (25,899,469) (29,720,093) -23,736,702
(34,379,542) (37,549,987) (48,833,114) -52,935,481
(2,029,755) (2,250,087) (2,388,243) -1,985,814
(59,532,473) (65,699,543) (80,941,450) (78,657,997)

138,306,253 157,665,947 176,072,804 131,966,911

9,660,443 15,694,460 19,126,253 19,186,191

(4,047,774) (14,979,612) (8,722,796) (11,627,518)
(2,200,313) (2,679,534) (2,964,932) (4,308,255)
(1,718,651) (2,315,324) (2,204,287) (2,550,067)
(7,004,359) (7,674,541) (9,071,048) (6,685,550)
87,215 104,892 113,911 1,043,741
133,082,814 145,816,288 172,349,905 127,025,453
(36,177,239) (55,039,579) (48,435,355) (39,776,421)
96,905,575 90,776,709 123,914,550 87,249,032
(30,108,257) (35,476,450) (38,709,856) (33,325,776)
66,797,318 55,300,259 85,204,694 53,923,256
48.98% 40.64% 48.21% 41.42%
36.11% 28.05% 31.32% 19.72%
22.53 21.11 28.81 20.29

2012 2013 2014 2015

4,300,928 4,300,928 4,300,928 4,300,928
27.18% 37.75% 28.10% 31.31%
27.12% 12.90% 15.06% -18.05%
7 8.25 9 7.75
31.07% 39.08% 31.24% 38.20%
68.93% 60.92% 68.76% 61.80%
 Forecasted Income Statement
2016 2017 2018
259,643,763 276,560,039 Err:502
(29,260,958) (31,167,364) Err:502
(65,255,186) (69,506,683) Err:502
(2,447,974) (2,607,464) (2,766,954)
(96,964,117) (103,281,511) Err:502

162,679,645 173,278,528 Err:502

23,651,404 25,192,337 26,733,271

(14,333,597) (15,267,458) Err:502
(5,310,918) (5,656,934) Err:502
(3,143,546) (3,348,353) Err:502
(8,241,482) (8,778,430) Err:502
872,830 1,197,542 1,549,849
156,174,338 166,617,233 Err:502
(60,640,069) (57,732,871) Err:502
95,534,269 108,884,361 Err:502
(31,396,774) (33,805,294) Err:502
64,137,494 75,079,067 Err:502
36.79% 39.37% Err:502
17.51% 18.74% 18.77%
22.21 25.32 Err:502

2016 2017 2018

4,300,928 4,300,928 4,300,928
38.83% 34.65% 34.65%
23.27% 6.52% Err:502
7.30 7.86 8.03
32.86% 31.05% Err:502
67.14% 68.95% Err:502
Statement
2019 2020
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
(2,926,444) (3,085,934)
Err:502 Err:502

Err:502 Err:502

28,274,204 29,815,137
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
1,863,277 2,000,275
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
Err:502 Err:502
18.79% 18.79%
Err:502 Err:502

2019 2020
4,300,928 4,300,928
34.65% 34.65%
Err:502 Err:502
7.99 7.79
28.04% 25.91%
71.96% 74.09%
 OIL & GA
FIN

Previous Balance S
Years 2011
Assets
CURRENT ASSETS
Stores, spare parts and loose tools 13,979,854
Stock in trade (inventory) 261,835
Trade debts (A/R) 77,911,312
Loans and advances 2,738,873
Deposits and short term prepayments 640,229
Interest accrued 324,845
Other receivables 1,459,073
Other financial assets (MS) 38,445,555
Cash and bank balances 13,841,889
Total Current Assets 149,603,465

NON CURRENT ASSETS

Fixed assets
Property, plant and equipment 39,146,582
Development and production assets - intangible 58,926,897
Exploration and evaluation assets 7,961,197
Long term investments 3,568,930
Long term loans and receivable 2,410,907
Long term prepayments 159,550
Total Non Current Assets 112,174,063
Total Assets 261,777,528

Liabilities
CURRENT LIABILITIES
Trade and other payables 16,794,297
Provision for taxation 4,981,309
Total Current Liabilities 21,775,606

NON CURRENT LIABILITIES

Deferred taxation 20,786,195
Deferred employee benefits 3,301,169
Provision for decommissioning cost 14,348,981
Total Non Current Liabilities 38,436,345
Total Liabilities 60,211,951

Equity
Share capital 43,009,284
Capital reserves 4,059,138
Unappropriated profit 154,497,155
Total Equity 201,565,577
Total Liabilities & Equity 261,777,528

2010 2011
Sales 142,571,863 155,631,290
Growth 9.16%
Debt to asset ratio 23.0%
Equity to asset ratio 77.0%
Total 100%
OIL & GAS DEVELOPMENT COMPANY
FINANCIAL MANAGEMENT REPORT ANALYSIS

Previous Balance Sheet

2012 2013 2014 2015 %

12,860,723 16,628,579 18,502,922 16,847,032 2.92%

210,523 263,204 420,626 317,476 0.05%
138,095,764 55,874,924 90,363,190 121,411,486 21.01%
5,604,976 6,408,762 7,909,281 8,043,766 1.39%
984,796 1,158,516 1,336,238 1,414,433 0.24%
532,587 10,125,851 10,110,450 183,825 0.03%
968,697 1,180,494 661,017 24,059,740 4.16%
51,820,581 39,897,151 37,537,297 10,250,000 1.77%
3,767,689 2,709,875 2,852,160 9,814,481 1.70%
214,846,336 134,247,356 169,693,181 192,342,239 33.29%

40,966,441 52,605,226 71,803,994 109,983,739 19.03%

64,671,505 74,651,460 74,329,473 78,260,687 13.54%
10,406,156 7,275,329 9,637,788 8,139,436 1.41%
3,987,633 140,416,803 140,393,508 131,193,328 22.70%
3,066,634 4,152,258 5,170,798 5,932,606 1.03%
346,413 580,432 736,992 502,972 0.09%
123,444,782 279,681,508 302,072,553 334,012,768 57.80%
338,291,118 413,928,864 471,765,734 526,355,007 91.09%

29,791,891 56,138,527 48,045,567 61,901,977 10.71%

2,421,831 2,238,065 14,319,141 24,059,740 4.16%
 32,213,722 58,376,592 62,364,708 85,961,717 14.88%

23,545,773 25,129,694 22,270,517 16,606,840 2.87%

6,940,301 9,564,797 9,827,561 12,457,915 2.16%
17,193,813 19,993,556 20,417,830 20,303,619 3.51%
47,679,887 54,688,047 52,515,908 49,368,374 8.54%
79,893,609 113,064,639 114,880,616 135,330,091 23.42%

43,009,284 43,009,284 43,009,284 43,009,284 7.44%

4,906,000 5,756,000 6,606,000 7,456,000 1.29%
220,449,368 274,893,417 346,055,921 392,055,684 67.85%
268,364,652 323,658,701 395,671,205 442,520,968 76.58%
348,258,261 436,723,340 510,551,821 577,851,059 100.00%

2012 2013 2014 2015

197,838,726 223,365,490 257,014,254 210,624,908
27.12% 12.90% 15.06% -18.05%
20.7% 21.8% 16.1% 15.9%
79.3% 78.2% 83.9% 84.1%
100% 100% 100% 100%
MPANY
S

Forecasted Balance Sheet

2016 2017 2018 2019 2020

20,767,851 22,120,916 23,473,980 24,827,044 26,180,109

391,362 Err:502 Err:502 Err:502 Err:502
149,667,650 Err:502 Err:502 Err:502 Err:502
9,915,796 Err:502 Err:502 Err:502 Err:502
1,743,615 Err:502 Err:502 Err:502 Err:502
226,607 Err:502 Err:502 Err:502 Err:502
29,659,177 Err:502 Err:502 Err:502 Err:502
12,635,488 Err:502 Err:502 Err:502 Err:502
12,098,611 Err:502 Err:502 Err:502 Err:502
237,106,158 Err:502 Err:502 Err:502 Err:502

135,580,317 144,413,628 153,246,939 162,080,250 170,913,561

96,474,341 Err:502 Err:502 Err:502 Err:502
10,033,732 Err:502 Err:502 Err:502 Err:502
161,726,026 Err:502 Err:502 Err:502 Err:502
7,313,305 Err:502 Err:502 Err:502 Err:502
620,029 Err:502 Err:502 Err:502 Err:502
411,747,750 Err:502 Err:502 Err:502 Err:502
648,853,908 Err:502 Err:502 Err:502 Err:502

76308459.3634054 81280098.1053832 86251736.8473621 91223375.589341 96195014.3313187

- - - - -
 76,308,459 81,280,098 86,251,737 91,223,376 96,195,014

20471759.3316054 21805532.7121523 23139306.0926995 24473079.4732467 25806852.8537936

15357252.6533403 Err:502 Err:502 Err:502 Err:502
25028891.8137714 Err:502 Err:502 Err:502 Err:502
60857903.7987172 Err:502 Err:502 Err:502 Err:502
166825540.155518 Err:502 Err:502 Err:502 Err:502
0
0
53018859.1612052 56,473,137 59,927,415 63,381,692 66,835,970
9191239.1265557 Err:502 Err:502 Err:502 Err:502
483299026.632156 Err:502 Err:502 Err:502 Err:502
545509124.919917 Err:502 Err:502 Err:502 Err:502
712334665.075435 Err:502 Err:502 Err:502 Err:502

2016 2017 2018 2019 2020

259,643,763 Err:502 Err:502 Err:502 Err:502
23.27% Err:502 Err:502 Err:502 Err:502
15.9% Err:502 Err:502 Err:502 Err:502
84.1% Err:502 Err:502 Err:502 Err:502
100% Err:502 Err:502 Err:502 Err:502
WACC 15.80%
Debt Ratio 2015 0.00%
Equity Ratio 2014 100.00%
RS 15.80%
Market Rate (i) or Rate of Debt (rd) 0.00%
Tax Rate (T) 31.31%
Risk Free Rate (rf) 8.80%
Market Premium (rpm) 7.00%
Beta 1
Constant Growth 10%
Marketable securities 9,814,481
Stocks Outstanding 4300928
Non-Current Liability 49,368,374
intrinsic price per share 155.54230769
intrinsic value of equity 668976266.34
intrinsic value of firm 678,790,747
Value of operations 668976266.3