OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2007
		2007	2006			2007	2006
	Note	(Rupees '000)			Note	(Rupees '000)
SHARE CAPITAL AND RESERVES				NON CURRENT ASSETS
				Fixed assets
Share capital	5	43,009,284	43,009,284	Property, plant and equipment	13	21,810,882	20,773,660
				Development and production assets- intangible	14	29,311,570	22,651,836
Capital reserve	6	3,274,228	3,055,027	Exploration and evaluation assets	15	6,365,706	4,348,142
						57,488,158	47,773,638
Unappropriated profit		60,652,540	55,400,544	Long term investments	16	2,610,267	2,402,435
		106,936,052	101,464,855	Long term loans and receivables	17	1,685,589	2,154,705
				Long term prepayments		39,821	58,022
NON CURRENT LIABILITIES						61,823,835	52,388,800
Deferred taxation	7	11,078,919	10,195,201
Deferred employee benefits	8	1,423,132	1,420,245	CURRENT ASSETS
Provision for decommissioning cost	9	6,049,620	5,036,478	Stores, spare parts and loose tools	18	13,605,051	11,417,621
		18,551,671	16,651,924	Stock in trade		93,788	65,608
				Trade debts	19	28,018,145	24,500,791
CURRENT LIABILITIES				Loans and advances	20	1,540,689	1,303,791
Trade and other payables	10	11,259,069	7,269,645	Deposits and short term prepayments	21	293,130	305,636
Provision for taxation	11	-	3,824,189	Interest accrued		318,444	526,913
		11,259,069	11,093,834	Other receivables	22	1,335,255	1,087,579
				Other financial assets	23	19,153,959	36,209,932
				Advance tax	11	5,700,810	-
CONTINGENCIES AND COMMITMENTS	12			Cash and bank balances	24	4,863,686	1,403,942
						74,922,957	76,821,813
		136,746,792	129,210,613			136,746,792	129,210,613
The annexed notes 1 to 41 form an integral part of these financial statements.
Chairman and Chief Executive							Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007
		2007	2006
	Note	(Rupees '000)
Sales- net	25	100,733,011	97,309,036
Royalty		(10,936,421)	(10,944,671)
Operating expenses	26	(19,167,391)	(15,815,850)
Transportation charges		(1,087,931)	(942,163)
		(31,191,743)	(27,702,684)
Gross profit		69,541,268	69,606,352
Other income	27	3,986,129	4,364,167
Exploration and prospecting expenditure	28	(7,406,280)	(3,680,707)
General and administration expenses	29	(1,289,647)	(1,077,159)
Provision for impairment loss	30	(375,000)	-
Finance costs	31	(532,670)	(9,981)
Workers' profit participation fund		(3,213,617)	(3,480,082)
Share of profit in associated company	16.1	44,326	34,638
PROFIT BEFORE TAXATION		60,754,509	65,757,228
Taxation	32	(15,499,723)	(19,953,830)
PROFIT FOR THE YEAR		45,254,786	45,803,398
Earnings per share - basic and diluted (Rupees)	34	10.52	10.65
The annexed notes 1 to 41 form an integral part of these financial statements.
Chairman and Chief Executive			Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
				2007	2006
			Note	(Rupees '000)
Cash flows from operating activities
	Profit before taxation			60,754,509	65,757,228
	Adjustments for:
		Depreciation		3,202,112	2,598,545
		Amortization of development and production assets		3,800,988	3,492,033
		Impairment loss		375,000
		Royalty		10,936,421	10,944,671
		Workers' profit participation fund		3,213,617	3,480,082
		Provision for employee benefits		198,035	258,134
		Unwinding of discount on provision for decommissioning cost		526,790	-
		Interest income		(3,636,515)	(3,814,039)
		Unrealized gain on investments at fair value through profit or loss		(60,386)	(21,523)
		Dividend income on NIT units		(26,333)	-
		Gain on disposal of property, plant and equipment		(32,959)	(26,282)
		Interest income on long term receivables		(134,517)	(172,571)
		Share of profit in associated company		(44,326)	(34,638)
		Provision for slow moving and obsolete stores		-	50,213
		Provision for doubtful advances		(5,430)	(1,997)
				79,067,006	82,509,856
Working capital changes
	(Increase)/decrease in current assets:
		Stores, spare parts and loose tools		(2,187,430)	(5,232,642)
		Stock in trade		(28,180)	(33,204)
		Trade debts		(3,517,354)	(5,767,395)
		Deposits and short term prepayments		12,506	(35,958)
		Loans, advances and other receivables		394,923	236,361
	Increase/(decrease) in current liabilities:
		Trade and other payables		1,192,297	1,216,183
Cash generated from operations				74,933,768	72,893,201
	Royalty paid			(9,768,793)	(10,380,321)
	Employee benefits paid			(327,302)	(1,349,931)
	Payments to Workers' profit participation fund-net			(3,484,051)	(3,390,949)
	Income taxes paid			(24,141,004)	(14,270,523)
				(37,721,150)	(29,391,724)
Net cash from operating activities				37,212,618	43,501,477
Cash flows from investing activities
	Fixed capital expenditure			(16,476,617)	(10,157,421)
	Interest received			4,034,617	5,529,958
	Dividends received			49,853	22,770
	Purchase of investments			(450,000)	(2,463,000)
	Proceeds from encashment of investments			73,341	12,140
	Proceeds from disposal of property, plant and equipment			35,462	29,437
	Long term prepayments			18,200	(16,183)
Net cash used in investing activities				(12,715,144)	(7,042,299)
Cash flows from financing activities
	Dividends paid			(38,154,089)	(41,444,703)
Net cash used in financing activities				(38,154,089)	(41,444,703)
Net decrease in cash and cash equivalents				(13,656,615)	(4,985,525)
Cash and cash equivalents at beginning of the year				37,394,351	42,379,876
Cash and cash equivalents at end of the year			35	23,737,736	37,394,351
The annexed notes 1 to 41 form an integral part of these financial statements.
Chairman and Chief Executive					Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2007
	Share	Capital reserve		Unappropriated	Total
	capital	Bonus shares	Specific	profit	equity
	(Rupees '000)