OIL AND GAS DEVELOPMENT COMPANY LIMITED
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	21,600,201	20,253,248
				Development and production assets- intangible	14	28,749,993	21,653,562
Capital reserve	6	2,438,228	2,219,027	Exploration and evaluation assets	15	6,365,706	4,348,142
						56,715,900	46,254,952
Unappropriated profit		55,169,140	49,541,966	Long term investments	16	2,945,938	2,758,912
		100,616,652	94,770,277	Long term loans and receivables	17	1,117,755	1,391,552
				Long term prepayments		39,821	58,021
NON CURRENT LIABILITIES						60,819,414	50,463,437
Deferred taxation	7	11,023,916	10,010,991
Deferred employee benefits	8	1,423,132	1,420,245	CURRENT ASSETS
Provision for decommissioning cost	9	5,151,807	4,221,756	Stores, spare parts and loose tools	18	13,178,295	11,032,754
		17,598,855	15,652,992	Stock in trade		93,788	65,608
				Trade debts	19	27,873,515	24,498,986
CURRENT LIABILITIES				Loans and advances	20	1,538,657	1,301,759
Trade and other payables	10	11,122,665	7,174,483	Deposits and short term prepayments	21	292,928	300,260
Provision for taxation	11	-	3,716,958	Interest accrued		253,222	464,982
		11,122,665	10,891,441	Other receivables	22	1,063,389	790,122
				Other financial assets	23	13,553,959	31,209,932
				Advance tax	11	5,950,713	-
CONTINGENCIES AND COMMITMENTS	12			Cash and bank balances	24	4,720,292	1,186,870
						68,518,758	70,851,273
		129,338,172	121,314,710			129,338,172	121,314,710
The annexed notes 1 to 40 form an integral part of these financial statements.
Chairman and Chief Executive							Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2007
		2007	2006
	Note	(Rupees '000)
Sales- net	25	100,261,191	96,755,382
Royalty		(10,877,443)	(10,872,443)
Operating expenses	26	(18,497,388)	(15,045,654)
Transportation charges		(1,087,931)	(942,163)
		(30,462,762)	(26,860,260)
Gross profit		69,798,429	69,895,122
Other income	27	3,615,231	4,247,881
Exploration and prospecting expenditure	28	(7,406,280)	(3,680,707)
General and administration expenses	29	(1,285,476)	(1,071,979)
Finance costs	30	(449,561)	(9,973)
Workers' profit participation fund		(3,213,617)	(3,469,017)
PROFIT BEFORE TAXATION		61,058,726	65,911,327
Taxation	31	(15,428,762)	(19,943,604)
PROFIT FOR THE YEAR		45,629,964	45,967,723
Earnings per share - basic and diluted (Rupees)	33	10.61	10.69
The annexed notes 1 to 40 form an integral part of these financial statements.
Chairman and Chief Executive			Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2007
				2007	2006
			Note	(Rupees '000)
Cash flows from operating activities
	Profit before taxation			61,058,726	65,911,327
	Adjustments for:
		Depreciation		2,978,442	2,370,871
		Amortization of development and production assets		3,637,369	3,339,729
		Royalty		10,877,443	10,872,443
		Workers' profit participation fund		3,213,617	3,469,017
		Provision for employee benefits		184,852	243,906
		Unwinding of discount on provision for decommissioning cost		443,699	-
		Interest income		(3,064,607)	(3,389,616)
		Unrealized gain on investments at fair value through profit or loss		(60,386)	(21,523)
		Dividend income		(300,653)	(398,970)
		Gain on disposal of property, plant and equipment		(32,628)	(26,282)
		Interest income on long term receivables		(61,573)	(82,752)
		Provision for slow moving and obsolete stores		-	47,452
		Provision for doubtful advances		(5,430)	(1,997)
				78,868,871	82,333,605
Working capital changes
	(Increase)/decrease in current assets:
		Stores, spare parts and loose tools		(2,145,541)	(3,502,052)
		Stock in trade		(28,180)	(33,204)
		Trade debts		(3,374,529)	(5,971,412)
		Deposits and short term prepayments		7,332	(36,540)
		Advances and other receivables		86,035	(58,194)
	Increase/(decrease) in current liabilities:
		Trade and other payables		1,207,365	1,162,437
Cash generated from operations				74,621,353	73,894,640
	Royalty paid			(9,768,793)	(10,297,744)
	Employee benefits paid			(327,302)	(1,349,931)
	Payments to Workers' profit participation fund-net			(3,469,017)	(3,380,011)
	Income taxes paid			(24,083,508)	(14,231,431)
				(37,648,620)	(29,259,117)
Net cash from operating activities				36,972,733	44,635,523
Cash flows from investing activities
	Fixed capital expenditure			(16,444,905)	(11,917,891)
	Interest received			3,466,000	3,119,077
	Dividends received			300,653	398,970
	Purchase of investments			(450,000)	(440,063)
	Proceeds from encashment of investments			73,341	12,140
	Proceeds from disposal of property, plant and equipment			35,130	31,184
	Long term prepayments			18,200	(16,182)
Net cash used in investing activities				(13,001,581)	(8,812,765)
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				(14,182,937)	(5,621,945)
Cash and cash equivalents at beginning of the year				32,177,279	37,799,224
Cash and cash equivalents at end of the year			34	17,994,342	32,177,279
The annexed notes 1 to 40 form an integral part of these financial statements.
Chairman and Chief Executive					Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2007
	Share	Capital	Unappropriated	Total
	capital	reserve	profit	equity
	(Rupees '000)
Balance at 01 July 2005	43,009,284	1,995,996	38,204,702	83,209,982
Changes in equity for the year ended 30 June 2006
Final dividend 2005: Rs 2.75 per share	-	-	(11,827,553)	(11,827,553)
First interim dividend 2006: Rs 1.25 per share	-	-	(5,376,161)	(5,376,161)
Second interim dividend 2006: Rs 1.75 per share	-	-	(7,526,625)	(7,526,625)
Third interim dividend 2006: Rs 2.25 per share	-	-	(9,677,089)	(9,677,089)
Transfer to capital reserve	-	223,031	(223,031)	-
Profit for the year	-	-	45,967,723	45,967,723
Total recognized income for the year	-	-	45,967,723	45,967,723
Balance at 30 June 2006	43,009,284	2,219,027	49,541,966	94,770,277
Balance at 01 July 2006	43,009,284	2,219,027	49,541,966	94,770,277
Changes in equity for the year ended 30 June 2007
Final dividend 2006: Rs 3.75 per share	-	-	(16,128,482)	(16,128,482)
First interim dividend 2007: Rs 1.75 per share	-