OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONDENSED CONSOLIDATED INTERIM BALANCE SHEET [UNAUDITED]
AS AT 31 DECEMBER 2007
			Un-audited	Audited				Un-audited	Audited
			31 December	30 June				31 December	30 June
			2007	2007				2007	2007
		Note	(Rupees '000)				Note	(Rupees '000)
SHARE CAPITAL AND RESERVES					NON CURRENT ASSETS
						Fixed assets
	Share capital		43,009,284	43,009,284		Property, plant and equipment	5	22,174,905	21,810,882
						Development and production assets-intangible	6	31,260,212	29,311,570
	Capital reserve		3,400,942	3,274,228		Exploration and evaluation assets	7	6,831,405	6,365,706
								60,266,522	57,488,158
	Unappropriated profit		62,038,985	60,652,540		Long term investments		2,757,314	2,610,267
			108,449,211	106,936,052		Long term loans and receivables		1,537,271	1,685,589
						Long term prepayments		87,072	39,821
								64,648,179	61,823,835
NON CURRENT LIABILITIES					CURRENT ASSETS
						Stores, spare parts and loose tools		14,766,651	13,605,051
	Deferred taxation		13,532,858	11,078,919		Stock in trade		122,780	93,788
	Deferred employee benefits		1,363,426	1,423,132		Trade debts	8	36,102,768	28,018,145
	Provision for decommissioning cost		6,439,341	6,049,620		Loans and advances		1,936,923	1,540,689
			21,335,625	18,551,671		Deposits and short term prepayments		412,136	293,130
CURRENT LIABILITIES						Interest accrued		263,244	318,444
						Other receivables		680,721	1,335,255
	Trade and other payables	3	18,443,376	11,259,069		Advance tax		4,313,746	5,700,810
						Other financial assets	9	17,561,097	19,153,959
						Cash and bank balances		7,419,967	4,863,686
CONTINGENCIES AND COMMITMENTS		4						83,580,033	74,922,957
			148,228,212	136,746,792				148,228,212	136,746,792
The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information.
Chairman and Chief Executive									Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONDENSED CONSOLIDATED INTERIM PROFIT AND LOSS ACCOUNT [UNAUDITED]
FOR SIX MONTHS ENDED 31 DECEMBER 2007
		Three months ended 31 December		Six months ended 31 December
		2007	2006	2007	2006
	Note	(Rupees '000)
Sales - net	10	28,895,429	24,362,207	56,822,290	49,676,384
Royalty		(3,291,376)	(2,633,829)	(7,377,297)	(5,477,008)
Operating expenses		(4,695,014)	(4,749,927)	(8,637,437)	(8,192,583)
Transportation charges		(277,812)	(250,796)	(580,174)	(511,960)
		(8,264,202)	(7,634,552)	(16,594,908)	(14,181,551)
Gross profit		20,631,227	16,727,655	40,227,382	35,494,833
Other income		708,613	986,847	1,502,479	2,252,087
Exploration and prospecting expenditure		(2,354,694)	(2,298,897)	(4,082,781)	(3,864,784)
General and administration expenses		(331,758)	(244,822)	(646,578)	(461,286)
Finance costs		(138,919)	(133,197)	(298,121)	(262,310)
Workers' profit participation fund		(925,724)	(751,792)	(1,835,494)	(1,670,835)
Share of profit in associated company		12,906	10,284	20,777	23,086
PROFIT BEFORE TAXATION		17,601,651	14,296,078	34,887,664	31,510,791
Taxation		(5,908,102)	(3,407,410)	(10,794,631)	(8,585,431)
PROFIT FOR THE PERIOD		11,693,549	10,888,668	24,093,033	22,925,360
Earnings per share - basic and diluted (Rupees)	11	2.72	2.53	5.60	5.33
The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information.
Chairman and Chief Executive					Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENT [UNAUDITED]
FOR SIX MONTHS ENDED 31 DECEMBER 2007
		Six months ended 31 December
		2007	2006
		(Rupees '000)
Cash flows from operating activities
Profit before taxation		34,887,664	31,510,791
Adjustments for:
	Depreciation	1,511,037	1,463,052
	Amortization of development and production assets	2,078,156	1,904,069
	Royalty	7,377,297	5,477,008
	Workers' profit participation fund	1,835,494	1,670,835
	Provision for employee benefits	336,183	212,323
	Unwinding of discount on provision for decommissioning cost	293,543	259,206
	Interest income	(1,272,494)	(2,079,437)
	Unrealized gain on investments at fair value through profit or loss	8,173	15,210
	Dividend income on NIT units	(28,150)	(26,334)
	Gain on disposal of property, plant and equipment	(303)	(18,062)
	Interest income on long term receivables	(29,747)	(67,517)
	Share of profit in associated company	(20,777)	(23,086)
	Provision for doubtful advances	(9,864)	-
		46,966,212	40,298,058
Working capital changes
(Increase)/decrease in current assets
	Stores, spare parts and loose tools	(1,161,600)	(3,429,842)
	Stock in trade	(28,992)	(7,558)
	Trade debts	(8,084,623)	(5,487,610)
	Deposits and short term prepayments	(119,006)	(39,959)
	Advances and other receivables	143,765	578,814
Increase/(decrease) in current liabilities:
	Trade and other payables	(1,398,137)	337,858
Cash generated from operations		36,317,619	32,249,761
	Royalty paid	(5,802,625)	(4,478,013)
	Employee benefits paid	(395,889)	(150,078)
	Received from workers' profit participation fund	16,000	31,949
	Income taxes paid	(6,953,627)	(14,730,770)
		(13,136,141)	(19,326,912)
	Net cash from operating activities	23,181,478	12,922,849
Cash flows from investing activities
	Fixed capital expenditure	(6,272,692)	(5,774,680)
	Interest received	1,377,360	2,323,920
	Dividend received	35,632	33,684
	Purchase of investments	(200,000)	(250,000)
	Proceeds from encashment of investments	16,583	41,065
	Proceeds from disposal of property, plant and equipment	1,616	18,370
	Long term prepayments	(47,251)	16,578
Net cash used in investing activities		(5,088,752)	(3,591,063)
Cash flow from financing activities
	Dividend paid	(17,121,135)	(16,602,136)
Net cash used in financing activities		(17,121,135)	(16,602,136)
Net increase/(decrease) in cash and cash equivalents		971,591	(7,270,350)
Cash and cash equivalents at beginning of the period		23,737,736	37,394,351
Cash and cash equivalents at end of the period		24,709,327	30,124,001
The annexed notes 1 to 16 form an integral part of this condensed consolidated interim financial information.
Chairman and Chief Executive			Director

OIL AND GAS DEVELOPMENT COMPANY LIMITED
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY [UNAUDITED]
FOR SIX MONTHS ENDED 31 DECEMBER 2007
	Share capital	Capital reserve		Unappropriated	Total
		Bonus shares	Specific	profit	equity
	(Rupees '000)
Balance at 30 June 2006	43,009,284	836,000	2,219,027	55,400,544	101,464,855
Final dividend 2006: Rs 3.75 per share