KARACHI – Steady gains in the output at TAL block, in which Pakistan Oilfields (POL) has a stake of 21 percent, is likely to further boost production during second half of the Financial Year 2011 as Mamikhel has already been connected with Manzalai.
Production at Maramzai started in early January this year but the facility has been shut down for an indefinite period due to security concerns. POL is scheduled to announce its financial results for the second quarter of FY11 on January 28, where it is expected to post a Profit after Tax (PAT) of Rs 2.9 billion, with Earnings per Share (EPS) of Rs 12.56 for the quarter.
The profit after tax stood at Rs 1.89 billion, while the earnings per share stood at Rs 8.0 for the corresponding period of the preceding year. The jump of 57 percent in annual terms for the quarter translates into 1HFY11 PAT of Rs 5,204 million with EPS of Rs 22.
The revenue stream is expected to stage an annual 38 percent surge for the 2QFY11, due to the rise in realised wellhead price of oil and gas. Production from BELA, inflows from ADHI and a boost in flows from Manzalai have bolstered volumes. Exploration cost is estimated to contract by an annual 64 percent in the 2QFY11 due to passive drilling activity. Cost is likely to remain muted during the quarter as no well was declared dry. Other incomes are expected to rise by 31 percent in the 2QFY11.
This was result of a healthy dividend income from associated undertaking including NRL and APL. Cushion provided by strategic investment is expected to magnify expansion in bottom line with pre tax impact of Rs 1.98 per share.
