OIL & GAS DEVELOPMENT COMPANY LTD

INCOME STATEMENT

2014 2015 2016

Net -sales 257,014,254 210,624,908 162,866,578
Royalty (29,720,093) (23,736,702) (18,078,772)
Operating expenses (48,833,114) (52,935,481) (54,986,250)
transportation charges (2,388,243) (1,985,814) (1,912,017)
gross profit 176,072,804 131,966,911 87,889,539
other income 19,126,253 19,186,191 14,702,971
exploration and prospecting expenditure (8,722,796) (11,627,518) (14,548,295)
general & administration expenses (2,964,932) (4,308,255) (3,770,607)
finance cost (2,204,287) (2,550,067) (1,717,889)
workers profit participation fund (9,071,048) (6,685,550) (4,237,231)
share of profit in association-net of taxation 113,911 1,043,741 2,188,899
profit before taxation 172,349,905 127,025,453 80,507,387
taxation (48,435,355) (39,776,421) (20,536,585)
profit for the year 123,914,550 87,249,032 59,970,802
PANY LTD

2017 2018
171,829,364 205,335,000
(18,518,982) (21,970,947)
(56,585,214) (60,213,460)
(1,720,982) (1,670,850)
95,004,186 121,479,743
95,004,186 16,008,118
(13,268,575) (16,190,496)
(4,239,642) (4,087,862)
(1,514,634) (1,729,886)
(4,691,445) (5,927,724)
1,827,239 3,074,868
89,137,462 112,626,761
(25,334,060) (33,890,466)
63,803,402 78,736,295
 OIL & GAS DEVELOPMENT COMPANY LTD
VERTICAL ANALYSIS OF INCOME STATEMENT

Net -sales 2014 2015 2016

Royalty 100% 100.00% 100.00%
Operating expenses -11.56% -11.27% -11.10%
transportation charges -19.00% -25.13% -33.76%
gross profit -0.93% -0.94% -1.17%
other income 68.51% 62.65% 53.96%
exploration and prospecting expenditure 7.44% 9.11% 9.03%
general & administration expenses -3.39% -5.52% -8.93%
finance cost -1.15% -2.05% -2.32%
workers profit participation fund -0.86% -1.21% -1.05%
share of profit in association-net of taxation -3.53% -3.17% -2.60%
profit before taxation 0.04% 0.50% 1.34%
taxation 67.06% 60.31% 49.43%
profit for the year -18.85% -18.88% -12.61%
48.21% 41.42% 36.82%
MPANY LTD
ATEMENT

2017 2018
100.00% 100.00%
-10.78% -10.70%
-32.93% -29.32%
-1.00% -0.81%
55.29% 59.16%
55.29% 7.80%
-7.72% -7.88%
-2.47% -1.99%
-0.88% -0.84%
-2.73% -2.89%
1.06% 1.50%
51.88% 54.85%
-14.74% -16.50%
37.13% 38.35%
 OIL & GAS DEVELOPMENT COMPANY LTD
HORIZONTAL ANALYSIS OF INCOME STATEMENT

2014 2015 2016

Net -sales 100.00% 81.95% 63.37%
Royalty 100.00% 79.87% 60.83%
Operating expenses 100.00% 108.40% 112.60%
transportation charges 100.00% 83.15% 80.06%
gross profit 100.00% 74.95% 49.92%
other income 100.00% 100.31% 76.87%
exploration and prospecting expenditure 100.00% 133.30% 166.78%
general & administration expenses 100.00% 145.31% 127.17%
finance cost 100.00% 115.69% 77.93%
workers profit participation fund 100.00% 73.70% 46.71%
share of profit in association-net of taxation 100.00% 916.28% 1921.59%
profit before taxation 100.00% 73.70% 46.71%
taxation 100.00% 82.12% 42.40%
profit for the year 100.00% 70.41% 48.40%
MPANY LTD
STATEMENT

2017 2018
63.37% 79.89%
60.83% 73.93%
112.60% 123.30%
80.06% 69.96%
49.92% 68.99%
76.87% 83.70%
166.78% 185.61%
127.17% 137.87%
77.93% 78.48%
46.71% 65.35%
1921.59% 2699.36%
46.71% 65.35%
42.40% 69.97%
48.40% 63.54%
 OIL & GAS DEVELOPMENT
YEAR TO YEAR ANALYSIS PF IN

2018
AMOUNT % CHANGE
Net -sales 33505636 19.50%
Royalty (3,451,965) 18.64%
Operating expenses (3,628,246) 6.41%
transportation charges 50,132 -2.91%
gross profit 26,475,557 27.87%
other income (78,996,068) -83.15%
exploration and prospecting expenditure (2,921,921) 22.02%
general & administration expenses 151,780 -3.58%
finance cost (215,252) 14.21%
workers profit participation fund (1,236,279) 26.35%
share of profit in association-net of taxation 1,247,629 68.28%
profit before taxation 23,489,299 26.35%
taxation (8,556,406) 33.77%
profit for the year 14,932,893 23.40%
 DEVELOPMENT COMPANY LTD
R ANALYSIS PF INCOME STATEMENT

2017 2016 2015

AMOUNT % CHANGE AMOUNT % CHANGE
8962786 0.055031462625 -47758330 -0.22674587946
(440,210) 0.02434955206 5,657,930 -0.23836209428
(1,598,964) 0.029079342563 (2,050,769) 0.038740915569
191,035 -0.09991281458 73,797 -0.03716209071
7,114,647 0.080949872772 (44,077,372) -0.33400321085
80,301,215 5.46156385672 (4,483,220) -0.23366910087
1,279,720 -0.08796357236 (2,920,777) 0.251195224983
(469,035) 0.124392438671 537,648 -0.12479484153
203,255 -0.11831672477 832,178 -0.32633573941
(454,214) 0.10719594943 2,448,319 -0.36621055859
(361,660) -0.16522461749 1,145,158 1.09716682587
8,630,075 0.107196063884 (46,518,066) -0.36621058931
(4,797,475) 0.233606269007 19,239,836 -0.48369952641
3,832,600 0.063907766316 (27,278,230) -0.3126479386
AMOUNT % CHANGE
-46389346 -0.18049328112
5,983,391 -0.20132477378
(4,102,367) 0.084007892677
402,429 -0.16850421
(44,105,893) -0.25049804398
59,938 0.003133807756
(2,904,722) 0.333003546111
(1,343,323) 0.453070424549
(345,780) 0.156867050434
2,385,498 -0.26297931617
929,830 8.162776202474
(45,324,452) -0.26297926883
8,658,934 -0.17877300579
(36,665,518) -0.29589356536