Table of Contents Table of Contents 2 List of Tables 3 List of Figures 4 Company Snapshot 6 Key Information 6 Company Overview 6 Pakistan Petroleum Limited, Valuation and Financial Data, 2011-2015 7 Pakistan Petroleum Limited, Share Price Performance, 2011-2015 7 Share Price Performance, 2011-2015 7 Key Valuation Metrics, 2011-2015 8 Pakistan Petroleum Limited, Production and Reserves Trends 9 Total Oil and Gas, Reserves and Production 9 Total Crude Oil and Natural Gas Production and Reserves Trend, 2011-2015 9 Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2011-2015 10 Total Crude Oil and Natural Gas Reserve Changes, 2011-2015 12 Crude Oil/Liquids Production and Reserve 13 Crude Oil/Liquids Production and Reserve Trend, 2011-2015 13 Crude Oil Production and Reserves By Country/Region, 2011-2015 14 Crude Oil/Liquids Reserve Changes, 2011-2015 16 Natural Gas Production and Reserve 17 Natural Gas Production and Reserve Trend, 2011-2015 17 Natural Gas Production and Reserves, By Country/Region, 2011-2015 18 Natural Gas Reserve Changes, 2011-2015 20 Total Crude Oil and Natural Gas Reserves Life Index 21 Total Crude Oil and Natural Gas Reserves Life Index, 2011-2015 21 Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2011-2015 22 Pakistan Petroleum Limited, Reserve Replacement Ratio 24 Oil and Gas Production Replacement Ratio 24 Oil and Gas Production Replacement Ratio, 2011-2015 24 Oil and Gas Production Replacement Ratio, By Country/Region, 2011-2015 26 Pakistan Petroleum Limited, Results of Oil & Gas Operations Trend 30 Oil and Gas Revenue and Expenses 30 Oil and Gas Revenue and Expenses, 2011-2015 30 Oil and Gas Revenue and Expenses, By Country/Region, 2011-2015 31 Oil and Gas Revenue and Expenses, Per boe 36 Oil and Gas Revenue and Expenses, By boe, 2011-2015 36 Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2011-2015 37 Oil and Gas Performance Metrics 41 Recent Developments 42 Pakistan Petroleum Limited - Recent Developments 42 Feb 04, 2016: OGDCL Announces Disovery Of Crude Oil & Gas At Nashpa X-5 42 Jan 05, 2016: PPL: LPG/ NGL Plant III Set To Enhance Production From PPL’s Adhi Field 42 Dec 18, 2015: PPL Makes Deepest-Ever Oil Discovery In Pakistan 43 Dec 15, 2015: PPL Announces Discovery At Hatim X-1, Gambat South Block 43 Dec 04, 2015: Jereh Pakistan Project Moves Ahead Into A New Stage On Belt & Road Initiative 43 Nov 10, 2015: PPL Announces Start-Up And Commissioning Of Adhi NGL & LPG Plant-III 44 Oct 12, 2015: OMV Announces New Gas Discovery In The Latif Block, Pakistan 44 Sep 02, 2015: PPL Announces Discovery In Hala 44 Aug 21, 2015: PPL Announces Discovery In Gambat South 45 Aug 20, 2015: 27 Wells Drilled By PGNiG In Poland In H1 2015 45 Appendix 46 Methodology 46 Coverage 46 Secondary Research 46 Primary Research 46 Data Information Sources 47 Company Source 47 SEC/Other Regulatory Filings 47 Other Sources 47 Expert Panel Validation 47 Data Definition 47 Oil and Gas Reserves 47 Units of Measure 48 About GlobalData 48 Disclosure 48 Disclaimer 48

List of Tables Table 1: Pakistan Petroleum Limited, Key Facts 6 Table 2: Pakistan Petroleum Limited, Share Price Performance, 2011-2015 7 Table 3: Pakistan Petroleum Limited, Key Valuation Metrics, 2011-2015 8 Table 4: Pakistan Petroleum Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 9 Table 5: Pakistan Petroleum Limited, Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2011-2015 11 Table 6: Pakistan Petroleum Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2011-2015 12 Table 7: Pakistan Petroleum Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 13 Table 8: Pakistan Petroleum Limited, Crude Oil Production and Reserves, By Country/Region, mmbbl, 2011-2015 15 Table 9: Pakistan Petroleum Limited, Crude Oil Reserve Changes, mmbbl, 2011-2015 16 Table 10: Pakistan Petroleum Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 17 Table 11: Pakistan Petroleum Limited, Natural Gas Production and Reserves, By Country/Region, bcf, 2011-2015 19 Table 12: Pakistan Petroleum Limited, Natural Gas Reserve Changes, bcf, 2011-2015 20 Table 13: Pakistan Petroleum Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 21 Table 14: Pakistan Petroleum Limited, Oil and Gas Reserves Life Index, By Country/Region, Years, 2011-2015 23 Table 15: Pakistan Petroleum Limited, Oil and Gas Production Replacement Ratio, %, 2011-2015 24 Table 16: Pakistan Petroleum Limited, 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2011-2015 29 Table 17: Pakistan Petroleum Limited, Revenue and Expenses, US$ mil, 2011-2015 30 Table 18: Pakistan Petroleum Limited, Revenue and Expenses, By Country/Region, US$ mil, 2011-2015 35 Table 19: Pakistan Petroleum Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 36 Table 20: Pakistan Petroleum Limited, Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2011-2015 40 Table 21: Pakistan Petroleum Limited, Oil and Gas Performance Metrics, 2011-2015 41 List of Figures Figure 1: Pakistan Petroleum Limited, Share Price Performance, PKR/Share, 2011-2015 7 Figure 2: Pakistan Petroleum Limited, Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2011-2015 8 Figure 3: Pakistan Petroleum Limited, Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2011-2015 9 Figure 4: Pakistan Petroleum Limited, Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2011-2015 10 Figure 5: Pakistan Petroleum Limited, Total Oil & Gas Production, By Country/Region, mmboe, 2011-2015 10 Figure 6: Pakistan Petroleum Limited, Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2015 12 Figure 7: Pakistan Petroleum Limited, Crude Oil Production and Reserves Metrics, mmbbl, 2011-2015 13 Figure 8: Pakistan Petroleum Limited, Oil Reserves, End of Period, By Country/Region, mmbbl, 2011-2015 14 Figure 9: Pakistan Petroleum Limited, Oil Production, By Country/Region, mmbbl, 2011-2015 14 Figure 10: Pakistan Petroleum Limited, Crude Oil Reserve Changes, mmbbl, 2015 16 Figure 11: Pakistan Petroleum Limited, Natural Gas Production and Reserves Metrics, bcf, 2011-2015 17 Figure 12: Pakistan Petroleum Limited, Gas Reserves, End of Period, By Country/Region, bcf, 2011-2015 18 Figure 13: Pakistan Petroleum Limited, Gas Production, By Country/Region, bcf, 2011-2015 18 Figure 14: Pakistan Petroleum Limited, Natural Gas Reserve Changes, bcf, 2015 20 Figure 15: Pakistan Petroleum Limited, Oil and Gas Reserves Life Index, Years, 2011-2015 21 Figure 16: Pakistan Petroleum Limited, Gas Reserve Life Index, By Country/Region, Years, 2011-2015 22 Figure 17: Pakistan Petroleum Limited, Oil & Gas Reserve Life Index, By Country/Region, Years, 2011-2015 22 Figure 18: Pakistan Petroleum Limited, Oil Reserve Life Index, By Country/Region, Years, 2011-2015 23 Figure 19: Pakistan Petroleum Limited, 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2011-2015 24 Figure 20: Pakistan Petroleum Limited, 3-Year Wt. Avg. Gas F&D Production Replacement, By Country/Region, %, 2011-2015 26 Figure 21: Pakistan Petroleum Limited, 3-Year Wt. Avg. Gas RRC Production Replacement, By Country/Region, %, 2011-2015 26 Figure 22: Pakistan Petroleum Limited, 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2011-2015 27 Figure 23: Pakistan Petroleum Limited, 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2011-2015 27 Figure 24: Pakistan Petroleum Limited, 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2011-2015 28 Figure 25: Pakistan Petroleum Limited, 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2011-2015 28 Figure 26: Pakistan Petroleum Limited, Revenue and Expenses, US$ mil, 2011-2015 30 Figure 27: Pakistan Petroleum Limited, Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 31 Figure 28: Pakistan Petroleum Limited, Exploration Expenses, By Country/Region, US$ mil, 2011-2015 31 Figure 29: Pakistan Petroleum Limited, Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 32 Figure 30: Pakistan Petroleum Limited, Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 32 Figure 31: Pakistan Petroleum Limited, Oil & Gas Revenue, By Country/Region, US$ mil, 2011-2015 33 Figure 32: Pakistan Petroleum Limited, Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 33 Figure 33: Pakistan Petroleum Limited, Production Costs, By Country/Region, US$ mil, 2011-2015 34 Figure 34: Pakistan Petroleum Limited, Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2011-2015 34 Figure 35: Pakistan Petroleum Limited, Oil and Gas Revenue and Expenses, US$/boe, 2011-2015 36 Figure 36: Pakistan Petroleum Limited, Exploration Expenses per boe, By Country/Region, US$/boe, 2011-2015 37 Figure 37: Pakistan Petroleum Limited, Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2011-2015 37 Figure 38: Pakistan Petroleum Limited, Lifting Cost per boe, By Country/Region, US$/boe, 2011-2015 38 Figure 39: Pakistan Petroleum Limited, Annual Net Income per boe, By Country/Region, US$/boe, 2011-2015 38 Figure 40: Pakistan Petroleum Limited, Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2011-2015 39 Figure 41: Pakistan Petroleum Limited, Total DD&A per boe, By Country/Region, US$/boe, 2011-2015 39 Figure 42: Pakistan Petroleum Limited, Total Revenue per boe, By Country/Region, US$/boe, 2011-2015 40 Figure 43: Pakistan Petroleum Limited, Oil and Gas Performance Metrics, 2011-2015 41