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OGDC to report earnings of PkR10.0/sh for 1QFY25E: Oil & Gas Development Company Limited (OGDC) is scheduled to release its 1QFY25E results, where we expect the company to post NPAT of PkR43.3bn (EPS: PkR10.08), down by 12% on a YoY basis. The annual decline in PAT is primarily due to lower hydrocarbon production alongside lower average oil prices during the outgoing period (Arab Light: US$80.6/bbl, down 10%YoY). Regarding hydrocarbon production, company's oil and gas output is estimated to have fallen by 2%/6%YoY, reaching 32kbpd/719mmcfd during the quarter, respectively. Fall in production output was primarily driven by declines in major fields such as Nashpa (↓2.1kbpd/23mmcfd), Uch (↓23mmcfd YoY) and Maramzai (↓1.1kbpd/25mmcfd), respectively. Further, we anticipate exploration expenses to surge to PkR5.3bn (up 31%YoY) as the company incurred a dry-well in the 95% owned TAY block (Tando Allahyar NE-1), which was spud during late June’24. Alongside the earnings, we expect the
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NewsDaily

Court questions FBR's ability to draft laws The Lahore High Court (LHC) has declared that the new income tax rates for late filers cannot be charged on the past and closed property transactions and advised the Federal Board of Revenue (FBR) to hire experienced draftsmen to avoid such legislation. The development came amid a cumulative 7% decline in withholding tax collection on the sale and purchase of properties during the first three months of current fiscal year despite more than doubling the tax rates in budget. The provincial court gave the judgement after hearing a writ petition filed by the Defence Housing Authority (DHA) – the military's commercial real estate arm. DHA pleaded before the court that the FBR should be stopped from charging late filer rates from previous tax years as an amendment to the law had been made in the current year's budget. "This writ petition is allowed and it is declared that Rule 1A and its proviso do not have any retrospective opera
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Fire and Blood

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the maesters of the itadel who keep the histories of Westeros have used Aegon’s Conquest as their touchstone for the past three hundred years. Births, deaths, battles, and other events are dated either AC (After the Conquest) or BC (Before the Conquest). True scholars know that such dating is far from precise. Aegon Targaryen’s conquest of the Seven Kingdoms did not take place in a single day. More than two years passed between Aegon’s landing and his Oldtown coronation…and even then the Conquest remained incomplete, since Dorne remained unsubdued. Sporadic attempts to bring the Dornishmen into the realm continued all through King Aegon’s reign and well into the reigns of his sons, making it impossible to fix a precise end date for the Wars of Conquest. Even the start date is a matter of some misconception. Many assume, wrongly, that the reign of King Aegon I Targaryen began on the day he landed at the mouth of the Blackwater Rush, beneath the three hills where the city of King’s
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