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KUWAIT ENERGY PLC

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

For the six month period ended 30 June 2017

18

13.

CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

30 June

31 December

2017

2016

Unaudited

Audited

US$ 000’s

US$ 000’s

a)

Contingent liabilities - letters of guarantee

-

4,000

b)

Capital commitments

38,099

43,106

c)

Agreement to purchase shares

5,351

6,176

Capital commitments includes committed seismic expenditures, exploration and development well drilling as specified

in the exploration and development licences.

Management applies judgement to determine the disclosure of speculative, meritless and frivolous claims. For such

claims, disclosure is provided only if the existence of a possible obligation will be confirmed by the occurrence or non-

occurrence of one or more uncertain future events that are not wholly within the control of the entity.

14.

SUBSEQUENT EVENT

In September 2017 the Group completed the farm-out transaction to assign a 25% interest in Abu Sennan in Egypt,

which was classified as an asset held for sale as at 30 June 2017 (note 10).