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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Six months ended 30 June 2015
19
11.
CASH AND CASH EQUIVALENTS
30 June
31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
Cash and bank balances
163,063
215,992
Less:
Liquid investments (bank deposits with an original maturity of over 3 months)
(50,000)
-
113,063
215,992
Bank balances amounting to USD 7,500 thousand (31 December 2014: USD 500 thousand) are restricted against issue
of letters of guarantee for the life of the guarantee, which shall remain valid for the exploration period plus six months.
12.
BORROWINGS
During 2014, the Group issued USD 250 million aggregate principal amount of 9.5% Senior guaranteed notes due
2019 (the “Notes”). Interest on the Notes is paid semi-annually in arrears on 4 February and 4 August, commencing on
4 February 2015. The Notes have been admitted by the Irish Stock Exchange for listing and trading on the Global
Exchange Market. The proceeds received from the Notes were net of amounts used to repay the outstanding balances
under the Reserve Based Facilities and the Arab Bank Facility. The remaining proceeds, after fees, are being used to
fund capital expenditure of the Group, particularly in respect of the Group’s assets in Iraq and for general corporate
purposes.
The Notes are callable in whole, or, in part, at the option of the Group prior to maturity (subject to certain conditions
being satisfied).
Movement in carrying value of the Notes:
30 June
31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
Par value payable on maturity
250,000
250,000
Unamortised initial transaction fees
(7,543)
(7,541)
Non-current portion of the Notes
242,457
242,459
Interest accrued and payable within 12 months
(included in trade and other payables)
9,698
9,896
Carrying value as at end of period
252,155
252,355