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KUWAIT ENERGY PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine month period ended 30 September 2017

8

Nine month period ended

30 September

Year ended 31

December

2017

2016

2016

Unaudited

Unaudited

Audited

Note

US$ 000’s

US$ 000’s

US$ 000’s

OPERATING ACTIVITIES

Profit/(loss) for the period

11,730

(12,407)

(116,117)

Adjustments for:

Share in results of joint venture

(1,773)

767

(1,451)

Depreciation, depletion and amortisation

43,227

48,171

62,394

Exploration expenditure written off

1,540

-

-

Net impairment of oil and gas assets

3,876

-

94,337

Tax charge

5,838

837

1,456

Foreign exchange (gain)/loss

(302)

42

2,340

Change in fair value of convertible loans

23,158

10,118

24,774

Finance costs

10,381

6,975

9,365

Interest income

(448)

(401)

(548)

Provision for retirement benefit obligation

568

469

627

Operating cash flow before movement in working capital

97,795

54,571

77,177

Increase in trade and other receivables

(31,779)

(26,946)

(47,171)

(Decrease)/increase in trade and other payables

(8,537)

(2,628)

2,722

(Decrease)/increase in crude oil prepayments

(22,531)

-

40,000

Decrease/(increase) in inventories

56

(384)

(749)

Tax paid

(2,729)

(532)

(532)

Net cash generated by operating activities

32,275

24,081

71,447

INVESTING ACTIVITIES

Purchase of intangible exploration and evaluation assets

(2,215)

(2,446)

(2,503)

Purchase of oil & gas assets

(63,198)

(68,948)

(83,447)

Purchase of other fixed assets

(22)

(132)

(142)

Increase in capital inventory stores

(706)

391

(42)

Farm-outs of working interest and disposal of other fixed assets

50,625

60

3,560

Investment in Joint Venture

-

(945)

(945)

Dividend received from joint venture

1,255

2,000

3,500

Interest received

448

503

655

Net cash used in investing activities

(13,813)

(69,517)

(79,364)

FINANCING ACTIVITIES

Repayment of obligations under finance leases

(596)

(1,468)

(1,766)

Finance costs paid

(33,309)

(31,551)

(34,636)

Net cash used in financing activities

(33,905)

(33,019)

(36,402)

Effect of foreign currency translation

297

(50)

(2,282)

Net increase/(decrease) in cash and cash equivalents

(15,146)

(78,505)

(46,601)

Cash and cash equivalents at beginning of the period

58,311

105,297

105,297

Cash balance re-classified to assets held for sale in the period

-

-

(385)

Cash and cash equivalents at end of the period

9

43,165

26,792

58,311