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KUWAIT ENERGY PLC

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

For the nine month period ended 30 September 2017

17

13.

CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS

30 September

31 December

2017

2016

Unaudited

Audited

US$ 000’s

US$ 000’s

a)

Contingent liabilities - letters of guarantee

-

4,000

b)

Capital commitments

35,106

43,106

c)

Agreement to purchase shares

5,361

6,176

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

in the exploration and development licences.

14.

SUBSEQUENT EVENT

Subsequent to the period ended 30 September 2017, the Group and KEC SPV 1 (an entity managed and controlled by

Abraaj Investment Management Limited) holding 50% of the convertible loans principal amended certain terms of the

convertible loan agreement to defer the first repayment date by 2018 half-year end. The lender have option to request

conversion of loan into ordinary shares of the Company prior to the first repayment date in certain circumstances as

set out in the loan agreement.