24
Year ended 31 December
Three months ended
31 March
($ thousands)
2011
2012
2013
2013
2014
..........................................................................
Purchase of other fixed assets
(2,893)
(3,254)
(2,869)
(658)
(1,726)
Proceeds from farm out of working interests ....
19,464
-
-
-
-
Proceeds from disposal of other assets ............
9
8
-
-
-
Acquisition of subsidiaries ...............................
-
(30,000)
(102,414)
(102,414)
-
Payment for capital expenditure ......................
-
(5,000)
-
-
-
Interest received................................................
197
138
527
80
115
Net cash used in investing activities
(65,913)
(133,909) (266,036)
(168,928)
(36,003)
Cash flows from financing activities
Proceeds from short term loans.........................
73,696
-
40,000
25,000
-
Repayment of short term loans .........................
-
-
(40,000)
-
-
Increase in long term loans ...............................
-
57,353
110,000
50,000
15,019
Repayment of long term loans .........................
-
(58,000)
(5,484)
-
(20,649)
Convertible loan received ................................
-
83,000
17,000
17,000
-
Dividend paid ...................................................
(22,799)
(23,279)
(6)
(217)
-
Finance costs paid.............................................
(12,782)
(6,053)
(14,408)
(2,446)
(3,690)
Net cash generated by financing activities
...
38,115
53,021
107,102
89,337
(9,320)
Effect of foreign currency translation ...............
(142)
8
-
-
-
Net increase/(decrease) in cash and bank
balances
...........................................................
(16,982)
8,005
80,828
10,052
(10,294)
Cash and bank balances at beginning of the year
..........................................................................
55,744
38,761
46,766
46,766
127,594
Cash and bank balances at end of the period
..........................................................................
38,762
46,766
127,594
56,818
117,300
Other summary financial and operating data
As at and for the
twelve months
ended
March 31,2014
(Unaudited)
($ millions)
EBITDAX
(1)
.............................................................................................................................................
192.3
Operating cash flow before movement in working capital
..................................................................
201.8
NPV of 1P reserves
(2)
................................................................................................................................
379.0
Borrowings:
Total borrowings
(3)
....................................................................................................................................
273.7
Net borrowings
(4)
......................................................................................................................................
156.4
Unaudited pro forma (as at and for the twelve months ended 31 March 2014):
Unaudited pro forma cash and bank balances
(5)
........................................................................................
198.4
Unaudited pro forma total borrowings
(6)
...................................................................................................
364.8
Unaudited pro forma net borrowings
(7)
.....................................................................................................
166.4
Unaudited pro forma interest expense
(8)
...................................................................................................
31.8
EBITDAX
(1)
/Unaudited pro forma interest expense
(8)
..............................................................................
6.0x
Unaudited pro forma net borrowings/EBITDAX
(1)
..................................................................................
0.87x
