KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2012
F-83
1.
INCORPORATION AND ACTIVITIES
Kuwait Energy plc (“Company”) is a company incorporated on 12 September 2011 in accordance with the
Commercial Companies Law in the Bailiwick of Jersey.
The Company and its subsidiaries (together referred to as “the Group”) have been established with the objective
of exploration for, production and commercialisation of crude oil and natural gas.
The Company’s registered address is Queensway House, Hilgrove Street, St Helier, Jersey, JE1 1ES.
GENERAL INFORMATION AND 2011 RESTRUCTURING
The Company is incorporated in Jersey following a restructuring of the ownership interests in Kuwait Energy
KSSC in December 2011 (the “Restructuring”). The Company is the ultimate parent company of the Kuwait
Energy Group (“Kuwait Energy”) and owner of all the assets and liabilities previously held directly by Kuwait
Energy KSSC. Under the 2011 Restructuring, Kuwait Energy plc acquired all of Kuwait Energy KSSC’s material
assets and subsidiaries in consideration for the issue to Kuwait Energy KSSC of 317,500,000 new shares of
Kuwait Energy plc. The share capital of Kuwait Energy KSSC was subsequently reduced to 2.5% of the existing
share capital and 90% of the shares in Kuwait Energy plc were transferred to Kuwait Energy KSSC’s
shareholders on a pro-rata basis, with the remaining 10% being held by Kuwait Energy KSSC.
2.
ADOPTION OF REVISED STANDARDS
In the current year, the following new and revised Standards and Interpretations have been adopted and have
affected the amounts reported in these financial statements.
Standards not affecting the reported results or the financial position
The following new and revised Standards and Interpretations have been adopted in the current year. Their
adoption has not had any significant impact on the amounts reported in these financial statements but may impact
the accounting for future transactions and arrangements.
Amendments to IAS 12 Income taxes: The group has applied the amendments to IAS 12 (December 2010) titled
Deferred Tax: Recovery of Underlying Assets.
The amendments provide a practical approach for measuring
deferred tax liabilities and deferred tax assets when investment property is measured using a the fair value model
in IAS 40
Investment property
.
