KUWAIT ENERGY plc GROUP
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2011
F-144
36.
REVENUE
2011
2010
USD 000’s
USD 000’s
Oil sales
166,649
126,760
Gas sales
12,272
15,012
178,921
141,772
37.
COST OF SALES
2011
2010
USD 000’s
USD 000’s
Operating costs
40,421
35,680
Depletion of oil and gas assets and decommissioning assets
48,145
59,511
Royalties
8,205
7,669
96,771
102,860
38.
IMPAIRMENT LOSS
2011
2010
USD 000’s
USD 000’s
Impairment of oil and gas assets
4,066
-
Impairment of net current assets
4,454
-
8,520
-
During the year the Company lost its licence on the JAA fields in Ukraine and wrote off in full all directly
associated assets and liabilities which resulted in a net impairment loss of USD 8,520 thousand.
39.
OTHER INCOME
2011
2010
USD 000’s
USD 000’s
Interest income
197
80
Others
603
4,142
800
4,222
40.
FINANCE COSTS
2011
2010
USD 000’s
USD 000’s
Realised hedge loss (see note 23)
7,101
949
Unwinding of decommissioning provision
107
58
Borrowing costs on bank overdrafts and loans
5,681
5,128
Less: amount capitalised in cost of qualifying assets
(5,140)
(4,317)
7,749
1,818
