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KUWAIT ENERGY PLC

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

For the three month period ended 31 March 2017

8

3.

SEGMENTAL INFORMATION

Information reported to the Group’s Executive Management, the chief operating decision maker, for the purposes of

resource allocation and assignment of segment performance is specifically focused on the geographical area, namely

Egypt, Iraq, Yemen and rest of the world (included in others). The Group has one class of business, being the

exploration, development, production and sale of crude oil and natural gas.

Other operations include unallocated expenditure and liabilities of a corporate nature comprising the Company’s

external debt and other non-attributable corporate liabilities. The unallocated capital expenditure for each period

comprises the acquisition of non-attributable corporate assets.

There has been no change in the basis of segmentation or in the basis of measurement of segment profit or loss in the

period.

The following is an analysis of the Group’s revenue and results by reportable segments:

Egypt

Iraq

Yemen

Others

Total

US$ 000’s US$ 000’s

US$ 000’s US$ 000’s US$ 000’s

31 March 2017

Segment revenues

27,235

19,098

-

-

46,333

Segment operating profit/(loss)

13,548

10,396

(961)

(3,174)

19,809

Share of results of joint venture

450

Change in fair value of convertible loans

(3,324)

Other income

149

Foreign exchange gain

244

Finance costs

(3,364)

Profit before tax

13,964

Taxation charge

(2,328)

Profit for the period

11,636

Segment assets

223,599

528,577

79,574

25,602

857,352

E&E assets

5,987

-

21,739

-

27,726

PP&E

110,422

372,292

45,627

925

529,266

Segment liabilities

34,407

106,159

19,457

446,141

606,164

Other information:

Additions to E&E

-

-

34

-

34

Additions to PP&E

480

33,485

214

-

34,179

Depreciation, Depletion and

Amortisation

8,081

6,116

-

85

14,282