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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the three month period ended 31 March 2017
10
4.
TAXATION
Three month period ended
31 March
Year ended
31 December
2017
2016
2016
Unreviewed
Unreviewed
Audited
US$ 000’s
US$ 000’s
US$ 000’s
Tax on profit on ordinary activities
Current tax:
Foreign tax
2,052
910
1,156
Total current tax
2,052
910
1,156
Deferred tax:
Foreign tax
276
-
300
Total current tax
276
-
300
Total taxation charge
2,328
910
1,456
5.
EARNINGS/(LOSS) PER SHARE
The calculation of basic earnings/(loss) per share is based on the profit for the period after taxation attributable to
owners of the Company of US$ 11.6 million (31 March 2016: loss of US$ 10.4 million, 31 December 2016: loss of US$
116.1 million) and a weighted average number of shares, net of treasury shares, of 326.6 million (31 March 2016: 326.5
million, 31 December 2016: 326.6 million).
There was no difference between basic and diluted earnings/(loss) per share for all the periods presented. The only
potential dilutive instruments were the outstanding Employee Incentive Scheme (EIS) share awards, which have no
material dilution impact on earnings/(loss) per share, together with shares to be issued on conversion of convertible
loan which are not included in the calculation for either period as the number of shares that could be exercised is
dependent on future events.
6.
INTANGIBLE EXPLORATION AND EVALUATION (‘E&E’) ASSETS
E&E assets
Cost
US$ 000’s
As at 1 January 2016
32,663
Additions
2,503
Transfer to Property, plant and equipment
(1,485)
Transfer to assets held for sale
(5,989)
As at 31 December 2016
27,692
Additions
34
As at 31 March 2017
27,726