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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the three month period ended 31 March 2017
11
7.
PROPERTY PLANT AND EQUIPMENT
The additions to oil and gas assets mainly relate to Siba and Block 9 in Iraq, and include US$ 4.2 million (31 December
2016: US$ 17.0 million) of finance costs on qualifying assets capitalised during the period and US$ 0.4 million (31
December 2016: US$ 2.4 million) of fair value loss on convertible loans capitalised.
Additions of US$4.8 million were made in the period relating to the assets held for sales (see note 10).
Oil and
gas assets
Other fixed
assets
Total
Cost
US$ 000’s
US$ 000’s
US$ 000’s
As at 1 January 2016
1,067,280
23,661
1,090,941
Additions
160,957
142
161,099
Disposal
-
(622)
(622)
Transfer from Intangible exploration and evaluation assets
1,485
-
1,485
Transfer to assets held for sale
(194,962)
(103)
(195,065)
As at 31 December 2016
1,034,760
23,078
1,057,838
Additions
34,145
34
34,179
Disposal
-
(47)
(47)
As at 31 March 2017
1,068,905
23,065
1,091,970
Accumulated Depreciation, depletion, amortisation and impairment
As at 1 January 2016
459,657
9,713
469,370
Charge for the year
60,257
2,137
62,394
Impairment
94,337
-
94,337
Disposal
-
(562)
(562)
Transfer to assets held for sale
(77,070)
-
(77,070)
As at 31 December 2016
537,181
11,288
548,469
Charge for the period
13,830
452
14,282
Disposal
-
(47)
(47)
As at 31 March 2017
551,011
11,693
562,704
Carrying amount
As at 31 March 2017 (Unreviewed)
517,894
11,372
529,266
As at 31 December 2016 (audited)
497,579
11,790
509,369