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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Nine months ended 30 September 2015
7
1. TAXATION
Year ended
Nine months ended 30 September 31 December
2015
Unaudited
2014
Unaudited
2014
Audited
USD 000’s
USD 000’s
USD 000’s
Tax on profit on ordinary activities
Current tax:
UK (Jersey) tax
-
-
-
Foreign tax
1,768
8,212
8,800
Total Corporation tax
1,768
8,212
8,800
2.
EARNINGS PER SHARE
The calculation of basic earnings per share is based on the profit for the period after taxation attributable to owners of the
Company from continuing operation of USD 15,481 thousand (30 September 2014: USD 62,717 thousand, 31 December
2014: USD 46,750 thousand), the profit for the period after taxation attributable to owners of the Company from
continuing and discontinued operation of USD 15,481 thousand (30 September 2014: USD 60,117 thousand, 31 December
2015: USD 42,711 thousand) and a weighted average number of shares, net of treasury shares, of 326,137 thousand
(September 2014: 328,494 thousand, 31 December 2014: 328,609).
There was no difference between basic and diluted earnings per share for any of the periods shown. The only potential
dilutive instruments were the convertible loans. However, the related impact on dilutive earnings per share is not included
in the calculation as the number of shares that could be exercised is dependent on certain future events.
3.
INTANGIBLE EXPLORATION AND EVALUATION (‘E&E’) ASSETS
E&E assets
USD 000’s
As at 1 January 2014
58,178
Additions
56,819
Exploration expenditure written off
(1,513)
Transfer to Property, plant and equipment
(66,996)
As at 31 December 2014
46,488
Additions
9,386
Exploration expenditure written off
(2,519)
Transfer to Property, plant and equipment
(10,499)
As at 30 September 2015
42,856
During the period ended 30 September 2015, the Company has written off unsuccessful exploration expenditure
amounting to USD 2,519 thousand related to Area A field in Egypt (31 December 2014: USD 1,513 thousand related to
BEA field in Egypt).
During the period ended 30 September 2015 exploration cost associated with proven commercial reserves amounting
USD 10,499 thousand relating to Abu Sennan in Egypt (2014: USD 56,712 thousand relating to Block 9 in Iraq and
USD 10,284 thousand to BEA and Abu Sennan in Egypt) were transferred to property, plant and equipment.