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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the nine month period ended 30 September 2016
10
5.
INTANGIBLE EXPLORATION AND EVALUATION (‘E&E’) ASSETS
E&E assets
Cost
US$ 000’s
As at 1 January 2015 (audited)
46,488
Additions
10,742
Exploration expenditure written off
(14,218)
Transfer to Property, plant and equipment
(10,349)
As at 31 December 2015 (audited)
32,663
Additions
2,446
Transfer to Property, plant and equipment
(1,485)
As at 30 September 2016 (unaudited)
33,624
As at 30 September 2016, exploration costs of US$ 33.6 million (31 December 2015: US$ 32.7 million) were capitalised
pending further evaluation of whether or not the related oil and gas properties are commercially viable.
6.
PROPERTY PLANT AND EQUIPMENT
The additions to oil and gas assets mainly relate to Siba and Block 9 in Iraq, and include US$ 12.7 million (31 December
2015: US$ 16.5 million) of finance costs on qualifying assets capitalised during the period and US$ 0.7 million (31
December 2015: US$ 1.7 million) of fair value loss on convertible loans capitalised.
Oil and
gas assets
Other fixed
assets
Total
Cost
US$ 000’s
US$ 000’s
US$ 000’s
As at 1 January 2015 (audited)
860,200
18,424
878,624
Additions
210,954
11,311
222,265
Acquisition of assets
16,769
-
16,769
Transfer
6,074
(6,074)
-
Disposal
(37,066)
-
(37,066)
Transfer from Intangible exploration and evaluation assets
10,349
-
10,349
As at 31 December 2015 (audited)
1,067,280
23,661
1,090,941
Additions
116,875
132
117,007
Disposal
-
(561)
(561)
Transfer from Intangible exploration and evaluation assets
1,485
-
1,485
As at 30 September 2016 (unaudited)
1,185,640
23,232
1,208,872
Accumulated Depreciation, depletion, amortisation and impairment
As at 1 January 2015 (audited)
347,764
8,323
356,087
Charge for the year
67,757
1,390
69,147
Disposal
(24,874)
-
(24,874)
Impairment
69,010
-
69,010
As at 31 December 2015 (audited)
459,657
9,713
469,370
Charge for the period
46,518
1,653
48,171
Disposal
-
(501)
(501)
As at 30 September 2016 (unaudited)
506,175
10,865
517,040
Carrying amount
As at 30 September 2016 (unaudited)
679,465
12,367
691,832
As at 31 December 2015 (audited)
607,623
13,948
621,571