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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the nine month period ended 30 September 2016
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1.
INCORPORATION AND ACTIVITIES
Kuwait Energy plc (“the Company”) is a company incorporated on 12 September 2011 in Jersey in accordance with the
Commercial Companies Law in the Bailiwick of Jersey.
The Company and its subsidiaries (together referred to as “the Group”) have been established with the objective of
exploration, production and commercialisation of crude oil and natural gas. The Company’s registered address is
Queensway House, Hilgrove Street, St Helier, Jersey, JE1 1ES.
These condensed set of financial statements do not include all of the information required for a full annual financial
report and are to be read in conjunction with the Group’s financial statements for the year ended 31 December 2015,
which were prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU). The financial information for the year ended 31 December 2015 in this report does not constitute statutory
accounts. This information has been derived from the statutory accounts for the year ended 31 December 2015, a copy
of which has been filed with the Jersey Registrar of Companies. The auditor’s report on these accounts was unqualified
and did not draw attention to any matters by way of emphasis.
2.
ACCOUNTING POLICIES
Basis of preparation
The annual financial statements of the Group are prepared in accordance with IFRS as adopted by the European Union.
The condensed set of financial statements included in this nine months 2016 financial report has been prepared in
accordance with International Accounting Standard 34 ‘Interim Financial Reporting’, as adopted by the European
Union.
The accounting policies used in the preparation of these condensed set of financial statements are consistent with
those used in the preparation of the annual consolidated financial statement for the year ended 31 December 2015.
Going concern
The directors are satisfied that the Group will have adequate resources to continue in operational existence for the
foreseeable future, being at least the next 12 months from the date of approval of these condensed financial
statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing these
condensed financial statements.
3.
SEGMENTAL INFORMATION
Information reported to the Group’s Executive Management 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 net liabilities of a corporate nature. The liabilities comprise the
Company’s external debt and other non-attributable corporate liabilities. The unallocated capital expenditure for the
year 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.