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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Three months ended 31 March 2016
9
3.
SEGMENT INFORMATION (CONTINUED)
Egypt
Iraq
Yemen
Others
Total
(Audited)
USD 000’s USD 000’s USD 000’s USD 000’s USD 000’s
31 December 2015
Segment revenues
146,774
-
8,868
-
155,642
Segment operating (loss)/profit
(5,498)
8,533
(34,338)
(9,715)
(41,018)
Share of results of Joint Venture
-
-
-
445
445
Fair value loss on convertible loans
(9,261)
Other income
1,231
Foreign exchange loss
(1,851)
Finance costs
(9,654)
Loss before tax
(60,108)
Taxation charges
(2,259)
Loss for the year
(62,367)
Segment assets
288,959
401,718
86,198
83,547
860,422
E&E assets
11,792
-
20,871
-
32,663
PP&E
202,805
371,467
45,764
1,535
621,571
Segment liabilities
48,210
52,878
22,828
381,585
505,501
Other information
Exploration expenditure written off
2,590
-
11,628
-
14,218
Impairment of oil and gas assets
35,810
24,656
8,544
-
69,010
Additions to E&E
8,037
-
2,705
-
10,742
Additions to PP&E
59,532
163,113
(410)
30
222,265
Depreciation, Depletion and
Amortisation
62,869
-
5,213
1,065
69,147
4.
LOSS PER SHARE
The calculation of basic loss per share is based on the loss for the period after taxation attributable to owners of the
Company of USD 10.4 million (31 March 2015: USD 12.4 million, 31 December 2015: USD 62.2 million) and a
weighted average number of shares, net of treasury shares, of 326.5 million (31 March 2015: 326.3 million, 31 December
2015: 326.1 million).
There was no difference between basic and diluted loss per share for any of the periods shown. The only potential dilutive
instruments were the outstanding Employee Incentive Scheme (EIS) share awards, which have no material dilution
impact on earnings 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 certain future events.
5.
INTANGIBLE EXPLORATION AND EVALUATION (‘E&E’) ASSETS
E&E assets
USD 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
456
As at 31 March 2016 (Unaudited)
33,119
As at 31 March 2016, exploration costs of USD 33.1 million (31 December 2015: USD 32.7 million) were capitalised
pending further evaluation of whether or not the related oil and gas properties are commercially viable.