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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Three months ended 31 March 2016
10
6.
PROPERTY PLANT AND EQUIPMENT
The additions to oil and gas assets include USD 3.9 million (31 December 2015: USD 16.5 million) of finance costs on
qualifying assets capitalised during the year and USD 0.4 million (31 December 2015: USD 1.7 million) of fair value loss
on convertible loans capitalised.
7.
TRADE AND OTHER RECEIVABLES
31 March
31 December
2016
Unaudited
2015
Audited
USD 000’s
USD 000’s
Trade receivables
29,771
30,167
Advance due from joint ventures partners
7,961
5,444
Prepayments, deposits and advances
2,974
2,609
Amount due from a related party
1,645
1,647
Other receivables
7,895
8,331
50,246
48,198
Included in the Group’s trade receivables balance were debtors arising in Egypt amounting to USD nil (31 December
2015: USD 1,599 thousand, falling under aging bracket of 61-90 days) which are past due at the reporting date for which
the Group has not made any provision as there has not been a significant change in credit quality and the amounts are still
considered recoverable.
Oil and
gas assets
Other fixed
assets
Total
Cost
USD 000’s USD 000’s USD 000’s
As at 1 January 2015 (audited)
860,200
18,424
878,624
Additions
210,954
11,311
222,265
Acquisition of asset
16,769
-
16,769
Transfer
6,074
(6,074)
-
Disposal
(37,066)
-
(37,066)
Transfer from Intangible Exploration and Evaluation
10,349
-
10,349
As at 31 December 2015 (audited)
1,067,280
23,661
1,090,941
Additions
34,460
136
34,596
Disposal
-
(484)
(484)
As at 31 March 2016 (unaudited)
1,101,740
23,313
1,125,053
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
Impairment
69,010
-
69,010
Disposal
(24,874)
-
(24,874)
As at 31 December 2015 (audited)
459,657
9,713
469,370
Charge for the period
18,479
13
18,492
Disposal
-
(484)
(484)
As at 31 March 2016 (unaudited)
478,136
9,242
487,378
Carrying amount
As at 31 March 2016 (unaudited)
623,604
14,071
637,675
As at 31 December 2015 (audited)
607,623
13,948
621,571