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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Three months ended 31 March 2016
11
8.
CASH AND CASH EQUIVALENTS
31 March
31 December
2016
Unaudited
2015
Audited
USD 000’s
USD 000’s
Cash and cash equivalents
68,627
105,297
68,627
105,297
Bank balances amounting to USD 7.5 million (31 December 2015: USD 7.5 million) were restricted against issue of letters
of guarantee for work performance obligations in Karim Small Fields in Oman under the new service contract. Subsequent
to the period end, restricted bank balance decreased to USD 4 million.
9.
TRADE AND OTHER PAYABLES
31 March
31 December
2016
Unaudited
2015
Audited
USD 000’s
USD 000’s
Trade Payables
87,528
95,001
Accruals and joint venture partners payables
7,360
13,658
Accrued interest payable
4,514
10,251
Salaries and bonus payables
830
749
100,232
119,659
10.
CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS
31 March
31 December
2016
Unaudited
2015
Audited
USD 000’s
USD 000’s
a)
Contingent liabilities - letters of guarantee
7,500
7,500
b) Capital commitments (other than covered by letters of guarantee)
42,925
46,725
c)
Agreement to purchase shares
7,121
7,121
Capital commitment includes committed seismic expenditures, exploration and development well drilling as specified in
the licence.
11.
FAIR VALUE OF FINANCIAL INSTRUMENTS
As at 31 March 2016 and 31 December 2015 the convertible loans were only the financial instrument carried at fair value
and were classified as level 3. There was no financial instrument classified as level 1 and level 2.
The following table shows a reconciliation of movements in the fair value of convertible loan categorised within Level 3
between the beginning and the end of the reporting period.
31 March
31 December
2016
Unaudited
2015
Audited
USD 000’s
USD 000’s
At 1 January
119,400
117,829
Change in fair value
4,000
10,974
Payment of coupon interest
(2,100)
(9,403)
At 31 March/December
121,300
119,400