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KUWAIT ENERGY PLC

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

For the six month period ended 30 June 2017

9

Six month period ended

30 June

Year ended 31

December

2017

2016

2016

Unaudited

Audited

Audited

Note

US$ 000’s

US$ 000’s

US$ 000’s

OPERATING ACTIVITIES

Profit/(loss) for the period

5,667

(11,189)

(116,117)

Adjustments for:

Share in results of joint venture

(1,390)

628

(1,451)

Depreciation, depletion and amortisation

30,395

33,835

62,394

Exploration expenditure written off

1,531

-

-

Impairment of oil and gas assets

-

-

94,337

Tax charge

3,938

(222)

1,456

Foreign exchange (gain)/loss

(254)

57

2,340

Change in fair value of convertible loans

15,160

7,362

24,774

Finance costs

6,789

4,650

9,365

Interest income

(299)

(280)

(548)

Provision for retirement benefit obligation

470

283

627

Operating cash flow before movement in working capital

62,007

35,124

77,177

Increase in trade and other receivables

(24,918)

(14,760)

(47,171)

(Decrease)/increase in trade and other payables

(1,791)

(5,102)

2,722

Increase in crude oil prepayments

7,488

-

40,000

Decrease/(increase) in inventories

260

52

(749)

Tax paid

(2,729)

(532)

(532)

Net cash generated by operating activities

40,317

14,782

71,447

INVESTING ACTIVITIES

Purchase of intangible exploration and evaluation assets

(2,181)

(2,164)

(2,503)

Purchase of oil & gas assets

(50,315)

(45,874)

(83,447)

Purchase of other fixed assets

(22)

-

(142)

Increase in capital inventory stores

(1,388)

(1,409)

(42)

Farm-outs of working interest and disposal of other fixed assets

40,625

60

3,560

Investment in Joint Venture

-

-

(945)

Dividend received from joint venture

1,255

2,000

3,500

Interest received

299

358

655

Net cash used in investing activities

(11,727)

(47,029)

(79,364)

FINANCING ACTIVITIES

Repayment of obligations under finance leases

(596)

(979)

(1,766)

Finance costs paid

(19,334)

(17,576)

(34,636)

Net cash used in financing activities

(19,930)

(18,555)

(36,402)

Effect of foreign currency translation

218

(36)

(2,282)

Net increase/(decrease) in cash and cash equivalents

8,878

(50,838)

(46,601)

Cash and cash equivalents at beginning of the period

58,311

105,297

105,297

Cash balance re-classified to assets held for sale in the period

-

-

(385)

Cash and cash equivalents at end of the period

9

67,189

54,459

58,311