KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
For the three month period ended 31 March 2017
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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 2016,
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 2016 in this report does not constitute statutory
accounts. This information has been derived from the statutory accounts for the year ended 31 December 2016, a copy
of which available on the Company’s website and in process of filing 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 three months 2017 financial report has been prepared in
accordance with International Accounting Standard 34 ‘Interim Financial Reporting’, as adopted by the European Union
(EU).
The accounting policies used in the preparation of this 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 2016. No new
and revised standards became effective in the EU during the period.
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 this condensed set of financial
statements. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing this
condensed set of financial statements.