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KUWAIT ENERGY PLC

NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS

For the three month period ended 31 March 2017

7

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.