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KUWAIT ENERGY PLC
NOTES TO THE CONDENSED SET OF FINANCIAL STATEMENTS
Nine months ended 30 September 2015
9
5.
INVESTMENT IN JOINT VENTURE
30 September 31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
As at 1 January
8,138
10,598
Share of profit of Medco
2,071
1,040
Dividend received from Medco
(2,000)
(3,500)
As at 30 September/ 31 December
8,209
8,138
The Investment in Joint Venture represents a 20% equity interest in Medco L.L.C. (“Medco”), a jointly controlled entity
incorporated in Oman, engaged as operator for Karim Small fields (“KSF”) in Oman and are entitled to a 75% working
interest in production. On 28 April 2015, Medco signed a new 25 year service contract for KSF, commencing from 1 June
2015. The Group has provided a bank guarantee of USD 7,500 thousand to perform obligations under the new service
contract (see note 7).
6.
TRADE AND OTHER RECEIVABLES
30 September 31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
Trade receivables
19,725
73,604
Advance to joint ventures partners
35,653
31,081
Other receivables
5,190
3,634
Prepayments, deposits and advances
10,968
7,270
Amount due from a related party
2,600
-
74,136
115,589
Ageing of trade receivables past due but not impaired
30 September 31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
61 – 90 days
2,939
13,159
91 – 120 days
-
-
121 – 180 days
-
14,144
> 180 days
-
12,100
Total
2,939
39,403
7.
CASH AND CASH EQUIVALENTS
30 September 31 December
2015
Unaudited
2014
Audited
USD 000’s
USD 000’s
Cash and bank balances
159,969
215,992
Less:
Liquid investments (bank deposits with an original maturity of over 3 months)
(50,000)
-
109,969
215,992
Bank balances amounting to USD 7,500 thousand (31 December 2014: USD 500 thousand) are restricted against issue of
letters of guarantee for the life of the guarantee, which shall remain valid for the exploration period plus six months.