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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the year ended 31 December 2015
22
6.
REVENUE
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
Oil sales
153,844
270,759
Gas sales
1,798
-
155,642
270,759
7.
COST OF SALES
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
Operating costs
61,330
58,651
Depletion and amortisation of oil and gas assets (note 14)
67,757
81,853
129,087
140,504
8.
GENERAL AND ADMINISTRATIVE EXPENSES
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
Staff costs charged to administrative expenses
5,048
10,953
Professional and consultancy fees
3,331
11,233
Depreciation of other assets (note 14)
1,390
1,652
Other expenses
8,452
8,831
18,221
32,669
A proportion of the
Group’s staff cost
s
are recharged to the Group’s joint venture partners, a proportion is allocated to
operating costs and a proportion is capitalised into the cost of fixed assets under the Group’s accounting policy for
exploration, evaluation and production assets, with the remainder classified as an administrative overhead cost in the
income statement, as shown above.
9.
FINANCE COSTS
Year ended
2015
Year ended
2014
USD 000’s
USD 000’s
Borrowing costs on senior guaranteed notes and bank loans
25,669
22,409
Other finance costs
452
104
Less: amount capitalised in cost of qualifying assets
(16,467)
(9,740)
9,654
12,773
Finance cost of USD 16.5 million (2014: USD 7.3 million) have been capitalised to property, plant and equipment during
the year and USD nil (2014: USD 2.4 million) have been capitalised to intangible exploration and evaluation assets using
a weighted average interest rate of 10.6% (2014: 8.45%).
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