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KUWAIT ENERGY PLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended 30 June 2016
30
6.
REVENUE
Six months ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
US$ 000’s
US$ 000’s
US$ 000’s
Oil sales
63,866
87,960
153,844
Gas sales
953
1,143
1,798
64,819
89,103
155,642
7.
COST OF SALES
Six months ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
US$ 000’s
US$ 000’s
US$ 000’s
Operating costs
24,742
28,944
59,537
Depletion and amortisation of oil and gas assets (note 13)
32,713
43,920
67,757
Crude oil inventory movement
52
653
1,793
57,507
73,517
129,087
8.
GENERAL AND ADMINISTRATIVE EXPENSES
Six months ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
US$ 000’s
US$ 000’s
US$ 000’s
Staff costs charged to administrative expenses
2,550
3,737
5,048
Professional and consultancy fees
1,152
1,866
3,331
Depreciation of other fixed assets (note 13)
1,122
674
1,390
Others
2,037
2,893
8,452
6,861
9,170
18,221
A proportion of the Group’s staff costs 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
Six months ended 30 June
Year ended
31 December
2016
2015
2015
Audited
Unaudited
Audited
US$ 000’s
US$ 000’s
US$ 000’s
Borrowing costs on senior guaranteed notes and bank loans
12,879
12,467
25,669
Other finance costs
239
69
452
Less: amount capitalised in cost of qualifying assets
(8,468)
(7,786)
(16,467)
4,650
4,750
9,654
Finance cost of US$ 8.5 million (30 June 2015: US$ 7.8 million, 31 December 2015: US$ 16.5 million) have been capitalised
to property, plant and equipment during the period using a weighted average interest rate of 10.6% (30 June 2015: 10.6%,
31 December 2015: 10.6).