Sales revenue in Africa of US$35.36million (H1 2011:
US$28.69million) consists of US$30.43 million in oil sales in Egypt
and US$4.93 million in gas sales in Morocco. Corporate comprises
mainly corporate expenses, cash and other assets and liabilities
not directly attributable to an operating segment.
Six months to 30 June 2011 Africa Middle-East Corporate Total
US$000 US$000 US$000 US$000
Sales revenue 28,689 - - 28,689
Cost of sales (15,246) - - (15,246)
Depreciation (3,505) - - (3,505)
Gross profit 9,938 - - 9,938
Administration expenses (782) (204) (582) (1,568)
9,156 (204) (582) 8,370
Provision for impairment
of exploration costs (50) - - (50)
Finance costs - - (2,485) (2,485)
Finance revenue 56 - 2,853 2,909
Other gains/(losses) (68) - 28 (40)
Profit/(loss) before taxation 9,094 (204) (186) 8,704
Taxation - - - -
Profit/(loss) for the period 9,094 (204) (186) 8,704
========= ============ ========== =========
Total assets 158,746 24,895 29,273 212,914
========= ============ ========== =========
Total liabilities (7,157) (1,997) (36,189) (45,343)
========= ============ ========== =========
Twelve months to 31 December Africa Middle-East Corporate Total
2011
US$000 US$000 US$000 US$000
Sales revenue 57,950 - - 57,950
Cost of sales (28,074) - - (28,074)
Depreciation (6,499) - - (6,499)
Gross profit 23,377 - - 23,377
Administration expenses (1,265) (398) (1,485) (3,148)
22,112 (398) (1,485) 20,229
Provision for impairment
of exploration costs (163) - - (163)
Finance costs (20) - (5,125) (5,145)
Finance revenue 56 - 10,767 10,823
Foreign Exchange (loss)/gain (130) - 33 (97)
Profit/(loss) before taxation 21,855 (398) 4,190 25,647
Taxation - - (41) (41)
Profit/(loss) for the period 21,855 (398) 4,149 25,606
========= ============ ========== =========
Total assets 193,633 25,812 14,620 234,065
========= ============ ========== =========
Total liabilities (17,386) (2,020) (30,186) (49,592)
========= ============ ========== =========
4. Exploration and evaluation assets
The movement on exploration and evaluation assets which relate
to oil and gas interests during the period was:
Six months to
30 June 2012
Opening Provision Closing
balance Additions for balance
US$000 US$000 impairment US$000
US$000
Africa 27,342 2,162 - 29,504
Middle-East 25,798 549 - 26,347
Other - 109 (109) -
30 June 2012 53,140 2,820 (109) 55,851
========== ============ ============= ==========
Six months to
30 June 2011
Opening Provision Closing
balance Additions for balance
US$000 US$000 impairment US$000
US$000
Africa 19,776 302 - 20,078
Middle-East 19,957 4,949 - 24,906
Other - 50 (50) -
30 June 2011 39,733 5,301 (50) 44,984
========== ============ ============= ==========
Twelve months to
31 December 2011
Opening Provision Closing
balance Additions for balance
US$000 US$000 impairment US$000
US$000
Africa 19,776 7,566 - 27,342
Middle-East 19,957 5,841 - 25,798
Other - 163 (163) -
31 December 2011 39,733 13,570 (163) 53,140
========== ============ ============= ==========
Oil and gas interests at 30 June 2012 represent exploration and
related expenditure on the Group's licences & permits in the
geographical areas noted above. The realisation of these intangible
assets by the Group is dependent on the development of economic
reserves and the ability of the Group to raise sufficient funds to
develop these interests. Should the development of economic
reserves prove unsuccessful, the carrying value in the statement of
financial position will be written off.
The Directors have considered whether facts or circumstances
exist that indicate that exploration and evaluation assets are
impaired and consider that no impairment loss is required to be
recognised as at 30 June 2012. Exploration and evaluation assets
have been assessed for impairment having regard to the likelihood
of further expenditures and ongoing appraisal for each geographical
area.
5. Production and development assets
The movement on production and development assets which relate
to oil and gas interests during the period was:
Cost Africa Total
US$000 US$000
At 1 January 2011 106,519 106,519
Additions 15,399 15,399
At 30 June 2011 121,918 121,918
======== ========
Additions 19,891 19,891
At 31 December 2011 141,809 141,809
======== ========
Additions 12,429 12,429
At 30 June 2012 154,238 154,238
======== ========
Accumulated depreciation Africa Total
US$000 US$000
At 1 January 2011 9,135 9,135
Charge for financial period 3,488 3,488
At 30 June 2011 12,623 12,623
======== ========
Charge for financial period 2,954 2,954
At 31 December 2011 15,577 15,577
======== ========
Charge for financial period 4,043 4,043
At 30 June 2012 19,620 19,620
======== ========
Net book value Africa Total
US$000 US$000
At 30 June 2011 109,295 109,295
======== ========
At 31 December 2011 126,232 126,232
======== ========
At 30 June 2012 134,618 134,618
======== ========
6. Finance revenue
6 months 6 months Year ended
to to 31 December
30 June 30 June 2011
2012 2011
US$000 US$000 US$000
Interest receivable 42 115 187
Gain on fair value of conversion
option 1,666 2,738 10,580
Reversal of unwinding of discount
on decommissioning provision - 56 56
Unwinding of discount on deferred 81 - -
income
1,789 2,909 10,823
========= ========= =============
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