11. Other income/(expense), net
Six months ended 30 June
--------------------------
2011 2010
------------ ------------
$'000 $'000
Foreign exchange gain/(loss) 9,972 (355)
Other expense (587) (412)
9,385 (767)
============ ============
12. earnings per share
Basic earnings per share ('EPS') is calculated by dividing net
profit for the period attributable to owners of the Parent by
weighted average number of ordinary shares outstanding during the
period.
The following reflects the income and adjusted share data used
in the EPS computations:
Six months ended 30 June
--------------------------
2011 2010
------------ ------------
$'000 $'000
Profit/(loss) attributable to
owners of the Parent 11,191 (8,670)
Number of shares:
Weighted average number of ordinary
shares 142,231,018 120,500,000
Adjustments for:
- IPO share awards 393,340 1,255,205
------------ ------------
Weighted average number of ordinary
shares for diluted earnings per
share 142,624,358 121,755,205
Basic ($) 0.08 (0.07)
Diluted ($) 0.08 (0.07)
============ ============
13. Property, plant and equipment
Exploration Machinery,
Oil and and Buildings equipment,
gas Evaluation and transport Construction
properties Assets construction and other in progress Total
---------- ----------- ------------ ---------- ------------ --------
$'000 $'000 $'000 $'000 $'000
Cost
1 January
2010 393,083 - 8,331 4,564 27,948 433,926
Additions 2,940 5,295 1,219 2,761 37,025 49,240
Transferred
from
construction
in progress 10,530 - 17 - (10,547) -
Disposals - - - (103) - (103)
Translation
difference (2,757) 81 (58) (27) (713) (3,474)
---------- ----------- ------------ ---------- ------------ --------
31 December 2010 403,796 5,376 9,509 7,195 53,713 479,589
---------- ----------- ------------ ---------- ------------ --------
Additions 8,307 - 392 3,495 33,891 46,085
Transferred
from
construction
in progress 21,209 - 785 6,661 (28,655) -
Translation
difference 35,256 457 818 694 3,514 40,739
---------- ----------- ------------ ---------- ------------ --------
30 June 2011 468,568 5,833 11,504 18,045 62,463 566,413
---------- ----------- ------------ ---------- ------------ --------
Accumulated
depreciation
1 January
2010 (2,830) - (296) (448) - (3,574)
Charge for
the period (5,160) - (474) (1,036) - (6,670)
Disposals - - - 19 - 19
Translation
difference 23 - 5 2 - 30
31 December
2010 (7,967) - (765) (1,463) - (10,195)
---------- ----------- ------------ ---------- ------------ --------
Charge for
the period (4,173) - (260) (1,365) - (5,798)
Translation
difference (746) - (71) (134) - (951)
30 June 2011 (12,886) - (1,096) (2,962) - (16,944)
---------- ----------- ------------ ---------- ------------ --------
Net book
value
---------- ----------- ------------ ---------- ------------ --------
1 January
2010 390,253 - 8,035 4,116 27,948 430,352
---------- ----------- ------------ ---------- ------------ --------
31 December
2010 395,829 5,376 8,744 5,732 53,713 469,394
---------- ----------- ------------ ---------- ------------ --------
30 June 2011 455,682 5,833 10,408 15,083 62,463 549,469
---------- ----------- ------------ ---------- ------------ --------
Included within oil and gas properties as of 30 June 2011 is
$3,284 thousand and as of 31 December 2010 $2,829 thousand relating
to decommissioning costs.
Included within oil and gas properties as of 30 June 2011 is
$2,021 thousand and as of 31 December 2010 $175 thousand relating
to borrowing costs capitalised during the period. Total borrowing
costs incurred during the period amounted to $2,387 thousand with
capitalisation rate equal to 77.3%.
Exploration and evaluation assets as of 30 June 2011 and 31
December 2010 are attributable to the North Kenyunskoye licence
acquired in February 2010.
Construction in progress relates to the construction of infield
infrastructure and drilling of oil wells which commenced during the
year ended 31 December 2010 and the six months ended 30 June
2011.
14. Inventories
As at
-------------------------
31 December
30 June 2011 2010
------------ -----------
$'000 $'000
Finished goods 1,363 324
Spare parts 1,119 830
Fuel 368 227
Raw materials and components 315 123
3,165 1,504
============ ===========
15. trade and other receivables
As at
-------------------------
31 December
30 June 2011 2010
------------ -----------
$'000 $'000
Trade receivables 2,394 1,626
Allowance for doubtful debts (147) (136)
------------ -----------
Net trade receivables 2,247 1,490
Taxes recoverable 8,842 4,304
Other receivables 2,785 2,613
Current trade and other receivables 13,874 8,407
============ ===========
In determining the recoverability of a trade receivable, the
Company considers any change in the credit quality of the trade
receivable from the date credit was initially granted up to the
reporting date. The concentration of credit risk is limited due to
the customer base. Accordingly, the management of the Group
believes that there is no further credit provision required in
excess of the allowance for doubtful debts.
16. other assets
As at
-------------------------
31 December
30 June 2011 2010
------------ -----------
$'000 $'000
Eurobonds 15,106 -
Prepayments 1,898 1,841
Prepaid expenses 837 695
Loans to employees 384 1,352
Other 178 146
------------ -----------
Current other assets 18,403 4,034
============ ===========
On 6 May 2011, the Group purchased Eurobonds issued by EBRD for
the total consideration of $15,399 thousand. The financial
instruments are denominated in RUR with the fixed interest rate of
6% and the maturity date of 14 February 2012 (Note 22).
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