Exploration and evaluation assets as of 31 December 2012 and
2011 comprise the ETP VI licence acquired in February 2010 and the
ETP VII licence acquired in December 2011. Construction in progress
relates to the construction of infield infrastructure and drilling
of oil wells commenced in 2012.
18. Inventories
As at 31 December
-------------------
2012 2011
--------- --------
$'000 $'000
Crude oil 1,869 1,141
Spare parts 2,087 1,222
Fuel 302 273
Chemicals 338 187
Total 4,596 2,823
========= ========
19. trade and other receivables
As at 31 December
-------------------
2012 2011
--------- --------
$'000 $'000
Trade receivables 1,971 1,912
Allowance for doubtful debts (53) (141)
--------- --------
Net trade receivables 1,918 1,771
Taxes recoverable 13,749 8,686
Income tax receivable 445 1,093
Other receivables 896 2,136
Current trade and other receivables 17,008 13,686
========= ========
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. Accordingly, the management of the Group believes
that there is no further credit provision required in excess of the
allowance for doubtful debts.
20. other assets
As at 31 December
-------------------
2012 2011
-------- ---------
$'000 $'000
Eurobonds - 13,561
Prepayments 2,809 2,200
Prepaid expenses 909 790
Other 70 97
-------- ---------
Current other assets 3,788 16,648
======== =========
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 Roubles with the fixed interest rate
of 6% and matured in February 2012.
21. Short-term loans issued
In September - November 2012 the Group has signed a number of
preliminary agreements to process the acquisition of subsoil
licences and certain other non-current assets of VenlockNeft LLC
("Venlock") for a total consideration of $2,719 thousand.
Completion of the transaction is subject for certain actions and
approvals and is planned for 2013.
As a part of Venlock acquisition process the Group issued a loan
to a third party of $2,719 thousand maturing in June 2013.
22. Cash and cash equivalents
As at 31 December
-------------------
2012 2011
--------- --------
$'000 $'000
Cash on deposit (contractual interest
rate 0.12 - 4.2% p.a.) 95,000 77,000
Cash on deposit (contractual interest
rate 6.15 - 6.65 % p.a.) 9,877 17,083
Cash on deposit (contractual interest
rate 3.85 - 5.6 % p.a.) - 6,572
Cash in bank (interest-free) 16,088 16,316
Cash on hand - 596
Total 120,965 117,567
========= ========
23. provision for decommissioning
As at 31 December
-------------------
2012 2011
-------- ---------
$'000 $'000
Balance at the beginning of the
year 5,153 3,949
Additions 3,589 2,553
Change in estimates (367) (1,469)
Unwinding of the present value
discount 14 487 390
Translation difference 484 (270)
-------- ---------
Balance at the end of the year 9,346 5,153
======== =========
In accordance with the licence agreements the Group is liable
for site restoration, clean up and abandonment of the wells upon
completion of their production cycle. The provision for future site
restoration relates to obligations to restore the oilfields after
use. All of these costs are expected to be incurred at the end of
the life of wells between 2027 and 2038 (Note 5). They depend on
the estimated lives of the wells, the scale of any possible
contamination and the timing and extent of corrective actions.
The unwinding of the discount related to future site restoration
and abandonment reserve is included within finance costs.
Management believes that this estimate of the future liability is
appropriate to the size of the fields.
24. trade and other payables
As at 31 December
-------------------
2012 2011
--------- --------
$'000 $'000
Trade payables 7,819 13,633
Advances received 8,410 7,329
Salary payable 949 719
Other payables 821 1,115
Current trade and other payables 17,999 22,796
========= ========
At 31 December 2012, advances of $8,410 thousand (2011: $7,329
thousand) relate to the receipts from customers for the sales in
January 2013 (2011: January 2012).
At 31 December 2011, other payables include $452 thousand of
penalties imposed by FSA.
25. borrowings
As at 31 December
-------------------
2012 2011
$'000 $'000
Credit Suisse 100,245 49,038
Less: current portion (245) (3,271)
Long-term portion 100,000 45,767
There is no material difference between the carrying amount and
fair value of borrowings.
Credit Suisse - On 10 September 2010, the Group agreed a loan
facility of $50 million with a term of 3.5 years. Interest is
charged at LIBOR plus 7%.
The first repayment of principal was made in January 2012 in
compliance with the repayment schedule.
In March 2012 the existing loan facility was replaced by a $100
million loan facility with a term of 5 years. The loan bears an
interest rate at LIBOR plus 6% and is repayable in equal quarterly
installments beginning from March 2014. The interest is payable
quarterly with the first payment made in June 2012.
Unamortised borrowing costs of $1,514 thousand incurred in
relation to the previous loan facility of $50 million were written
off to the statement of comprehensive income in March 2012.
Borrowing costs of $2,160 thousand directly attributable to the
extension of loan facility were immediately recognised in the
statement of comprehensive income.
The loan is secured by a pledge of the 100% shares of certain
Group's subsidiaries (Note 31): Ucatex Oil LLC, Kayumneft CJSC, Nem
Oil CJSC, Komi Resources CJSC, Nord Oil CJSC, Ucatex Ugra LLC,
Actionbrook Limited, Claybrook Limited, Diamondbridge Limited,
Lanarch Limited, Halescope Limited, Vitalaction Limited, Corewell
Limited, Touchscope Limited, Silo Holdings Limited and Exillon
Finance Limited.
The loan is also secured with future revenue under export
contracts and cash balances from a bank account opened in CJSC Bank
Credit Suisse (Moscow).
26. share capital
The amount of share capital available for issue at the date of
these consolidated financial statements and the issued share
capital of the Company are as follows:
Number Share capital Share Premium
(allotted and
called up)
$'000 $'000
As at 31 December
2010 138,072,911 1 126,034
Issuance of shares 23,438,000 - 146,082
As at 31 December
2011 161,510,911 1 272,116
Issuance of shares - - -
As at 31 December
2012 161,510,911 1 272,116
The total number of allotted ordinary shares is 161,510,911 with
a par value of $0.0000125 each. Shares issued include 3,765,624
shares, which are not paid and held by the EBT within the Group for
further allocation to employees (Note 27).
Issuance of new shares - on 21 April 2011, the Company issued
23,438,000 new shares with a par value of $0.0000125 each at GBP4
for total proceeds of GBP93,752 thousand or $153,406 thousand.
Costs related to the issuance of new shares taken against share
premium amounted to $7,324 thousand.
27. Share-based payment
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