Consolidated income statement

	Notes	2013 $’000s	2012 $’000s
Continuing operations
Revenue		482,220	367,987
Cost of sales
Operating costs		(86,272)	(74,784)
Royalty payable		(44,394)	(30,572)
Amortisation of oil and gas properties		(113,029)	(96,723)
Impairment of producing oil and gas properties	8	-	(6,682)
Movement in inventories of oil		13,007	(36,403)
Total cost of sales		(230,688)	(245,164)
Gross profit		251,532	122,823
Exploration expenses:
Pre-licence exploration expenses		(7,041)	(6,744)
Exploration costs written off	7	(162,253)	(44,384)
Total exploration expenses		(169,294)	(51,128)
Loss on disposal of assets		(871)	-
Impairment of non-producing assets held for sale	9	-	(16,554)
Administration expenses		(7,290)	(10,820)
Operating profit		74,077	44,321
Interest revenue		111	193
Finance costs	4	(22,804)	(27,352)
Other financial losses	5	(4,093)	(6,328)
Profit before tax		47,291	10,834
Taxation:
Current tax	6	(146,756)	(78,910)
Deferred tax	6	(20,310)	5,786
Total Taxation		(167,066)	(73,124)
Loss after taxation		(119,775)	(62,290)
Loss on cash flow hedges¹		(4,346)	-
Total comprehensive loss for the year		(124,121)	(62,290)
	Notes	$’s	$’s
Loss per ordinary share
Basic and diluted		(0.46)	(0.32)

^{1 This loss may be subsequently recycled to the income statement.}

View the notes