| 2012 $’000s |
2011 $’000s |
|
| Cash flow from operating activities | ||
| Profit before tax | 10,834 | 112,649 |
| Adjustments for: | ||
| Amortisation, depreciation and impairment of property, plant and equipment | 96,907 | 109,308 |
| Impairment of producing oil and gas properties | 6,682 | - |
| Exploration write-offs | 44,384 | 50,316 |
| Profit on disposal of subsidiary undertakings | - | (6,807) |
| Impairment of non-producing assets held for sale | 16,554 | - |
| Interest revenue | (193) | (55) |
| Finance costs | 27,352 | 22,247 |
| Other financial losses | 6,328 | 2,084 |
| Share based payments | 4,113 | 3,836 |
| Operating cash flow prior to movement in working capital | 212,961 | 293,578 |
| Decrease/(increase) in oil inventories | 36,403 | (34,551) |
| (Increase)/decrease in trade and other receivables | (10,425) | 53,395 |
| Increase/(decrease) in trade and other payables | 16,679 | (16,461) |
| Cash generated from operations | 255,618 | 295,961 |
| Payment of tax | (97,188) | (102,052) |
| Net cash from operating activities | 158,430 | 193,909 |
| Investing activities | ||
| Expenditure on intangible assets | (113,125) | (123,318) |
| Purchase of property, plant and equipment | (173,982) | (108,211) |
| Proceeds from disposal of subsidiary undertakings | - | 45,673 |
| Movement in other receivables (included restricted bank deposits) | 1,235 | (17,465) |
| Interest received | 193 | 4 |
| Net cash used in investing activities | (285,679) | (203,317) |
| Financing activities | ||
| Interest paid | (14,700) | (13,877) |
| Other financial receipts and payments | 573 | (2,762) |
| Cash flows in respect of long term borrowings: | ||
| Repayment of borrowings facilities | (195,805) | (224,678) |
| Drawdown of borrowings facilities | 288,466 | 221,712 |
| Cash flow in respect of shares issued: | - | 126 |
| Gross proceeds | 210,455 | - |
| Fees | (11,845) | - |
| Net cash from/(used in) financing activities | 277,144 | (19,479) |
| Net increase/(decrease) in cash and cash equivalents | 149,895 | (28,887) |
| Cash and cash equivalents at the beginning of the year | 60,376 | 89,860 |
| Effect of foreign exchange rate changes | (2,929) | (597) |
| Cash and cash equivalents at the end of the year | 207,342 | 60,376 |
