|
| |
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 |
