Consolidated income statement

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For the year ended 31 December 2013

  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