Consolidated cash flow statement

For the year ended 31 December 2012

	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