Annual Report 2010 - Ophir Energy

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50 Ophir energy plc | 2010 ANNUAL REPORT grOUp AccOUnTs | NOTEs TO THE fiNANCiAL sTATEmENTs Notes to the financial statements Current income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise income tax is recognised in the income statement. Deferred tax Deferred income tax is recognised on all temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the Financial Statements, with the following exceptions: • where the temporary difference arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction affects neither accounting nor taxable profit or loss; • in respect of taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future; and 3 significant accounting judgements, estimates and assumptions The preparation of the consolidated Financial Statements requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated Financial Statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on Management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. The Group has used estimates and assumptions in deriving certain figures within the Financial Statements. Such accounting estimates may not equate with the actual results which will only be known in time. The key areas of estimation are noted below with further details of the assumptions used listed in the relevant note. • deferred income tax assets are recognised only to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, carried forward tax credits or tax losses can be utilised. Deferred income tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the Balance Sheet date. iTeM nOTes Exploration and Evaluation assets 2.5, 9 Share-based payments 2.24, 6 Deferred tax 2.26, 7 Deferred income tax is charged or credited directly to equity if it relates to items that are credited or charged to equity. Otherwise deferred income tax is recognised in the income statement.
Notes to the Financial Statements 4 Operating loss before taxation YEAR ENDED 31 DEC 2010 US$’000 GROUP YEAR ENDED 31 DEC 2009 US$’000 The Group operating loss from continuing operations before taxation is stated after charging/(crediting): (a) Exploration expenses - inventory management 14 439 - pre licence exploration costs 2,030 2,608 - exploration expense recovered on farm out (4,009) - - exploration expenditure written off 13,308 18,844 11,344 21,891 51 Ophir energy plc | 2010 ANNUAL REPORT Group accounts | notes to the financial statements (b) Finance expense Foreign exchange gains & losses - loss on forward exchange contract - 8,209 - other losses 429 2,822 429 11,031 (c) Administrative expenses include: Audit of the financial statements 385 216 Other fees to auditors: - taxation services 14 10 - other services 19 15 418 241 Operating lease payments - minimum lease payments 1,281 823 Share-based compensation charge 825 2,588 (d) Other expenses - loss on disposal of assets 14 22 - amortisation of intangible non-current assets 17 33 - depreciation of property, plant & equipment 735 576 - amortisation - intangible assets 1 - 3,459 766 4,090 1 Intangible asset fully amortised as at 31 December 2009 As permitted by s408 of the Companies Act 2006 the profit and loss account of the Company has not been separately presented in these accounts. The Company’s loss for the financial year amounted to US$8.0 million (31 December 2009: US$20.3 million).
Page 1 and 2: An African Energy Company Annual Re
Page 3 and 4: Contents Overview Highlights of the
Page 5 and 6: 3 SADR x4 Daora, Haouza, Mahbes, Mi
Page 7 and 8: negotiations with the Government of
Page 9 and 10: 7 Ophir energy plc | 2010 ANNUAL RE
Page 11 and 12: Jonathan Taylor BSc (Hons), MSc - E
Page 13 and 14: 11 Control room on the rig floor, D
Page 15 and 16: 13 The operational activities under
Page 17 and 18: Forward plan The recent drilling re
Page 19 and 20: Agc profond, Agc Overview AGC is a
Page 21 and 22: Block Marine iX, congo (Brazzaville
Page 23 and 24: 21 campaigns offshore Tanzania and
Page 25 and 26: OPERATIONAL RISKS Discovery Risk: N
Page 27 and 28: 25 ORDINARY SHARES OF 0.25P EACH NA
Page 29 and 30: supplier payment policy The Company
Page 31 and 32: Auditors Each of the persons who is
Page 33 and 34: The Board of Directors currently co
Page 35 and 36: health, safety & environment commit
Page 37 and 38: The remuneration of the Executive a
Page 39 and 40: 37 Independent Auditor’s Report W
Page 41 and 42: Group Accounts Group Statement of C
Page 43 and 44: group Accounts Group Statement of F
Page 45 and 46: Group Accounts Group Statement of C
Page 47 and 48: Notes to the financial statements 1
Page 49 and 50: Notes to the Financial Statements 2
Page 51: Notes to the financial statements 2
Page 57 and 58: Notes to the Financial Statements (
Page 59 and 60: Notes to the financial statements (
Page 61 and 62: Notes to the Financial Statements (
Page 73 and 74: Notes to the Financial Statements S
Page 75: Corporate directory DirecTOrs non e

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