Annual Report 2010 - Ophir Energy

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70 Ophir energy plc | 2010 ANNUAL REPORT grOUp AccOUnTs | NOTEs TO THE fiNANCiAL sTATEmENTs Notes to the financial statements grOUp cOMpAny 2010 Us$’000 2009 Us$’000 2010 Us$’000 2009 Us$’000 Financial assets Cash and cash equivalents AUD 150 45 - - EUR 106 38 48 - GBP 263 2,372 189 2,326 TZS 29 - - - XAF 340 560 - - 888 3,015 237 2,326 Financial liabilities Trade and other payables AUD (184) (310) - - EUR (278) (245) - - GBP (487) (420) (384) (393) (949) (975) (384) (393) net exposure (61) 2,040 (147) 1,933 At 31 December 2010, had the US Dollar moved, as illustrated in the table below, with all other variables held constant, post-tax profit and other comprehensive income would have been affected as follows: pOsT TAX lOss higher/(lOwer) 2010 2009 Us$’000 Us$’000 OTher cOMprehensive incOMe higher/(lOwer) 2010 2009 Us$’000 Us$’000 Group US Dollar to GBP Sterling +5% (2009: +5%) 11 (98) - - US Dollar to GBP Sterling -5% (2009: -5%) (11) 98 - - US Dollar to AUD +5% (2009: +5%) (2) 13 30 51 US Dollar to AUD -5% (2009: -5%) 2 (13) (30) (51) US Dollar to EUR +5% (2009: +5%) (9) (10) - - US Dollar to EUR -5% (2009: -5%) 9 10 - - US Dollar to XAF +5% (2009: +5%) 17 28 - - US Dollar to XAF -5% (2009: -5%) (17) (28) - - US Dollar to TZS +5% (2009: +5%) 1 28 - - US Dollar to TZS -5% (2009: -5%) (1) (28) - - Parent US Dollar to GBP Sterling +5% (2009: +5%) 10 (97) - - US Dollar to GBP Sterling -5% (2009: -5%) (10) 97 - - US Dollar to EUR +5% (2009: +5%) (2) - - - US Dollar to EUR -5% (2009: -5%) 2 - - -
Notes to the Financial Statements Significant assumptions used in the foreign currency exposure sensitivity analysis include: • Reasonably possible movements in foreign exchange rates were determined based on a review of the last two years’ historical movements and economic forecasters’ expectations. • The reasonably possible movement was calculated by taking the US Dollar spot rate as at balance date, moving this spot rate by the reasonably possible movements and then re-converting the US Dollar into Australian Dollar with the “new spot rate”. This methodology reflects the translation methodology undertaken by the Group. (e) Liquidity risk The Group has a liquidity risk arising from its ability to fund its liabilities and exploration commitments. This risk is managed by ensuring that the Group has sufficient funds to meet those commitments by monitoring the expected total cash in and out flows on a continuous basis. All of the Group and Company’s trade creditors and other payables (note 17) are payable in less than six months. (f) Derivative instruments The Company and Group did not make use of derivative instruments during the year. 71 Ophir energy plc | 2010 ANNUAL REPORT Group accounts | notes to the financial statements (g) Disclosure of fair values The carrying value of security deposits and financial liabilities disclosed in the Financial Statements as at 31 December 2010 approximate their fair value for both the Company and Group. The Group uses various methods in estimating the fair value for financial instruments carried at fair value in the Financial Statements. The methods comprise: Level 1 Level 2 Level 3 the fair value is calculated using quoted prices in active markets. the fair value is estimated using inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as price) or indirectly (derived from prices). the fair value is estimated using inputs for the asset or liability that are not based on observable market data. There were no transfers between levels during the year. (h) Capital management Capital consists of equity attributable to the equity holders of the Parent. The primary objective of the Group’s capital management is to ensure it has sufficient funds to carry out its exploration and potential development activities. At 31 December 2010 the Group had no debt, other than payables as part of normal working capital.
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An African Energy Company Annual Re
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Contents Overview Highlights of the
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3 SADR x4 Daora, Haouza, Mahbes, Mi
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negotiations with the Government of
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7 Ophir energy plc | 2010 ANNUAL RE
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Jonathan Taylor BSc (Hons), MSc - E
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11 Control room on the rig floor, D
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13 The operational activities under
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Forward plan The recent drilling re
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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 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 71: Notes to the financial statements 2
Page 75: Corporate directory DirecTOrs non e
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