Annual Report 2007 - Global Energy Development

36 Notes to the financial information Global Energy Development PLCAnnual report 2007Notes to the financial information continuedFor the twelve months ended 31 December 200712. Property, plant and equipmentoil and Facilities Officegas and equipmentproperties pipeline and other Total$000 $000 $000 $000Cost:At 1 January 2007 81,396 19,158 1,727 102,281Additions 3,012 1,674 169 4,855Disposals (293) – (279) (572)Transfers 9,819 (1,686) – 8,133At 31 December 2007 93,934 19,146 1,617 114,697Depreciation:At 1 January 2007 (20,350) (4,209) (1,144) (25,703)Disposals 211 – 181 392Transfers (118) 38 (2) (82)Provided during the year (5,368) (1,264) (173) (6,805)At 31 December 2007 (25,625) (5,435) (1,138) (32,198)Net book value at 31 December 2007 68,309 13,711 479 82,499For comparison purposes, balances and activity for the year 2006 is presented below:oil and Facilities Officegas and equipmentproperties pipeline and other Total$000 $000 $000 $000Cost:At 1 January 2006 84,162 2,660 1,486 88,308Additions 11,169 2,289 241 13,699Disposals – – – –Transfers (13,935) 14,209 – 274At 31 December 2006 81,396 19,158 1,727 102,281Depreciation:At 1 January 2006 (18,956) (1,436) (968) (21,360)Disposals – – – –Transfers 2,016 (2,078) 62 –Provided during the year (3,410) (695) (238) (4,343)At 31 December 2006 (20,350) (4,209) (1,144) (25,703)Net book value at 31 December 2006 61,046 14,949 583 76,578Net book value at 31 December 2005 65,206 1,224 518 66,948Included in the cost of tangible fixed assets is $788,000 (2006: $435,000) in respect of capitalised financing costs. The amount offinancing costs capitalised in the period is $353,000 (2006: $347,000).