Annual Report 2007 - Global Energy Development

48 Notes to the financial informationGlobal Energy Development PLCAnnual report 2007Notes to the financial information continuedFor the twelve months ended 31 December 200728. Related party disclosuresDavid Quint is a Director of the Company and a director of RP&C International Ltd. RP&C International provided certain corporatefinance services during 2006 and 2007.AmountsAmountsowedowedfrom/(to)from/(to)relatedrelatedServices parties as at Services parties as atprovided 31 December provided 31 December2007 2007 2006 2006$000 $000 $000 $000RP&C International Inc 17 – 294 –Compensation paid to key management personnel including Directors, Executive Directors and senior management:2007 2006$000 $000Non-executive Director fees 120 117Compensation and benefits paid to key management personnelCompensation paid 897 970Share-based payments – –Performance bonuses 272 270Health and life insurances 85 53Company contributions to payroll taxation 74 71Severance payments 75 –Pension contributions 26 27Total 1,549 1,50829. Post balance sheet eventsIn March 2008, the Luna Llena exploration and production contract with the Colombian Agencia Nacional de Hidrocarburos wasterminated after a period of negotiations for modifications to the contract, which were deemed necessary to enable continuedeconomic investment in exploration activities in the contract area. The related reserves were eliminated from commercial reservesestimates detailed above.30. Transition to IFRSFor all periods through and including the year ended 31 December 2006, Global Energy Development PLC prepared its financialstatements in accordance with United Kingdom Generally Accepted Accounting Practice (UK GAAP). These financial statements, forthe year ended 31 December 2007, are the first the Group is required to prepare in accordance with International Financial ReportingStandards (IFRS) as adopted by the European Union and the International Accounting Standards Board.Accordingly, the Group has prepared financial statements which comply with IFRS applicable for periods beginning on or after1 January 2007 and the significant accounting policies adopted are shown above. In preparing these financial statements, the Groupstarted from an opening balance sheet as at 1 January 2006, the Group’s date of transition to IFRS, and made those changes inaccounting policies and other restatements required by IFRS 1 for the first time adoption of IFRS. This note explains the principaladjustments made by the Group in restating its UK GAAP Balance Sheet as at 1 January 2006 and its previously published UK GAAPfinancial statements for the year ended 31 December 2006. The restatement of the Group’s 2006 results under IFRS was publishedon the Global Energy Development website (www.globalenergyplc.com) on 27 September 2007. Subsequent to that date, additionaladjustments were identified which affected both the opening balance sheet at 31 December 2006 as well as the published financialsfor 2006. Those adjustments have been included in these financial statements.