Annual Statements for African Petroleum Corporation Limited (AOQ)
| 31-Dec 2014 |
31-Dec 2013 |
31-Dec 2012 |
31-Dec 2011 |
31-Dec 2010 |
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| USD | USD | USD | USD | USD | |
| REVENUE | |||||
| Interest Received | 748,760 | 534,889 | 1,082,549 | 1,540,247 | 136,826 |
| Other Revenue | 4,874,629 | 2,259,063 | 2,828,164 | 2,520,064 | 88,143 |
| Total Revenue | 5,623,389 | 2,793,952 | 3,910,713 | 4,060,311 | 224,969 |
| Cost of sales | |||||
| Gross Profit | |||||
| EXPENSES | |||||
| Administration Expenses | (1,261,706) | (3,043,599) | (5,337,503) | (2,471,360) | |
| Travel Expenses | (1,211,481) | (1,838,168) | (3,875,460) | (6,250,800) | (780,972) |
| Employee Benefits Expense | (7,645,453) | (11,194,043) | (17,627,434) | (16,581,150) | (9,234,783) |
| Depreciation | (1,016,247) | (1,698,750) | (1,293,967) | (558,803) | (71,380) |
| Amortisation and impairments | (22,675,228) | (53,441,571) | (118,045) | ||
| Consultancy fees | (5,781,225) | (7,621,676) | (6,289,414) | (4,410,460) | (2,958,245) |
| Compliance Expenses | (831,067) | (792,184) | (412,294) | (486,594) | (272,504) |
| Operating Expenses | (6,545,018) | (3,748,329) | (4,075,508) | ||
| Occupancy/Property Expenses | (1,013,028) | (2,258,739) | (1,773,280) | ||
| Financing costs | 72,728 | (283,868) | (6,243) | (443) | (82) |
| Exchange Gains/Losses unrealised | 37,931 | (555,304) | (3,651,518) | 9,035,637 | (128,509) |
| Gain Loss on disposal of Subsidiary | 43,800 | (4,547,505) | |||
| Other Expenses | (1,355,877) | (1,184,541) | |||
| Total Expenses | (47,825,994) | (91,023,736) | (44,342,621) | (23,079,850) | (14,749,061) |
| PROFIT / (LOSS) | |||||
| Profit/Loss before income tax | (42,202,605) | (88,229,784) | (40,431,908) | (19,019,539) | (14,524,092) |
| Profit/Loss after income tax | (42,202,605) | (88,229,784) | (40,431,908) | (19,019,539) | (14,524,092) |
| Profit/Loss attributable to members of parent | (40,431,908) | (19,019,539) | (14,524,092) | ||
| Foreign Exchange Gain/(Loss) on Translation of Foreign Ops | (137,900) | 4,205,596 | (14,026,613) | (1,819,279) | |
| Total Comprehensive Income | (42,202,605) | (88,367,684) | (36,226,312) | (33,046,152) | (16,343,371) |
| Non-controlling interest | (65,692) | (126,428) | (149,778) | (21,031) | 36,005 |
| Members of parent entity | (42,136,913) | (88,103,356) | (36,076,534) | (33,025,121) | (16,379,376) |
| Total Profit/Loss | (42,202,605) | (88,229,784) | (36,226,312) | (33,046,152) | (16,343,371) |
| ASSETS | |||||
| Current Assets | |||||
| Cash and Cash Equivalents | 15,938,985 | 19,988,423 | 102,712,538 | 232,616,517 | 135,451,410 |
| Trade and Other Receivables | 3,426,097 | 6,217,940 | 16,505,979 | 11,708,489 | 1,976,185 |
| Prepayments | 735,958 | 1,265,752 | 10,303,371 | 7,725,138 | 913,478 |
| Total Current Assets | 20,101,040 | 27,472,115 | 129,521,888 | 252,050,144 | 138,341,073 |
| Non-Current Assets | |||||
| Trade and other receivables | 4,454,203 | ||||
| Property, Plant and Equipment | 1,407,270 | 3,157,835 | 6,993,178 | 6,062,331 | 551,324 |
| Deposits held | 22,500,000 | 11,250,614 | 117,599 | ||
| Exploration and Evaluation Expenditure | 396,326,784 | 403,272,803 | 354,822,592 | 173,899,527 | 52,199,175 |
| Intangible Assets | 169,744 | 352,158 | |||
| Other Non-Current Assets | 931,035 | ||||
| Total Non-Current Assets | 398,834,833 | 406,782,796 | 384,315,770 | 195,666,675 | 52,868,098 |
| Total Assets | 418,935,873 | 434,254,911 | 513,837,658 | 447,716,819 | 191,209,171 |
| LIABILITIES | |||||
| Current Liabilities | |||||
| Trade and other payables | 32,876,491 | 30,893,236 | 25,684,709 | 21,521,453 | 16,300,362 |
| Total Current Liabilities | 32,876,491 | 30,893,236 | 25,684,709 | 21,521,453 | 16,300,362 |
| Non-Current Liabilities | |||||
| Total Liabilities | 32,876,491 | 30,893,236 | 25,684,709 | 21,521,453 | 16,300,362 |
| NET ASSETS | 386,059,382 | 403,361,675 | 488,152,949 | 426,195,366 | 174,908,809 |
| EQUITY | |||||
| Issued Capital | 600,591,811 | 575,911,770 | 575,911,770 | 488,152,298 | 211,596,478 |
| Reserves | 17,502,309 | 17,282,038 | 13,843,528 | (786,491) | 5,463,233 |
| Non-controlling interest | (326,924) | (261,232) | (134,804) | 14,974 | 36,005 |
| Retained Earnings | (231,707,814) | (189,570,901) | (101,467,545) | (61,185,415) | (42,186,907) |
| Total Equity | 386,059,382 | 403,361,675 | 488,152,949 | 426,195,366 | 174,908,809 |
| CASH FLOW | |||||
| Net Cash provided by (used in) operating activities | (14,713,482) | (31,068,295) | (21,041,606) | (24,540,787) | (9,291,538) |
| Net Cash provided by (used in) investing activities | (13,758,087) | (13,564,925) | (214,595,546) | (159,065,394) | (34,627,795) |
| Net Cash provided by (used in) financing activities | 24,680,041 | 86,513,152 | 259,560,160 | 621,717 | |
| Net Increase (decrease) in cash held | (3,791,528) | (44,633,220) | (149,124,000) | 75,953,979 | (43,297,616) |
| Foreign Exchange Gain/Loss | (253,604) | (51,471) | (2,806,119) | (6,876,361) | (2,080,537) |
| Cash at the beginning of the period | 7,914,218 | 52,598,909 | 204,529,028 | 135,451,410 | 180,829,563 |
| Cash at the end of the period | 3,869,086 | 7,914,218 | 52,598,909 | 204,529,028 | 135,451,410 |