0533 Exploration & Production

Tullow Oil PLC Monitor

Tullow Oil PLC Annual Report 2016
CR Monitor Issue: 
2017/1208
Company covered: 
Tullow Oil PLC
Period End: 
31 December, 2016
Report issued on 19 December 2017 covered the following practice issues:
Restatement
Investing and operating sections of cash flow statement restated without full explanation.
Change
Assets held for sale reflected as a separate line item on the face of the statement of financial position.
Change
Lease recognition identified as a critical accounting judgement.
Change
Presentation of auditors report enhanced by inclusion of a summary of audit approach and an extended discussion on the application of materiality.
New
New accounting policy disclosed in respect of insurance receipts.
Change
Disclosure of new Key Performance Indicators in relation to capital expenditure and exploration.

SOCO International plc Monitor

SOCO International plc Annual Report 2016
CR Monitor Issue: 
2017/0903
Company covered: 
SOCO International plc
Period End: 
31 December, 2016
Report issued on 05 September 2017 covered the following practice issues:
Change
Impairments accounting policy extended to include disclosure of impairment indicators in respect of exploration and evaluation assets.
Change
Audit report enhanced by inclusion of summary of audit approach and tabular disclosure in respect of materiality.
Change
Geographic breakdown added in respect of exploration and evaluation intangible assets.
Change
Human resource, climate change, and cyber risk identified as new areas of principal risk.
New
Introduction of diagram showing risk management structure within risk management report section of the strategic report.

Ophir Energy plc Monitor

Ophir Energy plc Annual Report 2015
CR Monitor Issue: 
2016/1207
Company covered: 
Ophir Energy plc
Period End: 
31 December, 2015
Report issued on 19 December 2016 covered the following practice issues:
New
Disclosure on business combinations including fair values of net assets acquired.
New
Computation of Gross profit reflected in the income statement for the first time this year following business combination.
Inconsistent
Summarised joint venture information disclosed not fully in line with IFRS.
New
Impairment recognised in relation to newly acquired oil and gas properties.
New
Capital instrument disclosures extended to reflect information on interest bearing bank loans and bonds.
Change
Financial instrument disclosures extended to include information on contractual maturities of non-derivative financial liabilities.

SOCO International plc Monitor

SOCO International plc Annual Report 2015
CR Monitor Issue: 
2016/0909
Company covered: 
SOCO International plc
Period End: 
31 December, 2015
Report issued on 27 September 2016 covered the following practice issues:
Change
Contingent consideration fair valued using non-observable market data reclassified as current asset.
Change
Enhanced clarity of disclosure in respect of audit risk areas of material misstatement.
New
Discussion of risk of material misstatement introduced in respect of contingent consideration receivable.
Pronouncements
Complete list of subsidiary undertakings is disclosed.
New
Graphical presentation introduced to describe the procedure of assessing Board’s independence.

Nostrum Oil & Gas plc Monitor

Nostrum Oil & Gas plc Annual Report 2015
CR Monitor Issue: 
2016/0503
Company covered: 
Nostrum Oil & Gas plc
Period End: 
31 December, 2015
Report issued on 3 May 2016 covered the following practice issues:
Change
Derivative financial instruments classified as current asset following change in hedging arrangements.
Pronouncements
Disclosure of impending leases standard.

The Parkmead Group plc Monitor

The Parkmead Group plc Annual Report 2015
CR Monitor Issue: 
2016/0501
Company covered: 
The Parkmead Group plc
Period End: 
30 June, 2015
Report issued on 2 May 2016 covered the following practice issues:
New
Impairment of development and production assets represents 42% of pre-tax loss.
New
Recoverable amount of impaired assets calculated using IFRS 13 discounted cash flow income model.
Restatement
Share-based payments employee expense excludes related social security costs.
Restatement
Auditors' remuneration disclosed separately for audit and non-audit services

IGas Energy plc Monitor

IGas Energy plc Annual Report 2015
CR Monitor Issue: 
2015/1201
Company covered: 
IGas Energy plc
Period End: 
31 March, 2015
Report issued on 30 November 2015 covered the following practice issues:
Change
Impairments leading to loss before tax for the year follow decline in oil price.
Change
Classification as held for sale of assets and liabilities from business combination.
New
Foreign exchange movement recognised in other comprehensive income.

Amerisur Resources plc Monitor

Amerisur Resources plc Annual Report 2014
CR Monitor Issue: 
2015/0607
Company covered: 
Amerisur Resources plc
Period End: 
31 December 2014
Report issued on 12 June 2015 covered the following practice issues:
Change
Impairment of exploration and evaluation expenditure reduces profit before income tax by 36.1%.
Change
Provision classed as financial instrument at amortised cost.
Change
Joint arrangement classed as joint operation in light of rights and obligations.
Change
Introduction of corporate governance statement.