NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 
NOTE 33 – FINANCIAL RISK MANAGEMENT continued 
 
The Company has the following commitments related to its financial liabilities (US$’000): 
 
 
Year ended 31 December 2014 Total 
Less than 1 
year 
1 – 5 
years 
More than 
5 years 
     
Trade and other payable    46,861    46,861               -              - 
Accrued expenses 72,333 72,333 - - 
Derivative financial liabilities 130 130   
Credit facilities payments, including 
interest 
  
   147,994 
  
       5,502 
 
   142,492 
 
              - 
Total    267,318    124,826    142,492               - 
 
 
Year ended 31 December 2013 Total 
Less than 1 
year 
1 – 5 
years 
More than 
5 years 
     
Trade and other payable     62,811    62,811                   -                      - 
Accrued expenses     66,273    66,273             -             - 
Derivative financial liabilities 366 335 31 - 
Credit facilities payments, including 
interest 
   
     37,037 
 
        1,600  
 
    35,437 
 
              - 
Total    166,487    131,019     35,468               - 
     
 
e) Market Risk  
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of 
changes in market prices.  Market risk comprises three types of risk: commodity price risk, interest rate risk and 
foreign currency risk.  Financial instruments affected by market risk include loans and borrowings, deposits, 
trade receivables, trade payables, accrued liabilities and derivative financial instruments.  
 
Commodity Price Risk 
The Group is exposed to the risk of fluctuations in prevailing market commodity prices on the mix of oil and gas 
products it produce. 
 
Commodity Price Risk Sensitivity Analysis 
The table below summarises the impact on profit before tax for changes in commodity prices on the fair value of 
derivative financial instruments.  The impact on equity is the same as the impact on profit before tax as these 
derivative financial instruments have not been designated as hedges and are and therefore adjusted to fair value 
through profit and loss.  The anal ysis assumes that the crude oil and natural gas price moves $10 per barrel and 
$0.50 per mcf, with all other variables remaining constant, respectively.  
  
- 100 -