Finance costs.   Finance costs, net of amounts capitalised to exploration and development, increased by $ 0.9 million to 
$0.7 million for the year ended 31  December 2014 as compared to net interest income of $0.2 million in the prior year. The 
increase primarily relates to an increase in amortisation of deferred financing fees and additional interest incurred on undrawn 
funds.   
Gain (loss) on derivative financial instruments.  The net gain (loss) on derivative financial instruments changed by $11.6 million 
to an $11.0 million gain for the year ended 31 December 2014 as compared to the prior year.  The gain on commodity hedging 
consisted of $ 9.7 million of unrealised gains on commodity derivative contracts and $ 1.3 of realised gains on commodity 
derivative contracts. 
The Company had the following open contracts at 31 December 2014: 
Contract Type Counterparty Basis Quantity/mo Strike Price  Term 
Collar Wells Fargo WTI 2,000 BBL $75.00/$98.65 1 Jan 15 – 31 Dec 15 
Collar Shell Trading US LLS 3,000 BBL $85.00/$101.05 1 Jan 15 – 31 Dec 15 
Collar Wells Fargo WTI 2,000 BBL $80.00/$97.00 1 Jan 15 – 31 Dec 15 
Collar Wells Fargo WTI 1,000 BBL $80.00/$94.94 1 Jan 15 – 31 Dec 15 
Swap Wells Fargo LLS 2,000 BBL $91.65 1 Jan 15 – 31 Dec 15 
Swap Shell Trading US LLS 5,000 BBL $98.05 1 Jan 15 – 30 Jun 15 
Swap Shell Trading US LLS 3,000 BBL $94.10 1 Jul 15 – 31 Dec 15 
Swap Wells Fargo WTI 2,000 BBL $95.08 1 Jan 15 – 31 Dec 15 
Swap Wells Fargo LLS 2,000 BBL $97.74 1 Jan 15 – 31 Dec 15 
Swap Shell Trading US LLS 5,000 BBL $100.70 1 Jan 15 – 30 Jun 15 
Swap Shell Trading US LLS 5,000 BBL $94.10 1 Jan 16 – 31 Dec 16 
Swap Shell Trading US HH 20,000 MCF $4.14 1 Jan 15 – 31 Dec 15 
 
Income taxes.  The components of our provision for income taxes are as follows: 
 Year ended 31 December 
(In US$‘000s) 2014 2013 
   
Current tax (expense)/benefit .....................................................................  (17) 21,398 
Deferred tax benefit/(expense) ...................................................................             858         (26,965) 
Total income tax benefit/(expense) .............................................................  841 (5,567) 
Combined Federal and state effective tax rate (5.8)% 25.9% 
 
Our combined Federal and state effective tax rates differ from the Group’s statutory tax rate of 30% primarily due to US federal 
and state tax rates, non-deductible expenses and the recognition of previously unrecognised tax losses. See Note 7 in the Notes 
to the Consolidated Financial Statements of this report for further information regarding our income taxes. 
 
Adjusted EBITDAX.  Adjusted EBITDAX is defined as earnings before interest expense, income taxes, depreciation, depletion 
and amortisation, p roperty impairments, gain/(loss) on sale of non -current assets, exploration expense, share -based 
compensation and gains and losses on commodity hedging, net of settlements of commodity hedging. 
For the year ended 31 December 2014, adjusted EBITDAX was $126.4 million, or 79% of revenue, compared to $52.6 million, 
or 62% of revenue, from the prior year. 
  
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