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950894-T

SapuraKencana Petroleum Berhad (Incorporated in Malaysia)

Contents Page

Directors' report 1 - 6

Statement by directors 7

Statutory declaration 7

Independent auditors' report 8 - 10

Income statements 11

Statements of comprehensive income 12

Consolidated statement of financial position 13 - 14

Statement of financial position 15 - 16

Consolidated statement of changes in equity 17 - 18

Statement of changes in equity 19

Consolidated statement of cash flows 20 - 21

Statement of cash flows 22 - 23

Notes to the financial statements 24 - 159

Supplementary information - breakdown of retained profits into realised and unrealised 160

950894-T

SapuraKencana Petroleum Berhad(Incorporated in Malaysia)

Directors' report

Change in name

Principal activities

Results

Group CompanyRM'000 RM'000

Profit net of tax 663,781 74,935

Attributable to:Owners of the Parent 524,596 74,935 Non-controlling interests 139,185 -

663,781 74,935

The directors have pleasure in presenting their report together with the audited financial statements of the Group and of the Company for the financial year ended 31 January 2013.

The principal activities of the Company are that of investment holding and provision of management services.

The principal activities of the subsidiaries are as described in Note 42 to the financial statements.

There have been no significant changes in the nature of the principal activities during the financial year.

There were no material transfers to or from reserves or provisions during the financial year other than as disclosed in the financial statements.

In the opinion of the directors, the results of the operations of the Group and of the Company during the financial year were not substantially affected by any item, transaction or event of a material and unusual nature other than as disclosed in the notes to the financial statements.

On 5 April 2012, the Company changed its name from Sapura-Kencana Petroleum Berhad to SapuraKencana Petroleum Berhad.

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950894-T


Dividends

Directors

Dato' Hamzah bin Bakar Dato' Seri Shahril bin ShamsuddinDato' Mokhzani bin MahathirChong Hin LoonYeow Kheng ChewDato' Shahriman bin Shamsuddin Tunku Dato' Mahmood Fawzy bin Tunku MuhiyiddinMohamed Rashdi bin Mohamed GhazalliTan Sri Datuk Amar (Dr.) Tommy bin Hugo @ Hamid bin BugoTan Sri Nik Mohamed bin Nik YaacobJohn Fredriksen (appointed on 15 May 2013)Tor Olav Trøim (alternate director to John Fredriksen) (appointed on 16 May 2013)Mohd Adzahar bin Abdul Wahid (resigned on 27 September 2012) Tan Sri Ibrahim bin Menudin (resigned on 11 December 2012)

Directors' benefits

Directors of the Company in office since the date of the last report and at the date of this report are:

Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time employee of the Company as shown in Note 9 to the financial statements) by reason of a contract made by the Company or a related corporation with any director or with a firm of which he is a member, or with a company in which he has a substantial financial interest, except as disclosed in Note 37 to the financial statements.

Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate.

No dividend has been paid or declared by the Company since the date of last report. The directors do not recommend any dividend in respect of the financial year ended 31 January 2013.

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Directors' interests

As at As at1.2.2012 Allotted* Sold 31.1.2013

'000 '000 '000 '000The Company

Indirect interestDato' Seri Shahril bin Shamsuddin - 1,001,023 - 1,001,023 Dato' Mokhzani bin Mahathir - 795,320 - 795,320 Dato' Shahriman bin Shamsuddin - 1,001,023 - 1,001,023 Mohamed Rashdi bin Mohamed Ghazalli - 49 - 49

Direct interestDato' Hamzah bin Bakar - 5,000 - 5,000 Dato' Seri Shahril bin Shamsuddin - 7,876 - 7,876 Dato' Mokhzani bin Mahathir - 9,494 - 9,494 Chong Hin Loon - 154,535 15,314 139,221 Dato' Shahriman bin Shamsuddin - 956 450 506 Yeow Kheng Chew - 22,181 - 22,181 Mohamed Rashdi bin Mohamed Ghazalli - 98 - 98 Tan Sri Datuk Amar (Dr.) Tommy bin Hugo @ Hamid bin Bugo - 256 - 256

*

According to the register of directors' shareholdings, the interests of directors in office at the end of the financial year in shares and options over shares in the Company and its related corporations during the financial year were as follows:

Number of ordinary shares of RM1.00 each

Allotment of shares by the Company on 15 May 2012 pursuant to the Company's acquisition of the entire business and undertakings including all asset and liabilities of SapuraCrest Petroleum Berhad ("SapuraCrest") and Kencana Petroleum Berhad ("Kencana").

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950894-T


Directors' interests (cont'd.)

Issue of shares

Options granted over unissued shares

Other statutory information

(a)

(i)

(ii)

Before the income statements, statements of comprehensive income and statements of financial position of the Group and of the Company were made out, the directors took reasonable steps:

to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and satisfied themselves that there were no known bad debts and that adequate provision had been made for doubtful debts; and

to ensure that any current assets which were unlikely to realise their values as shown in the accounting records in the ordinary course of business had been written down to an amount which they might be expected so to realise.

No options were granted to any person to take up unissued shares of the Company during the financial year.

The new ordinary shares issued during the financial year rank pari passu in all respects with the existing ordinary shares of the Company.

For the purpose of accounting for the shares consideration, the fair value of RM2.14 per share as at the date of exchange was recorded instead of issue price of RM2.00 per share.

Other than as disclosed above, none of the other directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year.

Dato' Seri Shahril bin Shamsuddin, Dato' Mokhzani bin Mahathir, and Dato' Shahriman bin Shamsuddin by virtue of their interests in the Company are also deemed interested in shares of all the Company's subsidiaries to the extent the Company has an interest.

During the financial year, the Company increased its issued and paid-up share capital from RM2 to RM5,004,366,198 by way of issuance of 5,004,366,196 new ordinary shares of RM1.00 each at an issue price of RM2.00 per ordinary shares as part of the consideration for the acquisition of the businesses and undertakings including asset and liabilities of SapuraCrest Petroleum Berhad ("SapuraCrest") and Kencana Petroleum Berhad ("Kencana") as disclosed in Note 26 to the financial statements.

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Other statutory information (cont'd.)

(b)

(i)

(ii)

(c)

(d)

(e) At the date of this report, there does not exist:

(i)

(ii)

(f) In the opinion of the directors:

(i)

(ii)

it necessary to write off any bad debts or the amount of the provision for doubtful debts in the financial statements of the Group and of the Company inadequate to any substantial extent; and

no item, transaction or event of a material and unusual nature has arisen in the interval between the end of the financial year and the date of this report which is likely to affect substantially the results of the operations of the Group or of the Company for the financial year in which this report is made.

the values attributed to the current assets in the financial statements of the Group and of the Company misleading.

At the date of this report, the directors are not aware of any circumstances which have arisen which would render adherence to the existing method of valuation of assets or liabilities of the Group and of the Company misleading or inappropriate.

At the date of this report, the directors are not aware of any circumstances not otherwise dealt with in this report or financial statements of the Group and of the Company which would render any amount stated in the financial statements misleading.

any charge on the assets of the Group or of the Company which has arisen since the end of the financial year which secures the liabilities of any other person; or

any contingent liability of the Group or of the Company which has arisen since the end of the financial year.

At the date of this report, the directors are not aware of any circumstances which would render:

no contingent or other liability has become enforceable or is likely to become enforceable within the period of twelve months after the end of the financial year which will or may affect the ability of the Group or of the Company to meet their obligations when they fall due; and

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Income statementsFor the year ended 31 January 2013

GroupNote 2013 2012 2013 2012

RM'000 RM'000 RM'000 RM'000

Revenue 3 6,912,414 2,556,402 481,809 280,643 Cost of sales 4 (5,377,904) (1,760,036) - - Gross profit 1,534,510 796,366 481,809 280,643 Other income 5 111,236 26,238 33,797 10,018 Other expenses (147,440) (38,936) - - Administration expenses (576,318) (288,096) (291,215) (144,306) Operating profit 921,988 495,572 224,391 146,355 Finance costs 6 (227,446) (52,330) (129,476) (2,227) Share of profit from associates 271 9,006 - - Share of profit from jointly- controlled entities 134,937 67,286 - - Profit before tax 7 829,750 519,534 94,915 144,128 Income tax expense 10 (165,969) (73,488) (19,980) (203) Profit net of tax 663,781 446,046 74,935 143,925

Profit attributable to:Owners of the Parent 524,596 281,727 74,935 143,925 Non-controlling interests 139,185 164,319 - -

663,781 446,046 74,935 143,925

Earnings per share attributable

Company

11

Earnings per share attributable to owners of the Parent (sen per share)

Basic 11 10.48 N/A

The accompanying accounting policies and explanatory notes form an integral part of the financial statements.

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Statements of comprehensive income For the year ended 31 January 2013

Group2013 2012 2013 2012

RM'000 RM'000 RM'000 RM'000

Profit net of tax 663,781 446,046 74,935 143,925

Other comprehensive income:Foreign currency translation 48,676 (13,306) - - Share of other comprehensive

income of jointly-controlled entities and associates 5,267 1,189 - -

Total other comprehensive income/(loss) 53,943 (12,117) - - Total comprehensive income for the year 717,724 433,929 74,935 143,925

Total comprehensive income attributable to:Owners of the Parent 547,883 267,652 74,935 143,925 Non-controlling interests 169,841 166,277 - -

717,724 433,929 74,935 143,925

Company

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Consolidated statement of financial positionAs at 31 January 2013

Note 2013 2012 1.2.2011RM'000 RM'000 RM'000

Assets

Non-current assetsProperty, plant and equipment 13 4,222,486 1,446,851 1,019,148Intangible assets 14 5,034,662 220,243 154,688 Expenditure on oil and gas properties 15 780,063 178,820 - Investment in associates 17 42,601 40,086 6,080 Investment in jointly-controlled entities 18 552,117 280,857 223,413 Deferred tax assets 19 43,802 18,465 9,093

10,675,731 2,185,322 1,412,422

Current assetsInventories 20 244,253 79,747 54,787 Trade and other receivables 22 3,165,598 1,238,050 1,380,816 Derivatives 24 - 355 985 Tax recoverable 85,337 11,378 22,201 Cash and bank balances 25 1,025,772 704,913 768,381

4,520,960 2,034,443 2,227,170

Total assets 15,196,691 4,219,765 3,639,592

Equity and liabilities

Group

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Equity attributable to equity holders of the Company Share capital 26 5,004,366 - * - Share premium 26 242,886 - - Other reserves 27 (19,190) 708,748 722,823 Retained profits 1,109,072 584,476 372,969

6,337,134 1,293,224 1,095,792 Non-controlling interests 405,775 332,120 325,618 Total equity 6,742,909 1,625,344 1,421,410

Non-current liabilitiesBorrowings 29 3,805,776 580,867 402,252 Derivatives 24 1,284 1,508 2,322 Deferred tax liabilities 19 91,203 16,082 6,758

3,898,263 598,457 411,332 * represents a balance of RM2.00

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950894-T


Consolidated statement of financial positionAs at 31 January 2013 (cont'd.)

Note 2013 2012 1.2.2011RM'000 RM'000 RM'000

Current liabilitiesBorrowings 29 2,135,196 829,795 414,419 Trade and other payables 34 2,325,111 1,145,715 1,385,952 Derivatives 24 2,206 571 1,235 Income tax payable 93,006 19,883 5,244

4,555,519 1,995,964 1,806,850

Total liabilities 8,453,782 2,594,421 2,218,182

Total equity and liabilities 15,196,691 4,219,765 3,639,592

Group

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Statement of financial positionAs at 31 January 2013

2013 2012 1.2.2011Note RM'000 RM'000 RM'000

Assets

Non-current assetsPlant and equipment 13 26,695 3,830 1,740 Investment in subsidiaries 16 6,171,862 236,743 235,743 Deferred tax assets 19 7,287 4,464 -

6,205,844 245,037 237,483

Current assetsAmount due from subsidiaries 21 2,563,536 1,344,232 716,206 Other receivables 22 10,038 2,094 1,402 Tax recoverable 7,562 2,067 12,129 Cash and bank balances 25 112,577 14,433 1,659

2,693,713 1,362,826 731,396

Total assets 8,899,557 1,607,863 968,879


Equity attributable to equity holders of the CompanyShare capital 26 5,004,366 - * -

Company

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Share capital 26 5,004,366 - * - Share premium 26 242,886 - - Other reserves 27 - 760,681 760,681 Retained profits 27 59,972 (14,963) (88,668) Total equity 5,307,224 745,718 672,013

Non-current liabilitiesAmount due to subsidiaries 28 - 111,171 162,587 Borrowings 29 2,338,636 178 - Derivatives 24 1,284 1,508 2,322 Deferred tax liabilities - - 4,660

2,339,920 112,857 169,569

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950894-T


Statement of financial positionAs at 31 January 2013 (cont'd.)

2013 2012 1.2.2011Note RM'000 RM'000 RM'000

Current liabilitiesAmount due to subsidiaries 28 151,385 273,567 80,812 Borrowings 29 899,494 411,598 7,000 Other payables 34 200,950 63,552 35,389 Derivatives 24 584 571 1,235 Income tax payable - - 2,861

1,252,413 749,288 127,297

Total liabilities 3,592,333 862,145 296,866

Total equity and liabilities 8,899,557 1,607,863 968,879

Company

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Consolidated statement of changes in equityFor the year ended 31 January 2013

Distributable

Total equityattributable

to owners Non-Share Share Other Retained of the controlling Total

capital premium reserves profits parent interests equityRM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

At 1 February 2012 - * - 708,748 584,476 1,293,224 332,120 1,625,344

Total comprehensive income - - 23,287 524,596 547,883 169,841 717,724

Transactions with ownersArising from merger exercise - - (760,681) - (760,681) - (760,681) Shares issued pursuant to the acquisition of subsidiaries (Note 26) 5,004,366 242,886 9,456 - 5,256,708 - 5,256,708 Non-controlling interests arising from acquisition of subsidiaries (Note 42) - - - - - 2,722 2,722 Dividends to non-controlling interests of

subsidiaries - - - - - (98,908) (98,908) Total transactions with owners 5,004,366 242,886 (751,225) - 4,496,027 (96,186) 4,399,841

At 31 January 2013 5,004,366 242,886 (19,190) 1,109,072 6,337,134 405,775 6,742,909

* Represents a balance of RM2.00

<------------------ Attributable to the owners of the parent -------------------->Non-distributable

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950894-T


Consolidated statement of changes in equityFor the year ended 31 January 2012 (cont'd.)

Distributable

Total equityattributable

to owners Non-Share Share Other Retained of the controlling Total

capital premium reserves profits parent interests equityRM'000 RM'000 RM'000 RM'000 RM'000 RM'000 RM'000

At 1 February 2011 - - 722,823 372,969 1,095,792 325,618 1,421,410

Total comprehensive income - - (14,075) 281,727 267,652 166,277 433,929

Transactions with ownersNon-controlling interests arising from acquisition of subsidiaries - - - - - (2,024) (2,024) Dividend on ordinary shares (Note 12) - - - (70,220) (70,220) - (70,220) Dividend to non-controlling interests of

a subsidiary - - - - - (157,751) (157,751) Total transactions with owners - - - (70,220) (70,220) (159,775) (229,995)

At 31 January 2012 - * - 708,748 584,476 1,293,224 332,120 1,625,344


<-------------------- Attributable to the owners of the parent ------------------>Non-distributable

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950894-T


Statement of changes in equityFor the year ended 31 January 2013

DistributableRetained

profits/Share Share Other (accumulated Total

capital premium reserves losses) equityRM'000 RM'000 RM'000 RM'000 RM'000

At 1 February 2012 - * - 760,681 (14,963) 745,718 Total comprehensive income - - - 74,935 74,935

Transactions with owners:Arising from merger exercise - - (760,681) - (760,681) Issuance of shares 5,004,366 242,886 - - 5,247,252 At 31 January 2013 5,004,366 242,886 - 59,972 5,307,224

At 1 February 2011 - - 760,681 (88,668) 672,013 Total comprehensive income - - - 143,925 143,925 Transactions with owners:Dividend (Note 12) - - - (70,220) (70,220) At 31 January 2012 - * - 760,681 (14,963) 745,718

* represents a balance of RM2.00


Non-distributable

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950894-T


Consolidated statement of cash flowsFor the year ended 31 January 2013

2013 2012RM'000 RM'000

Cash flows from operating activitiesProfit before tax 829,750 519,534 Adjustments for: Amortisation of intangible assets 8,800 2,091 Amortisation of expenditure on oil and gas properties 25,372 - Short term accumulating compensated absences 1,405 1,205 Provision for expenses no longer required - (19,980) Rig refurbishment costs no longer payable - (4,763) Net allowance for impairment on trade and other receivables (558) 3,153 Depreciation of property, plant and equipment 226,619 94,108 Allowance for impairment on property, plant and equipment - 3,402 Gain on disposal of investment (1,651) - Property, plant and equipment written off 1,951 11 Loss/(gain) on disposal of property, plant and equipment 417 (234) Net fair value gain on derivatives (211) (848) Share of profits from jointly-controlled entities (134,937) (67,286) Share of profits from associates (271) (9,006) Gain arising from acquisition of a subsidiary (41,950) - Allowance for impairment on investment in a jointly-controlled entity - 643 Net unrealised foreign exchange loss/(gain) 10,589 (28,967) Interest expense 227,446 52,330

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Interest expense 227,446 52,330 Interest income (32,150) (9,854) Operating profit before working capital changes 1,120,621 535,539 Increase in inventories (75,566) (16,153) (Increase)/decrease in trade and other receivables (838,268) 230,089 Increase/(decrease) in trade and other payables 725,434 (366,288) Changes in derivatives (52) - Changes in balances with jointly-controlled entities (20,195) (23,978) Cash generated from operating activities 911,974 359,209 Interest paid (190,126) (28,146) Taxes paid (180,489) (56,758) Net cash generated from operating activities 541,359 274,305

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950894-T


Consolidated statement of cash flowsFor the year ended 31 January 2013 (cont'd.)

2013 2012RM'000 RM'000

Cash flows from investing activitiesArising from merger exercise (875,066) - Investment in an associate - (25,000) Investment in jointly-controlled entities (73,885) (41,450) Advances to jointly-controlled entities (567,279) - Net cash outflow on acquisition of subsidiaries (283,191) (283,772) Repayment of advances from a jointly-controlled entity - 953 Proceeds from disposal of property, plant and equipment 16,352 490 Purchase of property, plant and equipment (808,056) (185,785) Purchase of intangible assets (2,417) (4,775) Expenditure on oil and gas properties (396,817) (178,820) Interest received 20,484 9,357 Dividends received from a jointly-controlled entity 26,688 38,257 Dividend paid to non-controlling interests of subsidiaries (98,908) (157,751) Net cash used in investing activities (3,042,095) (828,296)

Cash flows from financing activities(Repayment)/drawdown of Ijarah facility (185,805) 101,717 Repayment of hire purchase and finance lease creditors (13,169) (124,362) Drawdown of term loans, net 2,495,399 199,945 Issuance of Sukuk Mudharabah 194,680 - Redemption of MCPs (95,000) (5,000) Redemption of Istisna' Bonds (60,000) -

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Redemption of Istisna' Bonds (60,000) - Dividends paid - (70,220) Drawdown of revolving credit, net 465,522 407,184 Repayment of other short term borrowings (4,819) (3,501) Net cash generated from financing activities 2,796,808 505,763

Net increase/(decrease) in cash and cash equivalents 296,072 (48,228) Effects of exchange rate changes 24,787 (15,240) Cash and cash equivalents at beginning of year 704,913 768,381 Cash and cash equivalents at end of year (Note 25) 1,025,772 704,913


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950894-T


Company statement of cash flows For the year ended 31 January 2013

2013 2012RM'000 RM'000

Cash flows from operating activitiesProfit before tax 94,915 144,128 Adjustments for: Depreciation of plant and equipment 3,206 787 Short term accumulating compensated absences 481 133 Net fair value gain on derivatives (211) (1,478) Interest expense 129,476 2,227 Dividends income (327,383) (182,270) Interest income (33,697) (8,539) Net unrealised foreign exchange loss/(gain) 7,476 (15,648) Operating loss before working capital changes (125,737) (60,660) Net changes in balances with related companies (529,343) (511,030) (Increase)/decrease in other receivables (367) 3,613 Increase in other payables 112,506 26,545 Cash used in operating activities (542,941) (541,532) Interest paid (111,611) (501) Taxes paid (26,196) (1,875) Net cash used in operating activities (680,748) (543,908)

Cash flows from investing activitiesArising from merger exercise (875,066) - Investment in a subsidiary (2) (2) Additional investment in an existing subsidiary (499) (998)

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Additional investment in an existing subsidiary (499) (998) Net cash outflow on acquisition of assets and liabilities of Kencana Petroleum Berhad (790,531) - Purchase of plant and equipment (Note 13) (11,865) (2,609) Interest received 4,101 473 Dividends received from subsidiaries 109,983 206,645 Net cash (used in)/generated from investing activities (1,563,879) 203,509

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950894-T


Company statement of cash flowsFor the year ended 31 January 2013 (cont'd.)

2013 2012RM'000 RM'000

Cash flows from financing activitiesRepayment of hire purchase creditors (78) (37) Dividends paid - (70,220) Drawdown of revolving credit, net 126,485 423,926 Issuance of Sukuk Mudharabah 194,680 - Drawdown of term loan, net 2,021,684 - Net cash generated from financing activities 2,342,771 353,669

Net increase in cash and cash equivalents 98,144 13,270 Effects of exchange rate changes - (496) Cash and cash equivalents at beginning of year 14,433 1,659 Cash and cash equivalents at end of year (Note 25) 112,577 14,433

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Notes to the financial statements - 31 January 2013

1. Corporate information

2. Summary of significant accounting policies

2.1 Basis of preparation

SapuraKencana Petroleum Berhad is a public limited liability company, incorporated and domiciled in Malaysia, and is listed on the Main Board of Bursa Malaysia Securities Berhad. The registered office is located at Lot 6.08, 6th Floor, Plaza First Nationwide, No. 161 Jalan Tun H.S. Lee, 50000 Kuala Lumpur and the principal place of business is located at Level 6, Menara SapuraKencana Petroleum, No 1 Jalan Dutamas 1, Solaris Dutamas, 50480 Kuala Lumpur.

The principal activities of the Company are that of investment holding and provision of management services to its subsidiaries. The principal activities of the subsidiaries are as described in Note 42 to the financial statements. There were no significant changes in the nature of these activities during the financial year.

The financial statements were authorised for issue by the Board of Directors in accordance with a resolution of the directors on 16 May 2013.

The financial statements of the Group and of the Company have been prepared in accordance with Malaysian Financial Reporting Standards ("MFRS"), International Financial Reporting Standards ("IFRS") and the requirements of the Companies Act, 1965 in Malaysia.

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1965 in Malaysia.

The Company, had on 11 July 2011, made an offer to acquire the entire businesses and undertakings, including all assets and liabilities of SapuraCrest Petroleum Berhad ("SapuraCrest") and Kencana Petroleum Berhad ("Kencana") (the "Acquisitions"). The Acquisitions was completed on 15 May 2012. In accordance with MFRS 3 Business Combinations, the entity that obtains control of the acquiree will be identified as the acquirer. However, as the Company is a new entity which was formed to undertake the Acquisitions, one of the entities that existed before the completion shall be identified as the acquirer. Taking into consideration the guidance in MFRS 3 Business Combinations, SapuraCrest has been identified as the deemed acquirer. Accordingly, the acquisition of SapuraCrest was accounted for using the merger accounting (pooling of interest method) whereas the acquisition of the businesses and undertakings of Kencana was accounted for using the acquisition method.

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2. Summary of significant accounting policies (cont'd.)

2.1 Basis of preparation (cont'd.)

2.2 First-time adoption of MFRS

The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies below.

These financial statements of the Group and the Company are the first MFRS financial statements for the year ended 31 January 2013. MFRS 1 First-time adoption of Malaysian Reporting Standards has been applied.

For the years up to and including the year ended 31 January 2012, the Group and the Company prepared its financial statements in accordance with Financial Reporting Standards ("FRS"). In preparing its opening MFRS statement of financial position as at 1

Accordingly, the consolidated and separate financial statements of SapuraKencana Petroleum Berhad are a continuation of the existing SapuraCrest and therefore, the opening MFRS consolidated and separate statement of financial position of SapuraKencana Petroleum Berhad are 1 February 2011.

The financial statements are presented in Ringgit Malaysia (RM) and all values are rounded to the nearest thousand (RM'000) except otherwise indicated.

In applying the merger accounting, SapuraCrest's financial statements are included in both the separate and consolidated financial statements of SapuraKencana Petroleum Berhad as if the combination had occured from the earliest date presented or from the date when these entities come under control.

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Standards ("FRS"). In preparing its opening MFRS statement of financial position as at 1 February 2011 (which is also the date of transition), the Group and the Company have considered the transition from FRS to MFRS and no adjustments were required to be made to the amounts previously reported in financial statements prepared in accordance with FRS. The transition from FRS to MFRS also, has not resulted in a material impact on the consolidated and separate income statements, consolidated and separate statements of comprehensive income, consolidated and separate statements of financial position, and consolidated and separate statements of cash flows. Accordingly, the notes related to statements of financial position as at date of transition to MFRS are not presented.

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2.2 First-time adoption of MFRS (cont'd.)

(a) Business Combinations

(i) The classification of former business combination under FRS is maintained;

(ii)

(iii) The carrying amount of goodwill recognised under FRS is not adjusted.

(b) Property, plant and equipment

The significant accounting policies adopted in preparing these financial statements are consistent with those of the financial statements for the year ended 31 January 2012 except as discussed below:

The Group has previously adopted the transitional provisions available on the first application of the Malaysian Accounting Standard Board ("MASB") approved

MFRS 1 provides the option to apply MFRS 3 Business Combinations prospectively from the date of transition, or from a specific date prior to the date of transition. This provides relief from full retrospective application of MFRS 3 which would require restatement of all business combinations prior to the date of transition.

The Group has elected to apply MFRS 3 prospectively from the date of transition. In respect of acquisitions prior to the date of transition:

There is no re-measurement of original fair values determined at the time of business combination (date of acquisition); and

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application of the Malaysian Accounting Standard Board ("MASB") approved accounting standard, IAS16 (Revised) Property, Plant and Equipment which was effective for period ending on or after 1 September 1998. By virtue of this transitional provision, the Group has recorded a vessel at revalued amount but had not adopted a policy of revaluation and continued to carry the vessel on the basis of their previous revaluation in 1998 subject to continuity in its depreciation policy and requirement to write down the assets to their recoverable amounts for impairment adjustments. Upon transition to MFRS, the Group has elected to measure all its property, plant and equipment using the cost model under MFRS 116 Property, Plant and Equipment, where there is no change to net assets.

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2.2 First-time adoption of MFRS (cont'd.)

(c) Foreign currency translation reserve

(d) Estimates

2.3 New and revised Pronouncements yet in effect

Effective for

Under FRS, the Group recognised translation differences on foreign operations in a separate component of equity. MFRS 1 exemption allows the cumulative translation for all foreign operations deemed to be zero at the date of transition.

Upon transition to MFRS, the Group has elected to maintain the foreign currency translation reserve.

The estimates at 1 February 2011 and at 31 January 2012 were consistent with those made for the same dates in accordance with FRS. The estimates used by the Group to present these amounts in accordance with MFRS reflect conditions at the date of transition to MFRS i.e. 1 February 2011 and as at 31 January 2012.

The new and revised MFRS, Amendments to MFRS and Interpretation (collectively referred to as "Pronouncements"), which are issued but not yet effective up to the date of issuance of the Group’s and the Company’s financial statements are disclosed below. The Group and the Company intend to adopt these standards, if applicable, when they become effective.

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Description

MFRS 101 Presentation of Items of Other Comprehensive Income (Amendments to MFRS 101) 1 July 2012Amendments to MFRS 101: Presentation of Financial Statements (Annual Improvements 2009-2011 Cycle) 1 January 2013MFRS 3 Business Combinations (IFRS 3 Business Combinations issued by IASB in March 2004) 1 January 2013

Effective for annual

periods beginning on

or after

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2.3

Description

MFRS 10 Consolidated Financial Statements 1 January 2013MFRS 11 Joint Arrangements 1 January 2013MFRS 12 Disclosure of Interests in Other Entities 1 January 2013MFRS 13 Fair Value Measurement 1 January 2013MFRS 119 Employee Benefits 1 January 2013MFRS 127 Separate Financial Statements 1 January 2013MFRS 128 Investment in Associates and Joint Ventures 1 January 2013MFRS 127 Consolidated and Separate Financial Statements (IAS 27 as revised by IASB in December 2003) 1 January 2013Amendment to IC Interpretation 2: Members’ Shares in Co-operative Entities and Similar Instruments (Annual Improvements 2009-2011 Cycle) 1 January 2013IC Interpretation 20 Stripping Costs in the Production Phase of a Surface Mine 1 January 2013Amendments to MFRS 7: Disclosures – Offsetting Financial Assets and Financial Liabilities 1 January 2013Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards – Government Loans 1 January 2013



or after

New and revised Pronouncements yet in effect (cont'd.)

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Financial Reporting Standards – Government Loans 1 January 2013Amendments to MFRS 1: First-time Adoption of Malaysian Financial Reporting Standards – (Annual Improvements 2009-2011 Cycle) 1 January 2013Amendments to MFRS 116: Property, Plant and Equipment (Annual Improvements 2009-2011 Cycle) 1 January 2013Amendments to MFRS 132: Financial Instruments: Presentation (Annual Improvements 2009-2011 Cycle) 1 January 2013Amendments to MFRS134: Interim Financial Reporting (Annual Improvements 2009-2011 Cycle) 1 January 2013Amendments to MFRS 10: Consolidated Financial Statements: Transition Guidance 1 January 2013

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2.3

Description

Amendments to MFRS 11: Joint Arrangements: Transition Guidance 1 January 2013Amendments to MFRS 12: Disclosure of Interests in Other Entities: Transition Guidance 1 January 2013Amendments to MFRS 132: Offsetting Financial Assets and Financial Liabilities 1 January 2014Amendments to MFRS 10, MFRS 12 and MFRS 127: Investment Entities 1 January 2014MFRS 9 Financial Instruments 1 January 2015

2.4 Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and its subsidiaries as at the reporting date. The financial statements of the subsidiaries used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like

New and revised Pronouncements yet in effect (cont'd.)

The directors expect that the adoption of the above standards and interpretations will have no material impact on the financial statements in the period of initial application.



or after

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used in the preparation of the consolidated financial statements are prepared for the same reporting date as the Company. Consistent accounting policies are applied to like transactions and events in similar circumstances.

Acquisition of subsidiaries is accounted for by applying the acquisition method. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Acquisition-related costs are recognised as expenses in the periods in which the costs are incurred and the services are received.

For business combinations achieved in stages, previously held equity interests in the acquiree are re-measured to fair value at the acquisition date and any corresponding gain or loss is recognised in income statements.

All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions are eliminated in full.

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2.4 Basis of consolidation (cont'd.)

2.5 Transaction with non-controlling interests

Acquisition of subsidiaries that meets the conditions of a merger is accounted for using the merger method. Under the merger method of accounting, the results of subsidiaries are presented as if the merger had been effected throughout the current and previous years. In the consolidated financial statements, the cost of the merger is cancelled with the values of the shares received. Any resulting credit difference is classified as equity and regarded as a non-distributable reserve. Any resulting debit difference is adjusted against any suitable reserve.

Subsidiaries are consolidated from the date of acquisition, being the date on which the Group obtains control, and continue to be consolidated until the date that such control ceases.

The Group elects for each individual business combination, whether non-controlling interest in the acquiree (if any) is recognised on the acquisition date at fair value, or at the non-controlling interest’s proportionate share of the acquiree net identifiable assets.

Any excess of the sum of the fair value of the consideration transferred in the business combination, the amount of non-controlling interest in the acquiree (if any), and the fair value of the Group’s previously held equity interest in the acquiree (if any), over the net fair value of the acquiree’s identifiable assets and liabilities is recorded as goodwill in the statement of financial position. The accounting policy for goodwill is set out in Note 2.8 (a). In instances where the latter amount exceeds the former, the excess is recognised as a gain on bargain purchase in income statement on the acquisition date.

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2.5 Transaction with non-controlling interests

Changes in the Company owners’ ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interest is adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the parent.

Non-controlling interest represents the equity in subsidiaries not attributable, directly or indirectly, to owners of the Company, and is presented separately in the consolidated statement of comprehensive income and within equity in the consolidated statement of financial position, separately from equity attributable to owners of the Company.

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2.6

(a) Functional and presentation currency

(b) Foreign currency transactions

The individual financial statements of each entity in the Group are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The consolidated financial statements are presented in Ringgit Malaysia (RM), which is also the Company’s functional currency.

Foreign currency

Transactions in foreign currencies are measured in the respective functional currencies of the Company and its subsidiaries and are recorded on initial recognition in the functional currencies at exchange rates approximating those ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the reporting date. Non-monetary items denominated in foreign currencies that are measured at historical cost are translated using the exchange rates as at the dates of the initial transactions. Non-monetary items denominated in foreign currencies measured at fair value are translated using the exchange rates at the date when the fair value was determined.

Exchange differences arising on the settlement of monetary items or on translating monetary items at the reporting date are recognised in income statement except for exchange differences arising on monetary items that form part of the Group’s net investment in foreign operations, which are recognised initially in other comprehensive income and accumulated under foreign currency translation reserve in equity. The foreign currency translation reserve is reclassified from equity to

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in equity. The foreign currency translation reserve is reclassified from equity to income statement of the Group on disposal of the foreign operation.

Exchange differences arising on the translation of non-monetary items carried at fair value are included in income statement for the period except for the differences arising on the translation of non-monetary items in respect of which gains and losses are recognised directly in equity. Exchange differences arising from such non-monetary items are also recognised directly in equity.

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2.6

(c)

2.7

The assets and liabilities of foreign operations are translated into RM at the rate of exchange ruling at the reporting date and income and expenses are translated at exchange rates at the dates of the transactions. The exchange differences arising on the translation are taken directly to other comprehensive income. On disposal of a foreign operation, the cumulative amount recognised in other comprehensive income and accumulated in equity under foreign currency translation reserve relating to that particular foreign operation is recognised in the income statement.

Subsequent to recognition, property, plant and equipment are measured at cost less accumulated depreciation and accumulated impairment losses. When significant parts of property, plant and equipment are required to be replaced in intervals, the Group and the

All items of property, plant and equipment are initially recorded at cost. The cost of an item of property, plant and equipment is recognised as an asset if, and only if, it is only probable that future economic benefits associated with the item will flow to the Group and the Company and the cost of the item can be measured reliably.

Goodwill and fair value adjustments arising on the acquisition of foreign operations are treated as assets and liabilities of the foreign operations and are recorded in the functional currency of the foreign operations and translated at the closing rate at the reporting date.

Foreign currency (cont'd.)

Property, plant and equipment

Foreign operations

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property, plant and equipment are required to be replaced in intervals, the Group and the Company recognises such parts as individual assets with specific useful lives and depreciation, respectively. Likewise, when a major inspection is performed, its cost is recognised in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. All other repair and maintenance costs are recognised in income statement as incurred.

Dry docking costs which enhance the useful lives of the assets are capitalised when incurred and the remaining carrying amount of the cost during the previous dry docking, if any, is derecognised. The costs capitalised is amortised over a period of 60 months or the period until the next drydocking date, which ever is shorter.

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2.7

Leasehold land 1% - 2%Freehold office premises 2%Building and structure 2%Vessels, remotely operated vehicles ("ROV") and Saturation Diving System ("SAT System") 4% - 20%Tender assisted drilling rigs, and plant and machinery 3 1/3% - 50%Other equipments, tools and implements 20% - 33 1/3%Furniture, equipments and vehicles 14% - 50%

Assets under construction included in property, plant and equipment are not depreciated as these assets are not yet available for use.

An item of property, plant and equipment is derecognised upon disposal or when no

The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable.

The residual value, useful life and depreciation method are reviewed at each financial year-end, and adjusted prospectively, if appropriate.

Property, plant and equipment (cont'd.)

Depreciation is computed on a straight line basis over the estimated useful life of the assets as follows:

Freehold land has an unlimited useful life and therefore is not depreciated.

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An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss on derecognition of the asset is included in the income statement in the year the asset is derecognised.

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2.8 Intangible assets

(a)

For the purpose of impairment testing, goodwill acquired is allocated, from the acquisition date, to each of the Group’s cash-generating units that are expected to benefit from the synergies of the combination.

Goodwill is initially measured at cost. Following initial recognition, goodwill is measured at cost less accumulated impairment losses.

The cash-generating unit to which goodwill has been allocated is tested for impairment annually and whenever there is an indication that the cash-generating unit may be impaired, by comparing the carrying amount of the cash-generating unit, including the allocated goodwill, with the recoverable amount of the cash-generating unit. Where the recoverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is recognised in the income statement. Impairment losses recognised for goodwill are not reversed in subsequent periods.

Where goodwill forms part of a cash-generating unit and part of the operation within that cash-generating unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in this circumstance is measured based on the relative fair values of the operations disposed of and the portion of the cash-generating unit retained.

Goodwill

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(b) Other intangible assets

Intangible assets acquired separately are measured initially at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial acquisition, intangible assets are measured at cost less any accumulated amortisation and accumulated impairment losses.

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2.8 Intangible assets (cont'd.)

(b)

(i)

(ii) Intellectual property rights

Patents have a finite useful life and is amortised on a straight line basis over its finite useful life of 10 years.

Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognised in income statement when the asset is derecognised.

Intangible assets with finite useful lives are amortised over the estimated useful lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method are reviewed at least at each financial year-end. Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset is accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in income statement.

Other intangible assets (cont'd.)

Patents

Intellectual property rights were acquired separately and is amortised on a straight line basis over its finite useful life of 5 years.

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(iii) Software development costs

Software development costs are recognised when the Group can demonstrate the technical feasibility of completing the intangible assets so that it will be available for use, its intention to complete and its ability to use, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Software development costs have a finite useful life and are amortised over the period of use on a straight line basis of 3 years.

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2.8 Intangible assets (cont'd.)

(b)

(iv) Customer contracts

2.9 Expenditure on oil and gas properties

2.10 Impairment of non-financial assets

The carrying amount is derecognised at the end of contract or when no future economic benefits are expected from its use or disposal. The gain or loss arising from the derecognition is included in the income statement when the asset is derecognised.

The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any such indication exists, or when an annual impairment

Other intangible assets (cont'd.)

Expenditure on oil and gas properties is stated at cost less accumulated amortisation and any impairment. Cost comprises the purchase price or construction cost and any costs directly attributable to making that asset capable of operating as intended. The purchase price or construction cost is the aggregate amount paid and the fair value of any other consideration given to acquire the asset. Depreciation is computed on a straight line basis over the remaining term of the RSC.

Customer contracts acquired as part of a business combination are capitalised if they meet the definition of an intangible asset and the recognition criteria are satisfied. These customer contracts are valued at fair value and amortised over the remaining contractual period.

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An asset’s recoverable amount is the higher of an asset’s fair value less costs to sell or its value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units (“CGU”)).

may be impaired. If any such indication exists, or when an annual impairment assessment for an asset is required, the Group makes an estimate of the asset’s recoverable amount.

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2.10 Impairment of non-financial assets (cont'd.)

An assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. A previously recognised impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increase cannot exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognised previously. Such reversal is recognised in income statement unless the asset is measured at revalued amount, in which case the reversal is treated as a revaluation increase. Impairment loss on goodwill is not reversed in a subsequent period.

In assessing value in use, the estimated future cash flows expected to be generated by the asset are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. Where the carrying amount of an asset exceeds its recoverable amount, the asset is written down to its recoverable amount. Impairment losses recognised in respect of a CGU or groups of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to those units or groups of units and then, to reduce the carrying amount of the other assets in the unit or groups of units on a pro-rata basis.

Impairment losses are recognised in income statement except for assets that are previously revalued where the revaluation was taken to other comprehensive income. In this case the impairment is also recognised in other comprehensive income up to the amount of any previous revaluation.

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2.11 Subsidiaries

A subsidiary is an entity over which the Group has the power to govern the financial and operating policies so as to obtain benefits from their activities.

In the Company's separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses.

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2.12 Associates

The Group’s investments in associates are accounted for using the equity method. Under the equity method, the investment in associates is measured in the statement of financial position at cost plus post-acquisition changes in the Group’s share of net assets of the associates. Goodwill relating to associates is included in the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the associate’s identifiable assets, liabilities and contingent liabilities over the cost of the investment is excluded from the carrying amount of the investment and is instead included as income in the determination of the Group’s share of the associate’s income statement for the period in which the investment is acquired.

An associate is an entity, not being a subsidiary or a joint venture, in which the Group has significant influence. An associate is equity accounted for from the date the Group obtains significant influence until the date the Group ceases to have significant influence over the associate.

After application of the equity method, the Group determines whether it is necessary to recognise an additional impairment loss on the Group’s investment in its associates. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and its carrying value and recognises the amount in income statement.

When the Group’s share of losses in an associate equals or exceeds its interest in the associate, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the associate.

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In the Company’s separate financial statements, investments in associates are stated at cost less impairment losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in income statement.

associate and its carrying value and recognises the amount in income statement.

The most recent available financial statements of associates are used by the Group in applying the equity method. Where the dates of the financial statements used are not coterminous with those of the Group, the share of results is arrived at from the last audited financial statements and management financial statements to the end of the accounting period. Where necessary, adjustments are made to the financial statements of the associates to ensure consistency of the accounting policies used with those of the Group.

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2.13 Jointly-controlled entities

2.14 Financial assets

In the Company’s separate financial statements, its investments in jointly-controlled entities are stated at cost less impairment losses. On disposal of such investments, the difference between net disposal proceeds and their carrying amounts is included in the income statement.

Investments in jointly-controlled entities are accounted for in the consolidated financial statements using the equity method of accounting as described in Note 2.12.

The investment in jointly-controlled entities are stated at cost less impairment losses. Shareholders' advances to a joint venture for which settlement is neither planned nor likely to occur in the foreseeable future is treated as part of the investment in that entity.

The most recent available audited financial statements of the jointly-controlled entities are used by the Group in applying the equity method. Where the dates of the audited financial statements used are not coterminous with those of the Group, the share of results is arrived at from the last audited financial statements available and management financial statements to the end of the accounting period. Uniform accounting polices are adopted for like transactions and events in similar circumstances.

A jointly-controlled entity is a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control, where the strategic financial and operating decisions relating to the activity require the unanimous consent of the parties sharing control.

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Financial assets are recognised in the statements of financial position when, and only when, the Group and the Company become a party to the contractual provisions of the financial instrument.

The Group and the Company determine the classification of their financial assets at initial recognition, and the categories include financial assets at fair value through income statement, loans and receivables, held-to-maturity investments and available-for-sale financial assets.

When financial assets are recognised initially, they are measured at fair value, plus, in the case of financial assets not at fair value through profit or loss, directly attributable transaction costs.

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(a) Financial assets at fair value through profit or loss

(b) Loans and receivables

The Group and the Company have designated derivatives that do not qualify for hedge accounting as at fair value through profit or loss.

Financial assets are classified as financial assets at fair value through profit or loss if they are held for trading or are designated as such upon initial recognition. Financial assets held for trading are derivatives (including separated embedded derivatives) or financial assets acquired principally for the purpose of selling in the near term.

Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value. Any gains or losses arising from changes in fair value are recognised in income statement. Net gains or net losses on financial assets at fair value through profit or loss do not include exchange differences, interest and dividend income. Exchange differences, interest and dividend income on financial assets at fair value through profit or loss are recognised separately in income statement as part of other losses or other income.

Financial assets at fair value through profit or loss could be presented as current or non-current. Financial assets that is held primarily for trading purposes are presented as current whereas financial assets that is not held primarily for trading purposes are presented as current or non-current based on the settlement date.

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Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method. Gains and losses are recognised in income statement when the loans and receivables are derecognised or impaired, and through the amortisation process.

Financial assets with fixed or determinable payments that are not quoted in an active market are classified as loans and receivables.

Loans and receivables are classified as current assets, except for those having maturity dates later than 12 months after the reporting date which are classified as non-current.

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2.14 Financial assets (cont'd.)

(c) Held-to-maturity investments

(d) Available-for-sale financial assets

Available-for-sale are financial assets that are designated as available for sale or are not classified in any of the three preceding categories.

Financial assets with fixed or determinable payments and fixed maturity are classified as held-to-maturity when the Group has the positive intention and ability to hold the investment to maturity.

Held-to-maturity investments are classified as non-current assets, except for those having maturity within 12 months after the reporting date which are classified as current.

After initial recognition, available-for-sale financial assets are measured at fair value. Any gains or losses from changes in fair value of the financial asset are recognised in other comprehensive income, except that impairment losses, foreign exchange gains and losses on monetary instruments and interest calculated using the effective interest method are recognised in income statement. The cumulative gain or loss

Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method. Gains and losses are recognised in income statement when the held-to-maturity investments are derecognised or impaired, and through the amortisation process.

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Investments in equity instruments whose fair value cannot be reliably measured are measured at cost less impairment loss.

Available-for-sale financial assets are classified as non-current assets unless they are expected to be realised within 12 months after the reporting date.

interest method are recognised in income statement. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to income statement as a reclassification adjustment when the financial asset is derecognised. Interest income calculated using the effective interest method is recognised in income statement. Dividends on an available-for-sale equity instrument are recognised in income statement when the Group and the Company's right to receive payment is established.

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2.14 Financial assets (cont'd.)

2.15 Impairment of financial assets

(a)

Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the period generally established by regulation or convention in the marketplace concerned. All regular way purchases and sales of financial assets are recognised or derecognised on the trade date i.e., the date that the Group and the Company commit to purchase or sell the asset.

The Group and the Company assess at each reporting date whether there is any objective evidence that a financial asset is impaired.

To determine whether there is objective evidence that an impairment loss on financial assets has been incurred, the Group and the Company consider factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments. For certain categories of financial assets, such as trade receivables, assets that are assessed not to be impaired

A financial asset is derecognised where the contractual right to receive cash flows from the asset has expired. On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of the consideration received and any cumulative gain or loss that had been recognised in other comprehensive income is recognised in income statement.

Trade and other receivables and other financial assets carried at amortised cost

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If any such evidence exists, the amount of impairment loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows discounted at the financial asset’s original effective interest rate. The impairment loss is recognised in income statement.

assets, such as trade receivables, assets that are assessed not to be impaired individually are subsequently assessed for impairment on a collective basis based on similar risk characteristics. Objective evidence of impairment for a portfolio of receivables could include the Group’s and the Company's past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period and observable changes in national or local economic conditions that correlate with default on receivables.

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2.15 Impairment of financial assets (cont'd.)

(a)

(b) Available-for-sale financial assets

The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables, where the carrying amount is reduced through the use of an allowance account. When a trade receivable becomes uncollectible, it is written off against the allowance account.

If an available-for-sale financial asset is impaired, an amount comprising the difference between its cost (net of any principal payment and amortisation) and its current fair value, less any impairment loss previously recognised in income statement, is transferred from equity to income statement.

Trade and other receivables and other financial assets carried at amortised cost (cont'd.)

Significant or prolonged decline in fair value below cost, significant financial difficulties of the issuer or obligor, and the disappearance of an active trading market are considerations to determine whether there is objective evidence that investment securities classified as available-for-sale financial assets are impaired.

If in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed to the extent that the carrying amount of the asset does not exceed its amortised cost at the reversal date. The amount of reversal is recognised in income statement.

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statement, is transferred from equity to income statement.

Impairment losses on available-for-sale equity investments are not reversed in income statement in the subsequent periods. Increase in fair value, if any, subsequent to impairment loss is recognised in other comprehensive income. For available-for-sale debt investments, impairment losses are subsequently reversed in income statement if an increase in the fair value of the investment can be objectively related to an event occurring after the recognition of the impairment loss in income statement.

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2.16 Cash and cash equivalents

2.17 Construction contracts

Cash and cash equivalents comprise cash at bank and on hand, demand deposits, and short-term, highly liquid investments that are readily convertible to known amount of cash and which are subject to an insignificant risk of changes in value. These also include bank overdrafts that form an integral part of the Group’s cash management.

When it is probable that total contract costs will exceed total contract revenue, the expected loss is recognised as an expense immediately.

Contract revenue comprises the initial amount of revenue agreed in the contract and variations in contract work, claims and incentive payments to the extent that it is probable that they will result in revenue and they are capable of being reliably measured.

Where the outcome of a construction contract can be reliably estimated, contract revenue and contract costs are recognised as revenue and expenses respectively by using the stage of completion method. The stage of completion is measured by reference to the proportion of contract costs incurred for work performed to date to the estimated total contract costs.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred that are likely to be recoverable. Contract costs are recognised as expenses in the period for which they are incurred.

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2.18 Inventories

Inventories are stated at lower of cost and net realisable value.

When the total of costs incurred on construction contracts plus recognised profits (less recognised losses) exceed progress billings, the balance is classified as amount due from customers on contract. When progress billings exceed costs incurred plus recognised profits (less recognised losses) the balance is classified as amount due to customers on contracts.

Cost is determined using the first-in-first-out method. The cost of inventories includes expenditure incurred in acquiring the inventories and bringing them to their existing location and condition.

Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale.

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2.19 Provisions

2.20 Financial liabilities

(a)

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic resources will be required to settle the obligation and the amount of the obligation can be estimated reliably.

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability.

Provisions are reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of economic resources will be required to settle the obligation, the provision is reversed. If the effect of the time value of money is material, provisions are discounted using a current pre tax rate that reflects, where appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

Financial liabilities, within the scope of MFRS 139, are recognised in the statement of financial position when, and only when, the Group and the Company become a party to the contractual provisions of the financial instrument. Financial liabilities are classified as either financial liabilities at fair value through income statement or other financial liabilities.

Financial liabilities at fair value through profit or loss

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Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss.

Financial liabilities held for trading include derivatives entered into by the Group and the Company that do not meet the hedge accounting criteria. Derivative liabilities are initially measured at fair value and subsequently stated at fair value, with any resultant gains or losses recognised in income statement. Net gains or losses on derivatives include exchange differences.

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2.20 Financial liabilities (cont'd.)

(b) Other financial liabilities

(c) Financial guarantee contracts

The Group’s and the Company's other financial liabilities include trade payables, other payables and loans and borrowings.

Trade and other payables are recognised initially at fair value plus directly attributable transaction costs and subsequently measured at amortised cost using the effective interest method.

For other financial liabilities, gains and losses are recognised in income statement when the liabilities are derecognised, and through the amortisation process.

Loans and borrowings are recognised initially at fair value, net of transaction costs incurred, and subsequently measured at amortised cost using the effective interest method. Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date.

A financial guarantee contract is a contract that requires the issuer to make a specified payments to reimburse the holder for a loss it incurs because a specified debtors fails to make payment when due in accordance with the original or modified terms of a debt instruments. Financial guarantee contracts are classified as deferred income and are amortised to income statement using a straight-line method over the

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A financial liability is derecognised when the obligation under the liability is extinguished. When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognised in income statement.

income and are amortised to income statement using a straight-line method over the contractual period or, when there is no specified contractual period, recognised in income statement upon discharge of the guarantee contract becomes probable, an estimate of the financial guarantee contract is lower than the obligation, the carrying value is adjusted to the obligation amount and accounted for as a provision.

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2.21 Borrowing Costs

2.22 Employee benefits

(i) Short term benefit

(ii) Defined contribution plans

Defined contribution plans are post-employment benefit plans under which the

Wages, salaries and bonuses and social security contributions are recognised as an expense in the year in which the associated services are rendered by employees. Short term accumulating compensated absences such as paid annual leave are recognised when services are rendered by employees that increase their entitlement to future compensated leave. Short term non-accumulating compensated leave such as sick leave are recognised when the absences occur.

All other borrowing costs are recognised in income statement in the period they are incurred. Borrowing costs consist of interest and other costs that the Group and the Company incurred in connection with the borrowing of funds.

Borrowing costs are capitalised as part of the cost of a qualifying asset if they are directly attributable to the acquisition, construction or production of that asset. Capitalisation of borrowing costs commences when the activities to prepare the asset for its intended use or sale are in progress and the expenditures and borrowing costs are incurred. Borrowing costs are capitalised until the assets are substantially completed for their intended use or sale.

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Defined contribution plans are post-employment benefit plans under which the Group pays fixed contributions into separate entities or funds and will have no legal or constructive obligation to pay further contributions if any of the funds do not hold sufficient assets to pay all employee benefits relating to employee services in the current and preceding financial years. Such contributions are recognised as an expense in the income statement as incurred. As required by law, companies in Malaysia make such contributions to the Employees Provident Fund (“EPF”). Some of the Group’s foreign subsidiaries also make contributions to their respective countries’ statutory pension schemes.

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2.22 Employee benefits (cont'd.)

(iii) Share-based compensation

2.23 Leases

The Company’s Employee Share Options Scheme (“ESOS”), an equity-settled, share-based compensation plan, allows the Group’s employees to acquire ordinary shares of the Company. The total fair value of share options granted toemployees is recognised as an employee cost with a corresponding increase in the share option reserve within equity over the vesting period and taking into account the probability that the options will vest. The fair value of share options is measured at grant date, taking into account, if any, the market vesting conditions upon which the options were granted but excluding the impact of any non-market vesting conditions. Non-market vesting conditions are included in assumptions about the number of options that are expected to become exercisable on vesting date.

The proceeds received net of any directly attributable transaction costs are credited to share capital when the options are exercised.

At each reporting date, the Group revises its estimates of the number of options that are expected to become exercisable on vesting date. It recognises the impact of the revision of original estimates, if any, in the income statement, and a corresponding adjustment to equity over the remaining vesting period. The equity amount is recognised in the share option reserve until the option is exercised, upon which it will be transferred to share premium, or until the option expires, upon which it will be transferred directly to retained profits.

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(a) As lessee

Finance leases, which transfer to the Group substantially all the risks and rewards incidental to ownership of the leased item, are capitalised at the inception of the lease at the fair value of the leased asset or, if lower, at the present value of the minimum lease payments. Any initial direct costs are also added to the amount capitalised. Lease payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged to income statement. Contingent rents, if any, are charged as expenses in the periods in which they are incurred.

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2.23 Leases (cont'd.)

(a) As lessee (cont'd.)

(b) As lessor

2.24 Revenue

Leased assets are depreciated over the estimated useful life of the asset. However, if there is no reasonable certainty that the Group will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the estimated useful life and the lease term.

Leases where the Group retains substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same bases as rental income. The accounting policy for rental income is set out in Note 2.24(e).

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of consideration received or receivables.

Operating lease payments are recognised as an expense in income statement on a straight-line basis over the lease term. The aggregate benefit of incentives provided by the lessor is recognised as a reduction of rental expense over the lease term on a straight-line basis.

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(a) Revenue from services

(b) Construction contracts

Revenue from construction contracts is accounted for by the stage of completion method, as described in Note 2.17.

the fair value of consideration received or receivables.

Revenue from services is recognised net of service taxes and discounts as and when the services are performed.

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2.24 Revenue (cont'd.)

(c) Interest income

(d) Dividend income

(e) Rental income

Rental income is recognised on an accrual basis.

(f) Management fees

Management fees are recognised when services are rendered.

(g) Hire revenue

2.25 Income taxes

(a)

Interest income is recognised on accrual basis using the effective interest method.

Dividend income is recognised when the Group's right to receive payment is established.

Current tax

Revenue earned on the hire of equipment and employees is accounted for on an accrual basis.

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(a)

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the reporting date.

Current tax

Current taxes are recognised in income statement except to the extent that the tax relates to items recognised outside income statement, either in other comprehensive income or directly in equity.

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2.25 Income taxes (cont'd.)

(b) Deferred tax

-

-

- where the deferred tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is

Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

where the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

Deferred tax liabilities are recognised for all temporary differences, except:

in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Deferred tax assets are recognised for all deductible temporary differences, carry forward of unused tax credits and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utilised except:

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-

arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and

in respect of deductible temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, deferred tax assets are recognised only to the extent that it is probable that the temporary differences will reverse in the foreseeable future and taxable profit will be available against which the temporary differences can be utilised.

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2.25 Income taxes (cont'd.)

(b) Deferred tax (cont'd.)

(c) Sales tax

Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profit will allow the deferred tax assets to be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognised outside income statement is recognised outside income statement. Deferred tax items are recognised in correlation to the underlying transaction either in other comprehensive income or directly in equity and deferred tax arising from a business combination is adjusted against goodwill on acquisition.

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(c)

-

- Receivables and payables that are stated with the amount of sales tax included.

The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables or payables in the statements of financial position.

Sales tax

Revenues, expenses and assets are recognised net of the amount of sales tax except:

Where the sales tax incurred in a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item as applicable; and

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2.26 Segment reporting

2.27

2.28 Contingencies

An equity instrument is any contract that evidences a residual interest in the assets of the Group and the Company after deducting all of its liabilities. Ordinary shares are equity instruments.

Ordinary shares are recorded at the proceeds received, net of directly attributable incremental transaction costs. Ordinary shares are classified as equity. Dividends on ordinary shares are recognised in equity in the period in which they are declared.

Share capital and issuance expenses

A contingent liability or asset is a possible obligation or asset that arises from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future event(s) not wholly within the control of the Group or of the Company.

For management purposes, the Group is organised into operating segments based on their services which are independently managed by the respective segment managers responsible for the performance of the respective segments under their charge. The segment managers report directly to the management of the Company who regularly review the segment results in order to allocate resources to the segments and to assess the segment performance. Additional disclosures on each of these segments are shown in Note 41, including the factors used to identify the reportable segments and the measurement basis of segment information.

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2.29 Hedge accounting

The Group uses derivatives to manage its exposure to foreign currency risk, interest rate risk and liquidity risk, including forward currency contracts and cross currency interest rate swaps. The Group applies hedge accounting for certain hedging relationships which qualify for hedge accounting.

Contingent liabilities and assets are not recognised in the statements of financial position of the Group and of the Company.

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2.29

For the purpose of hedge accounting, hedging relationship are classified as:

(i)

(ii)

(iii) Hedges of a net investment in a foreign operation.

Fair value hedges, when hedging the exposure to changes in the fair value of a recognised asset or liability or an unrecognised firm commitment (except for foreign currency risk); or

At the inception of a hedge relationship, the Group formally designates and documents the hedge relationship to which the Group wishes to apply hedge accounting and the risk management objective and strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the hedged item or transaction, the nature of the risk being hedged and how the entity will assess the hedging instrument’s effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows attributable to the hedged risk. Such hedges are expected to be highly effective in achieving offsetting changes in fair value or cash flows and are assessed on an ongoing basis to determine that they actually have been highly effective throughout the financial reporting periods for which they were designated.

Cash flow hedges, when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or

Hedges which meet the strict criteria for hedge accounting are accounted for as follows:

Hedge accounting (cont'd.)

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(a) Fair value hedges

Hedges which meet the strict criteria for hedge accounting are accounted for as follows:

If the hedge item is derecognised, the unamortised fair value is recognised immediately in income statement.

For fair value hedges relating to items carried at amortised cost, the adjustment to carrying value is amortised through income statement over the remaining term to maturity. Effective interest rate amortisation may begin as soon as an adjustment exists and shall begin no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being hedged.

The change in the fair value of an interest rate hedging derivative is recognised in the income statement as finance costs. The change in the fair value of the hedged item attributable to the risk hedged is recorded as a part of the carrying value of the hedged item and is also recognised in income statement as finance costs.

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2.29

(a) Fair value hedges (cont'd.)

The Group has not designated any derivative under fair value hedge.

(b) Cash flow hedges

When an unrecognised firm commitment is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged risk is recognised as an asset or liability with a corresponding gain or loss recognised in income statement.

Amounts recognised in other comprehensive income previously are reclassified from equity to income statement when the hedged transaction affects income statement, such as when the hedged interest income or interest expense is recognised or when a forecast sale occurs. Where the hedged item is a non-financial asset or a non-financial liability, the amounts recognised previously in other comprehensive income

The effective portion of the gain or loss on the hedging instrument is recognised directly in other comprehensive income into cash flow hedge reserve, while any ineffective portion is recognised immediately in income statement as other operating expenses.

Hedge accounting (cont'd.)

Fair value hedge accounting is discontinued if the hedging instrument expires or sold, terminated or exercised, the hedge no longer meets the criteria for hedge accounting or the Group revokes the designation.

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financial liability, the amounts recognised previously in other comprehensive income are removed and included in the initial carrying amount of the non-financial asset or liability. The Group has elected not to apply basis adjustments to hedges of forecast transactions that result in the recognition of a non-financial asset or a non-financial liability.

If the forecast transaction or firm commitment is no longer expected to occur, the cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to income statement. If the hedging instrument expires or is sold, terminated or exercised without replacement or rollover, or if its designation as a hedge is revoked, any cumulative gain or loss previously recognised in other comprehensive income remain in equity until the forecast transaction or firm commitment affects income statement.

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2.30 Significant accounting judgements and estimates

(a) Judgements made in applying accounting policies

(i) Treatment of contract variation

In the process of applying the Group’s accounting policies, management has made the following judgements, apart from those involving estimations, which have the most significant effect on the amounts recognised in the financial statements:

The preparation of the Group’s and the Company's financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities at the reporting date. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the asset or liability affected in the future.

Included in the financial statements are values of change orders that have not yet been approved which are at various stages of process with the customers. These are included in Note 23. In this respect, the values are estimated based on the management’s assessment and judgement as to the realisable amount.

The complexity of estimation process, risks and uncertainties will affect the amounts reported in the financial statements. Depending on the outcome of negotiations with customers, this could result in reduction/increase in attributable profits/losses.

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(b) Key sources of estimation uncertainty

The key assumptions concerning the future and other key sources of estimation uncertainty at the statement of financial position date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:

The directors are of the opinion that the change orders recognised in the financial statements represents the best estimate, with justifiable grounds for the claims submitted and favourable progress of discussions with the customers.

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2.30 Significant accounting judgements and estimates (cont'd.)

(b) Key sources of estimation uncertainty (cont'd.)

(i) Impairment of goodwill

(ii) Construction contracts

The Group recognises construction contracts revenue and expenses in the income statement by using the stage of completion method. The stage of completion is determined by the proportion that construction contracts costs incurred for work performed to date to the estimated total construction contracts costs.

Significant judgement is required in determining the stage of completion, the extent of the construction contracts costs incurred, the estimated total construction contracts revenue and costs, as well as the recoverability of the construction projects. In making the judgement, the Group evaluates based on past experience and by relying on the work of specialists.

The Group determines whether goodwill is impaired at least on an annual basis. This requires an estimation of the value-in-use of the cash-generating units (“CGU”) to which goodwill is allocated. Estimating a value-in-use amount requires management to make an estimate of the expected future cash flows from the CGU and also to choose a suitable discount rate in order to calculate the present value of those cash flows. The carrying amounts of goodwill as at 31 January 2013 were RM 4,985,439,000 (2012: RM211,883,000). Further details are disclosed in Note 14.

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(iii) Depreciation of property, plant and equipment

(iv) Deferred tax assets

The cost of property, plant and equipment is depreciated on a straight-line basis over the assets’ useful lives. Management estimates the useful lives of these property, plant and equipment to be within 2 to 30 years. These are common life expectancies applied in the industry. Changes in the expected level of usage and technological developments could impact the economic useful lives and the residual values of these assets, therefore future depreciation charges could be revised.

past experience and by relying on the work of specialists.

Deferred tax assets are recognised for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of future taxable profits together with future tax planning strategies.

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2.30 Significant accounting judgements and estimates (cont'd.)

(b) Key sources of estimation uncertainty (cont'd.)

(v) Impairment of loans and receivables

3. Revenue

Revenue of the Group and of the Company consists of the following:

Group2013 2012 2013 2012

RM'000 RM'000 RM'000 RM'000

Installation of pipelines and facilities 3,418,179 1,354,171 - -

Company

The Group assesses at each reporting date whether there is any objective evidence that a financial asset is impaired. To determine whether there is objective evidence of impairment, the Group considers factors such as the probability of insolvency or significant financial difficulties of the debtor and default or significant delay in payments.

Where there is objective evidence of impairment, the amount and timing of future cash flows are estimated based on historical loss experience for assets with similar credit risk characteristics. The carrying amount of the Group’s loans and receivable at the reporting date is disclosed in Note 22.

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facilities 3,418,179 1,354,171 - - Engineering, procurement, construction and commissioning 1,668,530 - - - Offshore drilling services 719,858 711,380 - - Subsea and offshore support services 610,393 294,442 - - Geotechnical and maintenance services 316,834 196,409 - - Oilfield development and production 138,085 - - - Technical consultation services 40,535 - - - Dividend income - - 327,383 182,270 Management fees from subsidiaries - - 104,426 98,373 Intellectual property rights, trademarks and branding fees from subsidiaries - - 50,000 -

6,912,414 2,556,402 481,809 280,643

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SKPB-Draft FS after Housekeep - Jan 2013.xls;@$372563453ir.chartnexus.com/sapurakencana/website_HTML/... · Expenditure on oil and gas properties 15 780,063 178,820 - Investment in

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