NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. General Information
Niko Resources Ltd. (the "Company") is a limited liability company incorporated in Alberta, Canada. The addresses of its registered office and principal place of business is 4600, 400 - 3 Avenue SW, Calgary, AB, T2P4H2. The Company is engaged in the exploration for and development and production of oil and natural gas in the countries listed in note 13. The Company's common shares are traded on the Toronto Stock Exchange.
2. Basis of Presentation
The condensed interim consolidated financial statements include the accounts of Niko Resources Ltd. (the "Company") and all of its subsidiaries. The majority of the exploration, development and production activities of the Company are conducted jointly with others and, accordingly, these financial statements reflect only the Company's proportionate interest in such activities. The condensed interim consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards ("IFRS").
The interim consolidated financial statements have been prepared following the same accounting policies and methods of application as the audited consolidated financial statements for the fiscal year ended March 31, 2012. The disclosures provided herein are incremental to those included with the annual consolidated financial statements and the notes thereto for the year ended March 31, 2012. The interim consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto for the year ended March 31, 2012.
The consolidated financial statements are presented in US dollars and all values are rounded to the nearest thousand dollars ($000), except where otherwise indicated.
These financial statements were authorized for issue by the Board of Directors on February 13, 2013.
3. Accounts receivable
----------------------------------------------------------------------------(thousands of U.S. dollars) As at As at Dec 31, 2012 March 31, 2012----------------------------------------------------------------------------Oil and gas revenues receivable 17,779 28,033Receivable from joint venture partners 42,994 13,004Advances to vendors 1,563 1,751Prepaid expenses and deposits 3,898 4,816VAT receivable 13,952 9,405Other receivables 5,026 4,238---------------------------------------------------------------------------- 85,212 61,247----------------------------------------------------------------------------
4. Exploration and evaluation assets
----------------------------------------------------------------------------(thousands of U.S. dollars) Nine months ended Year ended Dec 31, 2012 March 31, 2012----------------------------------------------------------------------------Opening balance 856,880 762,221Additions (note 13) 150,756 164,976Transfers 12 5,354Expensed (93,567) (71,500)Impairments (67,295) -Disposals and other arrangements (45,203) (2,355)Foreign currency translation 273 (1,816)----------------------------------------------------------------------------Closing balance 801,856 856,880----------------------------------------------------------------------------
