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d. Share-based compensation disclosure
The Company prepares its statement of comprehensive income (loss) classifying costs according to function as opposed to the nature of the costs. As a result, share-based compensation expense is charged to various other headings in the statement of comprehensive income (loss).
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of U.S. ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31, dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Share-based compensation expense included in: Exploration and evaluation assets 260 292 794 767 Operating expense 353 484 991 1,501 Exploration and evaluation expense 1,463 1,614 4,859 4,839 Share-based compensation expense 1,109 5,158 8,011 31,778----------------------------------------------------------------------------Total 3,185 7,548 14,655 38,885----------------------------------------------------------------------------
8. Revenue
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of U.S. ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31,dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Natural gas sales 43,913 69,337 154,175 224,016Oil and condensatesales 9,616 15,888 36,113 57,653Less: Royalties (2,093) (3,655) (7,543) (12,198) Government's share of profit petroleum (4,921) (6,781) (23,051) (19,594)----------------------------------------------------------------------------Oil and naturalgas revenue 46,515 74,789 159,694 249,877----------------------------------------------------------------------------
Revenues from oil and gas sales to Petrobangla comprised 22 percent of natural gas, oil and condensate sales for the nine months ended December 31, 2012 (2011 - 15 percent).
In June 2012, the Company recorded a $6 million increase in profit petroleum expense due to a court ruling indicating the 36-inch pipeline is not eligible for cost recovery. The Company has appealed the decision with division bench of Delhi High Court.
9. Exploration and evaluation expenses
---------------------------------------------------------------------------- Three months Three months Nine months Nine months(thousands of ended Dec 31, ended Dec 31, ended Dec 31, ended Dec 31,U.S. dollars) 2012 2011 2012 2011----------------------------------------------------------------------------Geological andgeophysical 4,983 49,716 23,257 88,708Exploration andevaluation (wellcost) 43,954 361 93,567 376General andadministrative 1,487 3,947 10,160 11,673Productionsharing contractannual payments 2,417 1,895 8,909 9,328New ventures 7,628 144 10,480 1,459Share-basedcompensation 1,463 1,049 4,859 4,839----------------------------------------------------------------------------Exploration andevaluation 61,932 57,112 151,232 116,383----------------------------------------------------------------------------
