Financial instruments by category (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of detailed information about financial instruments [line items]

Disclosure of detailed information about financial instruments [text block]

Amounts in US$ '000	Assets as per statement of financial position
	2018		2017
Financial assets at fair value through profit or loss
Derivative financial instrument assets		27,539		-
Cash and cash equivalents		53,794		44,123
		81,333		44,123
Other financial assets at amortized cost
Trade receivables		16,215		19,519
To be recovered from co-venturers (Note 33)		1,819		2,455
Other financial assets (a)		11,468		43,488
Cash and cash equivalents		73,933		90,632
		103,435		156,094
Total financial assets		184,768		200,217

(a) Non-current other financial assets relate to contributions made for environmental obligations according to Colombian and Brazilian government regulations. Current other financial assets corresponds to short-term investments with original maturities up to twelve months and over three months. At 31 December 2017, Current other financial assets also included the security deposit granted in relation to the purchase of Argentinian assets (Note 35.3).

	Liabilities as per statement of financial position
Amounts in US$ '000	2018		2017
Liabilities at fair value through profit and loss
Derivative financial instrument liabilities		-		19,289
		-		19,289
Other financial liabilities at amortized cost
Trade payables		69,142		52,557
Payables to related parties (Note 33)		-		31,184
Payables to LGI (Note 35.1)		29,509		-
To be paid to co-venturers (Note 33)		8,449		10,015
Borrowings		447,002		426,204
		554,102		519,960
Total financial liabilities		554,102		539,249

Disclosure of credit quality of trade receivables [Text Block]

The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates:

Amounts in US$ '000	2018		2017
Trade receivables
Counterparties with an external credit rating (Moody’s)
B2		1,196		70
Ba2		5,511		-
Ba3		3,734		8,788
Baa3		-		3,614
Counterparties without an external credit rating
Group1 (a)		5,774		7,047
Total trade receivables		16,215		19,519

(a) Group 1 – existing customers (more than 6 months) with no defaults in the past.

Disclosure of maturity analysis for non-derivative financial liabilities [text block]

The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the balance sheet to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows.

Amounts in US$ '000	Less than 1 year		Between 1 and 2 years		Between 2 and 5 years		Over 5 years
At 31 December 2018
Borrowings		39,545		38,648		82,875		452,625
Trade payables		68,862		280		-		-
Payables to LGI (Note 35.1)		15,000		15,000		-		-
		123,407		53,928		82,875		452,625
At 31 December 2017
Borrowings		27,625		27,625		82,875		480,250
Trade payables		52,557		-		-		-
Payables to related parties		7,331		2,068		27,087		-
		87,513		29,693		109,962		480,250

Disclosure Of Financial liabilities Measured And Recognised At Fair Value And On Recurring Basis [text block]

The following table presents the Group’s financial assets and financial liabilities measured and recognized at fair value at 31 December 2018 and 2017 on a recurring basis:

Amounts in US$ '000	Level 1		Level 2		At 31 December 2018
Assets
Cash and cash equivalents
Money market funds		53,794		-		53,794
Derivative financial instrument liabilities
Commodity risk management contracts		-		27,539		27,539
Total Assets		53,794		27,539		81,333

Amounts in US$ '000	Level 1		Level 2		At 31 December 2017
Assets
Cash and cash equivalents
Money market funds		44,123		-		44,123
Total Assets		44,123		-		44,123
Liabilities
Derivative financial instrument liabilities
Commodity risk management contracts		-		19,289		19,289
Total Liabilities		-		19,289		19,289

Cash At Bank And Other Financial Assets [Member]

Disclosure of detailed information about financial instruments [line items]

Disclosure of credit quality of cash at bank and other financial assets [text block]

All trade receivables are denominated in US Dollars, except in Brazil where are denominated in Brazilian Real.

Cash at bank and other financial assets (a)

Amounts in US$ '000	2018		2017
Counterparties with an external credit rating (Moody’s, S&P, Fitch, BRC Investor Services)
A1		1,315		553
A2		595		298
A3		765		63,853
Aaa		-		15,040
Aaa-mf		52,563		-
Aa1		4,732		-
Aa3		17,431		11,401
AAA		14,307		19,634
B2		-		31
Ba1		4,033		18
Ba2		1		7
Baa1		13,903		307
Baa1+		4,138		-
Baa2		6,534		4,078
Ba3		212		2,815
B3		-		-
BBB		3,199		15,064
Counterparties without an external credit rating		15,448		45,123
Total		139,176		178,222

(a) The remaining balance sheet item ‘cash and cash equivalents’ corresponds to cash on hand amounting to US$ 19,000 (US$ 21,000 in 2017).