Commitments (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure Of Commitments [Abstract]

Under Law 756 of 2002, as modified by Law 1530 of 2012, the royalties on Colombian production of light and medium oil are calculated on a field-by-field basis, using the following sliding scale:


Average daily production in barrels		Production Royalty rate
Up to 5,000		8%
5,000 to 125,000		8% + (production - 5,000) * 0.1
125,000 to 400,000		20%
400,000 to 600,000		20% + (production - 400,000) * 0.025
Greater than 600,000		25%

In accordance with Llanos 34 Block operation contract, when the accumulated production of each field, including the royalties’ volume, exceeds 5,000,000 of barrels and the WTI exceeds the base price settled in table A, the Group should deliver to ANH a share of the production net of royalties in accordance with the following formula: Q = ((P – Po) / P) x S; where Q = Economic right to be delivered to ANH, P = WTI, Po = Base price (see table A) and S = Share (see table B).


Table A			Table B
°API	Po (US$/barrel)	WTI (P)	S
>29°	30.22	Po < P < 2Po	30	%
>22°<29°	31.39	2Po < P < 3Po	35	%
>15°<22°	32.56	3Po < P < 4Po	40	%
>10°<15°	46.50	4Po < P < 5Po	45	%
		5Po < P	50	%

Disclosure of maturity analysis of operating lease payments [text block]


Amounts in US$‘000	2019	2018
Falling due within 1 year	47,450	32,180
Falling due within 1 – 3 years	18,032	5,777
Falling due within 3 – 5 years	2,500	2,793
Falling due over 5 years	1,956	—
Total minimum lease payments	69,938	40,750