Joint Interest and Other Receivables

9 Months Ended

Sep. 30, 2013

Joint Interest and Other Receivables

Joint Interest and Other Receivables

4. Joint Interest and Other Receivables

        Joint interest and other receivables result primarily from billing shared costs under the respective operating agreements to the Company's partners. These are usually settled within 30 days of the invoice date.

	September 30, 2013		December 31, 2012
	($ in thousands)
Partners in the U.S. Gulf of Mexico	$	45,663	$	52,439
Partners in West Africa(1)		53,223		2,185
Accrued interest on investment securities		8,313		3,647
Vendors' receivables		1,582		1,526
Other		1,072		1,795
Total	$	109,853	$	61,592

(1)

The amount of $53.2 million as of September 30, 2013 includes $30.6 million related to our partners on Block 20 offshore Angola and $22.6 million related to our partners on Blocks 9 and 21 offshore Angola. Although we expect to collect these receivables in full, including $11.3 million that is currently past due, the allocation of the receivable amongst our partners on Blocks 9 and 21 offshore Angola may change as a result of the working interest transfers discussed below.

        On September 19, 2013, we received a letter from Sociedade Nacional de Combustíveis de Angola—Empresa Pública notifying us that Nazaki Oil and Gáz, S.A. had transferred a 15% working interest in each of Blocks 9 and 21 offshore Angola out of its 30% working interest in each block to Sonangol Pesquisa e Produção, S.A. ("Sonangol P&P"). The letter stated that these transfers were effective as of March 14, 2013 for Block 9 and February 18, 2013 for Block 21, corresponding to the dates of the executive decrees from the Angola Ministry of Petroleum authorizing such transfers. As a result of these transfers, Sonangol P&P now has a working interest of 35% and paying interest of 18.75% (which is applicable only during the exploration phase on Blocks 9 and 21) in each of Blocks 9 and 21. Our working interest of 40% and paying interest of 62.5% (which is applicable only during the exploration phase on Blocks 9 and 21) in each of Blocks 9 and 21 remains unchanged as a result of these transfers. We are the operator of Blocks 9 and 21.