GeoPark Ltd | CIK:0001464591 | 3

  • Filed: 4/12/2018
  • Entity registrant name: GeoPark Ltd (CIK: 0001464591)
  • Generator: DataTracks
  • SEC filing page: http://www.sec.gov/Archives/edgar/data/1464591/000114420418020167/0001144204-18-020167-index.htm
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    • ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory

    Note 24
    Trade receivables and Prepayments and other receivables
     
    Amounts in US$ '000
     
    2017
     
    2016
     
    Trade receivables
     
     
    19,519
     
     
    18,426
     
     
     
     
    19,519
     
     
    18,426
     
    To be recovered from co-venturers (Note 33)
     
     
    2,455
     
     
    3,311
     
    Related parties receivables (Note 33)
     
     
    56
     
     
    42
     
    Prepayments and other receivables
     
     
    5,242
     
     
    4,290
     
     
     
     
    7,753
     
     
    7,643
     
    Total
     
     
    27,272
     
     
    26,069
     
     
     
     
     
     
     
     
     
    Classified as follows:
     
     
     
     
     
     
     
    Current
     
     
    27,037
     
     
    25,828
     
    Non current
     
     
    235
     
     
    241
     
    Total
     
     
    27,272
     
     
    26,069
     
     
    Trade receivables that are aged by less than three months are not considered impaired. As of 31 December 2017 and 2016, there are no balances that were aged by more than 3 months, but not impaired. These relate to customers for whom there is no recent history of default. There are no balances overdue between 31 days and 90 days as of 31 December 2017 and 2016.
     
    Movements on the Group provision for impairment are as follows:
     
    Amounts in US$ '000
     
    2017
     
    2016
     
    At 1 January
     
     
    741
     
     
    596
     
    Foreign exchange (income) loss
     
     
    (147)
     
     
    145
     
     
     
     
    594
     
     
    741
     
     
    The credit period for trade receivables is 30 days. The maximum exposure to credit risk at the reporting date is the carrying value of each class of receivable. The Group does not hold any collateral as security related to trade receivables.
     
    The carrying value of trade receivables is considered to represent a reasonable approximation of its fair value due to their short-term nature.