For the year ended 31 December  Note  2014 US$’000  2013  US$’000  CASH FLOWS FROM OPERATING ACTIVITIES  Receipts from sales  170,442  84,703  Payments to suppliers and employees  (29,967)  (21,765)  Interest received  201  126  Derivative proceeds, net  (3)  253  Income taxes paid, net  (12,586)  (671)  NET CASH PROVIDED BY OPERATING ACTIVITIES  30  128,087  62,646  CASH FLOWS FROM INVESTING ACTIVITIES  Payments for development expenditure  (361,950)  (154,700)  Payments for exploration expenditure  (39,616)  (20,006)  Payments for acquisition of oil and gas properties  (35,606)  (141,963)  Sale of non-current assets  115,284  37,848  Transaction costs related to sale of non-current assets  (278)  (161)  Cash acquired from merger  -  114,690  Cash (paid) received from escrow and deposit  accounts, net  (102)  837  Payments for plant and equipment  (967)  (900)  NET CASH USED IN INVESTING ACTIVITIES  (323,235)  (164,355)  CASH FLOWS FROM FINANCING ACTIVITIES  Proceeds from the issuance of shares  72,438  48,211  Payments for costs of capital raisings  (3,778)  (2,654)  Payments for acquisition related costs  -  (533)  Borrowing costs paid  (1,065)  (569)  Proceeds from borrowings  165,000  15,000  Repayments from borrowings  (65,000)  (15,000)  NET CASH PROVIDED BY FINANCING ACTIVITIES  167,595  44,455  Net decrease in cash held  (27,553)  (57,254)  Cash at beginning of period  96,871  154,110  Effect of exchange rates on cash (101)  15  CASH AT END OF PERIOD  11  69,217  96,871  The accompanying notes are an integral part of these consolidated financial statements  - 58 -  CONSOLIDATED STATEMENT OF CASH FLOWS 