NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS  NOTE 27 –  CAPITAL AND OTHER EXPENDITURE COMMITMENTS continued  The following tables summarize the Group’s contractual commitments not provided for in the consolidated  financial statements:  (1) As at 31 December 2014 the Company had one (2013: four) outstanding drilling rig contracts to  explore and develop the Company’s properties. The contracts generally have terms of 6 months. Amounts represent minimum expenditure commitments should the Company elect to terminate  these contracts prior to term.  (2) On 31 December 2012, the Company entered into an agreement to acquire certain oil and natural  gas properties located in the Wattenberg Field and to drill 45 net wells by 31 December 2015 on  the acquired properties (the “Drilling Commitment”). As each qualifying well is drilled,  approximately $67 thousand is paid from the escrow account to the Company.  However, for  each  required net commitment well not completed by the Company during that prorated commitment  year, the Company is to pay the seller of the properties approximately $67 thousand from the  escrow account. Certain clawback provisions allow the Company to recoup amounts paid to the  sellers if the total 45 wells are drilled by 31 December 2015. The Company sold the properties in  July 2014 and should the buyer drill any qualifying wells, the obligation would be satisfied. As at  31 December 2014, the Company and the buyer had not drilled any wells and the Company does  not expect any wells to be drilled under this provision in 2015. As such, the remaining  commitment of $2.0 million was accrued in our consolidated statement of financial position and  recognised against the gain on sale of assets in the consolidated statement of profit or loss and  comprehensive income. (3) Represents commitments for minimum lease payments in relation to non-cancellable operating  leases for office space not provided for in the consolidated financial statements.  (4) Represents commitments for the payment of salaries and other remuneration under long-term  employment and consultant contracts not provided for in the consolidated financial statements.  Details relating to the employment contracts are set out in the Company’s Remuneration Report.  As at 31 December 2013  Total Less than 1  year 1 – 5 years More than 5  years Drilling rig commitments $^{(1)}$  5,159  5,159  -  -  Drilling commitments $^{(2)}$  2,000  -  2,000  Operating lease commitments $^{(3)}$  1,860  200  1,354  306  Employment commitments $^{(4)}$  104  104  -  -  Total expenditure commitments  9,123  5,463  3,354  306  As at 31 December 2014  Total  Less than 1  year  1 – 5 years  More than 5  years  Drilling rig commitments $^{(1)}$  1,460  1,460  -  -  Operating lease commitments $^{(3)}$  2,363  430  1,933  Employment commitments $^{(4)}$  742  370  372  -  Total expenditure commitments  4,565  2,260  2,305  -  - 92 - 