Dedication across the board
Annual Report 2012

Consolidated Financial Statements

25. Related party transactions

For the purpose of these consolidated financial statements transactions with related parties mainly comprise transactions between the members of the Group and the participants and/or their subsidiaries or associated companies.

Accounts payable to and borrowings from related parties as at December 31 consisted of the following:

In thousands of US dollars 2012 2011
     
Trade payables    
Prolag BVBA 298 18
Probel Capital Management B.V. 288 242
Amersham Oil LLP 48 39


During the year ended December 31, 2012 and 2011 the Group had the following transactions with related parties:

In thousands of US dollars 2012 2011
     
Management fees and consulting services    
Probel Capital Management N.V. 13,648 10,293
Prolag BVBA 2,195 1,892
Amersham Oil LLP 1,415 1,360


Management fees are payable in accordance with the Technical Assistance Agreements signed between the members of the Group and , Amersham Oil LLP, Prolag BVBA and Probel Capital Management N.V. related to the rendering of geological, geophysical, drilling, technical and other consultancy services.

Annual remuneration of key managers amounted to US$ 624 thousand for 2012 (2011: US$ 484 thousand). Other key management personnel were employed and paid by Amersham Oil LLP and Probel Capital Management and whose remuneration forms part of management fees and consulting services above.