Note 26. Joint Operations The Group has an equity interest in the following joint operations as at 30 June 2021 as follows: Unincorporated Petroleum Business Activities Equity Interest (%) Tenement Carried on in 2021 2020 Principal Activities Operator of Joint Operation WA‑482‑P Northern Carnarvon 50 50 Exploration and evaluationSantos WA Energy Limited Basin, Australia Block Z‑38 Tumbes Basin, Peru 75 40 Exploration and evaluationKEI (Peru Z38) Pty Ltd, Sucursal del Peru The following amounts represented the Group’s share of assets, liabilities, revenues and expenses employed in joint operations. The amounts are included in the consolidated financial statements, in accordance with the accounting policy described in Note 1(v), under the following classifications: Consolidated Restated 2021 2020 US$’000 US$’000 Cash and cash equivalents 303 13,806 Receivables (current) – 4,782 Inventory 135 135 Trade and other payables (current) (233) (15,710) Share of net assets employed in joint operations 205 3,013 Interest income from unrelated entities – 1 Other income – 365 Other expenses (1) (360) Exploration and evaluation expenditure expensed or impaired (1,133) (51,515) Write‑down of inventory to net realisable value – (2,508) There are no contingent liabilities in respect of joint operations as at year end. During the period the Parent Company guarantee provided to Tullow guaranteeing KEI (Peru Z38) Pty Ltd, Sucursal del Peru’s performance under the joint operating agreement covering Block Z‑38 was effectively released following Tullow’s withdrawal from the licence agreement. Karoon Energy Ltd 115 Annual Report 2021