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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NGN" } }, "f-608": { "value": "650000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:029200711C4S4CB2E982", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-612": { "value": "Seplat Energy Plc (formerly called Seplat Petroleum Development Company Plc, hereinafter referred to as \u2018Seplat\u2019 or the \u2018Company\u2019), the parent of the Group, was incorporated on 17 June 2009 as a private limited liability company and re-registered as a public company on 3 October 2014, under the Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004. The Company commenced operations on 1 August 2010. The Company is principally engaged in oil and gas exploration and production and gas processing activities. The Company\u2019s registered address is: 1, Lekki-Epe Expressway, Victoria Island, Lagos, Nigeria.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "value": "Seplat Energy Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "value": "Seplat Energy Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "value": "Seplat Energy Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "Plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-614": { "value": "1, Lekki-Epe Expressway, Victoria Island, Lagos, Nigeria", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-615": { "value": "1, Lekki-Epe Expressway, Victoria Island, Lagos, Nigeria", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "Nigeria", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-617": { "value": "Nigeria", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-619": { "value": "
The Company acquired, pursuant to an agreement for assignment
dated 31 January 2010 between the Company, SPDC, TOTAL and
AGIP, a 45% participating interest in OML 4, OML 38 and OML 41
located in Nigeria.
On 7 November 2010, Newton Energy Limited (\u2018Newton Energy\u2019),
an entity previously beneficially owned by the same shareholders
as Seplat, became a subsidiary of the Company. On 1 June 2013,
Newton Energy acquired from Pillar Oil Limited (\u2018Pillar Oil\u2019) a 40%
participant interest in producing assets: the Umuseti/Igbuku marginal
field area located within OPL 283 (the \u2018Umuseti/Igbuku Fields\u2019).
On 27 March 2013, the Group incorporated a subsidiary, MSP
Energy Limited. The company was incorporated for oil and gas
exploration and production.
On 11 December 2013, the Group incorporated a new subsidiary,
Seplat East Swamp Company Limited with the principal activity of
oil and gas exploration and production.
On 11 December 2013, Seplat Gas Company Limited (\u2018Seplat Gas\u2019)
was incorporated as a private limited liability company to engage
in oil and gas exploration and production and gas processing.
On 21 August 2014, the Group incorporated a new subsidiary, Seplat
Energy UK Limited (formerly called Seplat Petroleum Development UK
Limited). The subsidiary provides technical, liaison and administrative
support services relating to oil and gas exploration activities.
In 2015, the Group purchased a 40% participating interest in OML
53, onshore northeastern Niger Delta (Seplat East Onshore
Limited), from Chevron Nigeria Ltd for $259.4 million.
In 2017, the Group incorporated a new subsidiary, ANOH Gas
Processing Company Limited. The principal activity of the
company is the processing of gas from OML 53 using the ANOH
Gas Plant. The Group divested some of its ownership interest in
this company to Nigerian Gas Processing and Transportation
Company (NGPTC) which was effective from 18 April 2019, hence
this investment qualifies as a joint arrangement and has continued
to be recognised as investment in joint venture.
On 16 January 2018, the Group incorporated a subsidiary, Seplat
West Limited (\u2018Seplat West\u2019). Seplat West was incorporated to
manage the producing assets of Seplat Energy Plc.
On 31 December 2019, Seplat Energy Plc acquired 100% of Eland
Oil and Gas Plc\u2019s issued and yet to be issued ordinary shares.
Eland is an independent oil and gas company that holds interest in
subsidiaries and joint ventures that are into production,
development and exploration in West Africa, particularly the Niger
Delta region of Nigeria.
On acquisition of Eland Oil and Gas Plc (Eland), the Group acquired
an indirect interest in existing subsidiaries of Eland.
Eland Oil & Gas (Nigeria) Limited is a subsidiary acquired through
the purchase of Eland and is into exploration and production of oil
and gas.
Westport Oil Limited, which was also acquired through purchase
of Eland, is a financing company.
Elcrest Exploration and Production Company Limited (Elcrest),
which became an indirect subsidiary of the Group, purchased a
45% interest in OML 40 in 2012. Elcrest is a joint venture between
Eland Oil and Gas (Nigeria) Limited (45%) and Starcrest Nigeria
Energy Limited (55%). It has been consolidated because Eland is
deemed to have power over the relevant activities of Elcrest to
affect variable returns from Elcrest at the date of acquisition by the
Group. (See details in Note 4.1.v.) The principal activity of Elcrest is
exploration and production of oil and gas.
Wester Ord Oil & Gas (Nigeria) Limited, which also became an
indirect subsidiary of the Group, acquired a 40% stake in a licence,
Ubima, in 2014 via a joint operations agreement. The principal
activity of Wester Ord Oil & Gas (Nigeria) Limited is exploration and
production of oil and gas. In 2022, Wester Ord Oil and Gas
(Nigeria) divested its interest in Ubima.
Other entities acquired through the purchase of Eland are Tarland
Oil Holdings Limited (a holding company), Brineland Petroleum
Limited (dormant company) and Destination Natural Resources
Limited (dormant company).
On 1 January 2020, Seplat Energy Plc transferred its 45%
participating interest in OML 4, OML 38 and OML 41 (\u2018transferred
assets\u2019) to Seplat West Limited. As a result, Seplat Energy Plc
ceased to be a party to the Joint Operating Agreement in respect of
the transferred assets and became a holding company. Seplat West
Limited became a party to the Joint Operating Agreement in respect
of the transferred assets and assumed its rights and obligations.
On 20 May 2021, following a special resolution by the Board in view
of the Company\u2019s strategy of transitioning into an energy
company promoting renewable energy, sustainability, and new
energy, the name of the Company was changed from Seplat
Petroleum Development Company Plc to Seplat Energy Plc under
the Companies and Allied Matters Act 2020.
On 7 February 2022, the Group incorporated a subsidiary, Seplat
Energy Offshore Limited. The company was incorporated for oil
and gas exploration and production.
On 5 July 2022, the Group incorporated a subsidiary, Turnkey
Drilling Services Limited. The company was incorporated for the
purpose of drilling chemicals, material supply, directional drilling,
drilling support services and exploration services.
On 26 April 2023, Seplat Gas Company Limited was changed to
Seplat Midstream Company Limited. This subsidiary was
incorporated to engage in oil and gas exploration and production
and gas processing. The company is yet to commence
operations.
On 14 June 2023, the Group entered into a joint venture agreement
with Pol Gas Limited which birthed Pine Gas Processing Limited.
Both parties subscribed to an equal proportion of ordinary shares.
The company was incorporated for processing natural gas,
storage, marketing, transportation, trading, supply and distribution
of natural gas and petroleum products derived from natural gas.
The company is yet to commence operations.
On 7 August 2024, the Group incorporated a subsidiary, Seplat
Energy Investment Limited. The company was incorporated for oil
and gas exploration and production.
On 12 December 2024, the Group acquired 100% of Mobil
Producing Nigeria Unlimited and changed the name on 19
December 2024 to Seplat Energy Producing Nigeria Unlimited. The
company was acquired for the purpose of oil and gas exploration
and production.
The Company together with its subsidiaries as shown below are collectively referred to as the Group.
Subsidiary
Date of
incorporation
Country of
incorporation
and place of
business
Percentage
holding
Principal activities
Nature of
holding
Eland Oil & Gas Limited
28 August 2009
United Kingdom
100%
Holding company
Direct
Eland Oil & Gas (Nigeria) Limited
11 August 2010
Nigeria
100%
Oil & gas exploration and production
Indirect
Elcrest Exploration and
Production Nigeria Limited
6 January 2011
Nigeria
45%
Oil & gas exploration and production
Indirect
Westport Oil Limited
8 August 2011
Jersey
100%
Financing
Indirect
Brineland Petroleum Limited
18 February 2013
Nigeria
49%
Dormant
Indirect
Newton Energy Limited
1 June 2013
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat East Swamp Company
Limited
11 December
2013
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat Midstream Company
Limited
11 December
2013
Nigeria
99.9%
Oil & gas exploration and production
and gas processing
Direct
Tarland Oil Holdings Limited
16 July 2014
Jersey
100%
Holding company
Indirect
Wester Ord Oil and Gas Limited
16 July 2014
Jersey
100%
Holding company
Indirect
Wester Ord Oil & Gas (Nigeria)
Limited
18 July 2014
Nigeria
100%
Oil & gas exploration and production
Indirect
Seplat Energy UK Limited
21 August 2014
United Kingdom
100%
Technical, liaison and administrative
support services relating to oil & gas
exploration and production
Direct
Seplat East Onshore Limited
12 December
2014
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat West Limited
16 January 2018
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat Energy Offshore Limited
7 February 2022
Nigeria
100%
Oil & gas exploration and production
Direct
Seplat Energy Investment
Limited
7 August 2024
Nigeria
100%
Oil & gas exploration and production
Direct
Seplat Energy Producing Nigeria
Unlimited
19 December
2024
Nigeria
100%
Oil & gas exploration and production
Indirect
During the year, the Company approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September
2025. The Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up.
3.6\u00a0 Basis of consolidation
i.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Subsidiaries
Subsidiaries are all entities (including structured entities) over which
the Group has control.
The consolidated financial information comprises the financial
statements of the Company and its subsidiaries as at
31\u00a0December 2025. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its
power over the investee. Specifically, the Group controls an
investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement
with the investee; and
\u2022 The ability to use its power over the investee to affect its
returns.
Subsidiaries are consolidated from the date on which control is
obtained by the Group and are deconsolidated from the date
control ceases.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances
in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement(s) with the other vote holders of
the investee
\u2022 Rights arising from other contractual arrangements
\u2022 The Group\u2019s voting rights and potential voting rights
ii.\u00a0 \u00a0 \u00a0 \u00a0 Change in the ownership interest of subsidiary
The acquisition method of accounting is used to account for
business combinations by the Group.
Non-controlling interests in the results and equity of subsidiaries
are shown separately in the consolidated statement of profit or
loss and other comprehensive income, statement of changes in
equity and statement of financial position respectively.
Intercompany transaction balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting
policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the Group.
iii.\u00a0 \u00a0 \u00a0 \u00a0 Disposal of subsidiary
Where the Group disposes a subsidiary, it:
\u2022 Derecognises the assets (including goodwill) and liabilities of
the subsidiary;
\u2022 Derecognises the carrying amount of any non-controlling
interests;
\u2022 Derecognises the cumulative translation differences recorded
in equity;
\u2022 Recognises the fair value of the consideration received;
\u2022 Recognises the fair value of any investment retained;
\u2022 Recognises any surplus or deficit in profit or loss; and
\u2022 Reclassifies the parent\u2019s share of components previously
recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly
disposed of the related assets or liabilities.
iv.\u00a0 \u00a0 \u00a0 \u00a0 Joint arrangements
Under IFRS 11 Joint Arrangements, investments in joint
arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and
obligations of each investor, rather than the legal structure of the
joint arrangement.
Interest in the joint venture is accounted for using the equity
method, after initially being recognised at cost in the consolidated
statement of financial position. All other joint arrangements of the
Group are joint operations.
A joint operation (JO) involves joint control and often joint
ownership by the Group and other venturers of assets contributed
to, or acquired for the purpose of, the joint venture, without the
formation of a corporation, partnership or other entity. Where the
Group\u2019s activities are conducted through JOs, the Group
recognises its share of the jointly controlled assets and liabilities it
has incurred, its share of any liabilities jointly incurred with other
venturers, income from the sale or use of its share of the joint
venture\u2019s output, together with its share of the expenses incurred
by the joint venture, and any expenses it incurs in relation to its
interest in the joint venture and a share of production.
v.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Associates
Associates are all entities over which the Group has significant
influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting
rights. Investment in associates is accounted for using the equity
method of accounting (see (vi) below) after initially being
recognised at cost.
vi.\u00a0 \u00a0 \u00a0 \u00a0 Equity method
Under the equity method of accounting, the Group\u2019s investments
are initially recognised at cost and adjusted thereafter to recognise
the Group\u2019s share of the post-acquisition profits or losses of the
investee in profit or loss, and the Group\u2019s share of movements in
other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from
associates and joint ventures are recognised as a reduction in the
carrying amount of the investment.
Where the Group\u2019s share of loss in an equity accounting
investment equals or exceeds its interest in the entity, including
any other unsecured long-term receivables, the Group does not
recognise further losses, unless it has incurred obligations or made
payments on behalf of the other party.
Unrealised gains on transactions between the Group and its
associate and joint venture are eliminated to the extent of the
Group\u2019s interest in the entities. Unrealised losses are also
eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of equity accounted investees are changed
where necessary to ensure consistency with the policies adopted
by the Group.
The carrying amount of equity accounted investments is tested for
impairment in accordance with the policy described in Note 3.14.
vii.\u00a0 \u00a0 \u00a0 \u00a0 Changes in ownership interest
The Group treats transactions with non-controlling interests that
do not result in a loss of control as transactions with equity owners
of the Group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and
non-controlling interests to reflect their relative interests in the
subsidiary. Any difference between the amount of the adjustment
to non-controlling interests and any consideration paid or received
is recognised in a separate reserve within equity attributable to
owners of the Group.
When the Group ceases to consolidate or equity account for an
investment because of a loss of control, joint control or significant
influence, any retained interest in the entity is remeasured to its fair
value, with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the
purposes of subsequently accounting for the retained interest as
an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income in
respect of that entity are accounted for as if the Group had
directly disposed of the related assets or liabilities. This may mean
that amounts previously recognised in other comprehensive
income are reclassified to profit or loss.
viii.\u00a0 \u00a0 \u00a0 \u00a0 Accounting for loss of control
When the Group ceases to consolidate a subsidiary because of a
joint control, it does the following:
\u2022 deconsolidates the assets (including goodwill), liabilities and
non-controlling interest (including attributable other
comprehensive income) of the former subsidiary from the
consolidated financial position;
\u2022 any retained interest (including amounts owed by and to the
former subsidiary) in the entity is remeasured to its fair value,
with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the
purposes of subsequently accounting for the retained interest
as an associate or a joint venture;
\u2022 any amounts previously recognised in other comprehensive
income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities.
This may mean that amounts previously recognised in other
comprehensive income are reclassified to profit or loss or
transferred directly to retained earnings if required by other
IFRS Accounting Standards;
\u2022 the resulting gain or loss, on loss of control, is recognised
together with the profit or loss from the discontinued
operation for the period before the loss of control; and
\u2022 the gain or loss on disposal will comprise the gain or loss
attributable to the portion disposed of and the gain or loss on
remeasurement of the portion retained. The latter is disclosed
separately in the notes to the financial statements. If the
ownership interest in a joint venture is reduced but joint
control or significant influence is retained, only a proportionate
share of the amounts previously recognised in other
comprehensive income is reclassified to profit or loss where
appropriate.
ix.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Non-controlling interest
The Group recognises non-controlling interests in an acquired
entity either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquired entity\u2019s net identifiable assets.
This decision is made on an acquisition-by-acquisition basis.
x.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gain on bargain purchase
A gain on bargain purchase arises when the fair value of the
identifiable net assets acquired in a business combination exceeds
the aggregate of the consideration transferred, the amount of any
non-controlling interest in the acquiree, and the fair value of the
acquirer's previously held equity interest in the acquiree, if any.
The Group recognises any gain on a bargain purchase
immediately in profit or loss. The gain is measured as the excess
of the fair value of the identifiable net assets acquired over the
aggregate of the consideration transferred, the amount of any
non-controlling interest in the acquiree, and the fair value of the
acquirer's previously held equity interest in the acquiree, if any.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-618": { "value": "
The Company acquired, pursuant to an agreement for assignment
dated 31 January 2010 between the Company, SPDC, TOTAL and
AGIP, a 45% participating interest in OML 4, OML 38 and OML 41
located in Nigeria.
On 7 November 2010, Newton Energy Limited (\u2018Newton Energy\u2019),
an entity previously beneficially owned by the same shareholders
as Seplat, became a subsidiary of the Company. On 1 June 2013,
Newton Energy acquired from Pillar Oil Limited (\u2018Pillar Oil\u2019) a 40%
participant interest in producing assets: the Umuseti/Igbuku marginal
field area located within OPL 283 (the \u2018Umuseti/Igbuku Fields\u2019).
On 27 March 2013, the Group incorporated a subsidiary, MSP
Energy Limited. The company was incorporated for oil and gas
exploration and production.
On 11 December 2013, the Group incorporated a new subsidiary,
Seplat East Swamp Company Limited with the principal activity of
oil and gas exploration and production.
On 11 December 2013, Seplat Gas Company Limited (\u2018Seplat Gas\u2019)
was incorporated as a private limited liability company to engage
in oil and gas exploration and production and gas processing.
On 21 August 2014, the Group incorporated a new subsidiary, Seplat
Energy UK Limited (formerly called Seplat Petroleum Development UK
Limited). The subsidiary provides technical, liaison and administrative
support services relating to oil and gas exploration activities.
In 2015, the Group purchased a 40% participating interest in OML
53, onshore northeastern Niger Delta (Seplat East Onshore
Limited), from Chevron Nigeria Ltd for $259.4 million.
In 2017, the Group incorporated a new subsidiary, ANOH Gas
Processing Company Limited. The principal activity of the
company is the processing of gas from OML 53 using the ANOH
Gas Plant. The Group divested some of its ownership interest in
this company to Nigerian Gas Processing and Transportation
Company (NGPTC) which was effective from 18 April 2019, hence
this investment qualifies as a joint arrangement and has continued
to be recognised as investment in joint venture.
On 16 January 2018, the Group incorporated a subsidiary, Seplat
West Limited (\u2018Seplat West\u2019). Seplat West was incorporated to
manage the producing assets of Seplat Energy Plc.
On 31 December 2019, Seplat Energy Plc acquired 100% of Eland
Oil and Gas Plc\u2019s issued and yet to be issued ordinary shares.
Eland is an independent oil and gas company that holds interest in
subsidiaries and joint ventures that are into production,
development and exploration in West Africa, particularly the Niger
Delta region of Nigeria.
On acquisition of Eland Oil and Gas Plc (Eland), the Group acquired
an indirect interest in existing subsidiaries of Eland.
Eland Oil & Gas (Nigeria) Limited is a subsidiary acquired through
the purchase of Eland and is into exploration and production of oil
and gas.
Westport Oil Limited, which was also acquired through purchase
of Eland, is a financing company.
Elcrest Exploration and Production Company Limited (Elcrest),
which became an indirect subsidiary of the Group, purchased a
45% interest in OML 40 in 2012. Elcrest is a joint venture between
Eland Oil and Gas (Nigeria) Limited (45%) and Starcrest Nigeria
Energy Limited (55%). It has been consolidated because Eland is
deemed to have power over the relevant activities of Elcrest to
affect variable returns from Elcrest at the date of acquisition by the
Group. (See details in Note 4.1.v.) The principal activity of Elcrest is
exploration and production of oil and gas.
Wester Ord Oil & Gas (Nigeria) Limited, which also became an
indirect subsidiary of the Group, acquired a 40% stake in a licence,
Ubima, in 2014 via a joint operations agreement. The principal
activity of Wester Ord Oil & Gas (Nigeria) Limited is exploration and
production of oil and gas. In 2022, Wester Ord Oil and Gas
(Nigeria) divested its interest in Ubima.
Other entities acquired through the purchase of Eland are Tarland
Oil Holdings Limited (a holding company), Brineland Petroleum
Limited (dormant company) and Destination Natural Resources
Limited (dormant company).
On 1 January 2020, Seplat Energy Plc transferred its 45%
participating interest in OML 4, OML 38 and OML 41 (\u2018transferred
assets\u2019) to Seplat West Limited. As a result, Seplat Energy Plc
ceased to be a party to the Joint Operating Agreement in respect of
the transferred assets and became a holding company. Seplat West
Limited became a party to the Joint Operating Agreement in respect
of the transferred assets and assumed its rights and obligations.
On 20 May 2021, following a special resolution by the Board in view
of the Company\u2019s strategy of transitioning into an energy
company promoting renewable energy, sustainability, and new
energy, the name of the Company was changed from Seplat
Petroleum Development Company Plc to Seplat Energy Plc under
the Companies and Allied Matters Act 2020.
On 7 February 2022, the Group incorporated a subsidiary, Seplat
Energy Offshore Limited. The company was incorporated for oil
and gas exploration and production.
On 5 July 2022, the Group incorporated a subsidiary, Turnkey
Drilling Services Limited. The company was incorporated for the
purpose of drilling chemicals, material supply, directional drilling,
drilling support services and exploration services.
On 26 April 2023, Seplat Gas Company Limited was changed to
Seplat Midstream Company Limited. This subsidiary was
incorporated to engage in oil and gas exploration and production
and gas processing. The company is yet to commence
operations.
On 14 June 2023, the Group entered into a joint venture agreement
with Pol Gas Limited which birthed Pine Gas Processing Limited.
Both parties subscribed to an equal proportion of ordinary shares.
The company was incorporated for processing natural gas,
storage, marketing, transportation, trading, supply and distribution
of natural gas and petroleum products derived from natural gas.
The company is yet to commence operations.
On 7 August 2024, the Group incorporated a subsidiary, Seplat
Energy Investment Limited. The company was incorporated for oil
and gas exploration and production.
On 12 December 2024, the Group acquired 100% of Mobil
Producing Nigeria Unlimited and changed the name on 19
December 2024 to Seplat Energy Producing Nigeria Unlimited. The
company was acquired for the purpose of oil and gas exploration
and production.
The Company together with its subsidiaries as shown below are collectively referred to as the Group.
Subsidiary
Date of
incorporation
Country of
incorporation
and place of
business
Percentage
holding
Principal activities
Nature of
holding
Eland Oil & Gas Limited
28 August 2009
United Kingdom
100%
Holding company
Direct
Eland Oil & Gas (Nigeria) Limited
11 August 2010
Nigeria
100%
Oil & gas exploration and production
Indirect
Elcrest Exploration and
Production Nigeria Limited
6 January 2011
Nigeria
45%
Oil & gas exploration and production
Indirect
Westport Oil Limited
8 August 2011
Jersey
100%
Financing
Indirect
Brineland Petroleum Limited
18 February 2013
Nigeria
49%
Dormant
Indirect
Newton Energy Limited
1 June 2013
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat East Swamp Company
Limited
11 December
2013
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat Midstream Company
Limited
11 December
2013
Nigeria
99.9%
Oil & gas exploration and production
and gas processing
Direct
Tarland Oil Holdings Limited
16 July 2014
Jersey
100%
Holding company
Indirect
Wester Ord Oil and Gas Limited
16 July 2014
Jersey
100%
Holding company
Indirect
Wester Ord Oil & Gas (Nigeria)
Limited
18 July 2014
Nigeria
100%
Oil & gas exploration and production
Indirect
Seplat Energy UK Limited
21 August 2014
United Kingdom
100%
Technical, liaison and administrative
support services relating to oil & gas
exploration and production
Direct
Seplat East Onshore Limited
12 December
2014
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat West Limited
16 January 2018
Nigeria
99.9%
Oil & gas exploration and production
Direct
Seplat Energy Offshore Limited
7 February 2022
Nigeria
100%
Oil & gas exploration and production
Direct
Seplat Energy Investment
Limited
7 August 2024
Nigeria
100%
Oil & gas exploration and production
Direct
Seplat Energy Producing Nigeria
Unlimited
19 December
2024
Nigeria
100%
Oil & gas exploration and production
Indirect
During the year, the Company approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September
2025. The Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up.
7.\u00a0 \u00a0 Business combinations
Summary of acquisition
On 25 February 2022, Seplat Energy Plc (\u2018Seplat Energy\u2019 or \u2018Seplat\u2019), announced that it had entered into an agreement to acquire the entire
share capital of Mobil Producing Nigeria Unlimited (MPNU). Under the terms of the acquisition, the former owners of MPNU (Mobil
Development Nigeria Inc. and Mobil Exploration Nigeria Inc.) are entitled to receive cash as stated below in exchange for MPNU\u2019s shares.
The cash consideration payable under the acquisition was wholly funded through a combination of existing cash resources of Seplat and
loan facilities available to Seplat.\u00a0 The transaction was completed on 12 December 2024 (the acquisition date) and from that date Seplat
Energy will be expected to align MPNU with its overall strategic goals and ESG objectives.
MPNU is a former Nigerian incorporated subsidiary of ExxonMobil with more than 55 years\u2019 operating experience in Nigeria. MPNU\u2019s
operated shallow water portfolio primarily comprises a 40% interest in four oil mining leases (OMLs 67, 68, 70 and 104) under a joint
operating agreement with Nigerian National Petroleum Corporation (NNPC), along with the Qua Iboe Terminal and a 51% interest in the
Bonny River Terminal and the Natural Gas Liquids Recovery Plants at East Area Project (EAP) and Oso.
On 19 December 2024, Seplat Energy changed the name of the newly acquired subsidiary to Seplat Energy Producing Nigeria Unlimited
(SEPNU); following this change the former name of the acquiree was retired.
Asset acquired and liabilities assumed
The fair values of the identifiable assets and liabilities of MPNU as at the date of acquisition were:
Assets
\u20a6 million
$'000
Oil and gas property, plant & equipment
2,488,834
1,624,565
Other property, plant & equipment
647,454
422,620
Right-of-use assets
114,212
74,551
Inventories
694,315
453,208
Trade and other receivables
448,438
292,714
Bank balances
279,885
182,693
Restricted cash
164,652
107,475
Intangible asset - software
1,162
758
Licence-based identifiable intangible asset on acquisition
857,828
559,940
5,696,780
3,718,524
Liabilities
Retirement benefit obligation
(71,588)
(46,728)
Deferred tax liabilities
(1,266,157)
(826,473)
Deferred tax impact on the fair value adjustment
(951,986)
(621,401)
Provision for decommissioning obligation
(1,107,702)
(723,043)
Other provisions
(5,028)
(3,282)
Lease liabilities
(24,437)
(15,951)
Trade, other payables and taxes
(389,644)
(254,337)
(3,816,542)
(2,491,215)
Total identifiable net assets at fair value
1,880,238
1,227,309
Foreign exchange difference
(5,275)
\u2014
Gain on bargain purchase arising on acquisition
(149,153)
(100,801)
Net purchase consideration
1,725,810
1,126,508
* This relates to SEPNU final valuation amounts.
The net assets recognised in the 31 December 2024 financial statements were based on assessment of their fair value on the date of
acquisition using the income, cost and market approach as required by the IFRS 13 fair value assessment. Valuation of Items such as\u00a0
property, plant and equipment valued using the replacement cost approach were concluded within the measurement periods in line with
the requirements of IFRS 3 and the fair values have been adjusted. This adjustment impacted the gain on bargain purchase already
reported in the 31 December 2024 financial statements (See Note 8.2 for details of adjustments.)
Licence-based identifiable intangible asset on acquisition
The licence-based intangible asset in relation to MPNU\u2019s OML of $559.94 million, \u20a6 857.8 billion was acquired as part of a business
combination. It is recognised at its fair value at the date of acquisition and is subsequently amortised on a straight-line based on the timing
of projected cash flows of the licences\u2019 estimated useful lives.
Trade and other receivables
The acquisition date fair value of the trade and other receivables amounts to ($ 292.7 million, \u20a6448 billion). The gross amount of trade and
other receivables is ($390.8 million, \u20a6600 billion) with impairment allowance of ($98.1 million, \u20a6150.6 billion). The trade and other receivables
relates to amounts due from trade receivables, JV receivable from partners, employee receivables, other receivables, insurance and other
claims receivables. It is expected that the full contractual amounts can be collected.
Trade, other payables and taxes
The acquisition date fair value of the trade and other payables amounts to $254.3 million, \u20a6389.6 billion. These payables relate to the trade
payables, retention from contractors payable upon contract completion, accrued expenses and other regulatory fees payable. It is
expected that the full contractual amounts will be settled.
Right-of-use assets
The Group measured the acquired lease liabilities using the present value of the remaining lease payments and prepaid lease payments at
the date of acquisition. The right-of-use assets were measured at an amount equal to the lease liabilities and adjusted to reflect the
favourable terms of the lease relative to market terms. The weighted average incremental borrowing rate of Seplat Group-9.66% - was
used to present value the expected future cash flows.
Gain on bargain purchase arising from acquisition
The gain on bargain purchase of $100.80 million, \u20a6149.2 billion comprises the value of expected synergies arising from the acquisition and
a right to proved and unproved reserves, which was not previously recognised. The gain on bargain purchase recognised is not expected
to be deductible for income tax purposes.
Revenue and profit
From the date of acquisition to 31 December 2024, SEPNU contributed $195.9 million, \u20a6289.8 billion of revenue and $4.7million, \u20a66.7 billion
to profit before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year 2024, revenue
from continuing operations would have been $1.9 billion, \u20a62.9 trillion and profit before tax from continuing operations for the Group would
have been $86.2 million, \u20a6127.6 billion.
Property, plant & equipment (PPE)
From the date of acquisition, SEPNU acquisition increased the Group\u2019s PPE by $2.0 billion, \u20a63.1 trillion. The PPE asset acquired include
production wells, NGL facilities, WIP capital construction, production platform facilities and Pipeline gathering systems, building, motor
vehicles, furniture, fittings and other equipment.
Inventories
From the date of acquisition, SEPNU acquisition increased the Group\u2019s inventories by $453.2 million, \u20a6694.3 billion. The inventories includes
material and supplies such as casing, tubing, transformer, diffuser, cable, casing, lubricant, valve, etc\u00a0 and crude/Petroleum products from
the fields.
Bank balances
Bank balances acquired relates to bank balances in various banks used by the acquiree as at the acquisition date. These balances also
includes restricted cash deposits set aside as required by law for the Host Community Development Trust Fund (HCDTF) within the
designated bank accounts and pre-sale decommissioning and abandonment cash backed fund.
Intangible asset-software
Software intangible relates to the software licence from SEPNU. This relates to licence cost from the business acquisition, which has been
classified as an intangible asset; this increased the Group\u2019s intangible asset by \u20a61.1 million, $0.76 million.
Retirement benefit obligation
This relates to the defined benefit plan for funded pension trust fund for employees at exit. The value has been determined in line with the
requirements of IAS 19 based on the values reported on the actuarial valuation reports.
Deferred tax liabilities
The deferred tax relates to timing differences arising from property, plant and equipment, inventory, annuities and pensions, miscellaneous
items and right-of-use asset. This also includes deferred tax impact of all acquiree\u2019s asset and liabilities that has been fair valued in line
with the requirement of IFRS 3.
Provisions for decommissioning obligations
This relates to the provisions made for the abandonment and decommissioning of the oil facilities. The abandonment facilities consist of
the wells and the associated infrastructure.
Other provisions
This relates to estimated liabilities from the litigation and disputes on payee tax liabilities, end of contract provision for the temporary staff,
provision for spy police and provision for oil spill penalties.
Lease liabilities
The lease liabilities relate to aircraft fleets rentals. The carrying amounts have been adjusted for the impact of IFRS 3.
7.1.\u00a0 \u00a0 Summary of acquisition
Seplat acquired 100% of the issued share capital of Mobil Producing Nigeria Unlimited (MPNU) for a net purchase consideration of $1.13
billion, \u20a61.73 trillion. MPNU is an oil and gas exploration and production company that holds interests in various joint ventures. The assets
and liabilities acquired were valued as at the acquisition date \u2013 12 December 2024. Details of the purchase consideration and cash
payable on acquisition are as follows:
Purchase consideration
\u20a6 million
$'000
Headline purchase consideration
1,965,556
1,283,000
Adjustments per SPA:
Purchase price interest/working capital/others
705,777
460,690
Contribution adjustment
716,549
467,721
Deep-water carve-out adjustment
6,837
4,463
Leakage adjustment
(91,863)
(59,963)
Contingent payment
66,196
43,209
Subtotal
3,369,052
2,199,120
Intercompany receivable/interest on primary adjustment amounts/unbilled IT costs
(1,643,242)
(1,072,612)
Total consideration
1,725,810
1,126,508
Analysis of purchase consideration
\u20a6 million
$'000
Deposit paid in February 2023
196,556
128,300
Payment at CIC (12 December 2024)
1,029,495
671,994
Deferred amount paid in 2025
390,660
257,506
Final settlement amount paid in 2025
104,236
68,708
Exchange difference
4,863
\u2014
Total consideration
1,725,810
1,126,508
Adjustments per SPA include locked box adjustments which are calculated as net cash amounts accrued since effective date January
2021, interest accrued in the locked box and Exxon deep-water carve-out operations in Nigeria.
Contribution adjustments relates to compensation to the seller for cash retained in MPNU at completion for operational purposes.
Deferred payments of $257.5 million, \u20a6391 billion are sums settled in 2025 and relate to staff payments, environment costs and
decommissioning obligations.
For the purpose of the acquisition, the Company drew down $350 million from the existing revolving credit facility (RCF), $300 million from
the advance payment facility (APF) and utilised existing cash resources.
Transactions costs of $30 million, \u20a646 billion tied to the acquisition not included in the table above have been recognised in profit or loss
for the period ended 31 December 2024, as these costs were incurred by Seplat for the acquisition. They include fees for lawyers,
transaction advisers, brokers, IT & personnel costs and services rendered as part of the operations readiness work, amongst others.
Contingent consideration
In line with SPA, contingent consideration capped at $300 million over five years effective 2022 will be payable (from 2023 to 2027) if the
average Brent crude price exceeds $70/bbl and MPNU's working interest exceeds 60kboepd.
$43.2 million, \u20a666.2 billion contingent payments has now been settled, representing the total contingent consideration which has been
included in the final consideration of $1.1 billion, \u20a61.7 trillion.
Post acquisition settlement reconciliation\u00a0
The completion statement review between the acquirer and the sellers of MPNU was completed in 2025; the parties have addressed
discrepancies and have agreed on the final settlements. The review and finalisation of all assets and liabilities relating to the acquisition
have been completed.
The post acquisition settlement process led to an additional final settlement amount totalling $68.7 million, \u20a6 104.2 billion. This amount was
subsequently disbursed in the year 2025.
12.\u00a0 \u00a0 Gain on bargain purchase
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Gain on bargain purchase from acquisition
\u2013
149,153
\u2013
100,801
\u2013
149,153
\u2013
100,801
Gain on bargain purchase relates to gain from the acquisition of Seplat Energy Producing Nigeria Unlimited (SEPNU). The gain is the excess
of the fair values of net asset acquired over the purchase consideration agreed. See Note 7 for more details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-620": { "value": "
2.\u00a0 \u00a0 Significant changes in the current
accounting period
The following significant changes occurred during the reporting
period ended 31 December 2025:
\u2022 During the year under review, two (2) Directors - Mr Bello Rabiu,
the Senior Independent Non-Executive Director (SID) and Mr
Babs Omotowa, resigned from the Company effective 23 April
2025 following their appointment to the Board of NNPC by the
President of the Federal Republic of Nigeria.\u00a0
\u2022 On 25 April 2025, Mrs Bashirat Odunewu was appointed to
replace Mr Bello Rabiu as the Senior Independent Non-
Executive Director.
\u2022 The Company approved the winding up of Turnkey Drilling
Services Limited and MSP Energy Limited and the appointment
of Mr Uchechukwu Wigwe as the sole liquidator for the purpose
of the\u00a0 voluntary winding-up of Turnkey Drilling Services Limited
and MSP Energy Limited.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-621": { "value": "
3.\u00a0 \u00a0 Summary of significant accounting
policies
3.1\u00a0 Introduction to summary of significant
accounting policies
This note provides a list of the significant accounting policies
adopted in the preparation of these consolidated financial
statements. These accounting policies have been applied to all the
periods presented, unless otherwise stated. The consolidated
financial statements are for the Group consisting of Seplat Energy
Plc and its subsidiaries.
3.2\u00a0 Basis of preparation\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The consolidated financial statements of the Group for the year
ended 31 December 2025 have been prepared in accordance with
International Financial Reporting Standards (\u2018IFRS Accounting
Standards\u2019) and interpretations issued by the IFRS Interpretations
Committee (IFRS IC). The financial statements comply with IFRS
Accounting Standards as issued by the International Accounting
Standards Board (IASB). Additional information required by national
regulations is included where appropriate.
The financial statements comprise the statement of profit or loss
and other comprehensive income, the statement of financial
position, the statement of changes in equity, the statement of
cash flows and the notes to the financial statements.
The financial statements have been prepared under the going
concern and historical cost convention, except for financial
instruments measured at fair value on initial recognition, derivative
financial instruments, assets held for sale and other assets and
defined benefit plans \u2013 plan assets measured at fair value. The
financial statements are presented in Nigerian Naira and United
States Dollars, and all values are rounded to the nearest million (\u20a6
million) and thousand ($'000) respectively, except when otherwise
indicated.
Nothing has come to the attention of the Directors to indicate that
the Group will not remain a going concern for at least 12 months
from the date of these financial statements.
The accounting policies adopted are consistent with those of the
previous financial year end, except for the adoption of new and
amended standards which are set out below.
3.3\u00a0 New and amended standards adopted by the
Group
The Group applied for the first-time certain standards and
amendments which are effective for annual periods beginning on
or after\u00a0 1 January 2025 . The Group has not early adopted any
other standard, interpretation or amendment that has been issued
but is not yet effective.
a)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Lack of exchangeability \u2013 Amendments to IAS
21
For annual reporting periods beginning on or after 1 January 2025,
Lack of Exchangeability-Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates specifies how an entity
should assess whether a currency is exchangeable and how it
should determine a spot exchange rate when exchangeability is
lacking. The amendments also require disclosure of information
that enables users of its financial statements to understand how
the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial performance,
financial position and cash flows.
The amendments did not have a material impact on the Group\u2019s
financial statements.
b)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Disclosures about Uncertainties in the Financial
statement
The IASB issued Disclosures about Uncertainties in the Financial
Statements, which added illustrative examples to the guidance
accompanying several IFRS Accounting Standards. There are six
examples and the objective of those examples is to illustrate how
an entity applies the requirements in IFRS Accounting Standards to
report the effects of uncertainties in its financial statements.
Although the examples are climate-related, the principles in the
examples can be applied to other uncertainties. The guidance has
a similar authority to agenda decisions from the IFRS IC.
Depending on how an entity has applied and considered the
consistency between financial and non-financial reporting in the
past, the impact of these examples, and whether they result in
additional disclosures, might differ.
The Group has carefully considered how the principles in the
examples impact the disclosures in its financial statements and
concluded that the amendments do not have a material impact on
the Group\u2019s financial statements.
3.4\u00a0 Standards issued but not yet effective
The new and amended standards and interpretations that are
issued, but not yet effective, up to the date of issuance of the
Group\u2019s financial statements, are disclosed below. The Group
intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective. Details
of these new standards and interpretations are set out below:
a)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Amendments to IFRS 10 and IAS 28: Sale or
Contribution of Assets between an Investor and its
Associate or Joint Venture
The IASB has made limited scope amendments to IFRS 10
Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures.
The amendments clarify the accounting treatment for sales or
contribution of assets between an investor and their associates or
joint ventures. They confirm that the accounting treatment
depends on whether the non-monetary assets sold or contributed
to an associate or joint venture constitute a \u2018business' (as defined
in IFRS 3 Business Combinations).
Where the non-monetary assets constitute a business, the
investor will recognise the full gain or loss on the sale or
contribution of assets. If the assets do not meet the definition of a
business, the gain or loss is recognised by the investor only to the
extent of the other investor's interests in the associate or joint
venture. The amendments apply prospectively.\u00a0 There is currently
no effective date for these amendments.
b)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 IFRS 18-Presentation and Disclosure in Financial
Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit or loss,
including specified totals and subtotals. Furthermore, entities are
required to classify all income and expenses within the statement
of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the
first three are new.
It also requires disclosure of newly defined management-defined
performance measures, subtotals of income and expenses, and
includes new requirements for aggregation and disaggregation of
financial information based on the identified \u2018roles\u2019 of the primary
financial statements (PFS) and the notes.
IFRS 18, and the amendments to the other standards, is effective
for reporting periods beginning on or after 1 January 2027, but
earlier application is permitted and must be disclosed. IFRS 18 will
apply retrospectively.
The Group is currently working to identify all impacts the
amendments will have on the primary financial statements and
notes to the financial statements.
c)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 IFRS 19-Subsidiaries without Public
Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities
to elect to apply its reduced disclosure requirements while still
applying the recognition, measurement and presentation
requirements in other IFRS Accounting Standards. To be eligible, at
the end of the reporting period, an entity must be a subsidiary as
defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares
consolidated financial statements, available for public use, which
comply with IFRS Accounting Standards.
IFRS 19 will become effective for reporting periods beginning on or
after 1 January 2027, with early application permitted.
The amendments are not expected to have a material impact on
the Group\u2019s financial statements.
d)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Amendments to the Classification and
Measurement of Financial Instruments \u2014 Amendments
to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7,
Amendments to the Classification and Measurement of Financial
Instruments (the Amendments). The Amendments include:
\u2022 A clarification that a financial liability is derecognised on the
\u2018settlement date\u2019 and the introduction of an accounting policy
choice (if specific conditions are met) to derecognise financial
liabilities settled using an electronic payment system before the
settlement date
\u2022 Additional guidance on how the contractual cash flows for
financial assets with environmental, social and governance
(ESG) and similar features should be assessed
\u2022 Clarifications on what constitute \u2018non-recourse features\u2019 and
what are the characteristics of contractually linked instruments
\u2022 The introduction of disclosures for financial instruments with
contingent features and additional disclosure requirements for
equity instruments classified at fair value through other
comprehensive income (OCI)
The Amendments are effective for annual periods starting on or
after 1 January 2026 with early adoption permitted for classification
of financial assets and related disclosures only.
The Group is currently assessing the amendments to determine
any impact they will have on the Group\u2019s financial statements.
e)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Annual Improvements to IFRS Accounting
Standards-Volume 11
In July 2024, the IASB issued nine narrow scope amendments as
part of its periodic maintenance of IFRS Accounting Standards.
The amendments include clarifications, simplifications, corrections
or changes to improve consistency in IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial
Instruments: Disclosure and its accompanying Guidance on
Implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements and IAS 7 Statements of Cash
Flows.
The amendments will be effective for reporting periods beginning
on or after 1 January 2026. Earlier application is permitted and must
be disclosed.
The amendments are not expected to have a material impact on
the Group\u2019s financial statements.
f)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Contracts Referencing Nature-dependent
Electricity \u2013 Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and
IFRS 7-Contracts Referencing Nature-dependent Electricity. The
amendments apply only to contracts that reference nature-
dependent electricity, and:
\u2022 Clarify the application of the \u2018own-use\u2019 requirements for in-
scope contracts
\u2022 Amend the designation requirements for a hedged item in a
cash flow hedging relationship for in-scope contracts
\u2022 Add new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows.
The amendments will take effect for annual reporting periods
starting on or after 1 January 2026. Early adoption is allowed, but it
must be disclosed. The amendments concerning the own-use
exception are to be applied retrospectively, while the hedge
accounting amendments should be applied prospectively to new
hedging relationships designated from the initial application date.
Additionally, the IFRS 7 disclosure amendments must be
implemented alongside the IFRS 9 amendments. If an entity does
not restate comparative information, it cannot present
comparative disclosures.
The Group does not expect that the amendments will have a
material impact on its financial statements.
3.5\u00a0 Restatement of comparative information
Certain comparative amounts in the primary financial statements
have been restated, as a result of the measurement period
adjustment in 2024.
Measurement period adjustment
In December 2024, the Group acquired 100% of the issued share
capital of Mobil Producing Nigeria Unlimited (MPNU). At initial
recognition, the acquisition accounting resulted in a provisional
gain on bargain purchase of $86 million, based on information
available at the 31 December 2024 reporting date .
During the measurement period, binding agreements dated 25
June 2025 and 19 November 2025 were executed, confirming
additional consideration of $68.7 million. Management determined
that this additional consideration related to obligations and
conditions that existed at the acquisition date, but whose
measurement had not been finalised.
The Group in addition to the revision of the purchased
consideration also revalued the asset and liabilities of SEPNU,
within the measurement period and this led to a total gain on
bargain purchase of $100.8 million.
In accordance with IFRS 3.45\u201349, the additional consideration and
valuation of asset and liabilities qualifies as a measurement-period
adjustment. Consequently, the Group retrospectively adjusted the
acquisition accounting as if the final information had been available
at the acquisition date.
3.6\u00a0 Basis of consolidation
i.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Subsidiaries
Subsidiaries are all entities (including structured entities) over which
the Group has control.
The consolidated financial information comprises the financial
statements of the Company and its subsidiaries as at
31\u00a0December 2025. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its
power over the investee. Specifically, the Group controls an
investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement
with the investee; and
\u2022 The ability to use its power over the investee to affect its
returns.
Subsidiaries are consolidated from the date on which control is
obtained by the Group and are deconsolidated from the date
control ceases.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances
in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement(s) with the other vote holders of
the investee
\u2022 Rights arising from other contractual arrangements
\u2022 The Group\u2019s voting rights and potential voting rights
ii.\u00a0 \u00a0 \u00a0 \u00a0 Change in the ownership interest of subsidiary
The acquisition method of accounting is used to account for
business combinations by the Group.
Non-controlling interests in the results and equity of subsidiaries
are shown separately in the consolidated statement of profit or
loss and other comprehensive income, statement of changes in
equity and statement of financial position respectively.
Intercompany transaction balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting
policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the Group.
iii.\u00a0 \u00a0 \u00a0 \u00a0 Disposal of subsidiary
Where the Group disposes a subsidiary, it:
\u2022 Derecognises the assets (including goodwill) and liabilities of
the subsidiary;
\u2022 Derecognises the carrying amount of any non-controlling
interests;
\u2022 Derecognises the cumulative translation differences recorded
in equity;
\u2022 Recognises the fair value of the consideration received;
\u2022 Recognises the fair value of any investment retained;
\u2022 Recognises any surplus or deficit in profit or loss; and
\u2022 Reclassifies the parent\u2019s share of components previously
recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly
disposed of the related assets or liabilities.
iv.\u00a0 \u00a0 \u00a0 \u00a0 Joint arrangements
Under IFRS 11 Joint Arrangements, investments in joint
arrangements are classified as either joint operations or joint
ventures. The classification depends on the contractual rights and
obligations of each investor, rather than the legal structure of the
joint arrangement.
Interest in the joint venture is accounted for using the equity
method, after initially being recognised at cost in the consolidated
statement of financial position. All other joint arrangements of the
Group are joint operations.
A joint operation (JO) involves joint control and often joint
ownership by the Group and other venturers of assets contributed
to, or acquired for the purpose of, the joint venture, without the
formation of a corporation, partnership or other entity. Where the
Group\u2019s activities are conducted through JOs, the Group
recognises its share of the jointly controlled assets and liabilities it
has incurred, its share of any liabilities jointly incurred with other
venturers, income from the sale or use of its share of the joint
venture\u2019s output, together with its share of the expenses incurred
by the joint venture, and any expenses it incurs in relation to its
interest in the joint venture and a share of production.
v.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Associates
Associates are all entities over which the Group has significant
influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting
rights. Investment in associates is accounted for using the equity
method of accounting (see (vi) below) after initially being
recognised at cost.
vi.\u00a0 \u00a0 \u00a0 \u00a0 Equity method
Under the equity method of accounting, the Group\u2019s investments
are initially recognised at cost and adjusted thereafter to recognise
the Group\u2019s share of the post-acquisition profits or losses of the
investee in profit or loss, and the Group\u2019s share of movements in
other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from
associates and joint ventures are recognised as a reduction in the
carrying amount of the investment.
Where the Group\u2019s share of loss in an equity accounting
investment equals or exceeds its interest in the entity, including
any other unsecured long-term receivables, the Group does not
recognise further losses, unless it has incurred obligations or made
payments on behalf of the other party.
Unrealised gains on transactions between the Group and its
associate and joint venture are eliminated to the extent of the
Group\u2019s interest in the entities. Unrealised losses are also
eliminated unless the transaction provides evidence of an
impairment of the asset transferred.
Accounting policies of equity accounted investees are changed
where necessary to ensure consistency with the policies adopted
by the Group.
The carrying amount of equity accounted investments is tested for
impairment in accordance with the policy described in Note 3.14.
vii.\u00a0 \u00a0 \u00a0 \u00a0 Changes in ownership interest
The Group treats transactions with non-controlling interests that
do not result in a loss of control as transactions with equity owners
of the Group. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and
non-controlling interests to reflect their relative interests in the
subsidiary. Any difference between the amount of the adjustment
to non-controlling interests and any consideration paid or received
is recognised in a separate reserve within equity attributable to
owners of the Group.
When the Group ceases to consolidate or equity account for an
investment because of a loss of control, joint control or significant
influence, any retained interest in the entity is remeasured to its fair
value, with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the
purposes of subsequently accounting for the retained interest as
an associate, joint venture or financial asset. In addition, any
amounts previously recognised in other comprehensive income in
respect of that entity are accounted for as if the Group had
directly disposed of the related assets or liabilities. This may mean
that amounts previously recognised in other comprehensive
income are reclassified to profit or loss.
viii.\u00a0 \u00a0 \u00a0 \u00a0 Accounting for loss of control
When the Group ceases to consolidate a subsidiary because of a
joint control, it does the following:
\u2022 deconsolidates the assets (including goodwill), liabilities and
non-controlling interest (including attributable other
comprehensive income) of the former subsidiary from the
consolidated financial position;
\u2022 any retained interest (including amounts owed by and to the
former subsidiary) in the entity is remeasured to its fair value,
with the change in carrying amount recognised in profit or
loss. This fair value becomes the initial carrying amount for the
purposes of subsequently accounting for the retained interest
as an associate or a joint venture;
\u2022 any amounts previously recognised in other comprehensive
income in respect of that entity are accounted for as if the
Group had directly disposed of the related assets or liabilities.
This may mean that amounts previously recognised in other
comprehensive income are reclassified to profit or loss or
transferred directly to retained earnings if required by other
IFRS Accounting Standards;
\u2022 the resulting gain or loss, on loss of control, is recognised
together with the profit or loss from the discontinued
operation for the period before the loss of control; and
\u2022 the gain or loss on disposal will comprise the gain or loss
attributable to the portion disposed of and the gain or loss on
remeasurement of the portion retained. The latter is disclosed
separately in the notes to the financial statements. If the
ownership interest in a joint venture is reduced but joint
control or significant influence is retained, only a proportionate
share of the amounts previously recognised in other
comprehensive income is reclassified to profit or loss where
appropriate.
ix.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Non-controlling interest
The Group recognises non-controlling interests in an acquired
entity either at fair value or at the non-controlling interest\u2019s
proportionate share of the acquired entity\u2019s net identifiable assets.
This decision is made on an acquisition-by-acquisition basis.
x.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Gain on bargain purchase
A gain on bargain purchase arises when the fair value of the
identifiable net assets acquired in a business combination exceeds
the aggregate of the consideration transferred, the amount of any
non-controlling interest in the acquiree, and the fair value of the
acquirer's previously held equity interest in the acquiree, if any.
The Group recognises any gain on a bargain purchase
immediately in profit or loss. The gain is measured as the excess
of the fair value of the identifiable net assets acquired over the
aggregate of the consideration transferred, the amount of any
non-controlling interest in the acquiree, and the fair value of the
acquirer's previously held equity interest in the acquiree, if any.
3.7\u00a0 Functional and presentation currency
Items included in the financial statements are measured using the
currency of the primary economic environment in which the
Company operates (\u2018the functional currency\u2019), which is the US
Dollar. The financial statements are presented in Nigerian Naira
and US Dollars.
The Company has chosen to show both presentation currencies
and this is allowable by the regulator.
i.\u00a0 \u00a0 \u00a0 \u00a0 Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies
at year end are generally recognised in profit or loss. They are
deferred in equity if attributable to net investment in foreign
operations.
Foreign exchange gains and losses that relate to borrowings are
presented in the statement of profit or loss, within finance costs. All
other foreign exchange gains and losses are presented in the
statement of profit or loss on a net basis within other income or
other expenses.
Non-monetary items that are measured at fair value in a foreign
currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on
assets and liabilities carried at fair value are reported as part of the
fair value gain or loss or other comprehensive income depending
on where fair value gain or loss is reported.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Group companies
The results and financial position of foreign operations that have a
functional currency different from the presentation currency are
translated into the presentation currency as follows:
\u2022 Assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of the
reporting date.
\u2022 Income and expenses for statement of profit or loss and other
comprehensive income are translated at average exchange
rates (unless this is not-a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions), and all resulting exchange
differences are recognised in other comprehensive income.
\u2022 Equity items for each statement of financial position
presented are translated at the historical rates.
On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation
is recognised in profit or loss. Goodwill and fair value adjustments
arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the
closing rate.
3.8\u00a0 Oil and gas accounting
i.\u00a0 \u00a0 \u00a0 \u00a0 Pre-licensing costs
Pre-licence costs are expensed in the period in which they are
incurred.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Exploration licence cost
Exploration licence costs are capitalised within intangible assets.
Licence costs paid in connection with a right to explore in an
existing exploration area are capitalised and amortised on a
straight-line basis over the life of the licence.
Licence costs are reviewed at each reporting date to confirm that
there is no indication that the carrying amount exceeds the
recoverable amount. This review includes confirming that
exploration drilling is still under way or firmly planned, or that it has
been determined, or work is under way to determine that the
discovery is economically viable based on a range of technical and
commercial considerations and sufficient progress is being made
to establish development plans and timing. If no future activity is
planned or the licence has been relinquished or has expired, the
carrying value of the licence is written off through profit or loss.
The exploration licence costs are initially recognised at cost and
subsequently amortised on a straight-line basis on the economic
life. They are subsequently carried at cost less accumulated
amortisation and impairment losses. The amortisation rate for the
intangible asset is 5% with useful life of 20 years.\u00a0
iii.\u00a0 \u00a0 \u00a0 \u00a0 Acquisition of producing assets
Upon acquisition of producing assets which do not constitute a
business combination, the Group identifies and recognises the
individual identifiable assets acquired (including those assets that
meet the definition of, and recognition criteria for, intangible assets
in IAS 38 Intangible Assets) and liabilities assumed. The purchase
price paid for the group of assets is allocated to the individual
identifiable assets and liabilities on the basis of their relative fair
values at the date of purchase.
iv.\u00a0 \u00a0 \u00a0 \u00a0 Exploration and evaluation expenditures
Geological and geophysical exploration costs are charged to profit
or loss as incurred.
Exploration and evaluation expenditures incurred are accumulated
separately for each area of interest. Such expenditures comprise
net direct costs and an appropriate portion of related overhead
expenditure, but do not include general overheads or
administrative expenditure that is not directly related to a particular
area of interest. Each area of interest is limited to a size related to a
known or probable hydrocarbon resource capable of supporting
an oil operation.
Costs directly associated with an exploration well, exploratory
stratigraphic test well and delineation wells are temporarily
suspended (capitalised) until the drilling of the well is complete and
the results have been evaluated. These costs include employee
remuneration, materials and fuel used, rig costs, delay rentals and
payments made to contractors. If hydrocarbons (\u2018proved
reserves\u2019) are not found, the exploration expenditure is written off
as a dry hole and charged to profit or loss. If hydrocarbons are
found, the costs continue to be capitalised.
Suspended exploration and evaluation expenditure in relation to
each area of interest is carried forward as an asset provided that
one of the following conditions is met:
\u2022 the costs are expected to be recouped through successful
development and exploitation of the area of interest or,
alternatively, by its sale;
\u2022 exploration and/or evaluation activities in the area of interest
have not, at the reporting date, reached a stage which
permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves; and
\u2022 active and significant operations in, or in relation to, the area of
interest.
Exploration and/or evaluation expenditures which fail to meet at
least one of the conditions outlined above are written off. In the
event that an area is subsequently abandoned or exploration
activities do not lead to the discovery of proved or probable
reserves, or if the Directors consider the expenditure to be of no
value, any accumulated costs carried forward relating to the
specified areas of interest are written off in the year in which the
decision is made. While an area of interest is in the development
phase, amortisation of development costs is not charged pending
the commencement of production. Exploration and evaluation
costs are transferred from the exploration and/or evaluation phase
to the development phase upon commitment to a commercial
development.
v.\u00a0 \u00a0 \u00a0 \u00a0 Development expenditures
Development expenditure incurred by the Group is accumulated
separately for each area of interest in which economically
recoverable reserves have been identified to the satisfaction of the
Directors. Such expenditure comprises net direct costs and, in the
same manner as for exploration and evaluation expenditure, an
appropriate portion of related overhead expenditure directly
related to the development property. All expenditure incurred prior
to the commencement of commercial levels of production from
each development property is carried forward to the extent to
which recoupment is expected to be derived from the sale of
production from the relevant development property.
3.9\u00a0 Revenue recognition (IFRS 15)
IFRS 15 uses a five-step model for recognising revenue to depict
transfer of goods or services. The model distinguishes between
promises to a customer that are satisfied at a point in time and
those that are satisfied over time.
It is the Group\u2019s policy to recognise revenue from a contract when
it has been approved by both parties, rights have been clearly
identified, payment terms have been defined, the contract has
commercial substance, and collectability has been ascertained as
probable. Collectability of customer\u2019s payments is ascertained
based on the customer\u2019s historical records, guarantees provided,
the customer\u2019s industry and advance payments made if any.
Revenue is recognised when control of goods sold has been
transferred. Control of an asset refers to the ability to direct the
use of and obtain substantially all of the remaining benefits
(potential cash inflows or savings in cash outflows) associated with
the asset. For crude oil, this occurs when the crude products are
lifted by the customer (buyer) Free on Board at the Group\u2019s
loading facility. Revenue from the sale of oil is recognised at a point
in time when performance obligation is satisfied. For gas sales,
revenue is recognised when the product passes through the
custody transfer point to the customer. Revenue from the sale of
gas is recognised over time using the practical expedient of the
right to invoice.
The surplus or deficit of the product sold during the period over
the Group\u2019s share of production is termed as an overlift or underlift.
With regard to underlifts, if the overlifter does not meet the
definition of a customer or the settlement of the transaction is
non-monetary, a receivable and other income is recognised.
Initially, when an overlift occurs, cost of sale is debited, and a
corresponding liability is accrued. Overlifts and underlifts are initially
measured at the market price of oil at the date of lifting, consistent
with the measurement of the sale and purchase. Subsequently,
they are remeasured at the current market value. The change
arising from this remeasurement is included in the profit or loss as
other income/expenses - net. In instances where Seplat controls
the storage of crude and petroleum products at a terminal, surplus
or deficit of the product sold over the Group\u2019s share of production
is termed an overlift or inventory.
Definition of a customer
A customer is a party that has contracted with the Group to obtain
crude oil or gas products in exchange for a consideration, rather
than to share in the risks and benefits that result from sale. The
Group has entered into collaborative arrangements with its joint
arrangement partners to share in the production of oil.
Collaborative arrangements with its joint arrangement partners to
share in the production of oil are accounted for differently from
arrangements with customers as collaborators share in the risks
and benefits of the transaction and, therefore, do not meet the
definition of customers. Revenue arising from these arrangements
is recognised separately in other income.
Contract enforceability and termination clauses
It is the Group\u2019s policy to assess that the defined criteria for
establishing contracts that entail enforceable rights and obligations
are met. The criteria provide that the contract has been approved
by both parties, rights have been clearly identified, payment terms
have been defined, the contract has commercial substance, and
collectability has been ascertained as probable. Revenue is not
recognised for contracts that do not create enforceable rights and
obligations to parties in a contract. The Group also does not
recognise revenue for contracts that do not meet the revenue
recognition criteria. In such cases where consideration is received
it recognises a contract liability and only recognises revenue when
the contract is terminated.
The Group may also have the unilateral rights to terminate an
unperformed contract without compensating the other party. This
could occur where the Group has not yet transferred any
promised goods or services to the customer and the Group has
not yet received, and is not yet entitled to receive, any
consideration in exchange for promised goods or services.
Identification of performance obligation
At inception, the Group assesses the goods or services promised
in the contract with a customer to identify as a performance
obligation, each promise to transfer to the customer either a
distinct good or series of distinct goods. The number of identified
performance obligations in a contract will depend on the number
of promises made to the customer. The delivery of barrels of
crude oil or units of gas are usually the only performance
obligation included in oil and gas contract with no additional
contractual promises. Additional performance obligations may
arise from future contracts with the Group and its customers.
The identification of performance obligations is a crucial part in
determining the amount of consideration recognised as revenue.
This is due to the fact that revenue is only recognised at the point
where the performance obligation is fulfilled. Management has
therefore developed adequate measures to ensure that all
contractual promises are appropriately considered and accounted
for accordingly.
Transaction price is the amount allocated to the performance
obligations identified in the contract. It represents the amount of
revenue recognised as those performance obligations are
satisfied. Complexities may arise where a contract includes
variable consideration, significant financing component or
consideration payable to a customer.
Variable consideration not within the Group\u2019s control is estimated
at the point of revenue recognition and reassessed periodically.
The estimated amount is included in the transaction price to the
extent that it is highly probable that a significant reversal of the
amount of cumulative revenue recognised will not occur when the
uncertainty associated with the variable consideration is
subsequently resolved. As a practical expedient, where the Group
has a right to consideration from a customer in an amount that
corresponds directly with the value to the customer of the Group\u2019s
performance completed to date, the Group may recognise
revenue in the amount to which it has a right to invoice.
Significant financing component (SFC) assessment is carried out
(using a discount rate that reflects the amount charged in a
separate financing transaction with the customer and also
considering the Group\u2019s incremental borrowing rate) on contracts
that have a repayment period of more than 12 months.
As a practical expedient, the Group does not adjust the promised
amount of consideration for the effects of a significant financing
component if it expects, at contract inception, that the period
between when it transfers a promised good or service to a
customer and when the customer pays for that good or service
will be one year or less.
Instances when SFC assessment may be carried out include
where the Group receives advance payment for agreed volumes
of crude oil or receives take or pay deficiency payments on gas
sales. Take or pay gas sale contracts ideally provide that the
customer must sometimes pay for gas even when not delivered
to the customer. The customer, in future contract years, takes
delivery of the product without further payment. The portion of
advance payments that represents significant financing
component will be recognised as interest expense.
Consideration payable to a customer is accounted for as a
reduction of the transaction price unless the payment to the
customer is in exchange for distinct goods or services that the
customer transfers to the Group.
Breakage\u00a0 \u00a0
The Group enters into take or pay contracts for sale of gas where
the buyer may not ultimately exercise all of their rights to the gas.
The take or pay quantity not taken is paid for by the buyer and
called the take or pay deficiency payment. The Group assesses if
there is a reasonable assurance that it will be entitled to a
breakage amount. Where it establishes that a reasonable
assurance exists, it recognises the expected breakage amount as
revenue in proportion to the pattern of rights exercised by the
customer. However, where the Group is not reasonably assured of
a breakage amount, it would only recognise the expected
breakage amount as revenue when the likelihood of the customer
exercising its remaining rights becomes remote.
Contract modification and contract combination
Contract modifications relate to a change in the price and/or
scope of an approved contract. Where there is a contract
modification, the Group assesses if the modification will create a
new contract or change the existing enforceable rights and
obligations of the parties to the original contract. Contract
modifications are treated as new contracts when the performance
obligations are separately identifiable and the transaction price
reflects the standalone selling price of the crude oil or the gas to
be sold. Revenue is adjusted prospectively when the crude oil or
gas transferred is separately identifiable and the price does not
reflect the standalone selling price. Conversely, if there are
remaining performance obligations which are not separately
identifiable, revenue will be recognised on a cumulative catch-up
basis when crude oil or gas is transferred.
The Group combines contracts entered into at near the same
time (less than 12 months) as one contract if they are entered into
with the same or related party customer, the performance
obligations are the same for the contracts and the price of one
contract depends on the other contract.
Portfolio expedients
As a practical expedient, the Group may apply the requirements of
IFRS 15 to a portfolio of contracts (or performance obligations) with
similar characteristics if it expects that the effect on the financial
statements would not be materially different from applying IFRS to
individual contracts within that portfolio.
Contract assets and liabilities
The Group recognises contract assets for unbilled revenue from
crude oil and gas sales. The Group recognises contract liability for
consideration received for which performance obligation has not
been met.
Disaggregation of revenue from contract with
customers
The Group derives revenue from three types of products oil: gas
and natural gas liquid. The Group has determined that the
disaggregation of revenue based on the criteria of type of
products meets the disaggregation of revenue disclosure
requirement of IFRS 15. It depicts how the nature, amount, timing
and uncertainty of revenue and cash flows are affected by
economic factors. See further details in Note 6.1.1.
3.10\u00a0 Property, plant and equipment
Oil and gas properties and other plant and equipment are stated
at cost, less accumulated depreciation, and accumulated
impairment losses.
The initial cost of an asset comprises its purchase price or
construction cost, any costs directly attributable to bringing the
asset into operation, the initial estimate of any decommissioning
obligation and, for qualifying assets, borrowing costs. The
purchase price or construction cost is the aggregate amount paid
and the fair value of any other consideration given to acquire the
asset. Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate
items of property, plant and equipment.
Expenditure on major maintenance refits or repairs comprises the
cost of replacement assets or parts of assets, inspection costs
and overhaul costs. Where an asset or part of an asset that was
separately depreciated and is now written off is replaced and it is
probable that future economic benefits associated with the item
will flow to the entity, the expenditure is capitalised. Inspection
costs associated with major maintenance programmes are
capitalised and amortised over the period to the next inspection.
Overhaul costs for major maintenance programmes are
capitalised as incurred as long as these costs increase the
efficiency of the unit or extend the useful life of the asset. All other
maintenance costs are expensed as incurred.
Depreciation
Oil and gas production assets are depreciated on a unit-of-
production basis over estimated proved reserves. Specifically, well
assets are depreciated over proved developed reserves while
production facilities are depreciated over proved reserves.
Gas plants and other property, plant and equipment are
depreciated on a straight-line basis over their estimated useful
lives. Depreciation commences when an asset is available for use.
Assets under construction are not depreciated. Other property,
plant and equipment are depreciated on a straight-line basis over
their estimated useful lives. Depreciation commences when an
asset is available for use. The depreciation rate for each class is as
follows:
Plant and machinery
10%-20%
Motor vehicles
25%-30%
Office furniture and IT equipment
10%-33.33%
Building
4%
Land
-
Intangible assets
5%
Leasehold improvements
Over the unexpired
portion of the lease
The expected useful lives and residual values of property, plant
and equipment are reviewed on an annual basis and, if necessary,
changes in useful lives are accounted for prospectively.
Gains or losses on disposal of property, plant and equipment are
determined as the difference between disposal proceeds and
carrying amount of the disposed assets. These gains or losses are
included in the statement of profit or loss.
An item of property, plant and equipment and any significant part
initially recognised is derecognised upon disposal (i.e. at the date
the recipient obtains control) or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is
derecognised.
3.11\u00a0 Right-of-use assets
The Group recognises right-of-use assets at the commencement
date of a lease (i.e. the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial
direct costs incurred, decommissioning costs (if any), and lease
payments made at or before the commencement date less any
lease incentives received. Unless the Group is reasonably certain
to obtain ownership of the leased asset at the end of the lease
term, the recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of its estimated useful life and
the lease term. Right-of-use assets are subject to impairment.
Short-term leases and leases of low value
The Group applies the short-term lease recognition exemption to
its short-term leases (i.e. those leases that have a lease term of 12
months or less from the commencement date and do not contain
a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered of low value
(i.e. low-value assets). Low-value assets are assets with lease
amount of less than $5,000 when new. Lease payments on short-
term leases and leases of low-value assets are recognised as an
expense on a straight-line basis over the lease term.
3.12\u00a0 Lease liabilities
At the commencement date of a lease, the Group recognises
lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include the
exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating
a lease, if the lease term reflects the Group exercising the option
to terminate. Variable lease payments that do not depend on an
index or a rate are recognised as an expense in the period in
which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses
the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily determinable.
The weighted average incremental borrowing rate for the Group is
10.5%. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the
underlying asset. The lease term refers to the contractual period of
a lease.
The Group has elected to exclude non-lease components in
calculating lease liabilities and instead treats the related costs as
an expense in the statement of profit or loss.
3.13\u00a0 Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their
intended use or sale.
Borrowing costs consist of interest and other costs incurred in
connection with the borrowing of funds. These costs may arise
from specific borrowings used for the purpose of financing the
construction of a qualifying asset, and those that arise from
general borrowings that would have been avoided if the
expenditure on the qualifying asset had not been made. The
general borrowing costs attributable to an asset\u2019s construction are
calculated by reference to the weighted average cost of general
borrowings that are outstanding during the period.
Investment income earned on the temporary investment of
specific borrowings pending their expenditure on the qualifying
assets is deducted from the borrowing costs eligible for
capitalisation. All other borrowing costs are recognised in the
statement of profit or loss in the period in which they are incurred.
3.14\u00a0 Finance income and costs
Finance income
Finance income is recognised in the statement of profit or loss as
it accrues using the effective interest rate (EIR), which is the rate
that exactly discounts estimated future cash payments or receipts
through the expected life of the financial instrument or a shorter
period, where appropriate, to the amortised cost of the financial
instrument. The determination of finance income takes into
account all contractual terms of the financial instrument as well as
any fees or incremental costs that are directly attributable to the
instrument and are an integral part of the EIR but not future credit
losses.
Finance costs
Finance costs includes borrowing costs, interest expense
calculated using the effective interest rate method, finance
charges in respect of lease liabilities, the unwinding of the effect of
discounting provisions, and the amortisation of discounts and
premiums on debt instruments that are liabilities.
The Group applies the IBOR reform Phase 2 amendments which
allow as a practical expedient for changes to the basis for
determining contractual cash flows to be treated as changes to a
floating rate of interest, provided certain conditions are met. The
conditions include that the change is necessary as a direct
consequence of IBOR reform and that the transition takes place
on an economically equivalent basis.
3.15\u00a0 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are
not subject to amortisation and are tested annually for impairment,
or more frequently. Other non\u2013financial assets are tested for
impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
Individual assets are grouped for impairment assessment
purposes at the lowest level at which there are identifiable cash
flows that are largely independent of the cash flows of other
groups of assets. This should be at a level not higher than an
operating segment.
If any such indication of impairment exists or when annual
impairment testing for an asset group is required, the entity makes
an estimate of its recoverable amount. Such indicators include
changes in the Group\u2019s business plans, changes in commodity
prices, evidence of physical damage and, for oil and gas
properties, significant downward revisions of estimated
recoverable volumes or increases in estimated future
development expenditure.
The recoverable amount is the higher of an asset\u2019s fair value less
costs of disposal (FVLCD) and value in use (VIU). The recoverable
amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of
those from other assets or groups of assets, in which case, the
asset is tested as part of a larger cash-generating unit to which it
belongs. Where the carrying amount of an asset group exceeds
its recoverable amount, the asset group is considered impaired
and is written down to its recoverable amount.
Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at
the end of each reporting period.
In calculating VIU, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the asset/CGU. In determining FVLCD, recent market
transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used. These calculations
are corroborated by valuation multiples, quoted share prices for
publicly traded companies or other available fair value indicators.
Impairment \u2013 exploration and evaluation assets
Exploration and evaluation assets are tested for impairment once
commercial reserves are found before they are transferred to oil
and gas assets, or whenever facts and circumstances indicate
impairment. An impairment loss is recognised for the amount by
which the exploration and evaluation assets\u2019 carrying amount
exceeds their recoverable amount. The recoverable amount is the
higher of the exploration and evaluation assets\u2019 fair value less
costs to sell and their value in use.
Impairment \u2013 proved oil and gas production properties
Proven oil and gas properties are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows.
3.16\u00a0 Cash and cash equivalents
Cash and cash equivalents in the statement of cash flows
comprise cash at banks and at hand and short-term deposits with
an original maturity of three months or less that are readily
convertible to known amounts of cash and which are subject to
an insignificant risk of change in value.
3.17\u00a0 Restricted cash
Restricted cash represents deposits with banks set aside for the
settlement of abandonment and decommissioning liabilities, host
community development fund, unclaimed dividends, bank
guarantee on garnishees against court judgments and for the
purpose of covering the costs payable on the stamping and
registering the security documents on loans and borrowings.
These amounts are subject to legal restrictions and are therefore
not available for general use by the Group.
3.18\u00a0 Inventories
Inventories represent the value of tubulars, casings, spares,
wellheads, natural gas liquid and crude stocks. These are stated at
the lower of cost and net realisable value. Cost is determined
using the invoice value and all other directly attributable costs to
bringing the inventory to the point of use determined on a
weighted average pricing basis. Net realisable value is the
estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated cost necessary
to make the sale.
3.19\u00a0 Prepayments
Prepayments are non-financial assets which result when
payments are made in advance of the receipt of goods and
services. They are recognised when the Group expects to receive
future economic benefits equivalent to the value of the
prepayments. The receipt or consumption of the services results in
a reduction in the prepayment and a corresponding increase in
expenses or assets for that reporting period
3.20\u00a0 Contract asset
Contract asset is the entity\u2019s right to consideration in exchange for
goods or services that the entity has transferred to the customer.
A contract asset becomes a receivable when the entity\u2019s right to
consideration is unconditional, which is the case when only the
passage of time is required before payment of the consideration is
due. The impairment of contract assets is measured, presented
and disclosed on the same basis as financial assets that are within
the scope of IFRS 9.
3.21\u00a0 Non-current assets held for sale
The Group classifies non-current assets as held for sale if their
carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Non-current assets
classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell are
the incremental costs directly attributable to the disposal of an
asset excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only
when the sale is highly probable, and the asset or disposal group
is available for immediate sale in its present condition. Actions
required to complete the sale should indicate that it is unlikely that
significant changes to the sale will be made or that the decision to
sell will be withdrawn. Management must be committed to the
plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not
depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented
separately as current items in the statement of financial position.
3.22\u00a0 Other asset
The Group\u2019s interest in the oil and gas reserves of OML 55 has
been classified as other asset. On initial recognition, it is measured
at the fair value of future recoverable oil and gas reserves.
Subsequently, the other asset is recognised at cost.
3.23\u00a0 Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The Board of Directors has appointed a Senior Leadership Team
to assess the financial performance and position of the Group and
makes strategic decisions. The Senior Leadership Team consists
of the Chief Executive Officer, Chief Financial Officer, Chief
Operating Officer, Managing Director Offshore, Managing Director
Onshore, Technical Director, Gas and New Energy Director,
Director, Legal and Company Secretariat, Director, Strategy,
Planning & Business Development, Director, External Affairs &
Social Performance and Director, Corporate Services. See further
details in Note 6.
3.24\u00a0 Financial instruments
IFRS 9 provides guidance on the recognition, classification and
measurement of financial assets and financial liabilities;
derecognition of financial instruments; impairment of financial
assets and hedge accounting. IFRS 9 also significantly amends
other standards dealing with financial instruments such as IFRS 7
Financial Instruments: Disclosures.
a)\u00a0 \u00a0 Classification and measurement
Financial assets-initial recognition and measurement
It is the Group\u2019s policy to initially recognise financial assets at fair
value plus transaction costs, except in the case of financial assets
recorded at fair value through profit or loss which are expensed in
profit or loss.
Classification and subsequent measurement are dependent on
the Group\u2019s business model for managing the asset and the cash
flow characteristics of the asset.
Subsequent measurement
For the purposes of subsequent measurement, financial assets
are classified in four categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets at fair value through OCI with recycling of
cumulative gains and losses (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no
recycling of cumulative gains and losses upon derecognition
(equity instruments)
\u2022 Financial assets at fair value through profit or loss
On this basis, the Group may classify its financial instruments at
amortised cost, fair value through profit or loss and at fair value
through other comprehensive income.
All the Group\u2019s financial assets as at 31\u00a0December 2025 satisfy the
conditions for classification at amortised cost under IFRS 9 except
for derivatives which are classified at fair value through profit or loss.
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured
using the effective interest (EIR) method and are subject to
impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets include trade receivables, NEPL
receivables, NUIMS receivables, other receivables, cash and bank
balances and derivatives. They are included in current assets,
except for maturities greater than 12 months after the reporting
date. Interest income from these assets is included in finance
income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and
presented in finance income/cost.
Financial assets at fair value through OCI
For debt instruments at fair value through OCI, interest income,
foreign exchange revaluation and impairment losses or reversals
are recognised in the statement of profit or loss and computed in
the same manner as for financial assets measured at amortised
cost. The remaining fair value changes are recognised in OCI.
Upon derecognition, the cumulative fair value change recognised
in OCI is recycled to profit or loss.
The Group does not have instruments measured at fair value
through OCI.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the
statement of financial position at fair value with net changes in fair
value recognised in the statement of profit or loss.
The Group has derivative instruments under this category.
Financial liabilities-initial recognition, measurement and
presentation
Financial liabilities of the Group are classified and measured at fair
value on initial recognition and subsequently at amortised cost net
of directly attributable transaction costs, except for derivatives
which are classified and subsequently recognised at fair value
through profit or loss.
Fair value gains or losses for financial liabilities designated at fair
value through profit or loss are accounted for in profit or loss
except for the amount of change that is attributable to changes in
the Group\u2019s own credit risk which is presented in other
comprehensive income. The remaining amount of change in the
fair value of the liability is presented in profit or loss. The Group\u2019s
financial liabilities include trade and other payables and interest-
bearing loans and borrowings.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are
classified in two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial
liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial
recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings
b)\u00a0 \u00a0 Impairment of financial assets
Recognition of impairment provisions under IFRS 9 is based on the
expected credit loss (ECL) model. The ECL model is applicable to
financial assets classified at amortised cost and contract assets
under IFRS 15: Revenue from Contracts with Customers. The
measurement of ECL reflects an unbiased and probability-
weighted amount that is determined by evaluating a range of
possible outcomes, time value of money and reasonable and
supportable information that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
The Group applies the simplified approach or the three-stage
general approach to determine impairment of receivables
depending on their respective nature. The simplified approach is
applied for trade receivables and contract assets while the general
approach is applied to NEPL receivables, NUIMS receivables, other
receivables and cash and bank balances.
The simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables. This involves
determining the expected loss rates using a provision matrix that is
based on the Group\u2019s historical default rates observed over the
expected life of the receivable and adjusted forward-looking
estimates. This is then applied to the gross carrying amount of the
receivable to arrive at the loss allowance for the period.
The three-stage approach assesses impairment based on
changes in credit risk since initial recognition using the past due
criterion and other qualitative indicators such as increase in political
concerns or other macroeconomic factors and the risk of legal
action, sanction or other regulatory penalties that may impair
future financial performance.
Financial assets classified as Stage 1 have their ECL measured as a
proportion of their lifetime ECL that results from possible default
events that can occur within one year, while assets in Stage 2 or 3
have their ECL measured on a lifetime basis.
Under the three-stage approach, the ECL is determined by
projecting the probability of default (PD), loss given default (LGD)
and exposure at default (EAD) for each ageing bucket and for
each individual exposure. The PD is based on default rates
determined by external rating agencies for the counterparties. The
LGD is determined based on management\u2019s estimate of expected
cash recoveries after considering the historical pattern of the
receivable, and it assesses the portion of the outstanding
receivable that is deemed to be irrecoverable at the reporting
period. The EAD is the total amount of outstanding receivable at
the reporting period. These three components are multiplied
together and adjusted for forward-looking information, such as the
gross domestic product (GDP) in Nigeria and crude oil prices, to
arrive at an ECL which is then discounted back to the reporting
date and summed. The discount rate used in the ECL calculation is
the original effective interest rate or an approximation thereof.
Loss allowances for financial assets measured at amortised cost
are deducted from the gross carrying amount of the related
financial assets and the amount of the loss is recognised in profit
or loss.
c)\u00a0 \u00a0 Significant increase in credit risk and default
definition
The Group assesses the credit risk of its financial assets based on
the information obtained during periodic review of publicly
available information, industry trends and payment records. Based
on the analysis of the information provided, the Group identifies
the assets that require close monitoring.
Furthermore, financial assets that have been identified to be more
than 30 days past due on contractual payments are assessed to
have experienced significant increase in credit risk. These assets
are grouped as part of Stage 2 financial assets where the three-
stage approach is applied.
In line with the Group\u2019s credit risk management practices, a
financial asset is defined to be in default when contractual
payments have not been received at least 90 days after the
contractual payment period. Subsequent to default, the Group
carries out active recovery strategies to recover all outstanding
payments due on receivables. Where the Group determines that
there are no realistic prospects of recovery, the financial asset and
any related loss allowance is written off either partially or in full.
d)\u00a0 \u00a0 Write-off policy
The Group writes off financial assets, in whole or in part, when it
has exhausted all practical recovery efforts and has concluded
that there is no reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include:
\u2022 ceasing enforcement activity; and
\u2022 where the Group's recovery method is foreclosing on
collateral and the value of the collateral is such that there is no
reasonable expectation of recovering in full.
The Group may write-off financial assets that are still subject to
enforcement activity. The outstanding contractual amount of such
assets written off during the year ended 31\u00a0December 2025 was
nil (2024: nil).
The Group seeks to recover amounts it legally owed in full, but
which have been partially written off due to no reasonable
expectation of full recovery.
e)\u00a0 \u00a0 Derecognition
Financial assets
The Group derecognises a financial asset when the contractual
rights to the cash flows from the financial asset expire or when it
transfers the financial asset and the transfer qualifies for
derecognition. Gains or losses on derecognition of financial assets
are recognised as finance income/cost.
Financial liabilities
The Group derecognises a financial liability when it is extinguished,
i.e. when the obligation specified in the contract is discharged or
cancelled or expires. When an existing financial liability is replaced
by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the
original liability and the recognition of a new liability. The difference
in the respective carrying amounts is recognised immediately in
the statement of profit or loss.
In the context of IBOR reform, the Group\u2019s assessment of whether
a change to an amortised cost financial instrument is substantial is
made after applying the practical expedient introduced by IBOR
reform Phase 2. This requires the transition from an IBOR to an RFR
to be treated as a change to a floating interest rate, as described
in Note 3.13 above.
f)\u00a0 \u00a0 Modification
When the contractual cash flows of a financial instrument are
renegotiated or otherwise modified and the renegotiation or
modification does not result in the derecognition of that financial
instrument, the Group recalculates the gross carrying amount of
the financial instrument and recognises a modification gain or loss
immediately within finance income/(cost) - net at the date of the
modification. The gross carrying amount of the financial instrument
is recalculated as the present value of the renegotiated or
modified contractual cash flows that are discounted at the
financial instrument\u2019s original effective interest rate.
g)\u00a0 \u00a0 Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount
reported in the statement of financial position when and only when
there is legally enforceable right to offset the recognised amount,
and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously.
The legally enforceable right is not contingent on future events
and is enforceable in the normal course of business, and in the
event of default, insolvency or bankruptcy of the Company or the
counterparty.
h)\u00a0 \u00a0 Derivatives
The Group uses derivative financial instruments such as forward
exchange contracts to hedge its foreign exchange risks as well as
put options to hedge against its oil price risk. However, such
contracts are not accounted for as designated hedges.
Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and subsequently remeasured
to their fair value at the end of each reporting period. Any gains or
losses arising from changes in the fair value of derivatives are
recognised within operating profit in the statement of profit or loss
for the period. An analysis of the fair value of derivatives is
provided in Note 5, Financial risk management.
The Group accounts for financial assets with embedded
derivatives (hybrid instruments) in their entirety on the basis of their
contractual cash flow features and the business model within
which they are held, thereby eliminating the complexity of
bifurcation for financial assets. For financial liabilities, hybrid
instruments are bifurcated into hosts and embedded features. In
these cases, the Group measures the host contract at amortised
cost and the embedded feature is measured at fair value through
profit or loss.
For the purpose of the maturity analysis, embedded derivatives
included in hybrid financial instruments are not separated. The
hybrid instrument, in its entirety, is included in the maturity analysis
for non-derivative financial liabilities.\u00a0
i)\u00a0 \u00a0 Fair value of financial instruments
The fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When available, the Group
measures the fair value of an instrument using quoted prices in an
active market for that instrument. A market is regarded as active if
quoted prices are readily available and represent actual and
regularly occurring market transactions on an arm\u2019s length basis.
If a market for a financial instrument is not active, the Group
establishes fair value using valuation techniques. Valuation
techniques include using recent arm\u2019s length transactions
between knowledgeable, willing parties (if available), reference to
the current fair value of other instruments that are substantially the
same, and discounted cash flow analysis. The chosen valuation
technique makes maximum use of market inputs, relies as little as
possible on estimates specific to the Group, incorporates all
factors that market participants would consider in setting a price,
and is consistent with accepted economic methodologies for
pricing financial instruments.
Inputs to valuation techniques reasonably represent market
expectations and measure the risk-return factors inherent in the
financial instrument. The Group calibrates valuation techniques
and tests them for validity using prices from observable current
market transactions in the same instrument or based on other
available observable market data.
The best evidence of the fair value of a financial instrument at initial
recognition is the transaction price \u2013 i.e. the fair value of the
consideration given or received. However, in some cases, the fair
value of a financial instrument on initial recognition may be
different to its transaction price. If such fair value is evidenced by
comparison with other observable current market transactions in
the same instrument (without modification or repackaging) or
based on a valuation technique whose variables include only data
from observable markets, then the difference is recognised in the
income statement on initial recognition of the instrument. In other
cases, the difference is not recognised in the income statement
immediately but is recognised over the life of the instrument on an
appropriate basis or when the instrument is redeemed,
transferred, or sold, or the fair value becomes observable.
3.25\u00a0 Share capital
On issue of ordinary shares, any consideration received net of any
directly attributable transaction costs is included in equity. Issued
share capital has been translated at the exchange rate prevailing
at the date of the transaction and is not retranslated after initial
recognition.
3.26\u00a0 Treasury shares
Own equity instruments that are reacquired (treasury shares) are
recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or
cancellation of the Group\u2019s own equity instruments. Any difference
between the carrying amount and the consideration, if reissued, is
recognised in the share premium.
3.27\u00a0 Earnings per share and dividends
Basic EPS
Basic earnings per share is calculated on the Company\u2019s profit or
loss after taxation and based on the weighted average of issued
and fully paid ordinary shares at the end of the year.
Diluted EPS
Diluted EPS is calculated by dividing the profit or loss after taxation
by the weighted average number of ordinary shares outstanding
during the year plus the weighted average number of ordinary
shares that would be issued on conversion of all the dilutive
potential ordinary shares (after adjusting for outstanding share
options arising from the share-based payment scheme) into
ordinary shares.
Dividend
Dividends on ordinary shares are recognised as a liability in the
period in which they are approved.
3.28\u00a0 Short-term employee benefits
Short-term employee benefits are expensed as the related service
is provided. A liability is recognised for the amount expected to be
paid if the Group has a present legal or constructive obligation to
pay this amount as a result of past service provided by the
employee, and the obligation can be estimated reliably.
3.29\u00a0 Post-employment benefits
Defined contribution scheme
The Group contributes to a defined contribution scheme for its
employees in compliance with the provisions of the Pension
Reform Act 2014. The scheme is fully funded and is managed by
licensed Pension Fund Administrators. Membership of the scheme
is automatic upon commencement of duties at the Group. The
Group\u2019s contributions to the defined contribution scheme are
charged to the statement of profit and loss account in the year to
which they relate.
The employer contributes 17% while the employee contributes 3%
of the qualifying employee's salary.
Employee benefits are all forms of consideration given by an entity
in exchange for services rendered by employees or for the
termination of employment. The Group operates a defined
contribution plan and it is accounted for based on IAS 19
Employee Benefits.
Defined contribution plans are post-employment benefit plans
under which an entity pays fixed contributions into a separate
entity (a fund) and will have no legal or constructive obligation to
pay further contributions if the fund does not hold sufficient assets
to pay all employee benefits relating to employee service in the
current and prior periods. Under defined contribution plans the
entity\u2019s legal or constructive obligation is limited to the amount that
it agrees to contribute to the fund.
Thus, the amount of post-employment benefits received by the
employee is determined by the amount of contributions paid by an
entity (and perhaps also the employee) to a post-employment
benefit plan or to an insurance company, together with investment
returns arising from the contributions. In consequence, actuarial
risk (that benefits will be less than expected) and investment risk
(that assets invested will be insufficient to meet expected benefits)
fall, in substance, on the employee.
Defined benefit scheme
The Group operates a defined benefit plan covering gratuity
(which was discontinued during the year), and pension at exit,
which requires contributions to be made to a separately
administered fund. The Group also provides certain additional
post-employment benefits to employees. These benefits are
unfunded.
The cost of providing benefits under the defined benefit plan is
determined using the projected unit credit method and calculated
annually by independent actuaries. The liability or asset recognised
in the statement of financial position in respect of the defined
benefit plan is the present value of the defined benefit obligation at
the end of the reporting period less the fair value of plan assets (if
any). The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using government bonds.
Remeasurement gains and losses, arising from changes in
financial and demographic assumptions and experience
adjustments, are recognised immediately in the statement of
financial position with a corresponding debit or credit to retained
earnings through other comprehensive income in the period in
which they occur. Remeasurements are not reclassified to profit or
loss in subsequent periods.
Past service costs are recognised in profit or loss on the earlier of:
\u2022 The date of the plan amendment or curtailment; and
\u2022 The date that the Group recognises related restructuring
costs.
Net interest is calculated by applying the discount rate to the net
defined benefit obligation and the fair value of the plan assets.
The Group recognises the following changes in the net defined
benefit obligation under employee benefit expenses in general
and administrative expenses:
\u2022 Service costs comprises current service costs, past-service
costs, gains and losses on curtailments and non-routine
settlements
\u2022 Net interest cost
Termination benefits
Termination benefits are expensed at the earlier of when the
Group can no longer withdraw the offer of those benefits and
when the Group recognises costs for a restructuring. If benefits
are not expected to be settled wholly within 12 months of the
reporting date then they are discounted.
3.30\u00a0 Provisions
Provisions are recognised when
\u2022 i) the Group has a present legal or constructive obligation as a
result of past events;
\u2022 ii) it is probable that an outflow of economic resources will be
required to settle the obligation as a whole; and
\u2022 iii) the amount can be reliably estimated.
Provisions are not recognised for future operating losses. In
measuring the provision:
\u2022 risks and uncertainties are taken into account;
\u2022 the provisions are discounted (where the effects of the time
value of money is considered to be material) using a pre-tax
rate that is reflective of current market assessments of the
time value of money and the risk specific to the liability;
\u2022 when discounting is used, the increase of the provision over
time is recognised as interest expense;
\u2022 future events, such as changes in law and technology, are
taken into account where there is subjective audit evidence
that they will occur; and
\u2022 gains from expected disposal of assets are not taken into
account, even if the expected disposal is closely linked to the
event giving rise to the provision.
Decommissioning
Liabilities for decommissioning costs are recognised as a result of
the constructive obligation of past practice in the oil and gas
industry, when it is probable that an outflow of economic
resources will be required to settle the liability and a reliable
estimate can be made. The estimated costs, based on current
requirements, technology and price levels, prevailing at the
reporting date, are computed based on the latest assumptions as
to the scope and method of abandonment.
Provisions are measured at the present value of management\u2019s
best estimates of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the
passage of time is recognised as a finance cost. The corresponding
amount is capitalised as part of the oil and gas properties and is
amortised on a unit-of-production basis as part of the depreciation,
depletion and amortisation charge. Any adjustment arising from
the estimated cost of the restoration and abandonment cost is
capitalised, while the charge arising from the accretion of the
discount applied to the expected expenditure is treated as a
component of finance costs.
If the change in estimate results in an increase in the
decommissioning provision and, therefore, an addition to the
carrying value of the asset, the Company considers whether this is
an indication of impairment of the asset as a whole, and if so, tests
for impairment in accordance with IAS 36. If, for mature fields, the
revised oil and gas assets net of decommissioning provisions
exceed the recoverable value, that portion of the increase is
charged directly to expense.
3.31\u00a0 Contingencies
A contingent asset or contingent liability is a possible asset or
obligation that arises from past events and whose existence will
be confirmed by the occurrence or non-occurrence of uncertain
future events. The assessment of the existence of the
contingencies will involve management judgement regarding the
outcome of future events.\u00a0
3.32\u00a0 Income taxation
i.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Current income tax
The income tax expense or credit for the period is the tax payable
on the current period\u2019s taxable income, based on the applicable
income tax rate for each jurisdiction, adjusted by changes in
deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses. The current income tax
charge is calculated on the basis of the tax laws enacted or
substantively enacted at the end of the reporting period in the
countries where the Company and its subsidiaries and associates
operate and generate taxable income.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions, where
appropriate, on the basis of amounts expected to be paid to the
tax authorities.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Deferred tax
Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the
reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred tax assets are recognised only if it is probable that future
taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary
differences between the carrying amount and tax bases of
investments in foreign operations where the Company is able to
control the timing of the reversal of the temporary differences and
it is probable that the differences will not reverse in the
foreseeable future.
Current tax assets and tax liabilities are offset where the entity has
a legally enforceable right to offset and intends either to settle on a
net basis, or to realise the asset and settle the liability
simultaneously.
Current and deferred tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is
also recognised in other comprehensive income or directly in
equity, respectively.
iii.\u00a0 \u00a0 \u00a0 \u00a0 Uncertainty over income tax treatments
The Group examines where there is an uncertainty regarding the
treatment of an item, including taxable profit or loss, the tax bases
of assets and liabilities, tax losses and credits and tax rates. It
considers each uncertain tax treatment separately or together as
a group, depending on which approach better predicts the
resolution of the uncertainty. The factors it considers include:
\u2022 how it prepares and supports the tax treatment; and
\u2022 the approach that it expects the tax authority to take during
an examination.
If the Group concludes that it is probable that the tax authority will
accept an uncertain tax treatment that has been taken or is
expected to be taken on a tax return, it determines the accounting
for income taxes consistently with that tax treatment. If it
concludes that it is not probable that the treatment will be
accepted, it reflects the effect of the uncertainty in its income tax
accounting in the period in which that determination is made (for
example, by recognising an additional tax liability or applying a
higher tax rate).
The Group measures the impact of the uncertainty using methods
that best predict the resolution of the uncertainty. The Group uses
the most likely method where there are two possible outcomes,
and the expected value method when there are a range of
possible outcomes.
The Group assumes that the tax authority with the right to
examine and challenge tax treatments will examine those
treatments and have full knowledge of all related information. As a
result, it does not consider detection risk in the recognition and
measurement of uncertain tax treatments. The Group applies
consistent judgements and estimates on current and deferred
taxes. Changes in tax laws or the presence of new tax information
by the tax authority is treated as a change in estimate in line with
IAS 8-Accounting Policies, Changes in Accounting Estimates and
Errors.
Judgements and estimates made to recognise and measure the
effect of uncertain tax treatments are reassessed whenever
circumstances change or when there is new information that
affects those judgements. New information might include actions
by the tax authority, evidence that the tax authority has taken a
particular position in connection with a similar item, or the expiry of
the tax authority\u2019s right to examine a particular tax treatment. The
absence of any comment from the tax authority is unlikely to be, in
isolation, a change in circumstances or new information that would
lead to a change in estimate.
3.33\u00a0 Business combinations
The acquisition method of accounting is used to account for all
business combinations, regardless of whether equity instruments
or other assets are acquired. The consideration transferred for the
acquisition of a subsidiary comprises the:
\u2022 fair values of the assets transferred
\u2022 liabilities incurred to the former owners of the acquired
business
\u2022 equity interests issued by the Group
\u2022 fair value of any asset or liability resulting from a contingent
consideration arrangement, and
\u2022 fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are, with limited exceptions,
measured initially at their fair values at the acquisition date. The
Group recognises any non-controlling interest in the acquired
entity on an acquisition-by-acquisition basis either at fair value or
at the non-controlling interest\u2019s proportionate share of the
acquired entity\u2019s net identifiable assets. Acquisition-related costs
are expensed as incurred.
The excess of the:
\u2022 consideration transferred,
\u2022 amount of any non-controlling interest in the acquired entity,
and
\u2022 acquisition-date fair value of any previous equity interest in the
acquired entity.
over the fair value of the net identifiable assets acquired is
recorded as goodwill. If those amounts are less than the fair value
of the net identifiable assets of the business acquired, the
difference is recognised directly in profit or loss as a bargain
purchase.
3.34\u00a0 Share-based payments
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby
employees render services as consideration for equity instruments
(equity-settled transactions).
Some employees (below senior executive positions) in the Group
are granted share appreciation rights, which are settled in cash
(cash-settled transactions).
a)\u00a0 \u00a0 Equity-settled transactions
The cost of equity-settled transactions is determined by the fair
value at the date when the grant is made using an appropriate
valuation model.
That cost is recognised in employee benefits expense together
with a corresponding increase in equity (share-based payment
reserve), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date reflects
the extent to which the vesting period has expired and the
Group\u2019s best estimate of the number of equity instruments that will
ultimately vest. The expense or credit in profit or loss for a period
represents the movement in cumulative expense recognised as at
the beginning and end of that period.
Service and non-market performance conditions are not taken
into account when determining the grant date and for fair value of
awards, but the likelihood of the conditions being met is assessed
as part of the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated
service requirement, are considered to be non-vesting conditions.
Non-vesting conditions are reflected in the fair value of an award
and lead to an immediate expensing of an award unless there are
also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest
because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satisfied, provided
that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the
minimum expense recognised is the grant date fair value of the
unmodified award provided the original terms of the award are
met. An additional expense, measured as at the date of
modification, is recognised for any modification that increases the
total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is
cancelled by the entity or by the counterparty, any remaining
element of the fair value of the award is expensed immediately
through profit or loss. The dilutive effect of outstanding awards is
reflected as additional share dilution in the computation of diluted
earnings per share.
b)\u00a0 \u00a0 Cash-settled transactions
A liability is recognised for the fair value of cash-settled
transactions. The fair value is measured initially and at each
reporting date up to and including the settlement date, with
changes in fair value recognised in employee benefits expense.
The fair value is expensed over the period until the vesting date
with recognition of a corresponding liability. The fair value is
determined using a binomial model. The approach used to
account for vesting conditions when measuring equity-settled
transactions also applies to cash-settled transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-623": { "value": "
3.2\u00a0 Basis of preparation\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The consolidated financial statements of the Group for the year
ended 31 December 2025 have been prepared in accordance with
International Financial Reporting Standards (\u2018IFRS Accounting
Standards\u2019) and interpretations issued by the IFRS Interpretations
Committee (IFRS IC). The financial statements comply with IFRS
Accounting Standards as issued by the International Accounting
Standards Board (IASB). Additional information required by national
regulations is included where appropriate.
The financial statements comprise the statement of profit or loss
and other comprehensive income, the statement of financial
position, the statement of changes in equity, the statement of
cash flows and the notes to the financial statements.
The financial statements have been prepared under the going
concern and historical cost convention, except for financial
instruments measured at fair value on initial recognition, derivative
financial instruments, assets held for sale and other assets and
defined benefit plans \u2013 plan assets measured at fair value. The
financial statements are presented in Nigerian Naira and United
States Dollars, and all values are rounded to the nearest million (\u20a6
million) and thousand ($'000) respectively, except when otherwise
indicated.
Nothing has come to the attention of the Directors to indicate that
the Group will not remain a going concern for at least 12 months
from the date of these financial statements.
The accounting policies adopted are consistent with those of the
previous financial year end, except for the adoption of new and
amended standards which are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-622": { "value": "
3.2\u00a0 Basis of preparation\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The consolidated financial statements of the Group for the year
ended 31 December 2025 have been prepared in accordance with
International Financial Reporting Standards (\u2018IFRS Accounting
Standards\u2019) and interpretations issued by the IFRS Interpretations
Committee (IFRS IC). The financial statements comply with IFRS
Accounting Standards as issued by the International Accounting
Standards Board (IASB). Additional information required by national
regulations is included where appropriate.
The financial statements comprise the statement of profit or loss
and other comprehensive income, the statement of financial
position, the statement of changes in equity, the statement of
cash flows and the notes to the financial statements.
The financial statements have been prepared under the going
concern and historical cost convention, except for financial
instruments measured at fair value on initial recognition, derivative
financial instruments, assets held for sale and other assets and
defined benefit plans \u2013 plan assets measured at fair value. The
financial statements are presented in Nigerian Naira and United
States Dollars, and all values are rounded to the nearest million (\u20a6
million) and thousand ($'000) respectively, except when otherwise
indicated.
Nothing has come to the attention of the Directors to indicate that
the Group will not remain a going concern for at least 12 months
from the date of these financial statements.
The accounting policies adopted are consistent with those of the
previous financial year end, except for the adoption of new and
amended standards which are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-624": { "value": "
3.3\u00a0 New and amended standards adopted by the
Group
The Group applied for the first-time certain standards and
amendments which are effective for annual periods beginning on
or after\u00a0 1 January 2025 . The Group has not early adopted any
other standard, interpretation or amendment that has been issued
but is not yet effective.
a)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Lack of exchangeability \u2013 Amendments to IAS
21
For annual reporting periods beginning on or after 1 January 2025,
Lack of Exchangeability-Amendments to IAS 21 The Effects of
Changes in Foreign Exchange Rates specifies how an entity
should assess whether a currency is exchangeable and how it
should determine a spot exchange rate when exchangeability is
lacking. The amendments also require disclosure of information
that enables users of its financial statements to understand how
the currency not being exchangeable into the other currency
affects, or is expected to affect, the entity\u2019s financial performance,
financial position and cash flows.
The amendments did not have a material impact on the Group\u2019s
financial statements.
b)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Disclosures about Uncertainties in the Financial
statement
The IASB issued Disclosures about Uncertainties in the Financial
Statements, which added illustrative examples to the guidance
accompanying several IFRS Accounting Standards. There are six
examples and the objective of those examples is to illustrate how
an entity applies the requirements in IFRS Accounting Standards to
report the effects of uncertainties in its financial statements.
Although the examples are climate-related, the principles in the
examples can be applied to other uncertainties. The guidance has
a similar authority to agenda decisions from the IFRS IC.
Depending on how an entity has applied and considered the
consistency between financial and non-financial reporting in the
past, the impact of these examples, and whether they result in
additional disclosures, might differ.
The Group has carefully considered how the principles in the
examples impact the disclosures in its financial statements and
concluded that the amendments do not have a material impact on
the Group\u2019s financial statements.
3.4\u00a0 Standards issued but not yet effective
The new and amended standards and interpretations that are
issued, but not yet effective, up to the date of issuance of the
Group\u2019s financial statements, are disclosed below. The Group
intends to adopt these new and amended standards and
interpretations, if applicable, when they become effective. Details
of these new standards and interpretations are set out below:
a)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Amendments to IFRS 10 and IAS 28: Sale or
Contribution of Assets between an Investor and its
Associate or Joint Venture
The IASB has made limited scope amendments to IFRS 10
Consolidated Financial Statements and IAS 28 Investments in
Associates and Joint Ventures.
The amendments clarify the accounting treatment for sales or
contribution of assets between an investor and their associates or
joint ventures. They confirm that the accounting treatment
depends on whether the non-monetary assets sold or contributed
to an associate or joint venture constitute a \u2018business' (as defined
in IFRS 3 Business Combinations).
Where the non-monetary assets constitute a business, the
investor will recognise the full gain or loss on the sale or
contribution of assets. If the assets do not meet the definition of a
business, the gain or loss is recognised by the investor only to the
extent of the other investor's interests in the associate or joint
venture. The amendments apply prospectively.\u00a0 There is currently
no effective date for these amendments.
b)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 IFRS 18-Presentation and Disclosure in Financial
Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit or loss,
including specified totals and subtotals. Furthermore, entities are
required to classify all income and expenses within the statement
of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the
first three are new.
It also requires disclosure of newly defined management-defined
performance measures, subtotals of income and expenses, and
includes new requirements for aggregation and disaggregation of
financial information based on the identified \u2018roles\u2019 of the primary
financial statements (PFS) and the notes.
IFRS 18, and the amendments to the other standards, is effective
for reporting periods beginning on or after 1 January 2027, but
earlier application is permitted and must be disclosed. IFRS 18 will
apply retrospectively.
The Group is currently working to identify all impacts the
amendments will have on the primary financial statements and
notes to the financial statements.
c)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 IFRS 19-Subsidiaries without Public
Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities
to elect to apply its reduced disclosure requirements while still
applying the recognition, measurement and presentation
requirements in other IFRS Accounting Standards. To be eligible, at
the end of the reporting period, an entity must be a subsidiary as
defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares
consolidated financial statements, available for public use, which
comply with IFRS Accounting Standards.
IFRS 19 will become effective for reporting periods beginning on or
after 1 January 2027, with early application permitted.
The amendments are not expected to have a material impact on
the Group\u2019s financial statements.
d)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Amendments to the Classification and
Measurement of Financial Instruments \u2014 Amendments
to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to IFRS 9 and IFRS 7,
Amendments to the Classification and Measurement of Financial
Instruments (the Amendments). The Amendments include:
\u2022 A clarification that a financial liability is derecognised on the
\u2018settlement date\u2019 and the introduction of an accounting policy
choice (if specific conditions are met) to derecognise financial
liabilities settled using an electronic payment system before the
settlement date
\u2022 Additional guidance on how the contractual cash flows for
financial assets with environmental, social and governance
(ESG) and similar features should be assessed
\u2022 Clarifications on what constitute \u2018non-recourse features\u2019 and
what are the characteristics of contractually linked instruments
\u2022 The introduction of disclosures for financial instruments with
contingent features and additional disclosure requirements for
equity instruments classified at fair value through other
comprehensive income (OCI)
The Amendments are effective for annual periods starting on or
after 1 January 2026 with early adoption permitted for classification
of financial assets and related disclosures only.
The Group is currently assessing the amendments to determine
any impact they will have on the Group\u2019s financial statements.
e)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Annual Improvements to IFRS Accounting
Standards-Volume 11
In July 2024, the IASB issued nine narrow scope amendments as
part of its periodic maintenance of IFRS Accounting Standards.
The amendments include clarifications, simplifications, corrections
or changes to improve consistency in IFRS 1 First-time Adoption of
International Financial Reporting Standards, IFRS 7 Financial
Instruments: Disclosure and its accompanying Guidance on
Implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10
Consolidated Financial Statements and IAS 7 Statements of Cash
Flows.
The amendments will be effective for reporting periods beginning
on or after 1 January 2026. Earlier application is permitted and must
be disclosed.
The amendments are not expected to have a material impact on
the Group\u2019s financial statements.
f)\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Contracts Referencing Nature-dependent
Electricity \u2013 Amendments to IFRS 9 and IFRS 7
In December 2024, the IASB issued Amendments to IFRS 9 and
IFRS 7-Contracts Referencing Nature-dependent Electricity. The
amendments apply only to contracts that reference nature-
dependent electricity, and:
\u2022 Clarify the application of the \u2018own-use\u2019 requirements for in-
scope contracts
\u2022 Amend the designation requirements for a hedged item in a
cash flow hedging relationship for in-scope contracts
\u2022 Add new disclosure requirements to enable investors to
understand the effect of these contracts on a company\u2019s
financial performance and cash flows.
The amendments will take effect for annual reporting periods
starting on or after 1 January 2026. Early adoption is allowed, but it
must be disclosed. The amendments concerning the own-use
exception are to be applied retrospectively, while the hedge
accounting amendments should be applied prospectively to new
hedging relationships designated from the initial application date.
Additionally, the IFRS 7 disclosure amendments must be
implemented alongside the IFRS 9 amendments. If an entity does
not restate comparative information, it cannot present
comparative disclosures.
The Group does not expect that the amendments will have a
material impact on its financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-625": { "value": "
i.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Subsidiaries
Subsidiaries are all entities (including structured entities) over which
the Group has control.
The consolidated financial information comprises the financial
statements of the Company and its subsidiaries as at
31\u00a0December 2025. Control is achieved when the Group is
exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to affect those returns through its
power over the investee. Specifically, the Group controls an
investee if and only if the Group has:
\u2022 Power over the investee (i.e. existing rights that give it the
current ability to direct the relevant activities of the investee);
\u2022 Exposure, or rights, to variable returns from its involvement
with the investee; and
\u2022 The ability to use its power over the investee to affect its
returns.
Subsidiaries are consolidated from the date on which control is
obtained by the Group and are deconsolidated from the date
control ceases.
Generally, there is a presumption that a majority of voting rights
results in control. To support this presumption and when the
Group has less than a majority of the voting or similar rights of an
investee, the Group considers all relevant facts and circumstances
in assessing whether it has power over an investee, including:
\u2022 The contractual arrangement(s) with the other vote holders of
the investee
\u2022 Rights arising from other contractual arrangements
\u2022 The Group\u2019s voting rights and potential voting rights
ii.\u00a0 \u00a0 \u00a0 \u00a0 Change in the ownership interest of subsidiary
The acquisition method of accounting is used to account for
business combinations by the Group.
Non-controlling interests in the results and equity of subsidiaries
are shown separately in the consolidated statement of profit or
loss and other comprehensive income, statement of changes in
equity and statement of financial position respectively.
Intercompany transaction balances and unrealised gains on
transactions between Group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides
evidence of an impairment of the transferred asset. Accounting
policies of subsidiaries have been changed where necessary to
ensure consistency with the policies adopted by the Group.
iii.\u00a0 \u00a0 \u00a0 \u00a0 Disposal of subsidiary
Where the Group disposes a subsidiary, it:
\u2022 Derecognises the assets (including goodwill) and liabilities of
the subsidiary;
\u2022 Derecognises the carrying amount of any non-controlling
interests;
\u2022 Derecognises the cumulative translation differences recorded
in equity;
\u2022 Recognises the fair value of the consideration received;
\u2022 Recognises the fair value of any investment retained;
\u2022 Recognises any surplus or deficit in profit or loss; and
\u2022 Reclassifies the parent\u2019s share of components previously
recognised in OCI to profit or loss or retained earnings, as
appropriate, as would be required if the Group had directly
disposed of the related assets or liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-627": { "value": "
3.7\u00a0 Functional and presentation currency
Items included in the financial statements are measured using the
currency of the primary economic environment in which the
Company operates (\u2018the functional currency\u2019), which is the US
Dollar. The financial statements are presented in Nigerian Naira
and US Dollars.
The Company has chosen to show both presentation currencies
and this is allowable by the regulator.
i.\u00a0 \u00a0 \u00a0 \u00a0 Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies
at year end are generally recognised in profit or loss. They are
deferred in equity if attributable to net investment in foreign
operations.
Foreign exchange gains and losses that relate to borrowings are
presented in the statement of profit or loss, within finance costs. All
other foreign exchange gains and losses are presented in the
statement of profit or loss on a net basis within other income or
other expenses.
Non-monetary items that are measured at fair value in a foreign
currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on
assets and liabilities carried at fair value are reported as part of the
fair value gain or loss or other comprehensive income depending
on where fair value gain or loss is reported.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Group companies
The results and financial position of foreign operations that have a
functional currency different from the presentation currency are
translated into the presentation currency as follows:
\u2022 Assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of the
reporting date.
\u2022 Income and expenses for statement of profit or loss and other
comprehensive income are translated at average exchange
rates (unless this is not-a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions), and all resulting exchange
differences are recognised in other comprehensive income.
\u2022 Equity items for each statement of financial position
presented are translated at the historical rates.
On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation
is recognised in profit or loss. Goodwill and fair value adjustments
arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the
closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-626": { "value": "
3.7\u00a0 Functional and presentation currency
Items included in the financial statements are measured using the
currency of the primary economic environment in which the
Company operates (\u2018the functional currency\u2019), which is the US
Dollar. The financial statements are presented in Nigerian Naira
and US Dollars.
The Company has chosen to show both presentation currencies
and this is allowable by the regulator.
i.\u00a0 \u00a0 \u00a0 \u00a0 Transactions and balances
Foreign currency transactions are translated into the functional
currency using the exchange rates at the dates of the
transactions. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation of
monetary assets and liabilities denominated in foreign currencies
at year end are generally recognised in profit or loss. They are
deferred in equity if attributable to net investment in foreign
operations.
Foreign exchange gains and losses that relate to borrowings are
presented in the statement of profit or loss, within finance costs. All
other foreign exchange gains and losses are presented in the
statement of profit or loss on a net basis within other income or
other expenses.
Non-monetary items that are measured at fair value in a foreign
currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on
assets and liabilities carried at fair value are reported as part of the
fair value gain or loss or other comprehensive income depending
on where fair value gain or loss is reported.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Group companies
The results and financial position of foreign operations that have a
functional currency different from the presentation currency are
translated into the presentation currency as follows:
\u2022 Assets and liabilities for each statement of financial position
presented are translated at the closing rate at the date of the
reporting date.
\u2022 Income and expenses for statement of profit or loss and other
comprehensive income are translated at average exchange
rates (unless this is not-a reasonable approximation of the
cumulative effect of the rates prevailing on the transaction
dates, in which case income and expenses are translated at
the dates of the transactions), and all resulting exchange
differences are recognised in other comprehensive income.
\u2022 Equity items for each statement of financial position
presented are translated at the historical rates.
On disposal of a foreign operation, the component of other
comprehensive income relating to that particular foreign operation
is recognised in profit or loss. Goodwill and fair value adjustments
arising on the acquisition of a foreign operation are treated as
assets and liabilities of the foreign operation and translated at the
closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-628": { "value": "
3.8\u00a0 Oil and gas accounting
i.\u00a0 \u00a0 \u00a0 \u00a0 Pre-licensing costs
Pre-licence costs are expensed in the period in which they are
incurred.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Exploration licence cost
Exploration licence costs are capitalised within intangible assets.
Licence costs paid in connection with a right to explore in an
existing exploration area are capitalised and amortised on a
straight-line basis over the life of the licence.
Licence costs are reviewed at each reporting date to confirm that
there is no indication that the carrying amount exceeds the
recoverable amount. This review includes confirming that
exploration drilling is still under way or firmly planned, or that it has
been determined, or work is under way to determine that the
discovery is economically viable based on a range of technical and
commercial considerations and sufficient progress is being made
to establish development plans and timing. If no future activity is
planned or the licence has been relinquished or has expired, the
carrying value of the licence is written off through profit or loss.
The exploration licence costs are initially recognised at cost and
subsequently amortised on a straight-line basis on the economic
life. They are subsequently carried at cost less accumulated
amortisation and impairment losses. The amortisation rate for the
intangible asset is 5% with useful life of 20 years.\u00a0
iii.\u00a0 \u00a0 \u00a0 \u00a0 Acquisition of producing assets
Upon acquisition of producing assets which do not constitute a
business combination, the Group identifies and recognises the
individual identifiable assets acquired (including those assets that
meet the definition of, and recognition criteria for, intangible assets
in IAS 38 Intangible Assets) and liabilities assumed. The purchase
price paid for the group of assets is allocated to the individual
identifiable assets and liabilities on the basis of their relative fair
values at the date of purchase.
iv.\u00a0 \u00a0 \u00a0 \u00a0 Exploration and evaluation expenditures
Geological and geophysical exploration costs are charged to profit
or loss as incurred.
Exploration and evaluation expenditures incurred are accumulated
separately for each area of interest. Such expenditures comprise
net direct costs and an appropriate portion of related overhead
expenditure, but do not include general overheads or
administrative expenditure that is not directly related to a particular
area of interest. Each area of interest is limited to a size related to a
known or probable hydrocarbon resource capable of supporting
an oil operation.
Costs directly associated with an exploration well, exploratory
stratigraphic test well and delineation wells are temporarily
suspended (capitalised) until the drilling of the well is complete and
the results have been evaluated. These costs include employee
remuneration, materials and fuel used, rig costs, delay rentals and
payments made to contractors. If hydrocarbons (\u2018proved
reserves\u2019) are not found, the exploration expenditure is written off
as a dry hole and charged to profit or loss. If hydrocarbons are
found, the costs continue to be capitalised.
Suspended exploration and evaluation expenditure in relation to
each area of interest is carried forward as an asset provided that
one of the following conditions is met:
\u2022 the costs are expected to be recouped through successful
development and exploitation of the area of interest or,
alternatively, by its sale;
\u2022 exploration and/or evaluation activities in the area of interest
have not, at the reporting date, reached a stage which
permits a reasonable assessment of the existence or
otherwise of economically recoverable reserves; and
\u2022 active and significant operations in, or in relation to, the area of
interest.
Exploration and/or evaluation expenditures which fail to meet at
least one of the conditions outlined above are written off. In the
event that an area is subsequently abandoned or exploration
activities do not lead to the discovery of proved or probable
reserves, or if the Directors consider the expenditure to be of no
value, any accumulated costs carried forward relating to the
specified areas of interest are written off in the year in which the
decision is made. While an area of interest is in the development
phase, amortisation of development costs is not charged pending
the commencement of production. Exploration and evaluation
costs are transferred from the exploration and/or evaluation phase
to the development phase upon commitment to a commercial
development.
v.\u00a0 \u00a0 \u00a0 \u00a0 Development expenditures
Development expenditure incurred by the Group is accumulated
separately for each area of interest in which economically
recoverable reserves have been identified to the satisfaction of the
Directors. Such expenditure comprises net direct costs and, in the
same manner as for exploration and evaluation expenditure, an
appropriate portion of related overhead expenditure directly
related to the development property. All expenditure incurred prior
to the commencement of commercial levels of production from
each development property is carried forward to the extent to
which recoupment is expected to be derived from the sale of
production from the relevant development property.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-629": { "value": "
3.9\u00a0 Revenue recognition (IFRS 15)
IFRS 15 uses a five-step model for recognising revenue to depict
transfer of goods or services. The model distinguishes between
promises to a customer that are satisfied at a point in time and
those that are satisfied over time.
It is the Group\u2019s policy to recognise revenue from a contract when
it has been approved by both parties, rights have been clearly
identified, payment terms have been defined, the contract has
commercial substance, and collectability has been ascertained as
probable. Collectability of customer\u2019s payments is ascertained
based on the customer\u2019s historical records, guarantees provided,
the customer\u2019s industry and advance payments made if any.
Revenue is recognised when control of goods sold has been
transferred. Control of an asset refers to the ability to direct the
use of and obtain substantially all of the remaining benefits
(potential cash inflows or savings in cash outflows) associated with
the asset. For crude oil, this occurs when the crude products are
lifted by the customer (buyer) Free on Board at the Group\u2019s
loading facility. Revenue from the sale of oil is recognised at a point
in time when performance obligation is satisfied. For gas sales,
revenue is recognised when the product passes through the
custody transfer point to the customer. Revenue from the sale of
gas is recognised over time using the practical expedient of the
right to invoice.
The surplus or deficit of the product sold during the period over
the Group\u2019s share of production is termed as an overlift or underlift.
With regard to underlifts, if the overlifter does not meet the
definition of a customer or the settlement of the transaction is
non-monetary, a receivable and other income is recognised.
Initially, when an overlift occurs, cost of sale is debited, and a
corresponding liability is accrued. Overlifts and underlifts are initially
measured at the market price of oil at the date of lifting, consistent
with the measurement of the sale and purchase. Subsequently,
they are remeasured at the current market value. The change
arising from this remeasurement is included in the profit or loss as
other income/expenses - net. In instances where Seplat controls
the storage of crude and petroleum products at a terminal, surplus
or deficit of the product sold over the Group\u2019s share of production
is termed an overlift or inventory.
Definition of a customer
A customer is a party that has contracted with the Group to obtain
crude oil or gas products in exchange for a consideration, rather
than to share in the risks and benefits that result from sale. The
Group has entered into collaborative arrangements with its joint
arrangement partners to share in the production of oil.
Collaborative arrangements with its joint arrangement partners to
share in the production of oil are accounted for differently from
arrangements with customers as collaborators share in the risks
and benefits of the transaction and, therefore, do not meet the
definition of customers. Revenue arising from these arrangements
is recognised separately in other income.
Contract enforceability and termination clauses
It is the Group\u2019s policy to assess that the defined criteria for
establishing contracts that entail enforceable rights and obligations
are met. The criteria provide that the contract has been approved
by both parties, rights have been clearly identified, payment terms
have been defined, the contract has commercial substance, and
collectability has been ascertained as probable. Revenue is not
recognised for contracts that do not create enforceable rights and
obligations to parties in a contract. The Group also does not
recognise revenue for contracts that do not meet the revenue
recognition criteria. In such cases where consideration is received
it recognises a contract liability and only recognises revenue when
the contract is terminated.
The Group may also have the unilateral rights to terminate an
unperformed contract without compensating the other party. This
could occur where the Group has not yet transferred any
promised goods or services to the customer and the Group has
not yet received, and is not yet entitled to receive, any
consideration in exchange for promised goods or services.
Identification of performance obligation
At inception, the Group assesses the goods or services promised
in the contract with a customer to identify as a performance
obligation, each promise to transfer to the customer either a
distinct good or series of distinct goods. The number of identified
performance obligations in a contract will depend on the number
of promises made to the customer. The delivery of barrels of
crude oil or units of gas are usually the only performance
obligation included in oil and gas contract with no additional
contractual promises. Additional performance obligations may
arise from future contracts with the Group and its customers.
The identification of performance obligations is a crucial part in
determining the amount of consideration recognised as revenue.
This is due to the fact that revenue is only recognised at the point
where the performance obligation is fulfilled. Management has
therefore developed adequate measures to ensure that all
contractual promises are appropriately considered and accounted
for accordingly.
Transaction price is the amount allocated to the performance
obligations identified in the contract. It represents the amount of
revenue recognised as those performance obligations are
satisfied. Complexities may arise where a contract includes
variable consideration, significant financing component or
consideration payable to a customer.
Variable consideration not within the Group\u2019s control is estimated
at the point of revenue recognition and reassessed periodically.
The estimated amount is included in the transaction price to the
extent that it is highly probable that a significant reversal of the
amount of cumulative revenue recognised will not occur when the
uncertainty associated with the variable consideration is
subsequently resolved. As a practical expedient, where the Group
has a right to consideration from a customer in an amount that
corresponds directly with the value to the customer of the Group\u2019s
performance completed to date, the Group may recognise
revenue in the amount to which it has a right to invoice.
Significant financing component (SFC) assessment is carried out
(using a discount rate that reflects the amount charged in a
separate financing transaction with the customer and also
considering the Group\u2019s incremental borrowing rate) on contracts
that have a repayment period of more than 12 months.
As a practical expedient, the Group does not adjust the promised
amount of consideration for the effects of a significant financing
component if it expects, at contract inception, that the period
between when it transfers a promised good or service to a
customer and when the customer pays for that good or service
will be one year or less.
Instances when SFC assessment may be carried out include
where the Group receives advance payment for agreed volumes
of crude oil or receives take or pay deficiency payments on gas
sales. Take or pay gas sale contracts ideally provide that the
customer must sometimes pay for gas even when not delivered
to the customer. The customer, in future contract years, takes
delivery of the product without further payment. The portion of
advance payments that represents significant financing
component will be recognised as interest expense.
Consideration payable to a customer is accounted for as a
reduction of the transaction price unless the payment to the
customer is in exchange for distinct goods or services that the
customer transfers to the Group.
Breakage\u00a0 \u00a0
The Group enters into take or pay contracts for sale of gas where
the buyer may not ultimately exercise all of their rights to the gas.
The take or pay quantity not taken is paid for by the buyer and
called the take or pay deficiency payment. The Group assesses if
there is a reasonable assurance that it will be entitled to a
breakage amount. Where it establishes that a reasonable
assurance exists, it recognises the expected breakage amount as
revenue in proportion to the pattern of rights exercised by the
customer. However, where the Group is not reasonably assured of
a breakage amount, it would only recognise the expected
breakage amount as revenue when the likelihood of the customer
exercising its remaining rights becomes remote.
Contract modification and contract combination
Contract modifications relate to a change in the price and/or
scope of an approved contract. Where there is a contract
modification, the Group assesses if the modification will create a
new contract or change the existing enforceable rights and
obligations of the parties to the original contract. Contract
modifications are treated as new contracts when the performance
obligations are separately identifiable and the transaction price
reflects the standalone selling price of the crude oil or the gas to
be sold. Revenue is adjusted prospectively when the crude oil or
gas transferred is separately identifiable and the price does not
reflect the standalone selling price. Conversely, if there are
remaining performance obligations which are not separately
identifiable, revenue will be recognised on a cumulative catch-up
basis when crude oil or gas is transferred.
The Group combines contracts entered into at near the same
time (less than 12 months) as one contract if they are entered into
with the same or related party customer, the performance
obligations are the same for the contracts and the price of one
contract depends on the other contract.
Portfolio expedients
As a practical expedient, the Group may apply the requirements of
IFRS 15 to a portfolio of contracts (or performance obligations) with
similar characteristics if it expects that the effect on the financial
statements would not be materially different from applying IFRS to
individual contracts within that portfolio.
Contract assets and liabilities
The Group recognises contract assets for unbilled revenue from
crude oil and gas sales. The Group recognises contract liability for
consideration received for which performance obligation has not
been met.
Disaggregation of revenue from contract with
customers
The Group derives revenue from three types of products oil: gas
and natural gas liquid. The Group has determined that the
disaggregation of revenue based on the criteria of type of
products meets the disaggregation of revenue disclosure
requirement of IFRS 15. It depicts how the nature, amount, timing
and uncertainty of revenue and cash flows are affected by
economic factors. See further details in Note 6.1.1.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-630": { "value": "
3.10\u00a0 Property, plant and equipment
Oil and gas properties and other plant and equipment are stated
at cost, less accumulated depreciation, and accumulated
impairment losses.
The initial cost of an asset comprises its purchase price or
construction cost, any costs directly attributable to bringing the
asset into operation, the initial estimate of any decommissioning
obligation and, for qualifying assets, borrowing costs. The
purchase price or construction cost is the aggregate amount paid
and the fair value of any other consideration given to acquire the
asset. Where parts of an item of property, plant and equipment
have different useful lives, they are accounted for as separate
items of property, plant and equipment.
Expenditure on major maintenance refits or repairs comprises the
cost of replacement assets or parts of assets, inspection costs
and overhaul costs. Where an asset or part of an asset that was
separately depreciated and is now written off is replaced and it is
probable that future economic benefits associated with the item
will flow to the entity, the expenditure is capitalised. Inspection
costs associated with major maintenance programmes are
capitalised and amortised over the period to the next inspection.
Overhaul costs for major maintenance programmes are
capitalised as incurred as long as these costs increase the
efficiency of the unit or extend the useful life of the asset. All other
maintenance costs are expensed as incurred.
Depreciation
Oil and gas production assets are depreciated on a unit-of-
production basis over estimated proved reserves. Specifically, well
assets are depreciated over proved developed reserves while
production facilities are depreciated over proved reserves.
Gas plants and other property, plant and equipment are
depreciated on a straight-line basis over their estimated useful
lives. Depreciation commences when an asset is available for use.
Assets under construction are not depreciated. Other property,
plant and equipment are depreciated on a straight-line basis over
their estimated useful lives. Depreciation commences when an
asset is available for use. The depreciation rate for each class is as
follows:
Plant and machinery
10%-20%
Motor vehicles
25%-30%
Office furniture and IT equipment
10%-33.33%
Building
4%
Land
-
Intangible assets
5%
Leasehold improvements
Over the unexpired
portion of the lease
The expected useful lives and residual values of property, plant
and equipment are reviewed on an annual basis and, if necessary,
changes in useful lives are accounted for prospectively.
Gains or losses on disposal of property, plant and equipment are
determined as the difference between disposal proceeds and
carrying amount of the disposed assets. These gains or losses are
included in the statement of profit or loss.
An item of property, plant and equipment and any significant part
initially recognised is derecognised upon disposal (i.e. at the date
the recipient obtains control) or when no future economic benefits
are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between
the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is
derecognised.
3.11\u00a0 Right-of-use assets
The Group recognises right-of-use assets at the commencement
date of a lease (i.e. the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial
direct costs incurred, decommissioning costs (if any), and lease
payments made at or before the commencement date less any
lease incentives received. Unless the Group is reasonably certain
to obtain ownership of the leased asset at the end of the lease
term, the recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of its estimated useful life and
the lease term. Right-of-use assets are subject to impairment.
Short-term leases and leases of low value
The Group applies the short-term lease recognition exemption to
its short-term leases (i.e. those leases that have a lease term of 12
months or less from the commencement date and do not contain
a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered of low value
(i.e. low-value assets). Low-value assets are assets with lease
amount of less than $5,000 when new. Lease payments on short-
term leases and leases of low-value assets are recognised as an
expense on a straight-line basis over the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-631": { "value": "
3.11\u00a0 Right-of-use assets
The Group recognises right-of-use assets at the commencement
date of a lease (i.e. the date the underlying asset is available for
use). Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial
direct costs incurred, decommissioning costs (if any), and lease
payments made at or before the commencement date less any
lease incentives received. Unless the Group is reasonably certain
to obtain ownership of the leased asset at the end of the lease
term, the recognised right-of-use assets are depreciated on a
straight-line basis over the shorter of its estimated useful life and
the lease term. Right-of-use assets are subject to impairment.
Short-term leases and leases of low value
The Group applies the short-term lease recognition exemption to
its short-term leases (i.e. those leases that have a lease term of 12
months or less from the commencement date and do not contain
a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered of low value
(i.e. low-value assets). Low-value assets are assets with lease
amount of less than $5,000 when new. Lease payments on short-
term leases and leases of low-value assets are recognised as an
expense on a straight-line basis over the lease term.
3.12\u00a0 Lease liabilities
At the commencement date of a lease, the Group recognises
lease liabilities measured at the present value of lease payments
to be made over the lease term. The lease payments include the
exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating
a lease, if the lease term reflects the Group exercising the option
to terminate. Variable lease payments that do not depend on an
index or a rate are recognised as an expense in the period in
which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses
the incremental borrowing rate at the lease commencement date
if the interest rate implicit in the lease is not readily determinable.
The weighted average incremental borrowing rate for the Group is
10.5%. After the commencement date, the amount of lease
liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a
change in the lease term, a change in the in-substance fixed lease
payments or a change in the assessment to purchase the
underlying asset. The lease term refers to the contractual period of
a lease.
The Group has elected to exclude non-lease components in
calculating lease liabilities and instead treats the related costs as
an expense in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-632": { "value": "
3.13\u00a0 Borrowing costs
Borrowing costs directly attributable to the acquisition,
construction or production of qualifying assets, which are assets
that necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those assets,
until such time as the assets are substantially ready for their
intended use or sale.
Borrowing costs consist of interest and other costs incurred in
connection with the borrowing of funds. These costs may arise
from specific borrowings used for the purpose of financing the
construction of a qualifying asset, and those that arise from
general borrowings that would have been avoided if the
expenditure on the qualifying asset had not been made. The
general borrowing costs attributable to an asset\u2019s construction are
calculated by reference to the weighted average cost of general
borrowings that are outstanding during the period.
Investment income earned on the temporary investment of
specific borrowings pending their expenditure on the qualifying
assets is deducted from the borrowing costs eligible for
capitalisation. All other borrowing costs are recognised in the
statement of profit or loss in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-634": { "value": "
3.14\u00a0 Finance income and costs
Finance income
Finance income is recognised in the statement of profit or loss as
it accrues using the effective interest rate (EIR), which is the rate
that exactly discounts estimated future cash payments or receipts
through the expected life of the financial instrument or a shorter
period, where appropriate, to the amortised cost of the financial
instrument. The determination of finance income takes into
account all contractual terms of the financial instrument as well as
any fees or incremental costs that are directly attributable to the
instrument and are an integral part of the EIR but not future credit
losses.
Finance costs
Finance costs includes borrowing costs, interest expense
calculated using the effective interest rate method, finance
charges in respect of lease liabilities, the unwinding of the effect of
discounting provisions, and the amortisation of discounts and
premiums on debt instruments that are liabilities.
The Group applies the IBOR reform Phase 2 amendments which
allow as a practical expedient for changes to the basis for
determining contractual cash flows to be treated as changes to a
floating rate of interest, provided certain conditions are met. The
conditions include that the change is necessary as a direct
consequence of IBOR reform and that the transition takes place
on an economically equivalent basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-633": { "value": "
3.14\u00a0 Finance income and costs
Finance income
Finance income is recognised in the statement of profit or loss as
it accrues using the effective interest rate (EIR), which is the rate
that exactly discounts estimated future cash payments or receipts
through the expected life of the financial instrument or a shorter
period, where appropriate, to the amortised cost of the financial
instrument. The determination of finance income takes into
account all contractual terms of the financial instrument as well as
any fees or incremental costs that are directly attributable to the
instrument and are an integral part of the EIR but not future credit
losses.
Finance costs
Finance costs includes borrowing costs, interest expense
calculated using the effective interest rate method, finance
charges in respect of lease liabilities, the unwinding of the effect of
discounting provisions, and the amortisation of discounts and
premiums on debt instruments that are liabilities.
The Group applies the IBOR reform Phase 2 amendments which
allow as a practical expedient for changes to the basis for
determining contractual cash flows to be treated as changes to a
floating rate of interest, provided certain conditions are met. The
conditions include that the change is necessary as a direct
consequence of IBOR reform and that the transition takes place
on an economically equivalent basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-635": { "value": "
Finance costs
Finance costs includes borrowing costs, interest expense
calculated using the effective interest rate method, finance
charges in respect of lease liabilities, the unwinding of the effect of
discounting provisions, and the amortisation of discounts and
premiums on debt instruments that are liabilities.
The Group applies the IBOR reform Phase 2 amendments which
allow as a practical expedient for changes to the basis for
determining contractual cash flows to be treated as changes to a
floating rate of interest, provided certain conditions are met. The
conditions include that the change is necessary as a direct
consequence of IBOR reform and that the transition takes place
on an economically equivalent basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-637": { "value": "
3.15\u00a0 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are
not subject to amortisation and are tested annually for impairment,
or more frequently. Other non\u2013financial assets are tested for
impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
Individual assets are grouped for impairment assessment
purposes at the lowest level at which there are identifiable cash
flows that are largely independent of the cash flows of other
groups of assets. This should be at a level not higher than an
operating segment.
If any such indication of impairment exists or when annual
impairment testing for an asset group is required, the entity makes
an estimate of its recoverable amount. Such indicators include
changes in the Group\u2019s business plans, changes in commodity
prices, evidence of physical damage and, for oil and gas
properties, significant downward revisions of estimated
recoverable volumes or increases in estimated future
development expenditure.
The recoverable amount is the higher of an asset\u2019s fair value less
costs of disposal (FVLCD) and value in use (VIU). The recoverable
amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of
those from other assets or groups of assets, in which case, the
asset is tested as part of a larger cash-generating unit to which it
belongs. Where the carrying amount of an asset group exceeds
its recoverable amount, the asset group is considered impaired
and is written down to its recoverable amount.
Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at
the end of each reporting period.
In calculating VIU, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the asset/CGU. In determining FVLCD, recent market
transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used. These calculations
are corroborated by valuation multiples, quoted share prices for
publicly traded companies or other available fair value indicators.
Impairment \u2013 exploration and evaluation assets
Exploration and evaluation assets are tested for impairment once
commercial reserves are found before they are transferred to oil
and gas assets, or whenever facts and circumstances indicate
impairment. An impairment loss is recognised for the amount by
which the exploration and evaluation assets\u2019 carrying amount
exceeds their recoverable amount. The recoverable amount is the
higher of the exploration and evaluation assets\u2019 fair value less
costs to sell and their value in use.
Impairment \u2013 proved oil and gas production properties
Proven oil and gas properties are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-636": { "value": "
3.15\u00a0 Impairment of non-financial assets
Goodwill and intangible assets that have an indefinite useful life are
not subject to amortisation and are tested annually for impairment,
or more frequently. Other non\u2013financial assets are tested for
impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable.
Individual assets are grouped for impairment assessment
purposes at the lowest level at which there are identifiable cash
flows that are largely independent of the cash flows of other
groups of assets. This should be at a level not higher than an
operating segment.
If any such indication of impairment exists or when annual
impairment testing for an asset group is required, the entity makes
an estimate of its recoverable amount. Such indicators include
changes in the Group\u2019s business plans, changes in commodity
prices, evidence of physical damage and, for oil and gas
properties, significant downward revisions of estimated
recoverable volumes or increases in estimated future
development expenditure.
The recoverable amount is the higher of an asset\u2019s fair value less
costs of disposal (FVLCD) and value in use (VIU). The recoverable
amount is determined for an individual asset, unless the asset
does not generate cash inflows that are largely independent of
those from other assets or groups of assets, in which case, the
asset is tested as part of a larger cash-generating unit to which it
belongs. Where the carrying amount of an asset group exceeds
its recoverable amount, the asset group is considered impaired
and is written down to its recoverable amount.
Non-financial assets other than goodwill that suffered an
impairment are reviewed for possible reversal of the impairment at
the end of each reporting period.
In calculating VIU, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current
market assessments of the time value of money and the risks
specific to the asset/CGU. In determining FVLCD, recent market
transactions are taken into account. If no such transactions can be
identified, an appropriate valuation model is used. These calculations
are corroborated by valuation multiples, quoted share prices for
publicly traded companies or other available fair value indicators.
Impairment \u2013 exploration and evaluation assets
Exploration and evaluation assets are tested for impairment once
commercial reserves are found before they are transferred to oil
and gas assets, or whenever facts and circumstances indicate
impairment. An impairment loss is recognised for the amount by
which the exploration and evaluation assets\u2019 carrying amount
exceeds their recoverable amount. The recoverable amount is the
higher of the exploration and evaluation assets\u2019 fair value less
costs to sell and their value in use.
Impairment \u2013 proved oil and gas production properties
Proven oil and gas properties are reviewed for impairment whenever
events or changes in circumstances indicate that the carrying
amount may not be recoverable. An impairment loss is recognised
for the amount by which the asset\u2019s carrying amount exceeds its
recoverable amount. The recoverable amount is the higher of an
asset\u2019s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the
lowest levels for which there are separately identifiable cash flows.
b)\u00a0 \u00a0 Impairment of financial assets
Recognition of impairment provisions under IFRS 9 is based on the
expected credit loss (ECL) model. The ECL model is applicable to
financial assets classified at amortised cost and contract assets
under IFRS 15: Revenue from Contracts with Customers. The
measurement of ECL reflects an unbiased and probability-
weighted amount that is determined by evaluating a range of
possible outcomes, time value of money and reasonable and
supportable information that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
The Group applies the simplified approach or the three-stage
general approach to determine impairment of receivables
depending on their respective nature. The simplified approach is
applied for trade receivables and contract assets while the general
approach is applied to NEPL receivables, NUIMS receivables, other
receivables and cash and bank balances.
The simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables. This involves
determining the expected loss rates using a provision matrix that is
based on the Group\u2019s historical default rates observed over the
expected life of the receivable and adjusted forward-looking
estimates. This is then applied to the gross carrying amount of the
receivable to arrive at the loss allowance for the period.
The three-stage approach assesses impairment based on
changes in credit risk since initial recognition using the past due
criterion and other qualitative indicators such as increase in political
concerns or other macroeconomic factors and the risk of legal
action, sanction or other regulatory penalties that may impair
future financial performance.
Financial assets classified as Stage 1 have their ECL measured as a
proportion of their lifetime ECL that results from possible default
events that can occur within one year, while assets in Stage 2 or 3
have their ECL measured on a lifetime basis.
Under the three-stage approach, the ECL is determined by
projecting the probability of default (PD), loss given default (LGD)
and exposure at default (EAD) for each ageing bucket and for
each individual exposure. The PD is based on default rates
determined by external rating agencies for the counterparties. The
LGD is determined based on management\u2019s estimate of expected
cash recoveries after considering the historical pattern of the
receivable, and it assesses the portion of the outstanding
receivable that is deemed to be irrecoverable at the reporting
period. The EAD is the total amount of outstanding receivable at
the reporting period. These three components are multiplied
together and adjusted for forward-looking information, such as the
gross domestic product (GDP) in Nigeria and crude oil prices, to
arrive at an ECL which is then discounted back to the reporting
date and summed. The discount rate used in the ECL calculation is
the original effective interest rate or an approximation thereof.
Loss allowances for financial assets measured at amortised cost
are deducted from the gross carrying amount of the related
financial assets and the amount of the loss is recognised in profit
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-638": { "value": "
3.16\u00a0 Cash and cash equivalents
Cash and cash equivalents in the statement of cash flows
comprise cash at banks and at hand and short-term deposits with
an original maturity of three months or less that are readily
convertible to known amounts of cash and which are subject to
an insignificant risk of change in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-639": { "value": "
3.17\u00a0 Restricted cash
Restricted cash represents deposits with banks set aside for the
settlement of abandonment and decommissioning liabilities, host
community development fund, unclaimed dividends, bank
guarantee on garnishees against court judgments and for the
purpose of covering the costs payable on the stamping and
registering the security documents on loans and borrowings.
These amounts are subject to legal restrictions and are therefore
not available for general use by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-640": { "value": "
3.18\u00a0 Inventories
Inventories represent the value of tubulars, casings, spares,
wellheads, natural gas liquid and crude stocks. These are stated at
the lower of cost and net realisable value. Cost is determined
using the invoice value and all other directly attributable costs to
bringing the inventory to the point of use determined on a
weighted average pricing basis. Net realisable value is the
estimated selling price in the ordinary course of business, less
estimated costs of completion and the estimated cost necessary
to make the sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-641": { "value": "
3.21\u00a0 Non-current assets held for sale
The Group classifies non-current assets as held for sale if their
carrying amounts will be recovered principally through a sale
transaction rather than through continuing use. Non-current assets
classified as held for sale are measured at the lower of their
carrying amount and fair value less costs to sell. Costs to sell are
the incremental costs directly attributable to the disposal of an
asset excluding finance costs and income tax expense.
The criteria for held for sale classification is regarded as met only
when the sale is highly probable, and the asset or disposal group
is available for immediate sale in its present condition. Actions
required to complete the sale should indicate that it is unlikely that
significant changes to the sale will be made or that the decision to
sell will be withdrawn. Management must be committed to the
plan to sell the asset and the sale expected to be completed
within one year from the date of the classification.
Property, plant and equipment and intangible assets are not
depreciated or amortised once classified as held for sale.
Assets and liabilities classified as held for sale are presented
separately as current items in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-642": { "value": "
3.22\u00a0 Other asset
The Group\u2019s interest in the oil and gas reserves of OML 55 has
been classified as other asset. On initial recognition, it is measured
at the fair value of future recoverable oil and gas reserves.
Subsequently, the other asset is recognised at cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-643": { "value": "
3.23\u00a0 Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.
The Board of Directors has appointed a Senior Leadership Team
to assess the financial performance and position of the Group and
makes strategic decisions. The Senior Leadership Team consists
of the Chief Executive Officer, Chief Financial Officer, Chief
Operating Officer, Managing Director Offshore, Managing Director
Onshore, Technical Director, Gas and New Energy Director,
Director, Legal and Company Secretariat, Director, Strategy,
Planning & Business Development, Director, External Affairs &
Social Performance and Director, Corporate Services. See further
details in Note 6.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-644": { "value": "
3.24\u00a0 Financial instruments
IFRS 9 provides guidance on the recognition, classification and
measurement of financial assets and financial liabilities;
derecognition of financial instruments; impairment of financial
assets and hedge accounting. IFRS 9 also significantly amends
other standards dealing with financial instruments such as IFRS 7
Financial Instruments: Disclosures.
a)\u00a0 \u00a0 Classification and measurement
Financial assets-initial recognition and measurement
It is the Group\u2019s policy to initially recognise financial assets at fair
value plus transaction costs, except in the case of financial assets
recorded at fair value through profit or loss which are expensed in
profit or loss.
Classification and subsequent measurement are dependent on
the Group\u2019s business model for managing the asset and the cash
flow characteristics of the asset.
Subsequent measurement
For the purposes of subsequent measurement, financial assets
are classified in four categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets at fair value through OCI with recycling of
cumulative gains and losses (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no
recycling of cumulative gains and losses upon derecognition
(equity instruments)
\u2022 Financial assets at fair value through profit or loss
On this basis, the Group may classify its financial instruments at
amortised cost, fair value through profit or loss and at fair value
through other comprehensive income.
All the Group\u2019s financial assets as at 31\u00a0December 2025 satisfy the
conditions for classification at amortised cost under IFRS 9 except
for derivatives which are classified at fair value through profit or loss.
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured
using the effective interest (EIR) method and are subject to
impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets include trade receivables, NEPL
receivables, NUIMS receivables, other receivables, cash and bank
balances and derivatives. They are included in current assets,
except for maturities greater than 12 months after the reporting
date. Interest income from these assets is included in finance
income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and
presented in finance income/cost.
Financial assets at fair value through OCI
For debt instruments at fair value through OCI, interest income,
foreign exchange revaluation and impairment losses or reversals
are recognised in the statement of profit or loss and computed in
the same manner as for financial assets measured at amortised
cost. The remaining fair value changes are recognised in OCI.
Upon derecognition, the cumulative fair value change recognised
in OCI is recycled to profit or loss.
The Group does not have instruments measured at fair value
through OCI.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the
statement of financial position at fair value with net changes in fair
value recognised in the statement of profit or loss.
The Group has derivative instruments under this category.
Financial liabilities-initial recognition, measurement and
presentation
Financial liabilities of the Group are classified and measured at fair
value on initial recognition and subsequently at amortised cost net
of directly attributable transaction costs, except for derivatives
which are classified and subsequently recognised at fair value
through profit or loss.
Fair value gains or losses for financial liabilities designated at fair
value through profit or loss are accounted for in profit or loss
except for the amount of change that is attributable to changes in
the Group\u2019s own credit risk which is presented in other
comprehensive income. The remaining amount of change in the
fair value of the liability is presented in profit or loss. The Group\u2019s
financial liabilities include trade and other payables and interest-
bearing loans and borrowings.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are
classified in two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial
liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial
recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings
b)\u00a0 \u00a0 Impairment of financial assets
Recognition of impairment provisions under IFRS 9 is based on the
expected credit loss (ECL) model. The ECL model is applicable to
financial assets classified at amortised cost and contract assets
under IFRS 15: Revenue from Contracts with Customers. The
measurement of ECL reflects an unbiased and probability-
weighted amount that is determined by evaluating a range of
possible outcomes, time value of money and reasonable and
supportable information that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
The Group applies the simplified approach or the three-stage
general approach to determine impairment of receivables
depending on their respective nature. The simplified approach is
applied for trade receivables and contract assets while the general
approach is applied to NEPL receivables, NUIMS receivables, other
receivables and cash and bank balances.
The simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables. This involves
determining the expected loss rates using a provision matrix that is
based on the Group\u2019s historical default rates observed over the
expected life of the receivable and adjusted forward-looking
estimates. This is then applied to the gross carrying amount of the
receivable to arrive at the loss allowance for the period.
The three-stage approach assesses impairment based on
changes in credit risk since initial recognition using the past due
criterion and other qualitative indicators such as increase in political
concerns or other macroeconomic factors and the risk of legal
action, sanction or other regulatory penalties that may impair
future financial performance.
Financial assets classified as Stage 1 have their ECL measured as a
proportion of their lifetime ECL that results from possible default
events that can occur within one year, while assets in Stage 2 or 3
have their ECL measured on a lifetime basis.
Under the three-stage approach, the ECL is determined by
projecting the probability of default (PD), loss given default (LGD)
and exposure at default (EAD) for each ageing bucket and for
each individual exposure. The PD is based on default rates
determined by external rating agencies for the counterparties. The
LGD is determined based on management\u2019s estimate of expected
cash recoveries after considering the historical pattern of the
receivable, and it assesses the portion of the outstanding
receivable that is deemed to be irrecoverable at the reporting
period. The EAD is the total amount of outstanding receivable at
the reporting period. These three components are multiplied
together and adjusted for forward-looking information, such as the
gross domestic product (GDP) in Nigeria and crude oil prices, to
arrive at an ECL which is then discounted back to the reporting
date and summed. The discount rate used in the ECL calculation is
the original effective interest rate or an approximation thereof.
Loss allowances for financial assets measured at amortised cost
are deducted from the gross carrying amount of the related
financial assets and the amount of the loss is recognised in profit
or loss.
c)\u00a0 \u00a0 Significant increase in credit risk and default
definition
The Group assesses the credit risk of its financial assets based on
the information obtained during periodic review of publicly
available information, industry trends and payment records. Based
on the analysis of the information provided, the Group identifies
the assets that require close monitoring.
Furthermore, financial assets that have been identified to be more
than 30 days past due on contractual payments are assessed to
have experienced significant increase in credit risk. These assets
are grouped as part of Stage 2 financial assets where the three-
stage approach is applied.
In line with the Group\u2019s credit risk management practices, a
financial asset is defined to be in default when contractual
payments have not been received at least 90 days after the
contractual payment period. Subsequent to default, the Group
carries out active recovery strategies to recover all outstanding
payments due on receivables. Where the Group determines that
there are no realistic prospects of recovery, the financial asset and
any related loss allowance is written off either partially or in full.
d)\u00a0 \u00a0 Write-off policy
The Group writes off financial assets, in whole or in part, when it
has exhausted all practical recovery efforts and has concluded
that there is no reasonable expectation of recovery. Indicators that
there is no reasonable expectation of recovery include:
\u2022 ceasing enforcement activity; and
\u2022 where the Group's recovery method is foreclosing on
collateral and the value of the collateral is such that there is no
reasonable expectation of recovering in full.
The Group may write-off financial assets that are still subject to
enforcement activity. The outstanding contractual amount of such
assets written off during the year ended 31\u00a0December 2025 was
nil (2024: nil).
The Group seeks to recover amounts it legally owed in full, but
which have been partially written off due to no reasonable
expectation of full recovery.
e)\u00a0 \u00a0 Derecognition
Financial assets
The Group derecognises a financial asset when the contractual
rights to the cash flows from the financial asset expire or when it
transfers the financial asset and the transfer qualifies for
derecognition. Gains or losses on derecognition of financial assets
are recognised as finance income/cost.
Financial liabilities
The Group derecognises a financial liability when it is extinguished,
i.e. when the obligation specified in the contract is discharged or
cancelled or expires. When an existing financial liability is replaced
by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the
original liability and the recognition of a new liability. The difference
in the respective carrying amounts is recognised immediately in
the statement of profit or loss.
In the context of IBOR reform, the Group\u2019s assessment of whether
a change to an amortised cost financial instrument is substantial is
made after applying the practical expedient introduced by IBOR
reform Phase 2. This requires the transition from an IBOR to an RFR
to be treated as a change to a floating interest rate, as described
in Note 3.13 above.
f)\u00a0 \u00a0 Modification
When the contractual cash flows of a financial instrument are
renegotiated or otherwise modified and the renegotiation or
modification does not result in the derecognition of that financial
instrument, the Group recalculates the gross carrying amount of
the financial instrument and recognises a modification gain or loss
immediately within finance income/(cost) - net at the date of the
modification. The gross carrying amount of the financial instrument
is recalculated as the present value of the renegotiated or
modified contractual cash flows that are discounted at the
financial instrument\u2019s original effective interest rate.
g)\u00a0 \u00a0 Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount
reported in the statement of financial position when and only when
there is legally enforceable right to offset the recognised amount,
and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously.
The legally enforceable right is not contingent on future events
and is enforceable in the normal course of business, and in the
event of default, insolvency or bankruptcy of the Company or the
counterparty.
h)\u00a0 \u00a0 Derivatives
The Group uses derivative financial instruments such as forward
exchange contracts to hedge its foreign exchange risks as well as
put options to hedge against its oil price risk. However, such
contracts are not accounted for as designated hedges.
Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and subsequently remeasured
to their fair value at the end of each reporting period. Any gains or
losses arising from changes in the fair value of derivatives are
recognised within operating profit in the statement of profit or loss
for the period. An analysis of the fair value of derivatives is
provided in Note 5, Financial risk management.
The Group accounts for financial assets with embedded
derivatives (hybrid instruments) in their entirety on the basis of their
contractual cash flow features and the business model within
which they are held, thereby eliminating the complexity of
bifurcation for financial assets. For financial liabilities, hybrid
instruments are bifurcated into hosts and embedded features. In
these cases, the Group measures the host contract at amortised
cost and the embedded feature is measured at fair value through
profit or loss.
For the purpose of the maturity analysis, embedded derivatives
included in hybrid financial instruments are not separated. The
hybrid instrument, in its entirety, is included in the maturity analysis
for non-derivative financial liabilities.\u00a0
i)\u00a0 \u00a0 Fair value of financial instruments
The fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When available, the Group
measures the fair value of an instrument using quoted prices in an
active market for that instrument. A market is regarded as active if
quoted prices are readily available and represent actual and
regularly occurring market transactions on an arm\u2019s length basis.
If a market for a financial instrument is not active, the Group
establishes fair value using valuation techniques. Valuation
techniques include using recent arm\u2019s length transactions
between knowledgeable, willing parties (if available), reference to
the current fair value of other instruments that are substantially the
same, and discounted cash flow analysis. The chosen valuation
technique makes maximum use of market inputs, relies as little as
possible on estimates specific to the Group, incorporates all
factors that market participants would consider in setting a price,
and is consistent with accepted economic methodologies for
pricing financial instruments.
Inputs to valuation techniques reasonably represent market
expectations and measure the risk-return factors inherent in the
financial instrument. The Group calibrates valuation techniques
and tests them for validity using prices from observable current
market transactions in the same instrument or based on other
available observable market data.
The best evidence of the fair value of a financial instrument at initial
recognition is the transaction price \u2013 i.e. the fair value of the
consideration given or received. However, in some cases, the fair
value of a financial instrument on initial recognition may be
different to its transaction price. If such fair value is evidenced by
comparison with other observable current market transactions in
the same instrument (without modification or repackaging) or
based on a valuation technique whose variables include only data
from observable markets, then the difference is recognised in the
income statement on initial recognition of the instrument. In other
cases, the difference is not recognised in the income statement
immediately but is recognised over the life of the instrument on an
appropriate basis or when the instrument is redeemed,
transferred, or sold, or the fair value becomes observable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-645": { "value": "
Financial assets-initial recognition and measurement
It is the Group\u2019s policy to initially recognise financial assets at fair
value plus transaction costs, except in the case of financial assets
recorded at fair value through profit or loss which are expensed in
profit or loss.
Classification and subsequent measurement are dependent on
the Group\u2019s business model for managing the asset and the cash
flow characteristics of the asset.
Subsequent measurement
For the purposes of subsequent measurement, financial assets
are classified in four categories:
\u2022 Financial assets at amortised cost (debt instruments)
\u2022 Financial assets at fair value through OCI with recycling of
cumulative gains and losses (debt instruments)
\u2022 Financial assets designated at fair value through OCI with no
recycling of cumulative gains and losses upon derecognition
(equity instruments)
\u2022 Financial assets at fair value through profit or loss
On this basis, the Group may classify its financial instruments at
amortised cost, fair value through profit or loss and at fair value
through other comprehensive income.
All the Group\u2019s financial assets as at 31\u00a0December 2025 satisfy the
conditions for classification at amortised cost under IFRS 9 except
for derivatives which are classified at fair value through profit or loss.
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured
using the effective interest (EIR) method and are subject to
impairment. Gains and losses are recognised in profit or loss when
the asset is derecognised, modified or impaired.
The Group\u2019s financial assets include trade receivables, NEPL
receivables, NUIMS receivables, other receivables, cash and bank
balances and derivatives. They are included in current assets,
except for maturities greater than 12 months after the reporting
date. Interest income from these assets is included in finance
income using the effective interest rate method. Any gain or loss
arising on derecognition is recognised directly in profit or loss and
presented in finance income/cost.
Financial assets at fair value through OCI
For debt instruments at fair value through OCI, interest income,
foreign exchange revaluation and impairment losses or reversals
are recognised in the statement of profit or loss and computed in
the same manner as for financial assets measured at amortised
cost. The remaining fair value changes are recognised in OCI.
Upon derecognition, the cumulative fair value change recognised
in OCI is recycled to profit or loss.
The Group does not have instruments measured at fair value
through OCI.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the
statement of financial position at fair value with net changes in fair
value recognised in the statement of profit or loss.
The Group has derivative instruments under this category.
b)\u00a0 \u00a0 Impairment of financial assets
Recognition of impairment provisions under IFRS 9 is based on the
expected credit loss (ECL) model. The ECL model is applicable to
financial assets classified at amortised cost and contract assets
under IFRS 15: Revenue from Contracts with Customers. The
measurement of ECL reflects an unbiased and probability-
weighted amount that is determined by evaluating a range of
possible outcomes, time value of money and reasonable and
supportable information that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
The Group applies the simplified approach or the three-stage
general approach to determine impairment of receivables
depending on their respective nature. The simplified approach is
applied for trade receivables and contract assets while the general
approach is applied to NEPL receivables, NUIMS receivables, other
receivables and cash and bank balances.
The simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables. This involves
determining the expected loss rates using a provision matrix that is
based on the Group\u2019s historical default rates observed over the
expected life of the receivable and adjusted forward-looking
estimates. This is then applied to the gross carrying amount of the
receivable to arrive at the loss allowance for the period.
The three-stage approach assesses impairment based on
changes in credit risk since initial recognition using the past due
criterion and other qualitative indicators such as increase in political
concerns or other macroeconomic factors and the risk of legal
action, sanction or other regulatory penalties that may impair
future financial performance.
Financial assets classified as Stage 1 have their ECL measured as a
proportion of their lifetime ECL that results from possible default
events that can occur within one year, while assets in Stage 2 or 3
have their ECL measured on a lifetime basis.
Under the three-stage approach, the ECL is determined by
projecting the probability of default (PD), loss given default (LGD)
and exposure at default (EAD) for each ageing bucket and for
each individual exposure. The PD is based on default rates
determined by external rating agencies for the counterparties. The
LGD is determined based on management\u2019s estimate of expected
cash recoveries after considering the historical pattern of the
receivable, and it assesses the portion of the outstanding
receivable that is deemed to be irrecoverable at the reporting
period. The EAD is the total amount of outstanding receivable at
the reporting period. These three components are multiplied
together and adjusted for forward-looking information, such as the
gross domestic product (GDP) in Nigeria and crude oil prices, to
arrive at an ECL which is then discounted back to the reporting
date and summed. The discount rate used in the ECL calculation is
the original effective interest rate or an approximation thereof.
Loss allowances for financial assets measured at amortised cost
are deducted from the gross carrying amount of the related
financial assets and the amount of the loss is recognised in profit
or loss.
Financial assets
The Group derecognises a financial asset when the contractual
rights to the cash flows from the financial asset expire or when it
transfers the financial asset and the transfer qualifies for
derecognition. Gains or losses on derecognition of financial assets
are recognised as finance income/cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-646": { "value": "
presentation
Financial liabilities of the Group are classified and measured at fair
value on initial recognition and subsequently at amortised cost net
of directly attributable transaction costs, except for derivatives
which are classified and subsequently recognised at fair value
through profit or loss.
Fair value gains or losses for financial liabilities designated at fair
value through profit or loss are accounted for in profit or loss
except for the amount of change that is attributable to changes in
the Group\u2019s own credit risk which is presented in other
comprehensive income. The remaining amount of change in the
fair value of the liability is presented in profit or loss. The Group\u2019s
financial liabilities include trade and other payables and interest-
bearing loans and borrowings.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are
classified in two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial
liabilities held for trading and financial liabilities designated upon
initial recognition as at fair value through profit or loss.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial
recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method.
Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount
or premium on acquisition and fees or costs that are an integral
part of the EIR. The EIR amortisation is included as finance costs in
the statement of profit or loss. This category generally applies to
interest-bearing loans and borrowings
Financial liabilities
The Group derecognises a financial liability when it is extinguished,
i.e. when the obligation specified in the contract is discharged or
cancelled or expires. When an existing financial liability is replaced
by another from the same lender on substantially different terms,
or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the
original liability and the recognition of a new liability. The difference
in the respective carrying amounts is recognised immediately in
the statement of profit or loss.
In the context of IBOR reform, the Group\u2019s assessment of whether
a change to an amortised cost financial instrument is substantial is
made after applying the practical expedient introduced by IBOR
reform Phase 2. This requires the transition from an IBOR to an RFR
to be treated as a change to a floating interest rate, as described
in Note 3.13 above.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-647": { "value": "
b)\u00a0 \u00a0 Impairment of financial assets
Recognition of impairment provisions under IFRS 9 is based on the
expected credit loss (ECL) model. The ECL model is applicable to
financial assets classified at amortised cost and contract assets
under IFRS 15: Revenue from Contracts with Customers. The
measurement of ECL reflects an unbiased and probability-
weighted amount that is determined by evaluating a range of
possible outcomes, time value of money and reasonable and
supportable information that is available without undue cost or
effort at the reporting date, about past events, current conditions
and forecasts of future economic conditions.
The Group applies the simplified approach or the three-stage
general approach to determine impairment of receivables
depending on their respective nature. The simplified approach is
applied for trade receivables and contract assets while the general
approach is applied to NEPL receivables, NUIMS receivables, other
receivables and cash and bank balances.
The simplified approach requires expected lifetime losses to be
recognised from initial recognition of the receivables. This involves
determining the expected loss rates using a provision matrix that is
based on the Group\u2019s historical default rates observed over the
expected life of the receivable and adjusted forward-looking
estimates. This is then applied to the gross carrying amount of the
receivable to arrive at the loss allowance for the period.
The three-stage approach assesses impairment based on
changes in credit risk since initial recognition using the past due
criterion and other qualitative indicators such as increase in political
concerns or other macroeconomic factors and the risk of legal
action, sanction or other regulatory penalties that may impair
future financial performance.
Financial assets classified as Stage 1 have their ECL measured as a
proportion of their lifetime ECL that results from possible default
events that can occur within one year, while assets in Stage 2 or 3
have their ECL measured on a lifetime basis.
Under the three-stage approach, the ECL is determined by
projecting the probability of default (PD), loss given default (LGD)
and exposure at default (EAD) for each ageing bucket and for
each individual exposure. The PD is based on default rates
determined by external rating agencies for the counterparties. The
LGD is determined based on management\u2019s estimate of expected
cash recoveries after considering the historical pattern of the
receivable, and it assesses the portion of the outstanding
receivable that is deemed to be irrecoverable at the reporting
period. The EAD is the total amount of outstanding receivable at
the reporting period. These three components are multiplied
together and adjusted for forward-looking information, such as the
gross domestic product (GDP) in Nigeria and crude oil prices, to
arrive at an ECL which is then discounted back to the reporting
date and summed. The discount rate used in the ECL calculation is
the original effective interest rate or an approximation thereof.
Loss allowances for financial assets measured at amortised cost
are deducted from the gross carrying amount of the related
financial assets and the amount of the loss is recognised in profit
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-648": { "value": "
g)\u00a0 \u00a0 Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount
reported in the statement of financial position when and only when
there is legally enforceable right to offset the recognised amount,
and there is an intention to settle on a net basis or realise the asset
and settle the liability simultaneously.
The legally enforceable right is not contingent on future events
and is enforceable in the normal course of business, and in the
event of default, insolvency or bankruptcy of the Company or the
counterparty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-649": { "value": "
h)\u00a0 \u00a0 Derivatives
The Group uses derivative financial instruments such as forward
exchange contracts to hedge its foreign exchange risks as well as
put options to hedge against its oil price risk. However, such
contracts are not accounted for as designated hedges.
Derivatives are initially recognised at fair value on the date a
derivative contract is entered into and subsequently remeasured
to their fair value at the end of each reporting period. Any gains or
losses arising from changes in the fair value of derivatives are
recognised within operating profit in the statement of profit or loss
for the period. An analysis of the fair value of derivatives is
provided in Note 5, Financial risk management.
The Group accounts for financial assets with embedded
derivatives (hybrid instruments) in their entirety on the basis of their
contractual cash flow features and the business model within
which they are held, thereby eliminating the complexity of
bifurcation for financial assets. For financial liabilities, hybrid
instruments are bifurcated into hosts and embedded features. In
these cases, the Group measures the host contract at amortised
cost and the embedded feature is measured at fair value through
profit or loss.
For the purpose of the maturity analysis, embedded derivatives
included in hybrid financial instruments are not separated. The
hybrid instrument, in its entirety, is included in the maturity analysis
for non-derivative financial liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-650": { "value": "
i)\u00a0 \u00a0 Fair value of financial instruments
The fair value is the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market
participants at the measurement date. When available, the Group
measures the fair value of an instrument using quoted prices in an
active market for that instrument. A market is regarded as active if
quoted prices are readily available and represent actual and
regularly occurring market transactions on an arm\u2019s length basis.
If a market for a financial instrument is not active, the Group
establishes fair value using valuation techniques. Valuation
techniques include using recent arm\u2019s length transactions
between knowledgeable, willing parties (if available), reference to
the current fair value of other instruments that are substantially the
same, and discounted cash flow analysis. The chosen valuation
technique makes maximum use of market inputs, relies as little as
possible on estimates specific to the Group, incorporates all
factors that market participants would consider in setting a price,
and is consistent with accepted economic methodologies for
pricing financial instruments.
Inputs to valuation techniques reasonably represent market
expectations and measure the risk-return factors inherent in the
financial instrument. The Group calibrates valuation techniques
and tests them for validity using prices from observable current
market transactions in the same instrument or based on other
available observable market data.
The best evidence of the fair value of a financial instrument at initial
recognition is the transaction price \u2013 i.e. the fair value of the
consideration given or received. However, in some cases, the fair
value of a financial instrument on initial recognition may be
different to its transaction price. If such fair value is evidenced by
comparison with other observable current market transactions in
the same instrument (without modification or repackaging) or
based on a valuation technique whose variables include only data
from observable markets, then the difference is recognised in the
income statement on initial recognition of the instrument. In other
cases, the difference is not recognised in the income statement
immediately but is recognised over the life of the instrument on an
appropriate basis or when the instrument is redeemed,
transferred, or sold, or the fair value becomes observable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-651": { "value": "
3.25\u00a0 Share capital
On issue of ordinary shares, any consideration received net of any
directly attributable transaction costs is included in equity. Issued
share capital has been translated at the exchange rate prevailing
at the date of the transaction and is not retranslated after initial
recognition.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-652": { "value": "
3.26\u00a0 Treasury shares
Own equity instruments that are reacquired (treasury shares) are
recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or
cancellation of the Group\u2019s own equity instruments. Any difference
between the carrying amount and the consideration, if reissued, is
recognised in the share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-653": { "value": "
3.27\u00a0 Earnings per share and dividends
Basic EPS
Basic earnings per share is calculated on the Company\u2019s profit or
loss after taxation and based on the weighted average of issued
and fully paid ordinary shares at the end of the year.
Diluted EPS
Diluted EPS is calculated by dividing the profit or loss after taxation
by the weighted average number of ordinary shares outstanding
during the year plus the weighted average number of ordinary
shares that would be issued on conversion of all the dilutive
potential ordinary shares (after adjusting for outstanding share
options arising from the share-based payment scheme) into
ordinary shares.
Dividend
Dividends on ordinary shares are recognised as a liability in the
period in which they are approved.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-654": { "value": "
3.28\u00a0 Short-term employee benefits
Short-term employee benefits are expensed as the related service
is provided. A liability is recognised for the amount expected to be
paid if the Group has a present legal or constructive obligation to
pay this amount as a result of past service provided by the
employee, and the obligation can be estimated reliably.
3.29\u00a0 Post-employment benefits
Defined contribution scheme
The Group contributes to a defined contribution scheme for its
employees in compliance with the provisions of the Pension
Reform Act 2014. The scheme is fully funded and is managed by
licensed Pension Fund Administrators. Membership of the scheme
is automatic upon commencement of duties at the Group. The
Group\u2019s contributions to the defined contribution scheme are
charged to the statement of profit and loss account in the year to
which they relate.
The employer contributes 17% while the employee contributes 3%
of the qualifying employee's salary.
Employee benefits are all forms of consideration given by an entity
in exchange for services rendered by employees or for the
termination of employment. The Group operates a defined
contribution plan and it is accounted for based on IAS 19
Employee Benefits.
Defined contribution plans are post-employment benefit plans
under which an entity pays fixed contributions into a separate
entity (a fund) and will have no legal or constructive obligation to
pay further contributions if the fund does not hold sufficient assets
to pay all employee benefits relating to employee service in the
current and prior periods. Under defined contribution plans the
entity\u2019s legal or constructive obligation is limited to the amount that
it agrees to contribute to the fund.
Thus, the amount of post-employment benefits received by the
employee is determined by the amount of contributions paid by an
entity (and perhaps also the employee) to a post-employment
benefit plan or to an insurance company, together with investment
returns arising from the contributions. In consequence, actuarial
risk (that benefits will be less than expected) and investment risk
(that assets invested will be insufficient to meet expected benefits)
fall, in substance, on the employee.
Defined benefit scheme
The Group operates a defined benefit plan covering gratuity
(which was discontinued during the year), and pension at exit,
which requires contributions to be made to a separately
administered fund. The Group also provides certain additional
post-employment benefits to employees. These benefits are
unfunded.
The cost of providing benefits under the defined benefit plan is
determined using the projected unit credit method and calculated
annually by independent actuaries. The liability or asset recognised
in the statement of financial position in respect of the defined
benefit plan is the present value of the defined benefit obligation at
the end of the reporting period less the fair value of plan assets (if
any). The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using government bonds.
Remeasurement gains and losses, arising from changes in
financial and demographic assumptions and experience
adjustments, are recognised immediately in the statement of
financial position with a corresponding debit or credit to retained
earnings through other comprehensive income in the period in
which they occur. Remeasurements are not reclassified to profit or
loss in subsequent periods.
Past service costs are recognised in profit or loss on the earlier of:
\u2022 The date of the plan amendment or curtailment; and
\u2022 The date that the Group recognises related restructuring
costs.
Net interest is calculated by applying the discount rate to the net
defined benefit obligation and the fair value of the plan assets.
The Group recognises the following changes in the net defined
benefit obligation under employee benefit expenses in general
and administrative expenses:
\u2022 Service costs comprises current service costs, past-service
costs, gains and losses on curtailments and non-routine
settlements
\u2022 Net interest cost
Termination benefits
Termination benefits are expensed at the earlier of when the
Group can no longer withdraw the offer of those benefits and
when the Group recognises costs for a restructuring. If benefits
are not expected to be settled wholly within 12 months of the
reporting date then they are discounted.
3.34\u00a0 Share-based payments
Employees (including senior executives) of the Group receive
remuneration in the form of share-based payments, whereby
employees render services as consideration for equity instruments
(equity-settled transactions).
Some employees (below senior executive positions) in the Group
are granted share appreciation rights, which are settled in cash
(cash-settled transactions).
a)\u00a0 \u00a0 Equity-settled transactions
The cost of equity-settled transactions is determined by the fair
value at the date when the grant is made using an appropriate
valuation model.
That cost is recognised in employee benefits expense together
with a corresponding increase in equity (share-based payment
reserve), over the period in which the service and, where
applicable, the performance conditions are fulfilled (the vesting
period). The cumulative expense recognised for equity-settled
transactions at each reporting date until the vesting date reflects
the extent to which the vesting period has expired and the
Group\u2019s best estimate of the number of equity instruments that will
ultimately vest. The expense or credit in profit or loss for a period
represents the movement in cumulative expense recognised as at
the beginning and end of that period.
Service and non-market performance conditions are not taken
into account when determining the grant date and for fair value of
awards, but the likelihood of the conditions being met is assessed
as part of the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. Market performance
conditions are reflected within the grant date fair value. Any other
conditions attached to an award, but without an associated
service requirement, are considered to be non-vesting conditions.
Non-vesting conditions are reflected in the fair value of an award
and lead to an immediate expensing of an award unless there are
also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest
because non-market performance and/or service conditions have
not been met. Where awards include a market or non-vesting
condition, the transactions are treated as vested irrespective of
whether the market or non-vesting condition is satisfied, provided
that all other performance and/or service conditions are satisfied.
When the terms of an equity-settled award are modified, the
minimum expense recognised is the grant date fair value of the
unmodified award provided the original terms of the award are
met. An additional expense, measured as at the date of
modification, is recognised for any modification that increases the
total fair value of the share-based payment transaction, or is
otherwise beneficial to the employee. Where an award is
cancelled by the entity or by the counterparty, any remaining
element of the fair value of the award is expensed immediately
through profit or loss. The dilutive effect of outstanding awards is
reflected as additional share dilution in the computation of diluted
earnings per share.
b)\u00a0 \u00a0 Cash-settled transactions
A liability is recognised for the fair value of cash-settled
transactions. The fair value is measured initially and at each
reporting date up to and including the settlement date, with
changes in fair value recognised in employee benefits expense.
The fair value is expensed over the period until the vesting date
with recognition of a corresponding liability. The fair value is
determined using a binomial model. The approach used to
account for vesting conditions when measuring equity-settled
transactions also applies to cash-settled transactions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-655": { "value": "
3.30\u00a0 Provisions
Provisions are recognised when
\u2022 i) the Group has a present legal or constructive obligation as a
result of past events;
\u2022 ii) it is probable that an outflow of economic resources will be
required to settle the obligation as a whole; and
\u2022 iii) the amount can be reliably estimated.
Provisions are not recognised for future operating losses. In
measuring the provision:
\u2022 risks and uncertainties are taken into account;
\u2022 the provisions are discounted (where the effects of the time
value of money is considered to be material) using a pre-tax
rate that is reflective of current market assessments of the
time value of money and the risk specific to the liability;
\u2022 when discounting is used, the increase of the provision over
time is recognised as interest expense;
\u2022 future events, such as changes in law and technology, are
taken into account where there is subjective audit evidence
that they will occur; and
\u2022 gains from expected disposal of assets are not taken into
account, even if the expected disposal is closely linked to the
event giving rise to the provision.
Decommissioning
Liabilities for decommissioning costs are recognised as a result of
the constructive obligation of past practice in the oil and gas
industry, when it is probable that an outflow of economic
resources will be required to settle the liability and a reliable
estimate can be made. The estimated costs, based on current
requirements, technology and price levels, prevailing at the
reporting date, are computed based on the latest assumptions as
to the scope and method of abandonment.
Provisions are measured at the present value of management\u2019s
best estimates of the expenditure required to settle the present
obligation at the end of the reporting period. The discount rate
used to determine the present value is a pre-tax rate that reflects
current market assessments of the time value of money and the
risks specific to the liability. The increase in the provision due to the
passage of time is recognised as a finance cost. The corresponding
amount is capitalised as part of the oil and gas properties and is
amortised on a unit-of-production basis as part of the depreciation,
depletion and amortisation charge. Any adjustment arising from
the estimated cost of the restoration and abandonment cost is
capitalised, while the charge arising from the accretion of the
discount applied to the expected expenditure is treated as a
component of finance costs.
If the change in estimate results in an increase in the
decommissioning provision and, therefore, an addition to the
carrying value of the asset, the Company considers whether this is
an indication of impairment of the asset as a whole, and if so, tests
for impairment in accordance with IAS 36. If, for mature fields, the
revised oil and gas assets net of decommissioning provisions
exceed the recoverable value, that portion of the increase is
charged directly to expense.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-656": { "value": "
3.31\u00a0 Contingencies
A contingent asset or contingent liability is a possible asset or
obligation that arises from past events and whose existence will
be confirmed by the occurrence or non-occurrence of uncertain
future events. The assessment of the existence of the
contingencies will involve management judgement regarding the
outcome of future events.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-657": { "value": "
3.32\u00a0 Income taxation
i.\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Current income tax
The income tax expense or credit for the period is the tax payable
on the current period\u2019s taxable income, based on the applicable
income tax rate for each jurisdiction, adjusted by changes in
deferred tax assets and liabilities attributable to temporary
differences and to unused tax losses. The current income tax
charge is calculated on the basis of the tax laws enacted or
substantively enacted at the end of the reporting period in the
countries where the Company and its subsidiaries and associates
operate and generate taxable income.
Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions, where
appropriate, on the basis of amounts expected to be paid to the
tax authorities.
ii.\u00a0 \u00a0 \u00a0 \u00a0 Deferred tax
Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the
reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred tax assets are recognised only if it is probable that future
taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary
differences between the carrying amount and tax bases of
investments in foreign operations where the Company is able to
control the timing of the reversal of the temporary differences and
it is probable that the differences will not reverse in the
foreseeable future.
Current tax assets and tax liabilities are offset where the entity has
a legally enforceable right to offset and intends either to settle on a
net basis, or to realise the asset and settle the liability
simultaneously.
Current and deferred tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is
also recognised in other comprehensive income or directly in
equity, respectively.
iii.\u00a0 \u00a0 \u00a0 \u00a0 Uncertainty over income tax treatments
The Group examines where there is an uncertainty regarding the
treatment of an item, including taxable profit or loss, the tax bases
of assets and liabilities, tax losses and credits and tax rates. It
considers each uncertain tax treatment separately or together as
a group, depending on which approach better predicts the
resolution of the uncertainty. The factors it considers include:
\u2022 how it prepares and supports the tax treatment; and
\u2022 the approach that it expects the tax authority to take during
an examination.
If the Group concludes that it is probable that the tax authority will
accept an uncertain tax treatment that has been taken or is
expected to be taken on a tax return, it determines the accounting
for income taxes consistently with that tax treatment. If it
concludes that it is not probable that the treatment will be
accepted, it reflects the effect of the uncertainty in its income tax
accounting in the period in which that determination is made (for
example, by recognising an additional tax liability or applying a
higher tax rate).
The Group measures the impact of the uncertainty using methods
that best predict the resolution of the uncertainty. The Group uses
the most likely method where there are two possible outcomes,
and the expected value method when there are a range of
possible outcomes.
The Group assumes that the tax authority with the right to
examine and challenge tax treatments will examine those
treatments and have full knowledge of all related information. As a
result, it does not consider detection risk in the recognition and
measurement of uncertain tax treatments. The Group applies
consistent judgements and estimates on current and deferred
taxes. Changes in tax laws or the presence of new tax information
by the tax authority is treated as a change in estimate in line with
IAS 8-Accounting Policies, Changes in Accounting Estimates and
Errors.
Judgements and estimates made to recognise and measure the
effect of uncertain tax treatments are reassessed whenever
circumstances change or when there is new information that
affects those judgements. New information might include actions
by the tax authority, evidence that the tax authority has taken a
particular position in connection with a similar item, or the expiry of
the tax authority\u2019s right to examine a particular tax treatment. The
absence of any comment from the tax authority is unlikely to be, in
isolation, a change in circumstances or new information that would
lead to a change in estimate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-658": { "value": "
ii.\u00a0 \u00a0 \u00a0 \u00a0 Deferred tax
Deferred income tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred income tax is determined using tax rates (and laws) that
have been enacted or substantially enacted by the end of the
reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax
liability is settled.
Deferred tax assets are recognised only if it is probable that future
taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary
differences between the carrying amount and tax bases of
investments in foreign operations where the Company is able to
control the timing of the reversal of the temporary differences and
it is probable that the differences will not reverse in the
foreseeable future.
Current tax assets and tax liabilities are offset where the entity has
a legally enforceable right to offset and intends either to settle on a
net basis, or to realise the asset and settle the liability
simultaneously.
Current and deferred tax is recognised in profit or loss, except to
the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is
also recognised in other comprehensive income or directly in
equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-659": { "value": "
3.33\u00a0 Business combinations
The acquisition method of accounting is used to account for all
business combinations, regardless of whether equity instruments
or other assets are acquired. The consideration transferred for the
acquisition of a subsidiary comprises the:
\u2022 fair values of the assets transferred
\u2022 liabilities incurred to the former owners of the acquired
business
\u2022 equity interests issued by the Group
\u2022 fair value of any asset or liability resulting from a contingent
consideration arrangement, and
\u2022 fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities
assumed in a business combination are, with limited exceptions,
measured initially at their fair values at the acquisition date. The
Group recognises any non-controlling interest in the acquired
entity on an acquisition-by-acquisition basis either at fair value or
at the non-controlling interest\u2019s proportionate share of the
acquired entity\u2019s net identifiable assets. Acquisition-related costs
are expensed as incurred.
The excess of the:
\u2022 consideration transferred,
\u2022 amount of any non-controlling interest in the acquired entity,
and
\u2022 acquisition-date fair value of any previous equity interest in the
acquired entity.
over the fair value of the net identifiable assets acquired is
recorded as goodwill. If those amounts are less than the fair value
of the net identifiable assets of the business acquired, the
difference is recognised directly in profit or loss as a bargain
purchase.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-660": { "value": "
4.\u00a0 \u00a0 Significant accounting judgements,
estimates and assumptions
The preparation of the Group\u2019s consolidated historical financial
information requires management to make judgements, estimates
and assumptions that affect the reported amounts of revenues,
expenses, assets and liabilities, and the accompanying disclosures,
and the disclosure of contingent liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that require a
material adjustment to the carrying amount of assets or liabilities
affected in future periods.
4.1\u00a0 \u00a0 Judgements
In the process of applying the Group\u2019s accounting policies,
management has made the following judgements, which have the
most significant effect on the amounts recognised in the
consolidated historical financial information:
i.\u00a0 \u00a0 OMLs 4, 38 and 41
OMLs 4, 38 and 41 are grouped together as a cash-generating
unit for the purpose of impairment testing. These three OMLs are
grouped together because they each cannot independently
generate cash flows. They currently operate as a single block
sharing resources for generating cash flows. Crude oil and gas
sold to third parties from these OMLs are invoiced when the
Group has an unconditional right to receive payment.\u00a0
ii.\u00a0 \u00a0 Deferred tax asset
Deferred income tax assets are recognised for tax losses carried
forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable.
iii.\u00a0 \u00a0 Foreign currency translation reserve
The Group has used the CBN rate to translate its Dollar currency
to its Naira presentation currency. Management has determined
that this rate is available for immediate delivery. If the rate was 10%
higher or lower, revenue in Naira would have increased/decreased
by \u20a624.16 billion (2024: \u20a6 20.36 billion). See Note 46 for the
applicable translation rates.
iv.\u00a0 \u00a0 Consolidation of Elcrest
On acquisition of 100% shares of Eland Oil and Gas Plc, the Group
acquired indirect holdings in Elcrest Exploration and Production
(Nigeria) Limited. Although the Group has an indirect holding of
45% in Elcrest, Elcrest has been consolidated as a subsidiary on
the following basis:
\u2022 Eland Oil and Gas Plc has controlling power over Elcrest due
to its representation on the board of Elcrest, and clauses
contained in the Share Charge agreement and loan
agreement which give Eland the right to control 100% of the
voting rights of shareholders.
\u2022 Eland Oil and Gas Plc is exposed to variable returns from the
activities of Elcrest through dividends and interests.
\u2022 Eland Oil and Gas Plc has the power to affect the amount of
returns from Elcrest through its right to direct the activities of
Elcrest and its exposure to returns.
v.\u00a0 \u00a0 Revenue recognition
Performance obligations
The judgments applied in determining what constitutes a
performance obligation will impact when control is likely to pass
and therefore when revenue is recognised, i.e. over time or at a
point in time. The Group has determined that only one
performance obligation exists in oil contracts which is the delivery
of crude oil to specified ports. Revenue is therefore recognised at
a point in time.\u00a0
For gas contracts, the performance obligation is satisfied through
the delivery of a series of distinct goods. Revenue is recognised
over time in this situation as gas customers simultaneously receive
and consume the benefits provided by the Group\u2019s performance.
The Group has elected to apply the \u2018right to invoice\u2019 practical
expedient in determining revenue from its gas contracts. The right
to invoice is a measure of progress that allows the Group to
recognise revenue based on amounts invoiced to the customer.
Judgement has been applied in evaluating that the Group\u2019s right to
consideration corresponds directly with the value transferred to
the customer and is therefore eligible to apply this practical
expedient.
Transactions with Joint Operating Agreement (JOA) partners
The treatment of underlift and overlift transactions is judgemental
and requires consideration of all the facts and circumstances
including the purpose of the arrangement and transaction. The
transaction between the Group and its JOA partners involves
sharing in the production of crude oil, and for which the settlement
of the transaction is non-monetary. The JOA partners have been
assessed to be partners not customers. Therefore, shortfalls or
excesses below or above the Group\u2019s share of production are
recognised in other income/ (expenses)-net.
vi.\u00a0 \u00a0 Segment reporting
Operating segments are reported in a manner consistent with the
internal reporting provided to the chief operating decision maker.\u00a0
The Board of Directors\u00a0 assesses the financial performance and
position of the Group and makes strategic decisions.\u00a0 The Board
has delegated the day-to-day implementation of the Group\u2019s
strategic framework to the Chief Executive Officer who is
supported by the Senior Leadership Team. See further details in
Note 6.\u00a0
vii.\u00a0 \u00a0 Leases
Critical judgements in determining the lease term
In determining the lease term, management considers all facts
and circumstances that create an economic incentive to exercise
an extension option, or not exercise a termination option. Extension
options (or periods after termination options) are only included in
the lease term if the lease is reasonably certain to be extended (or
not terminated).\u00a0 For leases of warehouses, retail stores and
equipment, the following factors are normally the most relevant
\u2022 If there are significant penalty payments to terminate (or not
extend), the Group is typically reasonably certain to extend (or
not terminate).
\u2022 If any leasehold improvements are expected to have a
significant remaining value, the Group is typically reasonably
certain to extend (or not terminate).
\u2022 Otherwise, the Group considers other factors including
historical lease durations and the costs and business
disruption required to replace the leased asset.
Most extension options in office and vehicle leases have not been
included in the lease liability, because the Group could replace the
assets without significant cost or business disruption.
4.2\u00a0 Estimates and assumptions
The key assumptions concerning the future and the other key
sources of estimation uncertainty at the reporting date that have a
significant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next financial year are
described below. The Group based its assumptions and estimates
on parameters available when the consolidated financial
statements were prepared. Existing circumstances and
assumptions about future developments may change due to
market changes or circumstances arising that are beyond the
control of the Group. Such changes are reflected in the
assumptions when they occur.
The following are some of the estimates and assumptions made:
i.\u00a0 \u00a0 Defined benefit plans
The cost of the defined benefit retirement plan and the present
value of the retirement obligation are determined using actuarial
valuations. An actuarial valuation involves making various
assumptions that may differ from actual developments in the
future. These include the determination of the discount rate, future
salary increases, mortality rates and changes in inflation rates.
Due to the complexities involved in the valuation and its long-term
nature, a defined benefit obligation is highly sensitive to changes in
these assumptions. The parameter most subject to change is the
discount rate. In determining the appropriate discount rate,
management considers market yield on federal government
bonds in currencies consistent with the currencies of the post-
employment benefit obligation and extrapolated as needed along
the yield curve to correspond with the expected term of the
defined benefit obligation.
The rates of mortality assumed for employees are the rates
published in 67/70 ultimate tables, published jointly by the Institute
and Faculty of Actuaries in the UK.
ii.\u00a0 \u00a0 Oil and gas reserves
Proved oil and gas reserves are used in the units of production
calculation for depletion as well as the determination of the timing
of well closure for estimating decommissioning liabilities and
impairment analysis. There are numerous uncertainties inherent in
estimating oil and gas reserves. Assumptions that are valid at the
time of estimation may change significantly when new information
becomes available. Changes in the forecast prices of
commodities, exchange rates, production costs or recovery rates
may change the economic status of reserves and may ultimately
result in the reserves being restated.
iii.\u00a0 \u00a0 Share-based payment reserve
Estimating fair value for share-based payment transactions
requires determination of the most appropriate valuation model,
which depends on the terms and conditions of the grant. This
estimate also requires determination of the most appropriate
inputs to the valuation model including the expected life of the
share award or appreciation right, volatility and dividend yield and
making assumptions about them. The Group measures the fair
value of equity-settled transactions with employees at the grant
date. The assumptions and models used for estimating fair value
for share-based payment transactions are disclosed in Note 27.4.
The Group makes estimates and assumptions concerning the
future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. Such estimates and
assumptions are continually evaluated and are based on historical
experience and other factors, including expectations of future
events, that are believed to be reasonable under the
circumstances.
iv.\u00a0 \u00a0 Provision for decommissioning obligations
Provisions for environmental clean-up and remediation costs
associated with the Group\u2019s drilling operations are based on
current construction, technology, price levels and expected plans
for remediation. Actual costs and cash outflows can differ from
estimates because of changes in public expectations, prices,
discovery and analysis of site conditions and changes in clean-up
technology.
v.\u00a0 \u00a0 Property, plant and equipment
The Group assesses its property, plant and equipment, including
exploration and evaluation assets, for possible impairment if there
are events or changes in circumstances that indicate that carrying
values of the assets may not be recoverable, or at least at every
reporting date.\u00a0
If there are low oil prices or natural gas prices during an extended
period, the Group may need to recognise significant impairment
charges. The assessment for impairment entails comparing the
carrying value of the cash-generating unit with its recoverable
amount, that is, higher of fair value less cost to dispose and value
in use. Value in use is usually determined on the basis of
discounted estimated future net cash flows. Determination as to
whether and how much an asset is impaired involves
management estimates on highly uncertain matters such as future
commodity prices, the effects of inflation on operating expenses,
discount rates, production profiles and the outlook for regional
market supply-and-demand conditions for crude oil and natural gas.\u00a0
During the year, the Group carried out an impairment assessment
on OML 4, 38 and 41, OML 56, OML 53, OML 40, OML 67, OML 68,
OML 70 and OML 104. The Group used the higher of the fair value
less cost to dispose and the value in use in determining the
recoverable amount of the cash-generating unit. In determining
the value, the Group uses a forecast of the annual net cash flows
over the life of proved plus probable reserves, production rates, oil
and gas prices, future costs (excluding (a) future restructurings to
which the entity is not yet committed; or (b) improving or
enhancing the asset\u2019s performance) and other relevant
assumptions based on the year-end Competent Persons Report
(CPR). The pre-tax future cash flows are adjusted for risks specific
to the forecast and discounted using a pre-tax discount rate
which reflects both current market assessment of the time value
of money and risks specific to the asset.\u00a0
Management considers whether a reasonable possible change in
one of the main assumptions will cause an impairment and
believes otherwise (see Note 16.1).\u00a0
vi.\u00a0 \u00a0 Useful life of other property, plant and equipment
The Group recognises depreciation on other property, plant and
equipment on a straight-line basis in order to write-off the cost of
the asset over its expected useful life. The economic life of an
asset is determined based on existing wear and tear, economic
and technical ageing, legal and other limits on the use of the asset,
and obsolescence. If some of these factors were to deteriorate
materially, impairing the ability of the asset to generate future cash
flow, the Group may accelerate depreciation charges to reflect the
remaining useful life of the asset or record an impairment loss.\u00a0
vii.\u00a0 \u00a0 Income taxes
The Group is subject to income taxes by the Nigerian tax authority,
which does not require significant judgement in terms of provision
for income taxes, but a certain level of judgement is required for
recognition of deferred tax assets. Management is required to
assess the ability of the Group to generate future taxable
economic earnings that will be used to recover all deferred tax
assets. Assumptions about the generation of future taxable profits
depend on management\u2019s estimates of future cash flows. The
estimates are based on the future cash flow from operations
taking into consideration the oil and gas prices, volumes produced,
operational and capital expenditure.
viii.\u00a0 \u00a0 Impairment of financial assets
The loss allowances for financial assets are based on assumptions
about risk of default, expected loss rates and maximum
contractual period. The Group uses judgement in making these
assumptions and selecting the inputs to the impairment
calculation, based on the Group\u2019s past history, existing market
conditions as well as forward-looking estimates at the end of each
reporting period. Details of the key assumptions and inputs used
are disclosed in Note 5.1.3.
ix.\u00a0 \u00a0 Intangible assets
The contract-based intangible assets (licence) were acquired as
part of a business combination. They are recognised at their fair
value at the date of acquisition and are subsequently amortised on
a straight-line basis over their estimated remaining useful lives of
the asset. The fair value of contract-based intangible assets is
estimated using the multi-period excess earnings method. This
requires a forecast of revenue and all cost projections throughout
the useful life of the intangible assets. A contributory asset charge
that reflects the return on assets is also determined and applied to
the revenue but subtracted from the operating cash flows to
derive the pre-tax cash flow. The post-tax cash flows are then
obtained by deducting out the tax using the effective tax rate.\u00a0
Discount rates represent the current market assessment of the
risks specific to each CGU, taking into consideration the time value
of money. The discount rate calculation is based on the specific
circumstances of the Group and its operating segments and is
derived from its weighted average cost of capital (WACC). The
WACC takes into account both debt and equity. The cost of
equity is derived from the expected return on investment by the
Group\u2019s investors. The cost of debt is based on the interest-
bearing borrowings the Group is obliged to service.
x.\u00a0 \u00a0 Inventories-operational spares
The Group holds inventories comprising spare parts and
consumables used in production and operational activities. These
items are not held for resale but are consumed in the
maintenance and operation of assets and are accounted for in
accordance with IAS 2.
Inventories are measured at the lower of cost and net realisable
value. For operational spares, net realisable value is assessed with
reference to their expected future use in operations and
replacement cost.
The determination of whether spares are recoverables requires
management judgement, particularly in assessing:
\u2022 Expected future utilisation of the related assets
\u2022 Forecast production profiles
\u2022 Technological obsolescence risk
\u2022 Physical condition and shelf life
\u2022 Current replacement cost
Where spare parts are slow-moving, obsolete or no longer
expected to be utilised in operations, a write-down is recognised.
Due to the judgement involved in assessing future usage and
recoverability, there is estimation uncertainty associated with the
carrying amount of operational spares. Changes in operational
plans or asset life assumptions could result in a material
adjustment to inventory values in future reporting periods.
xi.\u00a0 \u00a0 Investments in debt securities measured at fair
value through profit or loss
The Group holds a debt investment in Belema Oil as part of its
investment in the Seplat East Swamp arrangement. The
instrument is classified as fair value through profit or loss (FVTPL)
and measured at fair value at each reporting date.
The investment is categorised within Level 3 of the fair value
hierarchy as the valuation incorporates significant unobservable
inputs. Fair value is determined using a discounted cash flow
model based on management\u2019s forecast of future cash flows
expected to be derived from Belema Oil\u2019s crude production.
Key assumptions used in the valuation include:
\u2022 Forecast crude oil production volumes
\u2022 Expected pipeline loss rates
\u2022 Forward crude oil price assumptions
\u2022 Seplat\u2019s contractual entitlement to up to 85% of crude sales,
net of royalty and pipeline losses
\u2022 An entity-specific discount rate of 15%
The valuation is sensitive to changes in these assumptions.
Variations in production forecasts, crude prices, pipeline losses or
the discount rate could result in a material adjustment to the
carrying amount of the investment in future reporting periods. Due
to the use of significant unobservable inputs, there is estimation
uncertainty associated with this measurement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-661": { "value": "4.\u00a0 \u00a0 Significant accounting judgements, estimates and assumptionsThe preparation of the Group\u2019s consolidated historical financial information requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-662": { "value": "
5.\u00a0 \u00a0 Financial risk management
5.1\u00a0 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks such as market risk (including foreign exchange risk, interest rate risk and
commodity price risk), credit risk and liquidity risk. The Group\u2019s risk management programme focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by the
treasury department under policies approved by the Board of Directors. The Board provides written principles for overall risk management,
as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess
liquidity.
Risk
Exposure arising from
Measurement
Management
Market risk \u2013
foreign exchange
Future commercial transactions
Recognised financial assets and
liabilities not denominated in US
Dollars.
Cash flow forecasting
Sensitivity analysis
Match and settle foreign-denominated cash
inflows with the relevant cash outflows to
mitigate any potential foreign exchange risk.
Market risk \u2013
interest rate
Long-term borrowings at
variable rate
Sensitivity analysis
None
Market risk \u2013
commodity\u00a0 prices
Derivative financial instruments
Sensitivity analysis
Oil price hedges
Credit risk
Cash and bank balances, trade
receivables and derivative
financial instruments.
Ageing analysis
Credit ratings
Diversification of bank deposits
Liquidity risk
Borrowings and other liabilities
Rolling cash flow forecasts
Availability of committed credit lines and
borrowing facilities
5.1.1\u00a0 Market risk
Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and
commodity prices.
i.\u00a0 Commodity price risk
The Group is exposed to the risk of fluctuations on crude oil prices. The uncertainty around the rate at which oil prices increase or decline
led to the Group\u2019s decision to enter into an option contract to insure the Group\u2019s revenue against adverse oil price movements.
Crude hedge
During the last quarter of 2025, the Group entered into an economic crude oil hedge contract with an average strike price of \u20a677,751
($51.25/bbl.) for 12 million barrels at an average premium price of \u20a61,817 ($1.20 /bbl.) agreed at the contract dates.\u00a0
These contracts, which will commence on 1 January 2026, are expected to reduce the volatility attributable to price fluctuations of oil. The
Group made a prepayment of $12 million in the current year but a premium of $2.3 million barrels will be settled on a deferred basis. An
unrealised fair value loss of \u20a69.04 billion, $6.3 million has been recognised in 2025.\u00a0
The termination dates are 31 March and 30 June 2026 respectively. Hedging the price volatility of forecast oil sales is in accordance with
the risk management strategy of the Group.
The maturity of the crude oil hedge contracts the Group holds is shown in the table below:
Less than 6
months
6 to 9
months
9 to 12
months
Above 12
months
Total
Fair value
\u20a6 million
Fair value
$'000
As at 31 December 2025
_
Crude oil hedges volume (bbl.)
12,000,000
\u2014
\u2014
\u2014
12,000,000
9,041
6,299
\u2014
9,041
6,299
Less than 6
months
6 to 9 months
9 to 12 months
Above 12
months
Total
Fair value
\u20a6 million
Fair value
$'000
As at 31 December 2024
Crude oil hedges volume (bbl.)
3,000,000
\u2013
\u2013
\u2013
3,000,000
6,073
3,955
6,073
3,955
The following table summarises the impact of the commodity options on the Group\u2019s profit before tax due to a 10% change in market
inputs, with all other variables held constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in market inputs
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
904
\u2014
607
\u2014
-10%
(904)
\u2014
(607)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in market inputs
$'000
$'000
$'000
$'000
+10%
630
\u2014
396
\u2014
-10%
(630)
\u2014
(396)
\u2014
The Group may be exposed to business risks from fluctuations in the future prices of crude oil and gas. The following table summarises
the impact on the Group\u2019s profit before tax of a 10% change in crude oil prices, with all other variables held constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in crude oil prices
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
377,425
\u2014
146,635
\u2014
-10%
(377,425)
\u2014
(146,635)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in crude oil prices
$'000
$'000
$'000
$'000
+10%
248,782
\u2014
99,099
\u2014
-10%
(248,782)
\u2014
(99,099)
\u2014
The following table summarises the impact on the Group\u2019s profit before tax of a 10% change in gas prices, with all other variables held
constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in gas prices
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
27,942
\u2014
18,483
\u2014
-10%
(27,942)
\u2014
(18,483)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in gas prices
$'000
$'000
$'000
$'000
+10%
18,418
\u2014
12,491
\u2014
-10%
(18,418)
\u2014
(12,491)
\u2014
ii.\u00a0 Cash flow and fair value interest rate risk
The Group\u2019s exposure to interest rate risk relates primarily to interest-bearing loans and borrowings. The Group has both variable and fixed
interest rate borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by
cash and short-term fixed deposit held at variable rates. Fixed rate borrowings only give rise to interest rate risk if measured at fair value.
The Group\u2019s borrowings are not measured at fair value and are denominated in US Dollars. The Group is exposed to cash flow interest
rate risk on short-term deposits to the extent that the significant increases and reductions in market interest rates would result in a
decrease in the interest earned by the Group.
The contractual re-pricing date of the interest-bearing loans and borrowings is between 3-6 months. The exposure of the Group\u2019s
variable interest-bearing loans and borrowings at the end of the reporting period is shown below.
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Corporate loan
510,792
1,090,122
355,889
710,028
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to changes in SOFR rate, with all other variables held
constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2025
2025
Increase/decrease in interest rate
\u20a6 million
\u20a6 million
$'000
$'000
+2%
10,216
\u2014
7,118
\u2014
-2%
(10,216)
\u2014
(7,118)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
2024
2024
2024
Increase/decrease in interest rate
\u20a6 million
\u20a6 million
$'000
$'000
+2%
21,802
\u2013
14,201
\u2014
-2%
(21,802)
\u2013
(14,201)
\u2014
5.1.2\u00a0 Foreign exchange risk
The Group has transactional currency exposures that arise from sales or purchases in currencies other than the respective functional
currency. The Group is exposed to exchange rate risk to the extent that balances and transactions are denominated in a currency other
than the US Dollar.
The Group holds most of its cash and bank balances in US Dollars. However, the Group maintains deposits in Naira in order to fund
ongoing general and administrative activities and other expenditure incurred in this currency. Other monetary assets and liabilities which
give rise to foreign exchange risk include trade and other receivables and trade and other payables. The following table demonstrates the
carrying value of monetary assets and liabilities exposed to foreign exchange risks for Naira exposures at the reporting date:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Financial assets
Cash and cash equivalents
43,460
79,448
30,280
51,747
Trade and other receivables
133,351
67,824
92,911
44,176
Interest-bearing loans and borrowings
203
\u2013
142
\u2013
Restricted cash
\u2013
1,448
\u2014
943
177,014
148,720
123,333
96,866
Financial liabilities
Trade and other payables
27,791
(114,708)
19,363
(74,713)
Lease liability
58
\u2013
40
\u2013
Net exposure to foreign exchange risk
204,863
34,012
142,736
22,153
The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Pound
exposures at the reporting date:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Financial assets
Cash and cash equivalents
1,983
3,017
1,381
1,965
Trade and other receivables
15,222
11,028
10,606
7,183
Interest-bearing loans and borrowings
332
\u2013
231
\u2013
17,537
14,045
12,218
9,148
Financial liabilities
Trade and other payables
(19,121)
\u2013
(13,322)
\u2013
Lease liability
(8,820)
\u2013
(6,145)
\u2013
Net exposure to foreign exchange risk
(10,404)
14,045
(7,249)
9,148
The following table demonstrates the carrying value of monetary assets and liabilities exposed to foreign exchange risks for Euro
exposures at the reporting date:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Financial assets
Trade and other receivables
147
\u2013
992
\u2013
Interest-bearing loans and borrowings
70
\u2013
472
\u2013
217
\u2013
1,464
\u2013
Financial liabilities
Trade and other payables
(1,680)
\u2013
(1,170)
\u2013
Net exposure to foreign exchange risk
(1,463)
\u2013
294
\u2013
Sensitivity to foreign exchange risk is based on the Group\u2019s net exposure to foreign exchange risk due to Naira and Pound denominated
balances. If the Naira strengthens or weakens by the following thresholds, the impact is as shown in the table below:
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2025
2025
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(18,624)
\u2014
(12,976)
\u2014
-10%
22,762
\u2014
15,860
\u2014
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
2024
2024
2024
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(5,266)
\u2014
(3,430)
\u2014
-10%
6,437
\u2014
4,192
\u2014
If the Pound strengthens or weakens by the following thresholds, the impact is as shown in the table below:
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2025
2025
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
946
\u2014
659
\u2014
-10%
(1,156)
\u2014
(805)
\u2014
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
2024
2024
2024
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(1,277)
\u2013
(832)
\u2013
-10%
1,561
\u2013
1,016
\u2013
If the Euro strengthens or weakens by the following thresholds, the impact is as shown in the table below:
Effect on
profit
before tax
Effect on
other
components
of equity
before tax
Effect on
profit
before tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(38)
\u2014
(27)
\u2014
-10%
47
\u2014
33
\u2014
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
2024
2024
2024
Increase/decrease in foreign exchange risk
\u20a6 million
\u20a6 million
$'000
$'000
+10%
\u2014
\u2013
\u2014
\u2013
-10%
\u2014
\u2013
\u2014
\u2013
5.1.3\u00a0 Credit risk
Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the Group. Credit risk
arises from cash and bank balances as well as credit exposures to customers (i.e. Vitol S.A. Shell Western, Pillar, Azura, Geregu Power,
Sapele Power and Nigerian Gas Marketing Company (NGMC) receivables), and other parties (i.e., NUIMS receivables, NEPL receivables and
other receivables).
a)\u00a0 \u00a0 Risk management
The Group is exposed to credit risk from its sale of crude oil to Vito S.A. Exxonmobil, Waltersmith, Chevron and Shell Western. The Group
has an off-take agreement with Shell Western Supply and Trading Limited which expires in December 2026. The Group is exposed to
further credit risk from outstanding cash calls from NEPL and NUIMS.
In addition, the Group is exposed to credit risk in relation to the sale of gas to its customers.
The credit risk on cash and bank balances is managed through the diversification of banks in which the balances are held. The risk is
limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an international credit agency.
The Group\u2019s maximum exposure to credit risk due to default of the counterparty is equal to the carrying value of its financial assets.
b)\u00a0 \u00a0 Impairment of financial assets
The Group financial assets that are subject to IFRS 9\u2019s expected credit loss model are listed below. Contract assets are also subject to the
expected credit loss model, even though they are not financial assets, as they have substantially the same credit risk characteristics as
trade receivables. The impairment of receivables is disclosed in the table below.
\u2022 JV partner receivables
\u2022 Trade receivables
\u2022 Contract assets
\u2022 Other receivables
\u2022 Cash and bank balances
Notes
\u20a6 million
$'000
As at 1 January 2025
57,609
104,690
Increase in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables
26.2
1,813
1,195
Increase in provision for trade receivables
26.1
21,739
14,329
Decrease\u00a0 in provision for other receivables
26.4
(2,047)
(1,349)
Increase in provision for contract asset
27
2,353
1,551
Impairment charge to the profit or loss
23,858
15,726
As at 31 December 2025
81,467
120,416
Notes
\u20a6 million
US $'000
As at 1 January 2024
41,969
94,120
Decrease in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables
26.2
(2,473)
(1,671)
Decrease in provision for NNPC Upstream Investment Management Services (NUIMS) receivables
26.3
(1,126)
(761)
Increase in provision for trade receivables
26.1
14,137
9,554
Decrease in provision for receivables from joint venture (ANOH)
26.5
(4,433)
(2,996)
Increase in provision for other receivables
26.4
9,711
6,563
Decrease in provision for contract asset
27
(176)
(119)
Impairment charge to the profit or loss
15,640
10,570
As at 31 December 2024
57,609
104,690
The parameters applied in assessing impairment for NEPL receivables, NUIMS receivables, other receivables and short-term fixed deposits
are summarised below. The probability of default for receivables in Stage\u202f1 are measured using a 12-month Probability of Default (PD), while
receivables in Stages\u202f2 and 3 are assessed using lifetime PD. The lifetime PDs reflect the maximum contractual period over which the
Group is exposed to credit risk on these financial assets.
NNPC\u00a0 Exploration and
Production Company
Limited (NEPL) receivables
NNPC Upstream Investment
Management Services (NUIMS)
receivables
Other receivables
Short-term fixed deposits
Probability of
default (PD)
The 12-month sovereign
cumulative PD for base case,
downturn and upturn
respectively is 4.36%, 5.27%,
and 3.58%, for Stage 1. The
PD for Stage 2 and\u00a0 3 is
100%.
The 12-month sovereign
cumulative PD for base case,
downturn and upturn
respectively is 4.36%, 5.27%,
and 3.58%, for Stage 1. The PD
for Stage 2 and 3 is 100%.
The PD for Stage 3 is
100%.
The 12-month sovereign
cumulative PD for base
case, downturn and
upturn respectively is
2.05%, 2.06%, and 2,04%,
for Stage 1. The PD for
Stage 2 and 3 is 100%.
Loss given
default (LGD)
The 12-month LGD and
lifetime LGD were
determined using Moody\u2019s
recovery rate and mapped
based on the priority rating
of the receivable, for
emerging economies.
The 12-month LGD and lifetime
LGD were determined using
Moody\u2019s recovery rate and
mapped based on the priority
rating of the receivable, for
emerging economies.
The 12-month LGD and
lifetime LGD were
determined using
management\u2019s estimate
of expected cash
recoveries.
Management\u2019s estimate
is based on historical
pattern of recoveries.
The 12-month LGD and
lifetime LGD were
determined using Moody\u2019s
recovery rate and
mapped based on the
priority rating of the
receivable, for emerging
economies.
Exposure at
default (EAD)
The EAD is the maximum
exposure of the receivable to
credit risk.
The EAD is the maximum
exposure of the receivable to
credit risk.
The EAD is the
maximum exposure of
the receivable to credit
risk.
The EAD is the maximum
exposure of the short-
term fixed deposits to
credit risk.
Macroeconomic
indicators
The historical GDP growth
rates, inflation rates, Brent oil
price and gas price were
used.
The historical GDP growth
rates, inflation rates, Brent oil
price and gas price were used.
The historical GDP
growth rates, inflation
rates, Brent oil price and
gas price were used.
The historical GDP growth
rates, inflation rates, Brent
oil price and gas price
were used.
Probability
weightings
20%, 35.6%, and 41% were
used as the weights for the
base, upturn and downturn
ECL modelling scenarios
respectively.
20%, 35.6%, and 41% were
used as the weights for the
base, upturn and downturn ECL
modelling scenarios
respectively.
20%, 35.6%, and 41%
were used as the
weights for the base,
upturn and downturn
ECL modelling scenarios
respectively.
20%, 35.6%, and 41%
were used as the weights
for the base, upturn and
downturn ECL modelling
scenarios respectively.
The Group considers both quantitative and qualitative indicators in classifying its receivables into the relevant stages for impairment
calculation as shown below:
\u2022 Stage 1: This stage includes financial assets that are less than 30 days past due (performing).
\u2022 Stage 2: This stage includes financial assets that have been assessed to have experienced a significant increase in credit risk using
the days past due criteria (i.e. the outstanding receivables amounts are more than 30 days past due but less than 90 days past
due) and other qualitative indicators such as the increase in political risk concerns or other macro economic factors and the risk of
legal action, sanction or other regulatory penalties that may impair future financial performance.
\u2022 Stage 3: This stage includes financial assets that have been assessed as being in default (i.e. receivables that are more than 90
days past due) or that have a clear indication that the imposition of financial or legal penalties and/or sanctions will make the full
recovery of indebtedness highly improbable.
i.\u00a0 \u00a0 NEPL receivables
NEPL receivables represent the outstanding cash calls due to Seplat from its joint venture partner, Nigerian National Petroleum Corporation
Exploration Limited. The Group applies the IFRS 9 general model for measuring expected credit losses (ECL). This requires a three-stage
approach in recognising the expected loss allowance for NEPL receivables.
The ECL recognised for the period is a probability-weighted estimate of credit losses discounted at the effective interest rate of the
financial asset. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the
Group in accordance with the contract and the cash flows that the Group expects to receive).
The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the model and
the assumptions used in calculating these ECLs as key sources of estimation uncertainty.
There was no write-off during the year (2024: nil). (See details in Note 26.2.)
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
126,606
\u2014
\u2014
126,606
Loss Allowance
(5,269)
\u2014
\u2014
(5,269)
Net Exposure at Default (EAD)
121,337
\u2014
\u2014
121,337
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
67,954
\u2014
\u2014
67,954
Loss Allowance
(4,339)
\u2014
\u2014
(4,339)
Net Exposure at Default (EAD)
63,615
\u2014
\u2014
63,615
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
88,211
\u2014
\u2014
88,211
Loss Allowance
(3,671)
\u2014
\u2014
(3,671)
Net Exposure at Default (EAD)
84,540
\u2014
\u2014
84,540
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
44,260
\u2014
\u2014
44,260
Loss Allowance
(2,826)
\u2014
\u2014
(2,826)
Net Exposure at Default (EAD)
41,434
\u2014
\u2014
41,434
ii.\u00a0 \u00a0 NIUMS receivables
NUIMS receivables represent the outstanding cash calls due to Seplat from its Joint Operating Agreement (JOA) partner, NNPC Upstream
Investment Management Services. The Group applies the general model for measuring expected credit losses (ECL) which uses a three-
stage approach in recognising the expected loss allowance for NUIMS receivables.
The ECL was calculated based on actual credit loss experience from 2016, which is the date the Group initially became a party to the
contract. The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the
model and the assumptions used in calculating these ECLs as key sources of estimation uncertainty. The tables below show the
expected credit losses for the year ended 31 December 2025 and 31 December 2024.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
289,437
\u2014
\u2014
289,437
Net Exposure at Default (EAD)
289,437
\u2014
\u2014
289,437
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
454,571
\u2014
\u2014
454,571
Net Exposure at Default (EAD)
454,571
\u2014
\u2014
454,571
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
US$'000
Gross Exposure at Default (EAD)
201,662
\u2014
\u2014
201,662
Net Exposure at Default (EAD)
201,662
\u2014
\u2014
201,662
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
296,075
\u2014
\u2014
296,075
Net Exposure at Default (EAD)
296,075
\u2014
\u2014
296,075
iii.\u00a0 \u00a0 Trade receivables (Geregu Power, Sapele Power, Nigerian Gas Marketing Company and others)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for
all trade receivables and contract assets. The impairment of trade receivables (Geregu Power, Sapele Power, NGMC and others) was
estimated by applying the provision matrix. The expected loss rate was calculated as the percentage of the receivable that is deemed
uncollectible during a particular period. The expected loss rates as at 31\u00a0December 2025 and 31\u00a0December 2024 are as follows:
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
186,018
4,313
2,278
8,728
9,550
34,605
245,492
Expected loss rate
1%
4%
54%
67%
89%
100%
21%
Lifetime ECL
(1,550)
(189)
(1,227)
(5,875)
(8,541)
(34,605)
(51,988)
Total
184,468
4,124
1,051
2,853
1,009
\u2013
193,504
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
520,601
5,707
3,479
8,101
11,671
17,492
567,051
Expected loss rate
0%
9%
17%
41%
66%
100%
6%
Lifetime ECL
(2,472)
(534)
(603)
(3,291)
(7,742)
(17,492)
(32,134)
Total
518,129
5,173
2,876
4,810
3,929
\u2014
534,917
`
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2025
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Gross carrying amount
129,604
3,005
1,587
6,081
6,654
24,111
171,042
Expected loss rate
1%
4%
54%
67%
89%
100%
21%
Lifetime ECL
(1,078)
(132)
(855)
(4,093)
(5,951)
(24,111)
(36,220)
Total
128,526
2,873
732
1,988
703
\u2014
134,822
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2024
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Gross carrying amount
339,083
3,717
2,266
5,276
7,602
11,393
369,337
Expected loss rate
0%
9%
17%
41%
66%
100%
5%
Lifetime ECL
(1,610)
(348)
(393)
(2,143)
(5,043)
(11,393)
(20,930)
Total
337,473
3,369
1,873
3,133
2,559
\u2014
348,407
iv.\u00a0 \u00a0 Contract assets
The expected credit losses on contract assets was estimated by applying the provision matrix. The expected loss rate was calculated as
the percentage of the receivable that is deemed uncollectible during a particular period. The expected loss rates as at 31 December 2025
and 2024 are shown below:
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
31,623
\u2014
\u2014
\u2014
\u2014
\u2014
31,623
Expected loss rate
7.79%
\u2014
\u2014
\u2014
\u2014
\u2014
7.79%
Lifetime ECL
(2,464)
\u2014
\u2014
\u2014
\u2014
\u2014
(2,464)
Total
29,159
\u2014
\u2014
\u2014
\u2014
\u2014
29,159
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
23,918
\u2014
\u2014
\u2014
\u2014
\u2014
23,918
Expected loss rate
1%
1%
Lifetime ECL
(255)
\u2014
\u2014
\u2014
\u2014
\u2014
(255)
Total
23,663
\u2014
\u2014
\u2014
\u2014
\u2014
23,663
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2025
US$'000
US$'000
US$'000
US$'000
US$'000
$'000
$'000
Gross carrying amount
22,032
\u2014
\u2014
\u2014
\u2014
\u2014
22,032
Expected loss rate
7.79%
\u2014
\u2014
\u2014
\u2014
\u2014
7.79%
Lifetime ECL
(1,717)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,717)
Total
20,315
\u2014
\u2014
\u2014
\u2014
\u2014
20,315
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2024
US$'000
US$'000
US$'000
US$'000
US$'000
$'000
$'000
Gross carrying amount
15,745
\u2014
\u2014
\u2014
15,745
Expected loss rate
1%
\u2014
\u2014
\u2014
\u2014
\u2014
1%
Lifetime ECL
(166)
\u2014
\u2014
\u2014
\u2014
\u2014
(166)
Total
15,579
\u2014
\u2014
\u2014
\u2014
\u2014
15,579
v.\u00a0 \u00a0 Other receivables
Other receivables are amounts outside the usual operating activities of the Group. Included in other receivables is a receivable amount on
an investment that is no longer being pursued. The Group applied the general approach in estimating the expected credit loss.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
\u2014
\u2014
143,037
143,037
Loss Allowance
\u2014
\u2014
(86,064)
(86,064)
Net Exposure at Default (EAD)
\u2014
\u2014
56,973
56,973
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
\u2013
\u2013
182,885
182,885
Loss Allowance
\u2013
\u2013
(79,667)
(79,667)
Net Exposure at Default (EAD)
\u2013
\u2013
103,218
103,218
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
\u2014
\u2014
99,659
99,659
Loss Allowance
\u2014
\u2014
(59,964)
(59,964)
Net Exposure at Default (EAD)
\u2014
\u2014
39,695
39,695
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
\u2014
\u2014
119,118
119,118
Loss Allowance
\u2014
\u2014
(58,258)
(58,258)
Net Exposure at Default (EAD)
\u2014
\u2014
60,860
60,860
vi.\u00a0 \u00a0 Cash and cash equivalents
The Group applies the IFRS 9 general model for measuring expected credit losses (ECL) which uses a three-stage approach in
recognising the expected loss allowance for cash and cash equivalents. The ECL was calculated as the probability weighted estimate of
the credit losses expected to occur over the contractual period of the facility after considering macroeconomic indicators.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
477,322
\u2014
\u2014
477,322
Loss Allowance
(352)
\u2014
\u2014
(352)
Net Exposure at Default (EAD)
476,970
\u2014
\u2014
476,970
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
N million
N million
N million
N million
Gross Exposure at Default (EAD)
721,761
\u2014
\u2014
721,761
Loss Allowance
(376)
\u2014
\u2014
(376)
Net Exposure at Default (EAD)
721,385
\u2014
\u2014
721,385
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
332,571
\u2014
\u2014
332,571
Loss Allowance
(245)
\u2014
\u2014
(245)
Net Exposure at Default (EAD)
332,326
\u2014
\u2014
332,326
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
470,107
\u2014
\u2014
470,107
Loss Allowance
(245)
\u2014
\u2014
(245)
Net Exposure at Default (EAD)
469,862
\u2014
\u2014
469,862
Other cash, bank balances and restricted cash
The Group assessed the other cash, bank and restricted cash balances to determine their expected credit losses. Based on the
assessment performed, the expected credit loss figures were insignificant and not recognised due to materiality as at 31 December 2025
(2024: nil). The assets are assessed to be in Stage 1.
Credit quality of cash and cash equivalents (including restricted cash)
The credit quality of the Group\u2019s cash and bank balances is assessed on the basis of external credit ratings (Fitch long-term ratings). As
shown below, cash and bank balances are all in Stage 1 based on the ECL assessment:
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
B-
\u2013
449,688
\u2013
292,895
B
480,551
\u2014
334,819
\u2014
BBB-
\u2013
1
\u2013
1
BBB+
\u2013
1,809
\u2013
1,179
A
\u2013
376
\u2013
245
AA
44
\u2014
31
\u2014
A+
151,893
361,729
105,830
235,605
AA-
731
67,543
509
43,992
AAA
25,484
43,666
17,756
28,441
Non-rated
(34)
(64)
(23)
(42)
658,669
924,748
458,922
602,316
Allowance for impairment recognised during the year (Note 29.1)
(352)
(376)
(245)
(245)
Net cash and cash bank balances (Notes 29 and 29.2)
658,317
924,372
458,677
602,071
c.\u00a0 \u00a0 Maximum exposure to credit risk \u2013 financial instruments subject to impairment
The Group estimated the expected credit loss on NEPL receivables, NUIMS receivables and short-term fixed deposits by applying the
general model. The gross carrying amount of financial assets represents the Group\u2019s maximum exposure to credit risks on these assets.
All financial assets impaired using the general model (NEPL, NUIMS and short-term fixed deposits) are graded under the standard
monitoring credit grade (rated B- under Standard and Poor\u2019s unmodified ratings) and are classified under Stage 1, except for the other
receivables which are graded under the investment grade (rated AA under Standard and Poor\u2019s unmodified ratings) and classified in
Stage 2 and Stage 3.
d)\u00a0 \u00a0 Roll forward movement in loss allowance
The loss allowance recognised in the period is impacted by a variety of factors, as described below:
\u2022 Transfers between Stage 1 and Stage 2 or Stage 3 due to financial instruments experiencing significant increases (or decreases) of
credit risk or becoming credit impaired in the period, and the consequent \u2018step up\u2019 (or \u2018step down\u2019) between 12-month and lifetime
ECL;
\u2022 Additional allowances for new financial instruments recognised during the period, as well as releases for financial instruments
derecognised in the period;
\u2022 Impact on the measurement of ECL due to changes in PDs, EADs and LGDs in the period, arising from regular refreshing of inputs
to models;
\u2022 Discount unwind within ECL due to passage of time, as ECL is measured on a present value basis;
\u2022 Foreign exchange retranslation for assets denominated in foreign currencies and other movements; and
\u2022 Financial assets derecognised during the period and write-off of receivables and allowances related to assets.
The following tables explain the changes in the loss allowance between the beginning and end of the annual period due to these factors:
NEPL receivables
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
4,339
\u2014
\u2014
4,339
Movements in profit due to increase in receivables
1,813
\u2014
\u2014
1,813
Foreign exchange revaluation impact
285
\u2014
\u2014
285
Exchange difference
(1,168)
\u2014
\u2014
(1,168)
Loss allowance as at 31 December 2025
5,269
\u2014
\u2014
5,269
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
2,826
\u2014
\u2014
2,826
Movements in profit due to increase in receivables
1,195
\u2014
\u2014
1,195
Foreign exchange revaluation impact
(350)
\u2014
\u2014
(350)
Loss allowance as at 31 December 2025
3,671
\u2014
\u2014
3,671
Other receivables
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
\u2014
\u2014
79,667
79,667
Movements in profit due to increase in receivables
\u2014
\u2014
(2,047)
(2,047)
Foreign exchange revaluation impact
3,407
3,407
Exchange difference
\u2014
\u2014
5,037
5,037
Loss allowance as at 31 December 2025
\u2014
\u2014
86,064
86,064
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
\u2014
\u2014
58,258
58,258
Movements in profit due to increase in receivables
\u2014
\u2014
(1,349)
(1,349)
Foreign exchange revaluation impact
\u2014
\u2014
3,055
3,055
Loss allowance as at 31 December 2025
\u2014
\u2014
59,964
59,964
Cash and equivalents
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
(376)
\u2014
\u2014
(376)
Exchange difference
24
\u2014
\u2014
24
Loss allowance as at 31 December 2025
(352)
\u2014
\u2014
(352)
Cash and equivalents
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
(245)
\u2014
\u2014
(245)
Loss allowance as at 31 December 2025
(246)
\u2014
\u2014
(245)
e.\u00a0 \u00a0 Estimation uncertainty in measuring impairment loss
The table below shows information on the sensitivity of the carrying amounts of the Company\u2019s financial assets to the methods,
assumptions and estimates used in calculating impairment losses on those financial assets at the end of the reporting period. These
methods, assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group\u2019s
financial assets.
i.\u00a0 \u00a0 Expected cash flow recoverable
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to a 20% change in the expected cash flows from
financial assets, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of profit
before tax
Effect on
profit before
tax
Effect on
other
components
of
profit before
tax
2025
2025
2025
2025
Increase/decrease in estimated cash flows
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
+20%
(16,166)
\u2013
(11,264)
\u2013
-20%
16,166
\u2013
11,264
\u2013
Effect on
profit before
tax
Effect on
other
components
of profit
before tax
Effect on
profit before
tax
Effect on
other
components
of
profit before
tax
2024
2024
2024
2024
Increase/decrease in estimated cash flows
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
+20%
(13,916)
\u2013
(9,064)
\u2013
-20%
13,916
\u2013
9,064
\u2013
ii)\u00a0 \u00a0 Significant unobservable inputs
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to movements in the probability of default (PD) and loss
given default (LGD) for financial assets, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in loss given default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(3,846)
\u2014
(268)
\u2014
-10%
3,846
\u2014
268
\u2014
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in loss given default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(208)
\u2014
(141)
\u2014
-10%
208
\u2014
141
\u2014
The table below demonstrates the sensitivity of the Group\u2019s profit before tax to movements in probabilities of default, with all other
variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in probability of default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(1,068)
\u2014
(744)
\u2014
-10%
1,068
\u2014
744
\u2014
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in probability of default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(218)
\u2014
(147)
\u2014
-10%
218
\u2014
147
\u2014
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to movements in the forward-looking macroeconomic
indicators, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in forward-looking macroeconomic indicators
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(613)
\u2013
(427)
\u2013
-10%
613
\u2013
427
\u2013
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in forward-looking macroeconomic indicators
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(63)
\u2014
(42)
\u2014
-10%
63
\u2014
42
\u2014
f. Estimation uncertainty in measuring provision for decommissioning obligations
The table below shows information on the sensitivity of the Company\u2019s\u00a0 provision for decommissioning obligations to the assumptions and
estimates used in calculating the present value of the estimated future cost of decommissioning its oil production facilities. These
assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group\u2019s financial liability.
Should these estimates vary, the profit or loss and statement of financial position in the following years would be impacted.
Estimates could change due to changes in inflation rate, expected cessation of production (CoP) date, discount rate and market prices.
The amount and timing of expenses for any period would be affected by changes in these factors and circumstances. Discount rate and
CoP date have been identified as the significant assumptions driving the estimate, and the sensitivity analyses are as shown below.
2025
2025
Increase/ (decrease) in discount rate
\u20a6 million
$'000
1%
34,918
24,329
-1%
(30,589)
(21,313)
2025
2025
Increase/ (decrease) in cessation of production (CoP) date
\u20a6 million
$'000
+5 years
136,473
95,086
- 5 years
(145,823)
(101,600)
5.1.4\u00a0 \u00a0 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages liquidity risk by
ensuring that sufficient funds are available to meet its commitments as they fall due.
The Group uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to ensure there
are sufficient cash resources to meet operational needs. Cash flow projections take into consideration the Group\u2019s debt financing plans
and covenant compliance. Surplus cash held is transferred to the treasury department which invests in interest-bearing current accounts
and time deposits.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods.
The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group
can be required to pay.
Effective interest rate
%
Less than 1
year
1 - 2 years
2 - 3 years
3 - 5 years
Total
31 December 2025
%
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
9.125%
85,129
85,129
85,129
1,060,611
1,315,998
Variable interest rate borrowings:
Senior reserve based lending (RBL) facility
The Mauritius Commercial Bank Ltd
6.5%\u00a0 + SOFR
2,582
2,583
11,224
17,888
34,277
Stanbic IBTC Bank Plc
6.5%\u00a0 + SOFR
2,324
2,323
10,101
16,098
30,846
Standard Bank of South Africa
6.5%\u00a0 + SOFR
1,292
1,292
5,612
8,943
17,139
First City Monument Ltd (FCMB)
6.5%\u00a0 + SOFR
1,240
1,240
5,387
8,586
16,453
Zenith Bank plc
6.5%\u00a0 + SOFR
827
827
3,591
5,724
10,969
$300 million advance payment facility (APF)
ExxonMobil Financing
5% + SOFR + CAS
41,309
451,231
\u2014
\u2014
492,540
Total variable interest borrowings
49,574
459,496
35,915
57,239
602,224
Other non-derivatives
Trade and other payables**
1,203,071
\u2014
\u2014
\u2014
1,203,071
Lease liability
52,800
27,726
23,436
\u2014
103,962
1,255,871
27,726
23,436
\u2014
1,307,033
Total
1,390,574
572,351
144,480
1,117,850
3,225,255
Effective interest rate
Less than
1 year
1 \u2013 2
year
2 \u2013 3
years
Total
\u201831 December 2024
%
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
7.75%
77,342
1,036,629
\u2014
1,113,971
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
8%\u00a0 + SOFR
23,378
6,274
\u2014
29,652
Stanbic IBTC Bank Plc
8%\u00a0 + SOFR
23,867
6,403
\u2014
30,270
Standard Bank of South Africa
8%\u00a0 + SOFR
13,638
3,660
\u2014
17,298
First City Monument Ltd (FCMB)
8%\u00a0 + SOFR
6,088
1,634
\u2014
7,722
Shell Western Supply & Trading Limited
10.5%\u00a0 + SOFR
2,598
2,598
18,184
23,380
$350 million RCF
Citibank N.A. London
5%\u00a0 + SOFR
15,354
\u2014
\u2014
15,354
Nedbank Limited, London Branch
5%\u00a0 + SOFR
69,090
\u2014
\u2014
69,090
Stanbic Ibtc Bank Plc
5%\u00a0 + SOFR
76,766
\u2014
\u2014
76,766
The Standard Bank of South Africa Limited
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
RMB International (Mauritius) Limited
5%\u00a0 + SOFR
99,796
\u2014
\u2014
99,796
The Mauritius Commercial Bank Ltd
5%\u00a0 + SOFR
69,090
\u2014
\u2014
69,090
JP Morgan Chase Bank, N.A. London
5%\u00a0 + SOFR
46,060
\u2014
\u2014
46,060
Standard Chartered Bank
5%\u00a0 + SOFR
46,060
\u2014
\u2014
46,060
Natixis
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
Societe Generale Bank, London Branch
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
Zenith Bank Plc
5%\u00a0 + SOFR
23,030
\u2014
\u2014
23,030
Zenith Bank (UK) Limited
5%\u00a0 + SOFR
30,707
\u2014
\u2014
30,707
United Bank for Africa Plc
5%\u00a0 + SOFR
23,030
\u2014
\u2014
23,030
First City Monument Bank Limited
5%\u00a0 + SOFR
30,707
\u2014
\u2014
30,707
BP
5%\u00a0 + SOFR
7,677
\u2014
\u2014
7,677
$300 million advance payment facility (APF)
ExxonMobil Financing
5%\u00a0 + SOFR + CAS
44,547
44,547
504,533
593,627
Total variable interest borrowings
651,483
65,116
522,717
1,239,316
Other non-derivatives
Trade and other payables**
1,534,406
\u2014
\u2014
1,534,406
Lease liability
24,415
\u2014
\u2014
24,415
1,558,821
\u2014
\u2014
1,558,821
Total
2,287,646
1,101,745
522,717
3,912,108
Effective interest rate
%
Less than 1
year
1 - 2
years
2 - 3 years
3 - 5 years
Total
31 December 2025
%
$'000
$'000
$'000
$'000
$'000
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
9.125%
59,313
59,313
59,313
738,969
916,908
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
6.5%\u00a0 + SOFR
1,799
1,799
7,820
12,463
23,881
Stanbic IBTC Bank Plc
6.5%\u00a0 + SOFR
1,619
1,619
7,038
11,216
21,492
Standard Bank of South Africa
6.5%\u00a0 + SOFR
900
900
3,910
6,231
11,941
First City Monument Ltd (FCMB)
6.5%\u00a0 + SOFR
864
864
3,753
5,982
11,463
Zenith Bank plc
6.5%\u00a0 + SOFR
576
576
2,502
3,988
7,642
$300 million advance payment facility (ADF)
ExxonMobil Financing
5% + SOFR + CAS
28,781
314,391
\u2014
\u2014
343,172
Total variable interest borrowings
34,539
320,149
25,023
39,880
419,591
Other non-derivatives
Trade and other payables**
838,216
\u2014
\u2014
\u2014
838,216
Lease liability
36,788
19,318
16,329
\u2014
72,435
875,004
19,318
16,329
\u2014
910,651
Total
968,856
398,780
100,665
778,849
2,247,150
Derivative liability of $6.299 million, \u20a69.04 billion (2024: $3.9 million, \u20a66.1 billion) is expected to be settled within the next 12 months. Hence, it would be classified under less than one year for the
purpose of liquidity and maturity analysis.
1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables).
Effective interest rate
Less than
1 year
1 \u2013 2
year
2 \u2013 3
years
Total
\u201831 December 2024
%
$'000
$'000
$'000
$'000
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
7.75%
50,375
675,188
\u2014
725,563
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
8%\u00a0 + SOFR
15,227
4,086
\u2014
19,313
Stanbic IBTC Bank Plc
8%\u00a0 + SOFR
15,545
4,171
\u2014
19,716
Standard Bank of South Africa
8%\u00a0 + SOFR
8,883
2,384
\u2014
11,267
First City Monument Ltd (FCMB)
8%\u00a0 + SOFR
3,965
1,064
\u2014
5,029
Shell Western Supply & Trading Limited
10.5%\u00a0 + SOFR
1,692
1,692
11,844
15,228
$350 million Seplat RCF
Citibank N.A. London
5%\u00a0 + SOFR
10,000
\u2014
\u2014
10,000
Nedbank Limited, London Branch
5%\u00a0 + SOFR
45,000
\u2014
\u2014
45,000
Stanbic Ibtc Bank Plc
5%\u00a0 + SOFR
50,000
\u2014
\u2014
50,000
RMB International (Mauritius) Limited
5%\u00a0 + SOFR
65,000
\u2014
\u2014
65,000
The Mauritius Commercial Bank Ltd
5%\u00a0 + SOFR
45,000
\u2014
\u2014
45,000
JP Morgan Chase Bank, N.A. London
5%\u00a0 + SOFR
30,000
\u2014
\u2014
30,000
Standard Chartered Bank
5%\u00a0 + SOFR
30,000
\u2014
\u2014
30,000
Zenith Bank Plc
5%\u00a0 + SOFR
15,000
\u2014
\u2014
15,000
Zenith Bank (UK) Limited
5%\u00a0 + SOFR
20,000
\u2014
\u2014
20,000
United Bank for Africa Plc
5%\u00a0 + SOFR
15,000
\u2014
\u2014
15,000
First City Monument Bank Limited
5%\u00a0 + SOFR
20,000
\u2014
\u2014
20,000
BP
5%\u00a0 + SOFR
5,000
\u2014
\u2014
5,000
$300 million advance payment facility (ADF)
ExxonMobil Financing
5%\u00a0 + SOFR + CAS
29,015
29,015
328,617
386,647
Total variable interest borrowings
424,327
42,412
340,461
807,200
Other non-derivatives
Trade and other payables**
999,403
\u2014
\u2014
999,403
Lease liability
15,902
\u2014
\u2014
15,902
1,015,305
\u2014
\u2014
1,015,305
Total
1,490,007
717,600
340,461
2,548,068
1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables).
5.1.5\u00a0 \u00a0 Fair value measurements
Set out below is a comparison by category of carrying amounts and fair value of all financial instruments:
Carrying amount
Fair value
2025
2024
2025
2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Financial assets measured at amortised cost
Trade and other receivables* (Note 26)
663,315
1,148,171
663,315
1,148,171
Cash and cash equivalents (Note 29)
476,970
721,385
476,970
721,385
Restricted cash (Note 29.2)
181,347
202,983
181,347
202,983
1,321,632
2,072,539
1,321,632
2,072,539
Financial assets measured at fair value
Derivative financial assets (Note 28.1)
17,352
\u2014
17,352
\u2014
17,352
\u2014
17,352
\u2014
Financial liabilities
Interest-bearing loans borrowings** (Note 34)
1,443,289
2,099,750
1,462,032
2,080,360
Trade and other payables* (Note 38)
1,307,005
1,428,884
1,307,005
1,428,884
Lease liability (Note 35)
96,188
115,209
103,962
24,415
2,846,482
3,643,843
2,872,999
3,533,659
Financial liabilities at fair value
Derivative financial liabilities (Note 28.2)
(9,041)
(6,073)
(9,041)
(6,073)
(9,041)
(6,073)
(9,041)
(6,073)
Carrying amount
Fair value
2025
2024
2025
2024
$'000
$'000
$\u2019000
$\u2019000
Financial assets at amortised cost
Trade and other receivables* (Note 26)
462,157
747,836
462,157
747,836
Cash and cash equivalents (Note 29)
332,571
469,862
332,571
469,862
Restricted cash (Note 29.2)
126,351
132,209
126,351
132,209
921,079
1,349,907
921,079
1,349,907
Financial assets at fair value
Derivative financial assets (Note 28.1)
12,090
\u2014
12,090
\u2014
12,090
\u2014
12,090
\u2014
Financial liabilities
Interest-bearing loans borrowings** (Note 34)
1,005,596
1,367,629
1,018,655
1,355,001
Trade and other payables* (Note 38)
910,637
930,674
910,637
930,674
Lease liability (Note 35)
67,018
75,040
72,435
15,902
1,983,251
2,373,343
2,001,727
2,301,577
Financial liabilities at fair value
Derivative financial liabilities (Note 28.2)
(6,299)
(3,955)
(6,299)
(3,955)
(6,299)
(3,955)
(6,299)
(3,955)
* Trade and other receivables exclude underlift, NGMC VAT receivables, cash advances and advance payments.
** In determining the fair value of the interest-bearing loans and borrowings, non-performance risks of the Group as at period-end were assessed to be insignificant.
*** Trade and other payables exclude non-financial liabilities such as\u00a0 taxes, overlift, pension and other non-contractual payables.
Trade and other receivables (excluding prepayments), contract assets and cash and bank balances are financial instruments whose carrying amounts as per the financial statements
approximate their fair values. This is mainly due to their short-term nature.
As at the reporting period, the Group had classified its financial instruments into the three levels prescribed under the accounting
standards. There were no transfers of financial instruments between fair value hierarchy levels during the year.
\u2022 Level 1 \u2013 Quoted (unadjusted) market prices in active markets for identical assets or liabilities.
\u2022 Level 2 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly
observable.
\u2022 Level 3 \u2013 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
The fair value of the financial instruments is included at the price that would be received to sell an asset or paid to transfer a liability in an
orderly transaction between market participants at the measurement date.
Recurring fair value measurements
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Financial liabilities:
Derivative financial instruments
\u2014
9,041
\u2014
\u2014
6,299
\u2014
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Financial liabilities:
Derivative financial instruments
\u2014
6,073
\u2014
\u2014
3,955
\u2014
The fair value of the Group\u2019s derivative financial instruments has been determined using a proprietary pricing model that uses marked to
market valuation. The valuation represents the mid-market value and the actual close-out costs of trades involved. The market inputs to
the model are derived from observable sources. Other inputs are unobservable but are estimated based on the market inputs or by using
other pricing models. The derivative financial instruments are in Level 2.
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Financial liabilities:
Interest-bearing loans and borrowings
\u2014
1,462,032
\u2014
\u2014
1,018,655
\u2014
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Financial liabilities:
Interest-bearing loans and borrowings
\u2014
2,080,360
\u2014
\u2014
1,355,001
\u2014
The fair value of the Group\u2019s interest-bearing loans and borrowings is determined by using discounted cash flow models that use market
interest rates as at the end of the period. The interest-bearing loans and borrowings are in Level 2.
Non-recurring fair value measurements
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Assets
Non-current asset held for sale
\u2014
17,611
\u2014
\u2014
12,270
\u2014
The fair value of the property, plant and equipment (oil rig) held for sale is determined using the replacement cost of the asset and the
actual values market participants are willing to pay for the asset. These assets are of specialised nature and have been recognised under
Level 2.
The valuation process
The finance & planning team of the Group performs the valuations of financial and non-financial assets required for financial reporting
purposes, including Level 3 fair values. The corporate planning team reports to the Director, Strategy, Planning and Business Development
who reports directly to the Chief Executive Officer (CEO). Discussions on the valuation process and results are held between the Director
and the valuation team at least twice every year.
5.1.7\u00a0 Capital management
Risk management
The Group\u2019s objective when managing capital is to safeguard the Group\u2019s ability to continue as a going concern in order to provide returns
for shareholders and benefits for other stakeholders, to maintain optimal capital structure and reduce cost of capital. Consistent with
others in the industry, the Group monitors capital on the basis of the following: gearing ratio and net debt divided by total capital. Net debt
is calculated as total borrowings less cash and bank balances.
Restated
Restated
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Interest-bearing loans and borrowings
1,443,289
2,099,750
1,005,596
1,368,629
Lease liabilities
96,189
112,945
67,018
73,565
Less: cash and cash equivalents
(476,970)
(721,385)
(332,326)
(469,862)
Net debt
1,062,508
1,491,310
740,288
972,332
Total equity
2,643,236
2,828,983
1,841,655
1,842,606
Total capital
3,705,744
4,320,293
2,581,943
2,814,938
Net debt (net debt/total capital) ratio
29%
35%
29%
35%
During the year, the Group's strategy, which was unchanged from the prior year, was to maintain a net debt gearing ratio of 15% to 40%.
Capital includes share capital, share premiums, capital contribution and all other equity reserves.
As the Group continuously reviews its funding and maturity profile, it continues to monitor the market in ensuring that it is well positioned
for any refinancing and or buy back opportunities for the current debt facilities.
Loan covenants
Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:
\u2022 Total net financial indebtedness to annualised EBITDA is not to be greater than 3:1.
\u2022 The sources of funds exceed the relevant expenditures in each semi-annual period within the 18 months shown in the Group\u2019s
liquidity plan.
\u2022 The minimum production levels stipulated for each six-month period must be achieved.
\u2022 The Cash Adjusted Debt Service Cover Ratio should be equal to or greater than 1.20 to 1 for each Calculation Period through to the
applicable Termination Date.
The Group has complied with these covenants throughout the reporting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-663": { "value": "
5.1\u00a0 Financial risk factors
The Group\u2019s activities expose it to a variety of financial risks such as market risk (including foreign exchange risk, interest rate risk and
commodity price risk), credit risk and liquidity risk. The Group\u2019s risk management programme focuses on the unpredictability of financial
markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. Risk management is carried out by the
treasury department under policies approved by the Board of Directors. The Board provides written principles for overall risk management,
as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk and investment of excess
liquidity.
Risk
Exposure arising from
Measurement
Management
Market risk \u2013
foreign exchange
Future commercial transactions
Recognised financial assets and
liabilities not denominated in US
Dollars.
Cash flow forecasting
Sensitivity analysis
Match and settle foreign-denominated cash
inflows with the relevant cash outflows to
mitigate any potential foreign exchange risk.
Market risk \u2013
interest rate
Long-term borrowings at
variable rate
Sensitivity analysis
None
Market risk \u2013
commodity\u00a0 prices
Derivative financial instruments
Sensitivity analysis
Oil price hedges
Credit risk
Cash and bank balances, trade
receivables and derivative
financial instruments.
Ageing analysis
Credit ratings
Diversification of bank deposits
Liquidity risk
Borrowings and other liabilities
Rolling cash flow forecasts
Availability of committed credit lines and
borrowing facilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-664": { "value": "
5.1.1\u00a0 Market risk
Market risk is the risk of loss that may arise from changes in market factors such as foreign exchange rates, interest rates and
commodity prices.
i.\u00a0 Commodity price risk
The Group is exposed to the risk of fluctuations on crude oil prices. The uncertainty around the rate at which oil prices increase or decline
led to the Group\u2019s decision to enter into an option contract to insure the Group\u2019s revenue against adverse oil price movements.
Crude hedge
During the last quarter of 2025, the Group entered into an economic crude oil hedge contract with an average strike price of \u20a677,751
($51.25/bbl.) for 12 million barrels at an average premium price of \u20a61,817 ($1.20 /bbl.) agreed at the contract dates.\u00a0
These contracts, which will commence on 1 January 2026, are expected to reduce the volatility attributable to price fluctuations of oil. The
Group made a prepayment of $12 million in the current year but a premium of $2.3 million barrels will be settled on a deferred basis. An
unrealised fair value loss of \u20a69.04 billion, $6.3 million has been recognised in 2025.\u00a0
The termination dates are 31 March and 30 June 2026 respectively. Hedging the price volatility of forecast oil sales is in accordance with
the risk management strategy of the Group.
The maturity of the crude oil hedge contracts the Group holds is shown in the table below:
Less than 6
months
6 to 9
months
9 to 12
months
Above 12
months
Total
Fair value
\u20a6 million
Fair value
$'000
As at 31 December 2025
_
Crude oil hedges volume (bbl.)
12,000,000
\u2014
\u2014
\u2014
12,000,000
9,041
6,299
\u2014
9,041
6,299
Less than 6
months
6 to 9 months
9 to 12 months
Above 12
months
Total
Fair value
\u20a6 million
Fair value
$'000
As at 31 December 2024
Crude oil hedges volume (bbl.)
3,000,000
\u2013
\u2013
\u2013
3,000,000
6,073
3,955
6,073
3,955
The following table summarises the impact of the commodity options on the Group\u2019s profit before tax due to a 10% change in market
inputs, with all other variables held constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in market inputs
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
904
\u2014
607
\u2014
-10%
(904)
\u2014
(607)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in market inputs
$'000
$'000
$'000
$'000
+10%
630
\u2014
396
\u2014
-10%
(630)
\u2014
(396)
\u2014
The Group may be exposed to business risks from fluctuations in the future prices of crude oil and gas. The following table summarises
the impact on the Group\u2019s profit before tax of a 10% change in crude oil prices, with all other variables held constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in crude oil prices
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
377,425
\u2014
146,635
\u2014
-10%
(377,425)
\u2014
(146,635)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in crude oil prices
$'000
$'000
$'000
$'000
+10%
248,782
\u2014
99,099
\u2014
-10%
(248,782)
\u2014
(99,099)
\u2014
The following table summarises the impact on the Group\u2019s profit before tax of a 10% change in gas prices, with all other variables held
constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in gas prices
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
+10%
27,942
\u2014
18,483
\u2014
-10%
(27,942)
\u2014
(18,483)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2024
2024
Increase/decrease in gas prices
$'000
$'000
$'000
$'000
+10%
18,418
\u2014
12,491
\u2014
-10%
(18,418)
\u2014
(12,491)
\u2014
ii.\u00a0 Cash flow and fair value interest rate risk
The Group\u2019s exposure to interest rate risk relates primarily to interest-bearing loans and borrowings. The Group has both variable and fixed
interest rate borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by
cash and short-term fixed deposit held at variable rates. Fixed rate borrowings only give rise to interest rate risk if measured at fair value.
The Group\u2019s borrowings are not measured at fair value and are denominated in US Dollars. The Group is exposed to cash flow interest
rate risk on short-term deposits to the extent that the significant increases and reductions in market interest rates would result in a
decrease in the interest earned by the Group.
The contractual re-pricing date of the interest-bearing loans and borrowings is between 3-6 months. The exposure of the Group\u2019s
variable interest-bearing loans and borrowings at the end of the reporting period is shown below.
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Corporate loan
510,792
1,090,122
355,889
710,028
The following table demonstrates the sensitivity of the Group\u2019s profit before tax to changes in SOFR rate, with all other variables held
constant:
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
2025
2025
2025
Increase/decrease in interest rate
\u20a6 million
\u20a6 million
$'000
$'000
+2%
10,216
\u2014
7,118
\u2014
-2%
(10,216)
\u2014
(7,118)
\u2014
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Effect on
profit/(loss)
before tax
Effect on
other
components
of equity
before tax\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
2024
2024
2024
Increase/decrease in interest rate
\u20a6 million
\u20a6 million
$'000
$'000
+2%
21,802
\u2013
14,201
\u2014
-2%
(21,802)
\u2013
(14,201)
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-665": { "value": "
5.1.3\u00a0 Credit risk
Credit risk refers to the risk of a counterparty defaulting on its contractual obligations resulting in financial loss to the Group. Credit risk
arises from cash and bank balances as well as credit exposures to customers (i.e. Vitol S.A. Shell Western, Pillar, Azura, Geregu Power,
Sapele Power and Nigerian Gas Marketing Company (NGMC) receivables), and other parties (i.e., NUIMS receivables, NEPL receivables and
other receivables).
a)\u00a0 \u00a0 Risk management
The Group is exposed to credit risk from its sale of crude oil to Vito S.A. Exxonmobil, Waltersmith, Chevron and Shell Western. The Group
has an off-take agreement with Shell Western Supply and Trading Limited which expires in December 2026. The Group is exposed to
further credit risk from outstanding cash calls from NEPL and NUIMS.
In addition, the Group is exposed to credit risk in relation to the sale of gas to its customers.
The credit risk on cash and bank balances is managed through the diversification of banks in which the balances are held. The risk is
limited because the majority of deposits are with banks that have an acceptable credit rating assigned by an international credit agency.
The Group\u2019s maximum exposure to credit risk due to default of the counterparty is equal to the carrying value of its financial assets.
b)\u00a0 \u00a0 Impairment of financial assets
The Group financial assets that are subject to IFRS 9\u2019s expected credit loss model are listed below. Contract assets are also subject to the
expected credit loss model, even though they are not financial assets, as they have substantially the same credit risk characteristics as
trade receivables. The impairment of receivables is disclosed in the table below.
\u2022 JV partner receivables
\u2022 Trade receivables
\u2022 Contract assets
\u2022 Other receivables
\u2022 Cash and bank balances
Notes
\u20a6 million
$'000
As at 1 January 2025
57,609
104,690
Increase in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables
26.2
1,813
1,195
Increase in provision for trade receivables
26.1
21,739
14,329
Decrease\u00a0 in provision for other receivables
26.4
(2,047)
(1,349)
Increase in provision for contract asset
27
2,353
1,551
Impairment charge to the profit or loss
23,858
15,726
As at 31 December 2025
81,467
120,416
Notes
\u20a6 million
US $'000
As at 1 January 2024
41,969
94,120
Decrease in provision for Nigerian National Corporation Exploration Limited (NEPL) receivables
26.2
(2,473)
(1,671)
Decrease in provision for NNPC Upstream Investment Management Services (NUIMS) receivables
26.3
(1,126)
(761)
Increase in provision for trade receivables
26.1
14,137
9,554
Decrease in provision for receivables from joint venture (ANOH)
26.5
(4,433)
(2,996)
Increase in provision for other receivables
26.4
9,711
6,563
Decrease in provision for contract asset
27
(176)
(119)
Impairment charge to the profit or loss
15,640
10,570
As at 31 December 2024
57,609
104,690
The parameters applied in assessing impairment for NEPL receivables, NUIMS receivables, other receivables and short-term fixed deposits
are summarised below. The probability of default for receivables in Stage\u202f1 are measured using a 12-month Probability of Default (PD), while
receivables in Stages\u202f2 and 3 are assessed using lifetime PD. The lifetime PDs reflect the maximum contractual period over which the
Group is exposed to credit risk on these financial assets.
NNPC\u00a0 Exploration and
Production Company
Limited (NEPL) receivables
NNPC Upstream Investment
Management Services (NUIMS)
receivables
Other receivables
Short-term fixed deposits
Probability of
default (PD)
The 12-month sovereign
cumulative PD for base case,
downturn and upturn
respectively is 4.36%, 5.27%,
and 3.58%, for Stage 1. The
PD for Stage 2 and\u00a0 3 is
100%.
The 12-month sovereign
cumulative PD for base case,
downturn and upturn
respectively is 4.36%, 5.27%,
and 3.58%, for Stage 1. The PD
for Stage 2 and 3 is 100%.
The PD for Stage 3 is
100%.
The 12-month sovereign
cumulative PD for base
case, downturn and
upturn respectively is
2.05%, 2.06%, and 2,04%,
for Stage 1. The PD for
Stage 2 and 3 is 100%.
Loss given
default (LGD)
The 12-month LGD and
lifetime LGD were
determined using Moody\u2019s
recovery rate and mapped
based on the priority rating
of the receivable, for
emerging economies.
The 12-month LGD and lifetime
LGD were determined using
Moody\u2019s recovery rate and
mapped based on the priority
rating of the receivable, for
emerging economies.
The 12-month LGD and
lifetime LGD were
determined using
management\u2019s estimate
of expected cash
recoveries.
Management\u2019s estimate
is based on historical
pattern of recoveries.
The 12-month LGD and
lifetime LGD were
determined using Moody\u2019s
recovery rate and
mapped based on the
priority rating of the
receivable, for emerging
economies.
Exposure at
default (EAD)
The EAD is the maximum
exposure of the receivable to
credit risk.
The EAD is the maximum
exposure of the receivable to
credit risk.
The EAD is the
maximum exposure of
the receivable to credit
risk.
The EAD is the maximum
exposure of the short-
term fixed deposits to
credit risk.
Macroeconomic
indicators
The historical GDP growth
rates, inflation rates, Brent oil
price and gas price were
used.
The historical GDP growth
rates, inflation rates, Brent oil
price and gas price were used.
The historical GDP
growth rates, inflation
rates, Brent oil price and
gas price were used.
The historical GDP growth
rates, inflation rates, Brent
oil price and gas price
were used.
Probability
weightings
20%, 35.6%, and 41% were
used as the weights for the
base, upturn and downturn
ECL modelling scenarios
respectively.
20%, 35.6%, and 41% were
used as the weights for the
base, upturn and downturn ECL
modelling scenarios
respectively.
20%, 35.6%, and 41%
were used as the
weights for the base,
upturn and downturn
ECL modelling scenarios
respectively.
20%, 35.6%, and 41%
were used as the weights
for the base, upturn and
downturn ECL modelling
scenarios respectively.
The Group considers both quantitative and qualitative indicators in classifying its receivables into the relevant stages for impairment
calculation as shown below:
\u2022 Stage 1: This stage includes financial assets that are less than 30 days past due (performing).
\u2022 Stage 2: This stage includes financial assets that have been assessed to have experienced a significant increase in credit risk using
the days past due criteria (i.e. the outstanding receivables amounts are more than 30 days past due but less than 90 days past
due) and other qualitative indicators such as the increase in political risk concerns or other macro economic factors and the risk of
legal action, sanction or other regulatory penalties that may impair future financial performance.
\u2022 Stage 3: This stage includes financial assets that have been assessed as being in default (i.e. receivables that are more than 90
days past due) or that have a clear indication that the imposition of financial or legal penalties and/or sanctions will make the full
recovery of indebtedness highly improbable.
i.\u00a0 \u00a0 NEPL receivables
NEPL receivables represent the outstanding cash calls due to Seplat from its joint venture partner, Nigerian National Petroleum Corporation
Exploration Limited. The Group applies the IFRS 9 general model for measuring expected credit losses (ECL). This requires a three-stage
approach in recognising the expected loss allowance for NEPL receivables.
The ECL recognised for the period is a probability-weighted estimate of credit losses discounted at the effective interest rate of the
financial asset. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the
Group in accordance with the contract and the cash flows that the Group expects to receive).
The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the model and
the assumptions used in calculating these ECLs as key sources of estimation uncertainty.
There was no write-off during the year (2024: nil). (See details in Note 26.2.)
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
126,606
\u2014
\u2014
126,606
Loss Allowance
(5,269)
\u2014
\u2014
(5,269)
Net Exposure at Default (EAD)
121,337
\u2014
\u2014
121,337
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
67,954
\u2014
\u2014
67,954
Loss Allowance
(4,339)
\u2014
\u2014
(4,339)
Net Exposure at Default (EAD)
63,615
\u2014
\u2014
63,615
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
88,211
\u2014
\u2014
88,211
Loss Allowance
(3,671)
\u2014
\u2014
(3,671)
Net Exposure at Default (EAD)
84,540
\u2014
\u2014
84,540
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
44,260
\u2014
\u2014
44,260
Loss Allowance
(2,826)
\u2014
\u2014
(2,826)
Net Exposure at Default (EAD)
41,434
\u2014
\u2014
41,434
ii.\u00a0 \u00a0 NIUMS receivables
NUIMS receivables represent the outstanding cash calls due to Seplat from its Joint Operating Agreement (JOA) partner, NNPC Upstream
Investment Management Services. The Group applies the general model for measuring expected credit losses (ECL) which uses a three-
stage approach in recognising the expected loss allowance for NUIMS receivables.
The ECL was calculated based on actual credit loss experience from 2016, which is the date the Group initially became a party to the
contract. The following analysis provides further detail about the calculation of ECLs related to these assets. The Group considers the
model and the assumptions used in calculating these ECLs as key sources of estimation uncertainty. The tables below show the
expected credit losses for the year ended 31 December 2025 and 31 December 2024.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
289,437
\u2014
\u2014
289,437
Net Exposure at Default (EAD)
289,437
\u2014
\u2014
289,437
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
454,571
\u2014
\u2014
454,571
Net Exposure at Default (EAD)
454,571
\u2014
\u2014
454,571
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
US$'000
Gross Exposure at Default (EAD)
201,662
\u2014
\u2014
201,662
Net Exposure at Default (EAD)
201,662
\u2014
\u2014
201,662
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
296,075
\u2014
\u2014
296,075
Net Exposure at Default (EAD)
296,075
\u2014
\u2014
296,075
iii.\u00a0 \u00a0 Trade receivables (Geregu Power, Sapele Power, Nigerian Gas Marketing Company and others)
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for
all trade receivables and contract assets. The impairment of trade receivables (Geregu Power, Sapele Power, NGMC and others) was
estimated by applying the provision matrix. The expected loss rate was calculated as the percentage of the receivable that is deemed
uncollectible during a particular period. The expected loss rates as at 31\u00a0December 2025 and 31\u00a0December 2024 are as follows:
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
186,018
4,313
2,278
8,728
9,550
34,605
245,492
Expected loss rate
1%
4%
54%
67%
89%
100%
21%
Lifetime ECL
(1,550)
(189)
(1,227)
(5,875)
(8,541)
(34,605)
(51,988)
Total
184,468
4,124
1,051
2,853
1,009
\u2013
193,504
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
520,601
5,707
3,479
8,101
11,671
17,492
567,051
Expected loss rate
0%
9%
17%
41%
66%
100%
6%
Lifetime ECL
(2,472)
(534)
(603)
(3,291)
(7,742)
(17,492)
(32,134)
Total
518,129
5,173
2,876
4,810
3,929
\u2014
534,917
`
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2025
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Gross carrying amount
129,604
3,005
1,587
6,081
6,654
24,111
171,042
Expected loss rate
1%
4%
54%
67%
89%
100%
21%
Lifetime ECL
(1,078)
(132)
(855)
(4,093)
(5,951)
(24,111)
(36,220)
Total
128,526
2,873
732
1,988
703
\u2014
134,822
Current
30-60 days
61-90 days
91-180 days
181-365 days
Above 365 days
Total
31 December 2024
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Gross carrying amount
339,083
3,717
2,266
5,276
7,602
11,393
369,337
Expected loss rate
0%
9%
17%
41%
66%
100%
5%
Lifetime ECL
(1,610)
(348)
(393)
(2,143)
(5,043)
(11,393)
(20,930)
Total
337,473
3,369
1,873
3,133
2,559
\u2014
348,407
iv.\u00a0 \u00a0 Contract assets
The expected credit losses on contract assets was estimated by applying the provision matrix. The expected loss rate was calculated as
the percentage of the receivable that is deemed uncollectible during a particular period. The expected loss rates as at 31 December 2025
and 2024 are shown below:
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
31,623
\u2014
\u2014
\u2014
\u2014
\u2014
31,623
Expected loss rate
7.79%
\u2014
\u2014
\u2014
\u2014
\u2014
7.79%
Lifetime ECL
(2,464)
\u2014
\u2014
\u2014
\u2014
\u2014
(2,464)
Total
29,159
\u2014
\u2014
\u2014
\u2014
\u2014
29,159
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross carrying amount
23,918
\u2014
\u2014
\u2014
\u2014
\u2014
23,918
Expected loss rate
1%
1%
Lifetime ECL
(255)
\u2014
\u2014
\u2014
\u2014
\u2014
(255)
Total
23,663
\u2014
\u2014
\u2014
\u2014
\u2014
23,663
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2025
US$'000
US$'000
US$'000
US$'000
US$'000
$'000
$'000
Gross carrying amount
22,032
\u2014
\u2014
\u2014
\u2014
\u2014
22,032
Expected loss rate
7.79%
\u2014
\u2014
\u2014
\u2014
\u2014
7.79%
Lifetime ECL
(1,717)
\u2014
\u2014
\u2014
\u2014
\u2014
(1,717)
Total
20,315
\u2014
\u2014
\u2014
\u2014
\u2014
20,315
Current
1-30 days
31-60 days
61-90 days
181-365 days
Above 365 days
Total
31 December 2024
US$'000
US$'000
US$'000
US$'000
US$'000
$'000
$'000
Gross carrying amount
15,745
\u2014
\u2014
\u2014
15,745
Expected loss rate
1%
\u2014
\u2014
\u2014
\u2014
\u2014
1%
Lifetime ECL
(166)
\u2014
\u2014
\u2014
\u2014
\u2014
(166)
Total
15,579
\u2014
\u2014
\u2014
\u2014
\u2014
15,579
v.\u00a0 \u00a0 Other receivables
Other receivables are amounts outside the usual operating activities of the Group. Included in other receivables is a receivable amount on
an investment that is no longer being pursued. The Group applied the general approach in estimating the expected credit loss.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
\u2014
\u2014
143,037
143,037
Loss Allowance
\u2014
\u2014
(86,064)
(86,064)
Net Exposure at Default (EAD)
\u2014
\u2014
56,973
56,973
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
\u2013
\u2013
182,885
182,885
Loss Allowance
\u2013
\u2013
(79,667)
(79,667)
Net Exposure at Default (EAD)
\u2013
\u2013
103,218
103,218
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
\u2014
\u2014
99,659
99,659
Loss Allowance
\u2014
\u2014
(59,964)
(59,964)
Net Exposure at Default (EAD)
\u2014
\u2014
39,695
39,695
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
\u2014
\u2014
119,118
119,118
Loss Allowance
\u2014
\u2014
(58,258)
(58,258)
Net Exposure at Default (EAD)
\u2014
\u2014
60,860
60,860
vi.\u00a0 \u00a0 Cash and cash equivalents
The Group applies the IFRS 9 general model for measuring expected credit losses (ECL) which uses a three-stage approach in
recognising the expected loss allowance for cash and cash equivalents. The ECL was calculated as the probability weighted estimate of
the credit losses expected to occur over the contractual period of the facility after considering macroeconomic indicators.
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Gross Exposure at Default (EAD)
477,322
\u2014
\u2014
477,322
Loss Allowance
(352)
\u2014
\u2014
(352)
Net Exposure at Default (EAD)
476,970
\u2014
\u2014
476,970
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
N million
N million
N million
N million
Gross Exposure at Default (EAD)
721,761
\u2014
\u2014
721,761
Loss Allowance
(376)
\u2014
\u2014
(376)
Net Exposure at Default (EAD)
721,385
\u2014
\u2014
721,385
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
332,571
\u2014
\u2014
332,571
Loss Allowance
(245)
\u2014
\u2014
(245)
Net Exposure at Default (EAD)
332,326
\u2014
\u2014
332,326
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2024
$'000
$'000
$'000
$'000
Gross Exposure at Default (EAD)
470,107
\u2014
\u2014
470,107
Loss Allowance
(245)
\u2014
\u2014
(245)
Net Exposure at Default (EAD)
469,862
\u2014
\u2014
469,862
Other cash, bank balances and restricted cash
The Group assessed the other cash, bank and restricted cash balances to determine their expected credit losses. Based on the
assessment performed, the expected credit loss figures were insignificant and not recognised due to materiality as at 31 December 2025
(2024: nil). The assets are assessed to be in Stage 1.
Credit quality of cash and cash equivalents (including restricted cash)
The credit quality of the Group\u2019s cash and bank balances is assessed on the basis of external credit ratings (Fitch long-term ratings). As
shown below, cash and bank balances are all in Stage 1 based on the ECL assessment:
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
B-
\u2013
449,688
\u2013
292,895
B
480,551
\u2014
334,819
\u2014
BBB-
\u2013
1
\u2013
1
BBB+
\u2013
1,809
\u2013
1,179
A
\u2013
376
\u2013
245
AA
44
\u2014
31
\u2014
A+
151,893
361,729
105,830
235,605
AA-
731
67,543
509
43,992
AAA
25,484
43,666
17,756
28,441
Non-rated
(34)
(64)
(23)
(42)
658,669
924,748
458,922
602,316
Allowance for impairment recognised during the year (Note 29.1)
(352)
(376)
(245)
(245)
Net cash and cash bank balances (Notes 29 and 29.2)
658,317
924,372
458,677
602,071
c.\u00a0 \u00a0 Maximum exposure to credit risk \u2013 financial instruments subject to impairment
The Group estimated the expected credit loss on NEPL receivables, NUIMS receivables and short-term fixed deposits by applying the
general model. The gross carrying amount of financial assets represents the Group\u2019s maximum exposure to credit risks on these assets.
All financial assets impaired using the general model (NEPL, NUIMS and short-term fixed deposits) are graded under the standard
monitoring credit grade (rated B- under Standard and Poor\u2019s unmodified ratings) and are classified under Stage 1, except for the other
receivables which are graded under the investment grade (rated AA under Standard and Poor\u2019s unmodified ratings) and classified in
Stage 2 and Stage 3.
d)\u00a0 \u00a0 Roll forward movement in loss allowance
The loss allowance recognised in the period is impacted by a variety of factors, as described below:
\u2022 Transfers between Stage 1 and Stage 2 or Stage 3 due to financial instruments experiencing significant increases (or decreases) of
credit risk or becoming credit impaired in the period, and the consequent \u2018step up\u2019 (or \u2018step down\u2019) between 12-month and lifetime
ECL;
\u2022 Additional allowances for new financial instruments recognised during the period, as well as releases for financial instruments
derecognised in the period;
\u2022 Impact on the measurement of ECL due to changes in PDs, EADs and LGDs in the period, arising from regular refreshing of inputs
to models;
\u2022 Discount unwind within ECL due to passage of time, as ECL is measured on a present value basis;
\u2022 Foreign exchange retranslation for assets denominated in foreign currencies and other movements; and
\u2022 Financial assets derecognised during the period and write-off of receivables and allowances related to assets.
The following tables explain the changes in the loss allowance between the beginning and end of the annual period due to these factors:
NEPL receivables
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
4,339
\u2014
\u2014
4,339
Movements in profit due to increase in receivables
1,813
\u2014
\u2014
1,813
Foreign exchange revaluation impact
285
\u2014
\u2014
285
Exchange difference
(1,168)
\u2014
\u2014
(1,168)
Loss allowance as at 31 December 2025
5,269
\u2014
\u2014
5,269
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
2,826
\u2014
\u2014
2,826
Movements in profit due to increase in receivables
1,195
\u2014
\u2014
1,195
Foreign exchange revaluation impact
(350)
\u2014
\u2014
(350)
Loss allowance as at 31 December 2025
3,671
\u2014
\u2014
3,671
Other receivables
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
\u2014
\u2014
79,667
79,667
Movements in profit due to increase in receivables
\u2014
\u2014
(2,047)
(2,047)
Foreign exchange revaluation impact
3,407
3,407
Exchange difference
\u2014
\u2014
5,037
5,037
Loss allowance as at 31 December 2025
\u2014
\u2014
86,064
86,064
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
\u2014
\u2014
58,258
58,258
Movements in profit due to increase in receivables
\u2014
\u2014
(1,349)
(1,349)
Foreign exchange revaluation impact
\u2014
\u2014
3,055
3,055
Loss allowance as at 31 December 2025
\u2014
\u2014
59,964
59,964
Cash and equivalents
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
N million
N million
N million
N million
Loss allowance as at 1 January 2025
(376)
\u2014
\u2014
(376)
Exchange difference
24
\u2014
\u2014
24
Loss allowance as at 31 December 2025
(352)
\u2014
\u2014
(352)
Cash and equivalents
Stage 1
Stage 2
Stage 3
12-month ECL
Lifetime ECL
Lifetime ECL
Total
31 December 2025
$'000
$'000
$'000
$'000
Loss allowance as at 1 January 2025
(245)
\u2014
\u2014
(245)
Loss allowance as at 31 December 2025
(246)
\u2014
\u2014
(245)
e.\u00a0 \u00a0 Estimation uncertainty in measuring impairment loss
The table below shows information on the sensitivity of the carrying amounts of the Company\u2019s financial assets to the methods,
assumptions and estimates used in calculating impairment losses on those financial assets at the end of the reporting period. These
methods, assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group\u2019s
financial assets.
i.\u00a0 \u00a0 Expected cash flow recoverable
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to a 20% change in the expected cash flows from
financial assets, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of profit
before tax
Effect on
profit before
tax
Effect on
other
components
of
profit before
tax
2025
2025
2025
2025
Increase/decrease in estimated cash flows
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
+20%
(16,166)
\u2013
(11,264)
\u2013
-20%
16,166
\u2013
11,264
\u2013
Effect on
profit before
tax
Effect on
other
components
of profit
before tax
Effect on
profit before
tax
Effect on
other
components
of
profit before
tax
2024
2024
2024
2024
Increase/decrease in estimated cash flows
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
+20%
(13,916)
\u2013
(9,064)
\u2013
-20%
13,916
\u2013
9,064
\u2013
ii)\u00a0 \u00a0 Significant unobservable inputs
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to movements in the probability of default (PD) and loss
given default (LGD) for financial assets, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in loss given default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(3,846)
\u2014
(268)
\u2014
-10%
3,846
\u2014
268
\u2014
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in loss given default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(208)
\u2014
(141)
\u2014
-10%
208
\u2014
141
\u2014
The table below demonstrates the sensitivity of the Group\u2019s profit before tax to movements in probabilities of default, with all other
variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in probability of default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(1,068)
\u2014
(744)
\u2014
-10%
1,068
\u2014
744
\u2014
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in probability of default
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(218)
\u2014
(147)
\u2014
-10%
218
\u2014
147
\u2014
The table below demonstrates the sensitivity of the Company\u2019s profit before tax to movements in the forward-looking macroeconomic
indicators, with all other variables held constant:
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2025
2025
2025
2025
Increase/decrease in forward-looking macroeconomic indicators
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(613)
\u2013
(427)
\u2013
-10%
613
\u2013
427
\u2013
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
Effect on
profit before
tax
Effect on
other
components
of equity
before tax
2024
2024
2024
2024
Increase/decrease in forward-looking macroeconomic indicators
\u20a6 million
\u20a6 million
$'000
$'000
+10%
(63)
\u2014
(42)
\u2014
-10%
63
\u2014
42
\u2014
f. Estimation uncertainty in measuring provision for decommissioning obligations
The table below shows information on the sensitivity of the Company\u2019s\u00a0 provision for decommissioning obligations to the assumptions and
estimates used in calculating the present value of the estimated future cost of decommissioning its oil production facilities. These
assumptions and estimates have a significant risk of causing material adjustments to the carrying amounts of the Group\u2019s financial liability.
Should these estimates vary, the profit or loss and statement of financial position in the following years would be impacted.
Estimates could change due to changes in inflation rate, expected cessation of production (CoP) date, discount rate and market prices.
The amount and timing of expenses for any period would be affected by changes in these factors and circumstances. Discount rate and
CoP date have been identified as the significant assumptions driving the estimate, and the sensitivity analyses are as shown below.
2025
2025
Increase/ (decrease) in discount rate
\u20a6 million
$'000
1%
34,918
24,329
-1%
(30,589)
(21,313)
2025
2025
Increase/ (decrease) in cessation of production (CoP) date
\u20a6 million
$'000
+5 years
136,473
95,086
- 5 years
(145,823)
(101,600)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-666": { "value": "
5.1.4\u00a0 \u00a0 Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group manages liquidity risk by
ensuring that sufficient funds are available to meet its commitments as they fall due.
The Group uses both long-term and short-term cash flow projections to monitor funding requirements for activities and to ensure there
are sufficient cash resources to meet operational needs. Cash flow projections take into consideration the Group\u2019s debt financing plans
and covenant compliance. Surplus cash held is transferred to the treasury department which invests in interest-bearing current accounts
and time deposits.
The following table details the Group\u2019s remaining contractual maturity for its non-derivative financial liabilities with agreed maturity periods.
The table has been drawn based on the undiscounted cash flows of the financial liabilities based on the earliest date on which the Group
can be required to pay.
Effective interest rate
%
Less than 1
year
1 - 2 years
2 - 3 years
3 - 5 years
Total
31 December 2025
%
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
9.125%
85,129
85,129
85,129
1,060,611
1,315,998
Variable interest rate borrowings:
Senior reserve based lending (RBL) facility
The Mauritius Commercial Bank Ltd
6.5%\u00a0 + SOFR
2,582
2,583
11,224
17,888
34,277
Stanbic IBTC Bank Plc
6.5%\u00a0 + SOFR
2,324
2,323
10,101
16,098
30,846
Standard Bank of South Africa
6.5%\u00a0 + SOFR
1,292
1,292
5,612
8,943
17,139
First City Monument Ltd (FCMB)
6.5%\u00a0 + SOFR
1,240
1,240
5,387
8,586
16,453
Zenith Bank plc
6.5%\u00a0 + SOFR
827
827
3,591
5,724
10,969
$300 million advance payment facility (APF)
ExxonMobil Financing
5% + SOFR + CAS
41,309
451,231
\u2014
\u2014
492,540
Total variable interest borrowings
49,574
459,496
35,915
57,239
602,224
Other non-derivatives
Trade and other payables**
1,203,071
\u2014
\u2014
\u2014
1,203,071
Lease liability
52,800
27,726
23,436
\u2014
103,962
1,255,871
27,726
23,436
\u2014
1,307,033
Total
1,390,574
572,351
144,480
1,117,850
3,225,255
Effective interest rate
Less than
1 year
1 \u2013 2
year
2 \u2013 3
years
Total
\u201831 December 2024
%
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
7.75%
77,342
1,036,629
\u2014
1,113,971
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
8%\u00a0 + SOFR
23,378
6,274
\u2014
29,652
Stanbic IBTC Bank Plc
8%\u00a0 + SOFR
23,867
6,403
\u2014
30,270
Standard Bank of South Africa
8%\u00a0 + SOFR
13,638
3,660
\u2014
17,298
First City Monument Ltd (FCMB)
8%\u00a0 + SOFR
6,088
1,634
\u2014
7,722
Shell Western Supply & Trading Limited
10.5%\u00a0 + SOFR
2,598
2,598
18,184
23,380
$350 million RCF
Citibank N.A. London
5%\u00a0 + SOFR
15,354
\u2014
\u2014
15,354
Nedbank Limited, London Branch
5%\u00a0 + SOFR
69,090
\u2014
\u2014
69,090
Stanbic Ibtc Bank Plc
5%\u00a0 + SOFR
76,766
\u2014
\u2014
76,766
The Standard Bank of South Africa Limited
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
RMB International (Mauritius) Limited
5%\u00a0 + SOFR
99,796
\u2014
\u2014
99,796
The Mauritius Commercial Bank Ltd
5%\u00a0 + SOFR
69,090
\u2014
\u2014
69,090
JP Morgan Chase Bank, N.A. London
5%\u00a0 + SOFR
46,060
\u2014
\u2014
46,060
Standard Chartered Bank
5%\u00a0 + SOFR
46,060
\u2014
\u2014
46,060
Natixis
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
Societe Generale Bank, London Branch
5%\u00a0 + SOFR
\u2014
\u2014
\u2014
\u2014
Zenith Bank Plc
5%\u00a0 + SOFR
23,030
\u2014
\u2014
23,030
Zenith Bank (UK) Limited
5%\u00a0 + SOFR
30,707
\u2014
\u2014
30,707
United Bank for Africa Plc
5%\u00a0 + SOFR
23,030
\u2014
\u2014
23,030
First City Monument Bank Limited
5%\u00a0 + SOFR
30,707
\u2014
\u2014
30,707
BP
5%\u00a0 + SOFR
7,677
\u2014
\u2014
7,677
$300 million advance payment facility (APF)
ExxonMobil Financing
5%\u00a0 + SOFR + CAS
44,547
44,547
504,533
593,627
Total variable interest borrowings
651,483
65,116
522,717
1,239,316
Other non-derivatives
Trade and other payables**
1,534,406
\u2014
\u2014
1,534,406
Lease liability
24,415
\u2014
\u2014
24,415
1,558,821
\u2014
\u2014
1,558,821
Total
2,287,646
1,101,745
522,717
3,912,108
Effective interest rate
%
Less than 1
year
1 - 2
years
2 - 3 years
3 - 5 years
Total
31 December 2025
%
$'000
$'000
$'000
$'000
$'000
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
9.125%
59,313
59,313
59,313
738,969
916,908
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
6.5%\u00a0 + SOFR
1,799
1,799
7,820
12,463
23,881
Stanbic IBTC Bank Plc
6.5%\u00a0 + SOFR
1,619
1,619
7,038
11,216
21,492
Standard Bank of South Africa
6.5%\u00a0 + SOFR
900
900
3,910
6,231
11,941
First City Monument Ltd (FCMB)
6.5%\u00a0 + SOFR
864
864
3,753
5,982
11,463
Zenith Bank plc
6.5%\u00a0 + SOFR
576
576
2,502
3,988
7,642
$300 million advance payment facility (ADF)
ExxonMobil Financing
5% + SOFR + CAS
28,781
314,391
\u2014
\u2014
343,172
Total variable interest borrowings
34,539
320,149
25,023
39,880
419,591
Other non-derivatives
Trade and other payables**
838,216
\u2014
\u2014
\u2014
838,216
Lease liability
36,788
19,318
16,329
\u2014
72,435
875,004
19,318
16,329
\u2014
910,651
Total
968,856
398,780
100,665
778,849
2,247,150
Derivative liability of $6.299 million, \u20a69.04 billion (2024: $3.9 million, \u20a66.1 billion) is expected to be settled within the next 12 months. Hence, it would be classified under less than one year for the
purpose of liquidity and maturity analysis.
1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables).
Effective interest rate
Less than
1 year
1 \u2013 2
year
2 \u2013 3
years
Total
\u201831 December 2024
%
$'000
$'000
$'000
$'000
Non-derivatives
Fixed interest rate borrowings
650 million Senior notes
7.75%
50,375
675,188
\u2014
725,563
Variable interest rate borrowings
The Mauritius Commercial Bank Ltd
8%\u00a0 + SOFR
15,227
4,086
\u2014
19,313
Stanbic IBTC Bank Plc
8%\u00a0 + SOFR
15,545
4,171
\u2014
19,716
Standard Bank of South Africa
8%\u00a0 + SOFR
8,883
2,384
\u2014
11,267
First City Monument Ltd (FCMB)
8%\u00a0 + SOFR
3,965
1,064
\u2014
5,029
Shell Western Supply & Trading Limited
10.5%\u00a0 + SOFR
1,692
1,692
11,844
15,228
$350 million Seplat RCF
Citibank N.A. London
5%\u00a0 + SOFR
10,000
\u2014
\u2014
10,000
Nedbank Limited, London Branch
5%\u00a0 + SOFR
45,000
\u2014
\u2014
45,000
Stanbic Ibtc Bank Plc
5%\u00a0 + SOFR
50,000
\u2014
\u2014
50,000
RMB International (Mauritius) Limited
5%\u00a0 + SOFR
65,000
\u2014
\u2014
65,000
The Mauritius Commercial Bank Ltd
5%\u00a0 + SOFR
45,000
\u2014
\u2014
45,000
JP Morgan Chase Bank, N.A. London
5%\u00a0 + SOFR
30,000
\u2014
\u2014
30,000
Standard Chartered Bank
5%\u00a0 + SOFR
30,000
\u2014
\u2014
30,000
Zenith Bank Plc
5%\u00a0 + SOFR
15,000
\u2014
\u2014
15,000
Zenith Bank (UK) Limited
5%\u00a0 + SOFR
20,000
\u2014
\u2014
20,000
United Bank for Africa Plc
5%\u00a0 + SOFR
15,000
\u2014
\u2014
15,000
First City Monument Bank Limited
5%\u00a0 + SOFR
20,000
\u2014
\u2014
20,000
BP
5%\u00a0 + SOFR
5,000
\u2014
\u2014
5,000
$300 million advance payment facility (ADF)
ExxonMobil Financing
5%\u00a0 + SOFR + CAS
29,015
29,015
328,617
386,647
Total variable interest borrowings
424,327
42,412
340,461
807,200
Other non-derivatives
Trade and other payables**
999,403
\u2014
\u2014
999,403
Lease liability
15,902
\u2014
\u2014
15,902
1,015,305
\u2014
\u2014
1,015,305
Total
1,490,007
717,600
340,461
2,548,068
1. Trade and other payables (exclude non-financial liabilities such as provisions, taxes, pension and other non-contractual payables).
i)\u00a0 Liquidity risk
The plan liabilities are not fully funded and as a result, there is a risk that the Group may not have the required cash flow to fund future
defined benefit obligations as they fall due.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-667": { "value": "
5.1.5\u00a0 \u00a0 Fair value measurements
Set out below is a comparison by category of carrying amounts and fair value of all financial instruments:
Carrying amount
Fair value
2025
2024
2025
2024
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Financial assets measured at amortised cost
Trade and other receivables* (Note 26)
663,315
1,148,171
663,315
1,148,171
Cash and cash equivalents (Note 29)
476,970
721,385
476,970
721,385
Restricted cash (Note 29.2)
181,347
202,983
181,347
202,983
1,321,632
2,072,539
1,321,632
2,072,539
Financial assets measured at fair value
Derivative financial assets (Note 28.1)
17,352
\u2014
17,352
\u2014
17,352
\u2014
17,352
\u2014
Financial liabilities
Interest-bearing loans borrowings** (Note 34)
1,443,289
2,099,750
1,462,032
2,080,360
Trade and other payables* (Note 38)
1,307,005
1,428,884
1,307,005
1,428,884
Lease liability (Note 35)
96,188
115,209
103,962
24,415
2,846,482
3,643,843
2,872,999
3,533,659
Financial liabilities at fair value
Derivative financial liabilities (Note 28.2)
(9,041)
(6,073)
(9,041)
(6,073)
(9,041)
(6,073)
(9,041)
(6,073)
Carrying amount
Fair value
2025
2024
2025
2024
$'000
$'000
$\u2019000
$\u2019000
Financial assets at amortised cost
Trade and other receivables* (Note 26)
462,157
747,836
462,157
747,836
Cash and cash equivalents (Note 29)
332,571
469,862
332,571
469,862
Restricted cash (Note 29.2)
126,351
132,209
126,351
132,209
921,079
1,349,907
921,079
1,349,907
Financial assets at fair value
Derivative financial assets (Note 28.1)
12,090
\u2014
12,090
\u2014
12,090
\u2014
12,090
\u2014
Financial liabilities
Interest-bearing loans borrowings** (Note 34)
1,005,596
1,367,629
1,018,655
1,355,001
Trade and other payables* (Note 38)
910,637
930,674
910,637
930,674
Lease liability (Note 35)
67,018
75,040
72,435
15,902
1,983,251
2,373,343
2,001,727
2,301,577
Financial liabilities at fair value
Derivative financial liabilities (Note 28.2)
(6,299)
(3,955)
(6,299)
(3,955)
(6,299)
(3,955)
(6,299)
(3,955)
* Trade and other receivables exclude underlift, NGMC VAT receivables, cash advances and advance payments.
** In determining the fair value of the interest-bearing loans and borrowings, non-performance risks of the Group as at period-end were assessed to be insignificant.
*** Trade and other payables exclude non-financial liabilities such as\u00a0 taxes, overlift, pension and other non-contractual payables.
Trade and other receivables (excluding prepayments), contract assets and cash and bank balances are financial instruments whose carrying amounts as per the financial statements
approximate their fair values. This is mainly due to their short-term nature.
15.\u00a0 \u00a0 Fair value loss
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Hedge premium expenses
28,834
7,180
19,006
4,852
Fair value loss\u00a0 on derivatives (Note 28.2)
3,886
3,695
2,562
2,497
32,720
10,875
21,568
7,349
Fair value loss on derivatives represents changes in the fair value of hedging receivables charged to profit or loss.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-668": { "value": "
6.\u00a0 \u00a0 Segment reporting
Business segments are based on the Group\u2019s internal organisation and management reporting structure. The Group\u2019s business segments
are the two core businesses: oil and gas. The oil segment deals with the exploration, development and production of crude oil while the
gas segment deals with the production and processing of gas. These two reportable segments make up the total operations of the
Group.
For the year ended 31\u00a0December 2025, revenue from the gas segment of the business constituted 9% (2024: 11%) of the Group\u2019s revenue.
Management is committed to continued growth of the gas segment of the business, including through increased investment to establish
additional offices, create a separate gas business operational management team and procure the required infrastructure for this segment
of the business. The gas business is positioned separately within the Group and reports directly to the chief operating decision maker. As
the gas business segment\u2019s revenues, results and cash flows are largely independent of other business units within the Group, it is
regarded as a separate segment. The result is two reporting segments, oil and gas. There were no inter-segment sales during the
reporting periods under consideration, therefore all revenue was from external customers.
Amounts relating to the gas segment are determined using the gas cost centres, with the exception of depreciation. Depreciation relating
to the gas segment is determined by applying a percentage which reflects the proportion of the net book value of oil and gas properties
that relates to gas investment costs (i.e. cost for the gas processing facilities).
During the year, adjustments were made to appropriately align cost, revenue, assets and liabilities relating to NGL and the gas business.
The segment income for the reporting period now reflects the profit accruing to the oil and gas business respectively. For this purpose,
NGL has been categorised under the gas business.
The Group accounting policies are also applied in the segment reports.
6.1\u00a0 Segment profit disclosure
Restated
Restated
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Oil
158,922
102,408
104,603
69,209
Gas
82,660
105,461
54,486
71,272
Total profit\u00a0 for the period
241,582
207,869
159,089
140,481
Restated
Restated
2025
2024
2025
2024
Oil
\u20a6 million
\u20a6 million
$'000
$'000
Revenue from contracts with customers
Crude oil sales (Note 9)
3,774,247
1,466,349
2,487,819
990,991
Cost of sales and general and administrative expenses
(2,923,539)
(1,314,369)
(1,927,070)
(888,281)
Other income*
73,357
223,692
48,200
151,176
Operating profit before impairment
924,065
375,672
608,949
253,886
Impairment reversals/(losses)
(1,008)
(3,412)
(665)
(2,306)
Fair value loss**
(32,720)
(10,875)
(21,568)
(7,349)
Operating profit
890,337
361,385
586,716
244,231
Finance income (Note 16)
18,532
19,525
12,216
13,196
Finance expenses (Note 16)
(281,207)
(138,694)
(185,359)
(93,732)
Profit before taxation
627,662
242,216
413,573
163,695
Income tax expense (Note 17)
(468,740)
(139,808)
(308,970)
(94,486)
Profit for the year
158,922
102,408
104,603
69,209
* Other income in the Oil business is made up of other income/loss (Note 11).
** Fair value losses represent fair value changes during the year from crude oil hedges that the oil business holds.
2025
2024
2025
2024
Gas
\u20a6 million
\u20a6 million
$'000
$'000
Revenue from contracts with customers
Gas sales
279,415
184,833
184,178
124,914
Natural gas liquid
81,714
389
53,862
263
Cost of sales and general and administrative expenses
(218,097)
(31,439)
(143,760)
(21,250)
Other income*
14,104
(19,584)
9,297
(13,235)
Operating profit before impairment
157,136
134,199
103,577
90,692
Impairment losses
(22,849)
(12,228)
(15,061)
(8,264)
Operating profit
134,287
121,971
88,516
82,428
Share of (loss)/profit from joint venture accounted for using the equity method
(6,442)
30,482
(4,246)
20,601
Profit before taxation
127,845
152,453
84,270
103,029
Income tax expense (Note 17)
(45,185)
(46,992)
(29,784)
(31,757)
Profit for the period
82,660
105,461
54,486
71,272
Impairment losses reflect timing of recovery of gas receivables and currency devaluation. See Note 14 for further details.
* Other income in the gas business is made up of other income/loss (Note 11).
6.1.1\u00a0 Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical regions.
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Canada
162,654
\u2014
\u2014
162,654
107,214
\u2014
\u2014
107,214
Cote D'Ivoire
132,943
\u2014
\u2014
132,943
87,630
\u2014
\u2014
87,630
France
165,773
\u2014
\u2014
165,773
109,270
\u2014
\u2014
109,270
Germany
189,484
\u2014
\u2014
189,484
124,900
\u2014
\u2014
124,900
Ghana
\u2014
\u2014
35,515
35,515
\u2014
\u2014
23,410
23,410
India
723,902
\u2014
\u2014
723,902
477,165
\u2014
\u2014
477,165
Indonesia
533,113
\u2014
\u2014
533,113
351,405
\u2014
\u2014
351,405
Kenya
\u2014
\u2014
7,499
7,499
\u2014
\u2014
4,943
4,943
Malaysia
97,260
\u2014
\u2014
97,260
64,110
\u2014
\u2014
64,110
Netherlands
255,429
\u2014
\u2014
255,429
168,367
\u2014
\u2014
168,367
Nigeria
140,209
279,415
38,700
458,324
92,419
184,178
25,509
302,106
Portugal
189,818
\u2014
\u2014
189,818
125,119
\u2014
\u2014
125,119
South Africa
176,749
\u2014
\u2014
176,749
116,505
\u2014
\u2014
116,505
Spain
300,678
\u2014
\u2014
300,678
198,194
\u2014
\u2014
198,194
Italy
199,747
\u2014
\u2014
199,747
131,665
\u2014
\u2014
131,665
Turkey
130,292
\u2014
\u2014
130,292
85,883
\u2014
\u2014
85,883
UK
93,947
\u2014
\u2014
93,947
61,926
\u2014
\u2014
61,926
Uruguay
61,888
\u2014
\u2014
61,888
40,794
\u2014
\u2014
40,794
USA
213,428
\u2014
\u2014
213,428
140,682
\u2014
\u2014
140,682
Vietnam
3,358
\u2014
\u2014
3,358
2,214
\u2014
\u2014
2,214
Senegal
3,575
\u2014
\u2014
3,575
2,357
\u2014
\u2014
2,357
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
Geographical regions
Africa
453,475
279,415
81,714
814,604
298,911
184,178
53,862
536,951
Asia
1,357,634
\u2014
\u2014
1,357,634
894,893
\u2014
\u2014
894,893
Europe
1,525,168
\u2014
\u2014
1,525,168
1,005,324
\u2014
\u2014
1,005,324
Americas
437,970
\u2014
\u2014
437,970
288,691
\u2014
\u2014
288,691
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Timing of revenue recognition
At a point in time
3,774,247
\u2014
\u2014
3,774,247
2,487,819
\u2014
\u2014
2,487,819
Over time
\u2014
279,415
81,714
361,129
\u2014
184,178
53,862
238,040
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2024
2024
2024
2024
2024
2024
2024
2024
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Bahamas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Nigeria
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Italy
93,415
\u2014
\u2014
93,415
63,132
\u2014
\u2014
63,132
Switzerland
274,916
\u2014
\u2014
274,916
185,795
\u2014
\u2014
185,795
England
197,527
\u2014
\u2014
197,527
133,493
\u2014
\u2014
133,493
Singapore
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Geographical region
Africa
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Asia
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Europe
565,858
\u2014
\u2014
565,858
382,420
\u2014
\u2014
382,420
Americas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Timing of revenue recognition
At a point in time
1,466,349
\u2014
389
1,466,738
990,991
\u2014
263
991,254
Over time
\u2014
184,833
\u2014
184,833
\u2014
124,914
\u2014
124,914
Revenue from contracts with
customers
1,466,349
184,833
389
1,651,571
990,991
124,914
263
1,116,168
The Group's transactions with its major customers, Shell Western, Chevron, Waltersmith and Exxon, constitutes more than 80% ($924
million, \u20a61.4 trillion) of the total revenue from the oil segment and the Group as a whole. Also, the Group\u2019s transactions with Geregu Power,
Sapele Power, NGMC, MSNE and Azura ($119.9 million, \u20a6177.4 billion) accounted for most of the revenue from the gas segment.
6.1.2\u00a0 Impairment (losses)/reversal on financial assets by reportable segments
2025
2024
Oil
Gas\u00a0
Total
Oil
Gas\u00a0
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Impairment (losses)/reversal recognised during the year
(1,009)
(22,849)
(23,858)
(3,412)
(12,228)
(15,640)
2025
2024
Oil
Gas\u00a0
Total
Oil
Gas\u00a0
Total
$'000
$'000
$'000
$'000
$'000
$'000
Impairment charge recognised during the year
(665)
(15,061)
(15,726)
(2,306)
(8,264)
(10,570)
6.2\u00a0 Segment assets
Segment assets are measured in a manner consistent with that of the financial statements. These assets are allocated based on the
operations of the reporting segment and the physical location of the asset. The Group had no non-current assets domiciled outside
Nigeria.
Oil
Gas\u00a0
Total
Oil
Gas
Total
Total segment assets
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
31 December 2025
7,521,563
1,207,818
8,729,381
5,240,566
841,534
6,082,100
31 December 2024
9,405,931
1,076,863
10,482,794
6,126,366
701,393
6,827,759
6.3\u00a0 Segment liabilities
Segment liabilities are measured in a manner consistent with that of the financial statements. These liabilities are allocated based on the
operations of the segment.
Oil
Gas\u00a0
Total
Oil
Gas
Total
Total segment liabilities
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
31 December 2025
5,429,717
656,428
6,086,145
3,783,086
457,359
4,240,445
31 December 2024
7,075,431
585,000
7,660,431
4,608,436
381,028
4,989,464
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-670": { "value": "
6.1.1\u00a0 Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical regions.
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Canada
162,654
\u2014
\u2014
162,654
107,214
\u2014
\u2014
107,214
Cote D'Ivoire
132,943
\u2014
\u2014
132,943
87,630
\u2014
\u2014
87,630
France
165,773
\u2014
\u2014
165,773
109,270
\u2014
\u2014
109,270
Germany
189,484
\u2014
\u2014
189,484
124,900
\u2014
\u2014
124,900
Ghana
\u2014
\u2014
35,515
35,515
\u2014
\u2014
23,410
23,410
India
723,902
\u2014
\u2014
723,902
477,165
\u2014
\u2014
477,165
Indonesia
533,113
\u2014
\u2014
533,113
351,405
\u2014
\u2014
351,405
Kenya
\u2014
\u2014
7,499
7,499
\u2014
\u2014
4,943
4,943
Malaysia
97,260
\u2014
\u2014
97,260
64,110
\u2014
\u2014
64,110
Netherlands
255,429
\u2014
\u2014
255,429
168,367
\u2014
\u2014
168,367
Nigeria
140,209
279,415
38,700
458,324
92,419
184,178
25,509
302,106
Portugal
189,818
\u2014
\u2014
189,818
125,119
\u2014
\u2014
125,119
South Africa
176,749
\u2014
\u2014
176,749
116,505
\u2014
\u2014
116,505
Spain
300,678
\u2014
\u2014
300,678
198,194
\u2014
\u2014
198,194
Italy
199,747
\u2014
\u2014
199,747
131,665
\u2014
\u2014
131,665
Turkey
130,292
\u2014
\u2014
130,292
85,883
\u2014
\u2014
85,883
UK
93,947
\u2014
\u2014
93,947
61,926
\u2014
\u2014
61,926
Uruguay
61,888
\u2014
\u2014
61,888
40,794
\u2014
\u2014
40,794
USA
213,428
\u2014
\u2014
213,428
140,682
\u2014
\u2014
140,682
Vietnam
3,358
\u2014
\u2014
3,358
2,214
\u2014
\u2014
2,214
Senegal
3,575
\u2014
\u2014
3,575
2,357
\u2014
\u2014
2,357
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
Geographical regions
Africa
453,475
279,415
81,714
814,604
298,911
184,178
53,862
536,951
Asia
1,357,634
\u2014
\u2014
1,357,634
894,893
\u2014
\u2014
894,893
Europe
1,525,168
\u2014
\u2014
1,525,168
1,005,324
\u2014
\u2014
1,005,324
Americas
437,970
\u2014
\u2014
437,970
288,691
\u2014
\u2014
288,691
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Timing of revenue recognition
At a point in time
3,774,247
\u2014
\u2014
3,774,247
2,487,819
\u2014
\u2014
2,487,819
Over time
\u2014
279,415
81,714
361,129
\u2014
184,178
53,862
238,040
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2024
2024
2024
2024
2024
2024
2024
2024
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Bahamas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Nigeria
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Italy
93,415
\u2014
\u2014
93,415
63,132
\u2014
\u2014
63,132
Switzerland
274,916
\u2014
\u2014
274,916
185,795
\u2014
\u2014
185,795
England
197,527
\u2014
\u2014
197,527
133,493
\u2014
\u2014
133,493
Singapore
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Geographical region
Africa
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Asia
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Europe
565,858
\u2014
\u2014
565,858
382,420
\u2014
\u2014
382,420
Americas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Timing of revenue recognition
At a point in time
1,466,349
\u2014
389
1,466,738
990,991
\u2014
263
991,254
Over time
\u2014
184,833
\u2014
184,833
\u2014
124,914
\u2014
124,914
Revenue from contracts with
customers
1,466,349
184,833
389
1,651,571
990,991
124,914
263
1,116,168
The Group's transactions with its major customers, Shell Western, Chevron, Waltersmith and Exxon, constitutes more than 80% ($924
million, \u20a61.4 trillion) of the total revenue from the oil segment and the Group as a whole. Also, the Group\u2019s transactions with Geregu Power,
Sapele Power, NGMC, MSNE and Azura ($119.9 million, \u20a6177.4 billion) accounted for most of the revenue from the gas segment.
9.\u00a0 \u00a0 Revenue from contract with customers
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Crude oil sales
3,774,247
1,466,349
2,487,819
990,991
Gas sales
279,415
184,833
184,178
124,914
Natural gas liquid
81,714
389
53,862
263
4,135,376
1,651,571
2,725,859
1,116,168
The major off-takers for crude oil are Shell Western, Chevron, Vitol and Exxon. The major off-takers for gas are Geregu Power, Sapele
Power, Nigerian Gas Marketing Company and Azura. The major off-taker for natural gas liquid is ExxonMobil.
27.\u00a0 \u00a0 Contract assets
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Revenue on gas sales
17,307
12,622
12,058
8,221
Revenue on oil sales
14,316
11,551
9,974
7,524
Impairment loss on contract assets
(2,464)
(255)
(1,717)
(166)
29,159
23,918
20,315
15,579
A contract asset is an entity\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. The
Group has recognised an asset in relation to a contract with Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and
Pillar\u00a0 for the delivery of oil and gas supplies which these customers have received but which has not been invoiced as at the end of the
reporting period.
The terms of payment relating to the contract are between 30-45 days from the invoice date. However, invoices are raised after delivery
between 14-21 days when the receivable amount has been established and the right to the receivables crystallises. The right to the
unbilled receivables is recognised as a contract asset. At the point where the gas receipt certificates and crude invoices\u00a0 are obtained
from the customers (Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and Pillar) upon volumes reconciliation with
offtakers authorising the quantities, this will be reclassified from contract assets to trade receivables.
27.1\u00a0 Reconciliation of contract assets
The movement in the Group\u2019s contract assets is as detailed below:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
24,173
7,496
15,745
8,334
Additions during the period
642,386
167,015
423,433
112,872
Amount billed during the year
(634,779)
(156,049)
(418,419)
(105,461)
Revaluation
\u2013
\u2013
1,273
\u2013
Exchange difference
(157)
5,711
\u2013
\u2013
Gross revenue on gas and oil
31,623
24,173
22,032
15,745
Impairment charge
(2,464)
(255)
(1,717)
(166)
Balance as at 31 December
29,159
23,918
20,315
15,579
Reconciliation of impairment allowance on contract asset
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
255
256
166
285
Increase/(decrease) in loss allowance
2,353
(178)
1,551
(119)
Exchange difference
(144)
177
\u2013
\u2013
Loss allowance as at 31 December
2,464
255
1,717
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-669": { "value": "
6.1.1\u00a0 Disaggregation of revenue from contracts with customers
The Group derives revenue from the transfer of commodities at a point in time or over time and from different geographical regions.
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Canada
162,654
\u2014
\u2014
162,654
107,214
\u2014
\u2014
107,214
Cote D'Ivoire
132,943
\u2014
\u2014
132,943
87,630
\u2014
\u2014
87,630
France
165,773
\u2014
\u2014
165,773
109,270
\u2014
\u2014
109,270
Germany
189,484
\u2014
\u2014
189,484
124,900
\u2014
\u2014
124,900
Ghana
\u2014
\u2014
35,515
35,515
\u2014
\u2014
23,410
23,410
India
723,902
\u2014
\u2014
723,902
477,165
\u2014
\u2014
477,165
Indonesia
533,113
\u2014
\u2014
533,113
351,405
\u2014
\u2014
351,405
Kenya
\u2014
\u2014
7,499
7,499
\u2014
\u2014
4,943
4,943
Malaysia
97,260
\u2014
\u2014
97,260
64,110
\u2014
\u2014
64,110
Netherlands
255,429
\u2014
\u2014
255,429
168,367
\u2014
\u2014
168,367
Nigeria
140,209
279,415
38,700
458,324
92,419
184,178
25,509
302,106
Portugal
189,818
\u2014
\u2014
189,818
125,119
\u2014
\u2014
125,119
South Africa
176,749
\u2014
\u2014
176,749
116,505
\u2014
\u2014
116,505
Spain
300,678
\u2014
\u2014
300,678
198,194
\u2014
\u2014
198,194
Italy
199,747
\u2014
\u2014
199,747
131,665
\u2014
\u2014
131,665
Turkey
130,292
\u2014
\u2014
130,292
85,883
\u2014
\u2014
85,883
UK
93,947
\u2014
\u2014
93,947
61,926
\u2014
\u2014
61,926
Uruguay
61,888
\u2014
\u2014
61,888
40,794
\u2014
\u2014
40,794
USA
213,428
\u2014
\u2014
213,428
140,682
\u2014
\u2014
140,682
Vietnam
3,358
\u2014
\u2014
3,358
2,214
\u2014
\u2014
2,214
Senegal
3,575
\u2014
\u2014
3,575
2,357
\u2014
\u2014
2,357
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
Geographical regions
Africa
453,475
279,415
81,714
814,604
298,911
184,178
53,862
536,951
Asia
1,357,634
\u2014
\u2014
1,357,634
894,893
\u2014
\u2014
894,893
Europe
1,525,168
\u2014
\u2014
1,525,168
1,005,324
\u2014
\u2014
1,005,324
Americas
437,970
\u2014
\u2014
437,970
288,691
\u2014
\u2014
288,691
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2025
2025
2025
2025
2025
2025
2025
2025
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Timing of revenue recognition
At a point in time
3,774,247
\u2014
\u2014
3,774,247
2,487,819
\u2014
\u2014
2,487,819
Over time
\u2014
279,415
81,714
361,129
\u2014
184,178
53,862
238,040
Revenue from contracts with
customers
3,774,247
279,415
81,714
4,135,376
2,487,819
184,178
53,862
2,725,859
2024
2024
2024
2024
2024
2024
2024
2024
Oil
Gas\u00a0
Natural gas
liquid
Total
Oil
Gas\u00a0
Natural gas
liquid
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
$'000
Geographical markets
Bahamas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Nigeria
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Italy
93,415
\u2014
\u2014
93,415
63,132
\u2014
\u2014
63,132
Switzerland
274,916
\u2014
\u2014
274,916
185,795
\u2014
\u2014
185,795
England
197,527
\u2014
\u2014
197,527
133,493
\u2014
\u2014
133,493
Singapore
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Geographical region
Africa
65,208
184,833
\u2014
250,041
44,069
124,914
\u2014
168,983
Asia
284,840
\u2014
389
285,229
192,501
\u2014
263
192,764
Europe
565,858
\u2014
\u2014
565,858
382,420
\u2014
\u2014
382,420
Americas
550,442
\u2014
\u2014
550,442
372,001
\u2014
\u2014
372,001
Revenue from contracts with
customers
1,466,348
184,833
389
1,651,570
990,991
124,914
263
1,116,168
Timing of revenue recognition
At a point in time
1,466,349
\u2014
389
1,466,738
990,991
\u2014
263
991,254
Over time
\u2014
184,833
\u2014
184,833
\u2014
124,914
\u2014
124,914
Revenue from contracts with
customers
1,466,349
184,833
389
1,651,571
990,991
124,914
263
1,116,168
The Group's transactions with its major customers, Shell Western, Chevron, Waltersmith and Exxon, constitutes more than 80% ($924
million, \u20a61.4 trillion) of the total revenue from the oil segment and the Group as a whole. Also, the Group\u2019s transactions with Geregu Power,
Sapele Power, NGMC, MSNE and Azura ($119.9 million, \u20a6177.4 billion) accounted for most of the revenue from the gas segment.
9.\u00a0 \u00a0 Revenue from contract with customers
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Crude oil sales
3,774,247
1,466,349
2,487,819
990,991
Gas sales
279,415
184,833
184,178
124,914
Natural gas liquid
81,714
389
53,862
263
4,135,376
1,651,571
2,725,859
1,116,168
The major off-takers for crude oil are Shell Western, Chevron, Vitol and Exxon. The major off-takers for gas are Geregu Power, Sapele
Power, Nigerian Gas Marketing Company and Azura. The major off-taker for natural gas liquid is ExxonMobil.
27.\u00a0 \u00a0 Contract assets
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Revenue on gas sales
17,307
12,622
12,058
8,221
Revenue on oil sales
14,316
11,551
9,974
7,524
Impairment loss on contract assets
(2,464)
(255)
(1,717)
(166)
29,159
23,918
20,315
15,579
A contract asset is an entity\u2019s right to consideration in exchange for goods or services that the entity has transferred to a customer. The
Group has recognised an asset in relation to a contract with Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and
Pillar\u00a0 for the delivery of oil and gas supplies which these customers have received but which has not been invoiced as at the end of the
reporting period.
The terms of payment relating to the contract are between 30-45 days from the invoice date. However, invoices are raised after delivery
between 14-21 days when the receivable amount has been established and the right to the receivables crystallises. The right to the
unbilled receivables is recognised as a contract asset. At the point where the gas receipt certificates and crude invoices\u00a0 are obtained
from the customers (Sapele Power, Azura, NGMC, Transcorp Power, MSN Energy, Waltersmith and Pillar) upon volumes reconciliation with
offtakers authorising the quantities, this will be reclassified from contract assets to trade receivables.
27.1\u00a0 Reconciliation of contract assets
The movement in the Group\u2019s contract assets is as detailed below:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
24,173
7,496
15,745
8,334
Additions during the period
642,386
167,015
423,433
112,872
Amount billed during the year
(634,779)
(156,049)
(418,419)
(105,461)
Revaluation
\u2013
\u2013
1,273
\u2013
Exchange difference
(157)
5,711
\u2013
\u2013
Gross revenue on gas and oil
31,623
24,173
22,032
15,745
Impairment charge
(2,464)
(255)
(1,717)
(166)
Balance as at 31 December
29,159
23,918
20,315
15,579
Reconciliation of impairment allowance on contract asset
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
255
256
166
285
Increase/(decrease) in loss allowance
2,353
(178)
1,551
(119)
Exchange difference
(144)
177
\u2013
\u2013
Loss allowance as at 31 December
2,464
255
1,717
166
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-671": { "value": "
6.1.2\u00a0 Impairment (losses)/reversal on financial assets by reportable segments
2025
2024
Oil
Gas\u00a0
Total
Oil
Gas\u00a0
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Impairment (losses)/reversal recognised during the year
(1,009)
(22,849)
(23,858)
(3,412)
(12,228)
(15,640)
2025
2024
Oil
Gas\u00a0
Total
Oil
Gas\u00a0
Total
$'000
$'000
$'000
$'000
$'000
$'000
Impairment charge recognised during the year
(665)
(15,061)
(15,726)
(2,306)
(8,264)
(10,570)
14.\u00a0 \u00a0 Impairment loss
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Impairment losses on financial assets - net (Note 14.1)
23,857
15,640
15,726
10,570
23,857
15,640
15,726
10,570
14.1\u00a0 Impairment losses/(reversal) on financial assets-net
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Impairment (reversal)/losses on:
NUIMS receivables
\u2013
(1,126)
\u2013
(761)
NEPL receivables
1,813
(2,473)
1,195
(1,671)
Trade receivables
(Geregu power, Sapele Power and NGMC)
21,739
14,137
14,329
9,554
Receivables from joint venture (ANOH)
\u2013
(4,433)
\u2013
(2,996)
Contract asset
2,353
(178)
1,551
(119)
Other receivables
(2,048)
9,713
(1,349)
6,563
Total impairment loss allowance
23,857
15,640
15,726
10,570
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-672": { "value": "
8.\u00a0 \u00a0 Restatement of comparative information
On 12 December 2024, Seplat Energy Plc (the \u2018Group\u2019) completed the acquisition of 100% of the issued shares of Seplat Energy Producing
Nigeria Unlimited (SEPNU).\u00a0 In line with IFRS 3, the Group recognised the identifiable assets acquired and liabilities assumed at their
acquisition\u2011date fair values as at the acquisition date. However, as at the end of the reporting period (i.e. 31 December 2024), management
had not obtained all the information necessary to finalise the fair value measurements of certain identifiable assets and liabilities.
Accordingly, provisional fair values for these items were recognised in the 2024 financial statements.
In the process of finalising the fair values, the Group has disclosed updated fair values to reflect the measurement period adjustments in
accordance with IFRS 3. The Group also identified some omissions which resulted in adjustments to prior figures.
8.1.\u00a0 \u00a0 IAS 8 restatement
i.\u00a0 Statement of profit or loss extract
Note(s)
As previously
reported
Adjustment
Restated
As previously
reported
Adjustment
Restated
\u20a6 million
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
$\u2019000
Cost of sales
a
(941,472)
(192,354)
(1,133,826)
(636,270)
(129,997)
(766,267)
Gross profit
710,099
(192,354)
517,745
479,898
(129,997)
349,901
General and administrative expenses
b
(217,841)
2,182
(215,659)
(147,223)
1,475
(145,748)
Operating profit
647,928
(190,172)
457,756
437,881
(128,522)
309,359
Finance costs
c
(136,512)
(2,182)
(138,694)
(92,257)
(1,475)
(93,732)
Finance cost-net
(116,987)
(2,182)
(119,169)
(79,061)
(1,475)
(80,536)
Profit before taxation
561,423
(192,354)
369,069
379,421
(129,997)
249,424
Income tax expense
d
(347,176)
155,711
(191,465)
(234,629)
105,233
(129,396)
Profit for the year
214,247
(36,643)
177,604
144,792
(24,764)
120,028
Earnings per share
Basic earnings per share \u20a6/$
385.61
(62.27)
323.34
0.26
(0.04)
0.22
Diluted earnings per share \u20a6/$
385.61
(62.27)
323.34
0.26
(0.04)
0.22
Other comprehensive income:
Foreign currency translation difference
1,142,124
(1,378)
1,140,746
(583)
\u2014
(583)
Other comprehensive income/(loss)
for the year
1,138,704
(1,378)
1,137,326
(2,894)
\u2014
(2,894)
Total comprehensive income for the
year (net of tax)
1,352,951
(38,021)
1,314,930
141,898
(24,764)
117,134
ii.\u00a0 Statement of financial position extract
Note(s)
As previously
reported
Adjustment
Restated
As Previously
Reported
Adjustment
Restated
\u20a6 \u2019million
\u20a6 \u2019million
\u20a6 \u2019million
$\u2019000
$\u2019000
$\u2019000
Assets
Other property, plant and equipment
e
346,574
(1,149)
345,425
225,734
(749)
224,985
Right-of-use assets
b
198,918
2,264
201,182
129,561
1,475
131,036
Intangible assets
e
383,257
1,149
384,406
249,627
749
250,376
Total non-current assets
6,919,383
2,264
6,921,647
4,506,802
1,475
4,508,277
Inventory
a
725,565
(199,587)
525,978
472,582
(129,997)
342,585
Total current assets
2,883,040
(199,587)
2,683,453
1,877,810
(129,997)
1,747,813
Total assets
9,821,261
(197,323)
9,623,938
6,396,882
(128,522)
6,268,360
Equity and liabilities
Retained earnings
319,013
(36,643)
282,370
1,233,128
(24,764)
1,208,364
Foreign currency translation reserve
2,393,251
(1,378)
2,391,873
2,233
\u2014
2,233
Total shareholders' equity
2,828,983
(38,021)
2,790,962
1,842,606
(24,764)
1,817,842
Non-current liabilities
\u2014
Deferred tax liability
d
1,615,677
(161,566)
1,454,111
1,052,339
(105,233)
947,106
Total non-current liabilities
4,385,405
(161,566)
4,223,839
2,856,346
(105,233)
2,751,113
Current liabilities
Lease liabilities
c
24,415
2,264
26,679
15,902
1,475
17,377
Total liabilities
6,992,278
(159,302)
6,832,976
4,554,276
(103,758)
4,450,518
Total shareholders' equity and
liabilities
9,821,261
(197,323)
9,623,938
6,396,882
(128,522)
6,268,360
iii. Statement of changes in equity extract
December 2024
December 2024
Notes
\u20a6 'million
$'000
Total equity previously reported
2,828,983
1,842,606
Restatement impact
a,b,c,d
(36,643)
(24,764)
Impact of foreign currency translation
(1,378)
\u2014
Total restated equity
2,790,962
1,817,842
The impact is presented in the notes below:
(a) Restatement of cost of sales
The Group upon acquisition of SEPNU utilised inventory acquired in the business combination in its operations during 2024; as a result the
inventory fair value uplift of $129.997 million, \u20a6192 billion recognised in the 2024 financial statements is being unwound and recognised in
cost of sales.
(b) Restatement of general and administrative expense
The Group derecognised the fair value adjustment on right-of-use asset on acquisition of SEPNU. This amounted to $1.47 million, \u20a62.18
billion.
(c) Restatement of finance cost
The Group derecognised $1.47 million, \u20a62.18 billion fair value adjustment on lease liability acquired in SEPNU.
(d) Restatement of income tax expense
The Group restated its income tax expense as a result of the deferred tax impact of\u00a0 $105 million, \u20a6155.71 billion due from the unwinding of
the inventory fair value uplift.
(e) Restatement of other property, plant and equipment
The Group classified software assets acquired from SEPNU in other property, plant and equipment. This has now been reclassified to
intangible asset in alignment with IFRS Accounting Standards.
8.2\u00a0 Measurement period adjustments
i. Effects of measurement period adjustments on statement of profit and loss
Note(s)
Restated
balance
Adjustment
2024 Final
Restated
balance
Adjustment
2024 Final
\u20a6 million
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
$\u2019000
Revenue from contracts with customers
1,651,571
\u2014
1,651,571
1,116,168
\u2014
1,116,168
Cost of sales
a
(1,133,826)
3,677
(1,130,149)
(766,267)
2,484
(763,783)
Gross profit
517,745
3,677
521,422
349,901
2,484
352,385
Other income/(loss) - net
54,955
\u2014
54,955
37,140
\u2014
37,140
Gain on bargain purchase
h
127,230
21,923
149,153
85,985
14,816
100,801
General and administrative expenses
(215,659)
\u2014
(215,659)
(145,748)
\u2014
(145,748)
Impairment loss on financial assets
(15,640)
\u2014
(15,640)
(10,570)
\u2014
(10,570)
Fair value losses
(10,875)
\u2014
(10,875)
(7,349)
\u2014
(7,349)
Operating profit
457,756
25,600
483,356
309,359
17,300
326,659
Finance income
19,525
\u2014
19,525
13,196
\u2014
13,196
Finance costs
(138,694)
\u2014
(138,694)
(93,732)
\u2014
(93,732)
Finance cost-net
(119,169)
\u2014
(119,169)
(80,536)
\u2014
(80,536)
Share of profit from joint venture
accounted for using the equity method
30,482
\u2014
30,482
20,601
\u2014
20,601
Profit before taxation
369,069
25,600
394,669
249,424
17,300
266,724
Income tax expense
b
(191,465)
4,665
(186,800)
(129,396)
3,153
(126,243)
Profit for the year
177,604
30,265
207,869
120,028
20,453
140,481
\u2014
Earnings per share
Basic earnings per share \u20a6/$
323.34
51.43
374.77
0.22
0.03
0.25
Diluted earnings per share \u20a6/$
323.34
51.43
374.77
0.22
0.03
0.25
Other comprehensive income:
\u2014
Items that may be reclassified to profit or
loss (net of tax):
\u2014
Foreign currency translation difference
1,140,746
1,137
1,141,883
(583)
\u2014
(583)
Remeasurement loss on defined benefits
obligations
(5,105)
\u2014
(5,105)
(3,450)
\u2014
(3,450)
Deferred tax credit on remeasurement
gain
1,685
\u2014
1,685
1,139
\u2014
1,139
Other comprehensive income/(loss)
for the year
1,137,326
1,137
1,138,463
(2,894)
\u2014
(2,894)
Total comprehensive income for the
year (net of tax)
1,314,930
31,402
1,346,332
117,134
20,453
137,587
ii. Effects of measurement period adjustments on the statement of financial position
Note(s)
Restated
balance
Adjustment
2024 Final
Restated
balance
Adjustment
2024 Final
\u20a6 \u2019million
\u20a6 \u2019million
\u20a6 \u2019million
$\u2019000
$\u2019000
$\u2019000
Assets
Non-current assets
Oil & gas properties
c
5,074,590
(90,823)
4,983,767
3,305,233
(59,156)
3,246,077
Other property, plant and equipment
d
345,425
316,386
661,811
224,985
206,072
431,057
Right-of-use assets
201,182
\u2014
201,182
131,036
\u2014
131,036
Intangible assets
e
384,406
633,293
1,017,699
250,376
412,483
662,859
Other assets
139,431
\u2014
139,431
90,815
\u2014
90,815
Investment accounted for using
equity method
374,641
\u2014
374,641
244,015
\u2014
244,015
Long-term prepayments
48,018
\u2014
48,018
31,276
\u2014
31,276
Deferred tax assets
353,954
\u2014
353,954
230,541
\u2014
230,541
Total non-current assets
6,921,647
858,856
7,780,503
4,508,277
559,399
5,067,676
Current assets
\u2014
\u2014
Inventory
525,978
\u2014
525,978
342,585
\u2014
342,585
Trade and other receivables
1,156,593
\u2014
1,156,593
753,321
\u2014
753,321
Prepayments
52,596
\u2014
52,596
34,257
\u2014
34,257
Contract assets
23,918
\u2014
23,918
15,579
\u2014
15,579
Restricted cash
202,983
\u2014
202,983
132,209
\u2014
132,209
Cash and cash equivalents
721,385
\u2014
721,385
469,862
\u2014
469,862
Total current assets
2,683,453
\u2014
2,683,453
1,747,813
\u2014
1,747,813
Asset held for sale
18,838
\u2014
18,838
12,270
\u2014
12,270
Total assets
9,623,938
858,856
10,482,794
6,268,360
559,399
6,827,759
Equity and liabilities
\u2014
Equity attributable to shareholders
\u2014
Issued share capital
297
\u2014
297
1,864
\u2014
1,864
Share premium
87,375
\u2014
87,375
518,564
\u2014
518,564
Share-based payment reserve
15,558
\u2014
15,558
36,747
\u2014
36,747
Treasury shares
(3,570)
\u2014
(3,570)
(5,609)
\u2014
(5,609)
Capital contribution
5,932
\u2014
5,932
40,000
\u2014
40,000
Retained earnings
282,370
30,265
312,635
1,208,364
20,453
1,228,817
Foreign currency translation reserve
2,391,873
1,136
2,393,009
2,233
\u2014
2,233
Non-controlling interest
11,127
\u2014
11,127
15,679
\u2014
15,679
Total shareholders' equity
2,790,962
31,401
2,822,363
1,817,842
20,453
1,838,295
Non-current liabilities
\u2014
\u2014
\u2014
Interest-bearing loans and
borrowings
1,409,480
\u2014
1,409,480
918,036
\u2014
918,036
Lease liabilities
88,530
\u2014
88,530
57,663
\u2014
57,663
Provision for decommissioning
obligation
1,194,818
\u2014
1,194,818
778,221
\u2014
778,221
Deferred tax liability
b
1,454,111
721,934
2,176,045
947,106
470,217
1,417,323
Defined benefit plan
76,900
\u2014
76,900
50,087
\u2014
50,087
Total non-current liabilities
4,223,839
721,934
4,945,773
2,751,113
470,217
3,221,330
Current liabilities
\u2014
\u2014
Interest-bearing loans and
borrowings
690,270
\u2014
690,270
449,593
\u2014
449,593
Lease liabilities
26,679
\u2014
26,679
17,377
\u2014
17,377
Derivative financial liability
6,073
\u2014
6,073
3,955
\u2014
3,955
Trade and other payables
f
1,684,706
105,521
1,790,227
1,097,297
68,729
1,166,026
Other provisions
5,088
\u2014
5,088
3,314
\u2014
3,314
Current tax liabilities
196,321
\u2014
196,321
127,869
\u2014
127,869
Total current liabilities
2,609,137
105,521
2,714,658
1,699,405
68,729
1,768,134
Total liabilities
6,832,976
827,455
7,660,431
4,450,518
538,946
4,989,464
Total shareholders' equity and
liabilities
9,623,938
858,856
10,482,794
6,268,360
559,399
6,827,759
iii. Effects of restatement on equity
December 2024
December 2024
Notes
\u20a6 'million
$'000
Restated total equity
2,790,962
1,817,842
Bargain purchase as a result of final acquisition fair valuation
h
21,923
14,816
Impact of 19 days\u2019 unwinding of fair value uplift/downlift
a,b
8,342
5,637
Impact of foreign currency translation
1,137
\u2014
2024 Total equity
2,822,364
1,838,295
* This relates to consolidated numbers
The details of the items are as follows:
(a)\u00a0 Cost of sales
As a result of the final Purchase Price Allocation (PPA) valuation, the Group recognised depreciation expense on other property plant and
equipment of $451.42 thousand , \u20a6667.95 million, depreciation of downlift on oil and gas properties of\u00a0 $543.71 thousand, \u20a6804.52 million
on oil and gas properties, recognised additional amortisation expense on Licence of $ 3.80 million , \u20a65.62 billion and a $6.19 million, \u20a64.99
billion fair value downlift on inventory; these represent depreciation and amortisation expense for 19 days on the fair value uplift/downlift on
oil & gas properties and Intangible assets and the fair value downlift on inventory acquired in SEPNU. The Group cumulatively adjusted
cost of sales by $2.48 million, \u20a63.68 billion to recognise these depreciation/amortisation expense.
(b) Income tax expense
The Group restated its income tax expense as a result of the deferred tax impact of $3.15 million \u20a64.67 billion due from the 19-day
additional depreciation/amortisation of oil & gas properties, other property, plant and equipment, intangible assets, and right-of-use assets.
(c) Oil & gas properties
The Group recognized additional fair value uplift of $59.70 million, \u20a691.66 billion and a 19-day depreciation expense on the fair value
downlift of $543.71 thousand, \u20a6804.52 million. This resulted in a cumulative adjustment of $59.16 million, \u20a690.82 billion on oil & gas
properties.
(d) Other property, plant and equipment
The Group recognized a fair value uplift on other property, plant and equipment of $206.52 million, \u20a6317.08 billion, a 19-day depreciation
expense $451.42 thousand, \u20a6 667.95 million and a reclassification of $748.65 thousand, \u20a61.15 billion relating to software costs reclassified to
intangible assets. The total restatement on other property, plant and equipment is $206.07 million , \u20a6316.39 billion.
(e) Intangible assets
The Group recognised additional fair value uplift on Licence of $416 million, \u20a6639.13 billion , a 19-day amortisation expense on the fair value
uplift of $3.80 million, \u20a65.62 billion and a reclassification of $748.65 thousand, \u20a61.15 billion relating to software costs reclassified from other
property, plant and equipment. Intangible assets was restated by $412.48 million, \u20a6633.29 billion.
(f) Trade and other\u00a0 payables
The Group restated its trade and other payables by reversing the fair value uplift on long-term payables of $15 thousand, \u20a623.66 million as
this had been settled during the year 2025. and an additional consideration payable of $68.71 million. See Note 7.1 for details on additional
consideration.
(g) Impact on cash flow
The depreciation, amortisation, unwinding of fair value uplifts and additional consideration payable impact operating activities in the cash
flow statement and these are reflected in the restated cash flow note. See Note 18.
(h) Gain on bargain purchase
The Group finalised the fair valuation of the SEPNU assets acquired and liabilities assumed. An analysis of this the final fair values is shown
below:
Initial valuation
Final valuation
Adjustment
Initial valuation
Final valuation
Adjustment
\u20a6 'million
\u20a6 'million
\u20a6 'million
$'000
$'000
$'000
Assets
Oil and gas property, plant &
equipment
2,580,294
2,488,834
(91,460)
1,684,265
1,624,565
(59,700)
Other property, plant & equipment
331,047
647,454
316,407
216,089
422,620
206,531
Right-of-use assets
114,212
114,212
\u2014
74,551
74,551
\u2014
Inventories
699,307
694,315
(4,992)
459,401
453,208
(6,193)
Trade and other receivables
448,438
448,438
\u2014
292,714
292,714
\u2014
Bank balances
279,885
279,885
\u2014
182,693
182,693
\u2014
Restricted cash
164,652
164,652
\u2014
107,475
107,475
\u2014
Intangible asset-software
1,162
1,162
\u2014
758
758
\u2014
Licence-based identifiable intangible
asset on acquisition
220,080
857,828
637,748
143,656
559,940
416,284
4,839,077
5,696,780
857,703
3,161,602
3,718,524
556,922
Liabilities
Retirement benefit obligation
(71,588)
(71,588)
\u2014
(46,728)
(46,728)
\u2014
Deferred tax liabilities
(1,266,157)
(1,266,157)
\u2014
(826,473)
(826,473)
\u2014
Deferred tax impact on the fair value
adjustment
(226,765)
(951,986)
(725,221)
(148,019)
(621,401)
(473,382)
Provision for decommissioning
obligation
(1,107,702)
(1,107,702)
\u2014
(723,043)
(723,043)
\u2014
Other provisions
(5,028)
(5,028)
\u2014
(3,282)
(3,282)
\u2014
Lease liabilities
(24,437)
(24,437)
\u2014
(15,951)
(15,951)
\u2014
Trade, other payables and taxes
(389,620)
(389,644)
(24)
(254,321)
(254,337)
(16)
(3,091,297)
(3,816,542)
(725,245)
(2,017,817)
(2,491,215)
(473,398)
Total identifiable net assets at fair
value
1,747,780
1,880,238
132,458
1,143,785
1,227,309
83,524
Foreign exchange difference
\u2014
(5,275)
(5,275)
\u2014
\u2014
\u2014
Gain on bargain purchase arising
on acquisition
(127,230)
(149,153)
(21,923)
(85,985)
(100,801)
(14,816)
Net purchase consideration
1,620,550
1,725,810
105,260
1,057,800
1,126,508
68,708
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-673": { "value": "
10.\u00a0 \u00a0 Cost of sales
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Royalties
721,119
216,047
475,330
146,009
Depletion, depreciation and amortisation (Note 19.4)
797,123
286,744
525,429
193,797
Depreciation of right-of-use assets (Note 19.4)
36,015
\u2013
23,739
\u2013
Crude handling fees
118,074
99,007
77,829
66,911
Nigeria Export Supervision Scheme (NESS) fee
4,310
1,039
2,841
702
Niger Delta Development Commission
62,725
16,156
41,346
10,918
Barging/trucking
39,589
25,320
26,095
17,112
Operations & maintenance costs
984,149
485,836
648,708
328,334
2,763,104
1,130,149
1,821,317
763,783
Operational & maintenance expenses relates mainly to maintenance costs, warehouse operations expenses, security expenses,
community expenses, clean-up costs, fuel supplies, field staff costs and catering services. Also included in operational & maintenance
expenses is gas flare penalty of $39.3 million, \u20a659.6 billion (2024: $27.7 million, \u20a640.9 billion).
Barging and trucking costs relates to the cost on Abiala and Gbetiokun fields in OML 40.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-675": { "value": "
11.\u00a0 \u00a0 Other income/(loss)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Underlifts
40,791
15,583
26,888
10,531
Realised gain on foreign exchange
24,129
130
15,905
88
Unrealised gain on foreign exchange
4,165
44,790
2,746
30,270
Loss on disposal of property, plant & equipment
\u2013
(308)
\u2013
(208)
Fair value loss on asset held for sales
\u2013
(15,807)
\u2013
(10,683)
Gain on liquidation of subsidiary (Note 24.1)
426
\u2013
129
\u2013
Tariffs
11,718
6,076
7,724
4,106
Others
6,230
4,491
4,105
3,036
87,459
54,955
57,497
37,140
Underlifts are shortfalls of crude lifted below the share of production. They may exist when the crude oil lifted by the Group during the
period is less than its ownership share of production. The shortfall is initially measured at the market price of oil at the date of lifting and
recognised as other (loss)/income. At each reporting period, the shortfall is remeasured at the current market value. The resulting change,
as a result of the remeasurement, is also recognised in profit or loss as other income.
Foreign exchange gain was largely driven by the transaction currency gains during the period.
Tariffs, which are a form of crude handling fee, relate to income generated from the use of the Group\u2019s pipeline by others.
Others represents other income, joint venture billing interest and joint venture billing finance fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-674": { "value": "
11.\u00a0 \u00a0 Other income/(loss)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Underlifts
40,791
15,583
26,888
10,531
Realised gain on foreign exchange
24,129
130
15,905
88
Unrealised gain on foreign exchange
4,165
44,790
2,746
30,270
Loss on disposal of property, plant & equipment
\u2013
(308)
\u2013
(208)
Fair value loss on asset held for sales
\u2013
(15,807)
\u2013
(10,683)
Gain on liquidation of subsidiary (Note 24.1)
426
\u2013
129
\u2013
Tariffs
11,718
6,076
7,724
4,106
Others
6,230
4,491
4,105
3,036
87,459
54,955
57,497
37,140
Underlifts are shortfalls of crude lifted below the share of production. They may exist when the crude oil lifted by the Group during the
period is less than its ownership share of production. The shortfall is initially measured at the market price of oil at the date of lifting and
recognised as other (loss)/income. At each reporting period, the shortfall is remeasured at the current market value. The resulting change,
as a result of the remeasurement, is also recognised in profit or loss as other income.
Foreign exchange gain was largely driven by the transaction currency gains during the period.
Tariffs, which are a form of crude handling fee, relate to income generated from the use of the Group\u2019s pipeline by others.
Others represents other income, joint venture billing interest and joint venture billing finance fees.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-678": { "value": "
13.\u00a0 \u00a0 General and administrative expenses
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Depreciation (Note 19.4)
50,657
8,375
33,391
5,660
Depreciation of right-of-use assets (Note 21)
27,207
9,287
17,934
6,276
Professional & consulting fees
45,404
70,992
29,929
47,978
Auditor's remuneration
2,679
2,203
1,766
1,489
Directors\u2019 emoluments (Execs)
5,486
5,665
3,616
3,828
Directors\u2019 emoluments (Non-Execs)
6,054
6,887
3,991
4,654
Employee benefits (Note 13.1)
95,159
79,804
62,725
53,933
Share-based benefits (Note 13.1)
39,924
30,211
26,316
20,417
Donation
169
163
112
110
Flights and other travel costs
17,331
13,470
11,424
9,105
Other repair & maintenance expenses
24,704
943
16,284
637
Rent and rates
14,394
447
9,488
302
Security expenses
2,962
1,672
1,952
1,130
IT costs
24,846
7,274
16,377
4,916
Other general expenses
21,556
(21,734)
14,208
(14,687)
378,532
215,659
249,513
145,748
The consolidation of SEPNU led to the increase in Auditor\u2019s remuneration for the current period relative to the prior period.
The increase in share-based benefits for the current period, compared to the previous period, is attributable to equity-settled awards
granted in the current and prior periods. These awards are expensed over the vesting period based on the grant-date fair value.
Other general expenses includes contract labour expenses of $9.68 million, \u20a615\u00a0billion ( 2024: $5.50 million, \u20a68 billion), and joint venture
partner review adjustments from previous years of $4.5 million, \u20a66.46 billion.
Repairs and maintenance (G&A) represent costs to maintain and ensure the smooth operation of the Company\u2019s offices, training center,
and residential facilities.
Rent expenses represent short-term leases of 12 months and less, for which the entity has adopted the IFRS 16 short-term leases
recognition exemption.
The increase in the general and administrative expenses is driven by the consolidation of the acquired business SEPNU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-677": { "value": "
13.\u00a0 \u00a0 General and administrative expenses
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Depreciation (Note 19.4)
50,657
8,375
33,391
5,660
Depreciation of right-of-use assets (Note 21)
27,207
9,287
17,934
6,276
Professional & consulting fees
45,404
70,992
29,929
47,978
Auditor's remuneration
2,679
2,203
1,766
1,489
Directors\u2019 emoluments (Execs)
5,486
5,665
3,616
3,828
Directors\u2019 emoluments (Non-Execs)
6,054
6,887
3,991
4,654
Employee benefits (Note 13.1)
95,159
79,804
62,725
53,933
Share-based benefits (Note 13.1)
39,924
30,211
26,316
20,417
Donation
169
163
112
110
Flights and other travel costs
17,331
13,470
11,424
9,105
Other repair & maintenance expenses
24,704
943
16,284
637
Rent and rates
14,394
447
9,488
302
Security expenses
2,962
1,672
1,952
1,130
IT costs
24,846
7,274
16,377
4,916
Other general expenses
21,556
(21,734)
14,208
(14,687)
378,532
215,659
249,513
145,748
The consolidation of SEPNU led to the increase in Auditor\u2019s remuneration for the current period relative to the prior period.
The increase in share-based benefits for the current period, compared to the previous period, is attributable to equity-settled awards
granted in the current and prior periods. These awards are expensed over the vesting period based on the grant-date fair value.
Other general expenses includes contract labour expenses of $9.68 million, \u20a615\u00a0billion ( 2024: $5.50 million, \u20a68 billion), and joint venture
partner review adjustments from previous years of $4.5 million, \u20a66.46 billion.
Repairs and maintenance (G&A) represent costs to maintain and ensure the smooth operation of the Company\u2019s offices, training center,
and residential facilities.
Rent expenses represent short-term leases of 12 months and less, for which the entity has adopted the IFRS 16 short-term leases
recognition exemption.
The increase in the general and administrative expenses is driven by the consolidation of the acquired business SEPNU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-676": { "value": "
13.\u00a0 \u00a0 General and administrative expenses
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Depreciation (Note 19.4)
50,657
8,375
33,391
5,660
Depreciation of right-of-use assets (Note 21)
27,207
9,287
17,934
6,276
Professional & consulting fees
45,404
70,992
29,929
47,978
Auditor's remuneration
2,679
2,203
1,766
1,489
Directors\u2019 emoluments (Execs)
5,486
5,665
3,616
3,828
Directors\u2019 emoluments (Non-Execs)
6,054
6,887
3,991
4,654
Employee benefits (Note 13.1)
95,159
79,804
62,725
53,933
Share-based benefits (Note 13.1)
39,924
30,211
26,316
20,417
Donation
169
163
112
110
Flights and other travel costs
17,331
13,470
11,424
9,105
Other repair & maintenance expenses
24,704
943
16,284
637
Rent and rates
14,394
447
9,488
302
Security expenses
2,962
1,672
1,952
1,130
IT costs
24,846
7,274
16,377
4,916
Other general expenses
21,556
(21,734)
14,208
(14,687)
378,532
215,659
249,513
145,748
The consolidation of SEPNU led to the increase in Auditor\u2019s remuneration for the current period relative to the prior period.
The increase in share-based benefits for the current period, compared to the previous period, is attributable to equity-settled awards
granted in the current and prior periods. These awards are expensed over the vesting period based on the grant-date fair value.
Other general expenses includes contract labour expenses of $9.68 million, \u20a615\u00a0billion ( 2024: $5.50 million, \u20a68 billion), and joint venture
partner review adjustments from previous years of $4.5 million, \u20a66.46 billion.
Repairs and maintenance (G&A) represent costs to maintain and ensure the smooth operation of the Company\u2019s offices, training center,
and residential facilities.
Rent expenses represent short-term leases of 12 months and less, for which the entity has adopted the IFRS 16 short-term leases
recognition exemption.
The increase in the general and administrative expenses is driven by the consolidation of the acquired business SEPNU.
13.1\u00a0 Employee benefits-Salaries and employee-related costs include the following:
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Short-term employee benefits:
Basic salary
85,927
55,384
56,639
37,430
Housing allowances
5,364
4,837
3,536
3,269
Other allowances
5,517
946
3,637
639
Post-employment benefits:
Defined contribution expenses
5,875
3,540
3,872
2,392
Defined benefit expenses (Note 37.2)
(7,524)
15,097
(4,959)
10,203
95,159
79,804
62,725
53,933
Share-based payment expenses
Equity-settled share-based payment expenses (Note 31.4)
36,510
30,211
24,066
20,417
Cash-settled share-based payment expenses (Note 38.1)
3,414
\u2013
2,250
\u2013
39,924
30,211
26,316
20,417
135,083
110,015
89,041
74,350
13.2\u00a0 Below are details of non-audit services provided by the auditors:
Entity
Service
PwC office
Fees ($)
Year
Seplat Group
Remuneration Committee advice
PwC UK
231,899
2025
Seplat Group
Review of financial information in offering
memorandum and provision of comfort letter*
and opinion on unaudited proforma financial
information for $650 million bond issuance
PwC UK and Nigeria
1,062,654
2025
* This is a requirement associated with the bond issuance process for the $650 million bond.
13.3\u00a0 Below are details of assurance service providers to the Group during the year:
S/N
Name of signer
Name of firm
Service rendered
1
Tosin Famurewa
Ryder Scott Company*
Reserve valuation
FRC/2023/PRO/COREN/004/983976
2
Chidiebere Orji
Logic Professional Service
Actuarial valuation service
(FRC/2021/004/00000022718)
FRC/2020/00000013617
3
Miller Kingsley
Ernst & Young
Actuarial valuation service
(FRC/2013/PRO/NAS/004/00000002392)
(FRC/2023/COY/209403)
4
Olufemi Alabi
Ernst & Young
Purchase price allocation
FRC/2021/PRO/ICAN/004/00000024748
FRC/2023/COY/209403
5
Bakare Idowu Ibraheem
Diya Fatimilehin & Co.
Property valuation
FRC/2023/PRO/NIESV/004/410836
FRC/2025/COY/666956
* The firm does not have FRCN numbers.
The Financial Reporting Council Of Nigeria (FRCN) has granted the Group a waiver which allows the professional firm Ryder Scott
Petroleum Consultants to provide assurance services to the Group and for their opinions to be used by the Group in the preparation of its
annual reports and audited financial statements for the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-679": { "value": "
13.1\u00a0 Employee benefits-Salaries and employee-related costs include the following:
31 Dec 2025
31 Dec 2024
31 Dec 2025
31 Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Short-term employee benefits:
Basic salary
85,927
55,384
56,639
37,430
Housing allowances
5,364
4,837
3,536
3,269
Other allowances
5,517
946
3,637
639
Post-employment benefits:
Defined contribution expenses
5,875
3,540
3,872
2,392
Defined benefit expenses (Note 37.2)
(7,524)
15,097
(4,959)
10,203
95,159
79,804
62,725
53,933
Share-based payment expenses
Equity-settled share-based payment expenses (Note 31.4)
36,510
30,211
24,066
20,417
Cash-settled share-based payment expenses (Note 38.1)
3,414
\u2013
2,250
\u2013
39,924
30,211
26,316
20,417
135,083
110,015
89,041
74,350
37.\u00a0 \u00a0 Employee benefit obligation
37.1\u00a0 Defined contribution plan
The Group contributes to a funded defined contribution retirement benefit scheme for its employees in compliance with the provisions of
the Pension Reform Act 2014. A defined contribution plan is a pension plan under which the Group pays fixed contributions to an approved
Pension Fund Administrator (PFA) \u2013 a separate entity. The assets of the scheme are managed by various PFAs patronised by employees
of the Group. The Group\u2019s contributions are charged to the profit and loss account in the year to which they relate.
37.2\u00a0 Defined benefit plan
i.\u00a0 \u00a0 Investment management strategy and policy
The Group operates a partly funded defined benefit pension plan in Nigeria under the regulation of the National Pension Commission. The
plan provides benefits to all the employees (excluding Directors holding salaried employment in the Group) who have been employed by
the Group for a continuous period of six months and whose employment has been confirmed. The employee\u2019s entitlement to the accrued
benefits occurs on retirement from the Group. The level of benefits provided on severance depends on members\u2019 length of service and
salary at retirement age.
The overall investment philosophy of the defined benefit plan fund is to ensure safety, optimum returns and liquidity in line with the
regulation and guidelines of the Pension Reform Act 2014 or guidelines that may be issued from time to time by the National Pension
Commission.
Plan assets are held in trust. Responsibility for supervision of the plan assets (including investment decisions and contributions schedules)
lies jointly with the trustees and the pension fund managers. The trustees are made up of members of the Group\u2019s senior management
appointed by the Chief Executive Officer. The Group does not have an investment strategy of matching plan assets with the defined
obligations as they fall due, however, it has an obligation to settle shortfalls in the plan assets upon annual actuarial valuations.
The provision for the defined benefit plan is based on an independent actuarial valuation performed by Logic Professional Services (LPS)
for Seplat Energy Plc and Ernest and Young Nigeria for SEPNU\u00a0 using the projected credit unit method. The provision is adjusted for
inflation, interest rate risks, changes in salary and changes in the life expectancy for the beneficiaries.
The amount payable as at 31\u00a0December 2025 was \u20a63.9 billion, $2.7 million (2024: \u20a676.9 billion, $50.1 million).
The Group does not have any funding arrangement or policy that impacts future contributions to the plan assets.
The following tables summarise the components of net defined benefit expense recognised in the statement of profit or loss and other
comprehensive income and in the statement of financial position for the respective plans:
ii.\u00a0 \u00a0 Liability recognised in the financial position
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Defined benefit obligation
100,233
205,037
69,836
133,547
Fair value of plan assets
(96,329)
(128,137)
(67,116)
(83,460)
3,904
76,900
2,720
50,087
* The funding gap between the defined benefit obligation and fair value of plan assets has reduced significantly subsequent to year end due to increase in funding.
iii.\u00a0 \u00a0 Amount recognised in profit or loss
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Current service cost
6,886
1,342
4,539
907
Interest cost on defined benefit obligation
13,490
1,748
8,892
1,181
Plan amendment
3,203
34,303
2,111
23,183
23,579
37,393
15,542
25,271
Interest income on plan assets
(27,518)
(1,463)
(18,139)
(989)
(3,939)
35,930
(2,597)
24,282
* Plan amendment relate to gain on curtailments and settlements made during the reporting period.
The Group recognises a part of its defined benefit expenses in profit or loss and recharges the other part to its joint operations partners;
this is recognised as a receivable from the partners. Below is the breakdown:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Charged to profit or loss
(7,524)
15,097
(4,959)
10,203
Charged to receivables
3,583
20,833
2,362
14,079
Balance as at 31 December
(3,941)
35,930
(2,597)
24,282
v.\u00a0 Remeasurement (gains)/ losses in other comprehensive income
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Remeasurement losses due to changes in financial and demographic assumptions
7,282
2,928
4,800
1,979
Remeasurement (gain)/loss due to experience adjustments
(3,697)
1,719
(2,437)
1,162
Remeasurement loss on plan assets
2,931
458
1,932
309
6,516
5,105
4,295
3,450
Deferred tax (expense) on remeasurement loss
(5,806)
(1,685)
(3,827)
(1,139)
Balance as at 31 December
710
3,420
468
2,311
Below is the breakdown of remeasurement losses recognised in other comprehensive income:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Charged/credited to other comprehensive income
6,516
5,105
4,295
3,450
Remeasurement losses due to changes in financial and demographic assumptions
6,516
5,105
4,295
3,450
v.\u00a0 Deferred tax (expense)/ credit on remeasurement (gains)/losses
The Group recognises deferred tax (expense)/credit on a part of the remeasurement (gain)/ losses in other comprehensive income/(loss).
Below is the breakdown:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Charged to other comprehensive income
(5,806)
(1,685)
(3,827)
(1,139)
Deferred tax on remeasurement losses
(5,806)
(1,685)
(3,827)
(1,139)
vi.\u00a0 \u00a0 Changes in the present value of the defined benefit obligation are as follows:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Defined benefit obligation as at 1 January
205,037
9,110
133,548
10,129
Current service cost
6,886
1,342
4,539
907
Interest cost on benefit obligation
13,490
1,748
8,892
1,181
Plan amendment/settlement
3,203
34,305
2,111
23,184
Remeasurement loss/(gain) due to changes in financial and demographic assumptions
7,282
2,928
4,800
1,979
Remeasurement loss/(gain) due to experience adjustment
(3,697)
1,719
(2,437)
1,162
Acquired in business combinations (Note 7)
\u2013
190,783
\u2013
124,531
Benefits from the fund
(134,217)
(1,175)
(88,470)
(794)
Exchange differences
2,249
(35,723)
6,853
(28,732)
Defined benefit obligation at 31 December
100,233
205,037
69,836
133,547
vii\u00a0 The changes in the fair value of plan assets are as follows:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
(128,137)
(7,299)
(83,460)
(8,116)
Employer contribution
(75,457)
(1,317)
(49,738)
(890)
Return on plan assets
(27,518)
(1,463)
(18,139)
(989)
Benefits paid from fund
134,217
1,175
88,470
794
Remeasurement loss on plan assets
2,931
457
1,932
309
Acquired in business combinations (Note 7)
\u2013
(119,195)
\u2013
(77,803)
Exchange differences
(2,365)
(495)
(6,181)
3,235
Balance as at 31 December
(96,329)
(128,137)
(67,116)
(83,460)
The net liability disclosed above relates to funded plans as follows:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Present value of funded obligations
100,233
205,037
69,836
133,547
Fair value of plan assets
(96,329)
(128,137)
(67,116)
(83,460)
Deficit of funded plans
3,904
76,900
2,720
50,087
The fair value of the plan assets of the Group at the end of the reporting period was determined using the market values of the
comprising assets as shown below:
2025
2025
Quoted
Not quoted
Total
Quoted
Not quoted
Total
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Quoted equity
6,116
\u2014
6,116
4,261
\u2014
4,261
Mutual funds
40
\u2014
40
28
\u2014
28
Real estate
\u2014
261
261
\u2014
182
182
Money market
5,275
\u2014
5,275
3,675
\u2014
3,675
Money on call + credit interest
133
\u2014
133
93
\u2014
93
Private equities
65
\u2014
65
45
\u2014
45
FGN Govt bonds
76,714
\u2014
76,716
53,450
\u2014
53,450
Treasury bills
1,628
\u2014
1,628
1,134
\u2014
1,134
Corporate bond
4,921
\u2014
4,921
3,429
\u2014
3,429
State Govt bonds
432
\u2014
432
301
\u2014
301
Supranational bond
214
\u2014
214
149
\u2014
149
Eurobond
106
\u2014
106
74
\u2014
74
Coupon exchange fixed income
208
\u2014
208
145
\u2014
145
Cash at bank
\u2014
102
102
\u2014
71
71
Payables
\u2014
(27)
(27)
\u2014
(19)
(19)
Receivables
\u2014
188
188
\u2014
131
131
Interest receivables
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Accrued fees
\u2014
(47)
(47)
\u2014
(33)
(33)
Total plan assets as at 31 December
95,852
477
96,331
66,784
332
67,116
2024
2024
Quoted
Not quoted
Total
Quoted
Not quoted
Total
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Quoted equity
7,149
\u2013
7,149
4,656
\u2013
4,656
Real estate
\u2013
254
254
\u2013
165
165
Money market
35,992
\u2013
35,992
23,445
\u2013
23,445
Money on call + credit interest
1,815
\u2013
1,815
1,182
\u2013
1,182
FGN Govt bonds
46,555
\u2013
46,555
30,322
\u2013
30,322
Treasury bills
31,223
\u2013
31,223
20,336
\u2013
20,336
Corporate bond
4,299
\u2013
4,299
2,800
\u2013
2,800
Supranational bond
303
\u2013
303
198
\u2013
198
Eurobond
93
\u2013
93
60
\u2013
60
Cash at bank
\u2013
41
41
\u2013
27
27
Payables
\u2013
(66)
(66)
\u2013
(43)
(43)
Receivables
\u2013
277
277
\u2013
181
181
Interest receivables
\u2013
255
255
\u2013
166
166
Accrued fees
\u2013
(53)
(53)
\u2013
(35)
(35)
Total plan assets as at 31 December
127,429
708
128,137
82,999
461
83,460
viii.\u00a0 \u00a0 The principal assumptions used in determining defined benefit obligations for the Group\u2019s plans are shown
below:
2025
2024
%
%
Discount rate
16
18
Average future pay increase
13
17
Average future rate of inflation
17
15
Number of deaths in year out
of 10,000 lives
Sample age
2025
2024
25
7
7
30
7
7
35
9
9
40
14
14
45
26
25
Withdrawal from service
Rates
Age band
2025
2024
Less than or equal to 30
6.0%
6.0%
31 - 39
3.0%
3.0%
40 - 44
2.0%
2.0%
45 - 55
2.0%
2.0%
56 - 60
1.0%
1.0%
A quantitative sensitivity analysis for significant assumption is as shown below
Discount rate
Salary increases
Mortality
1% increase
1% decrease
1% increase
1% decrease
1% increase
1% decrease
Assumptions
Base
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Sensitivity level: Impact on the net defined
benefit obligation
31 December 2025
70,151
54,993
64,345
61,428
57,255
58,650
59,142
31 December 2024
15,196
(14,018)
16,532
16,597
(13,944)
15,199
(15,194)
Discount rate
Salary increases
Mortality
1% increase
1% decrease
1% increase
1% decrease
1% increase
1% decrease
Assumptions
Base
$'000
$'000
$'000
$'000
$'000
$'000
Sensitivity level: Impact on the net defined
benefit obligation
31 December 2025
48,877
36,249
11,173
11,216
(9,424)
10,271
(10,269)
31 December 2024
9,898
(9,474)
11,173
11,216
(9,424)
10,271
(10,269)
The sensitivity analyses above have been determined based on a method that extrapolates the impact on net defined benefit obligation
as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The methods and assumptions used in
preparing the sensitivity analysis did not change compared to the prior period.
The sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to
occur and changes in some of the assumptions may be correlated.
The expected maturity analysis of the undiscounted defined benefit plan obligation is as follows:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Within the next 12 months (next annual reporting period)
6,020
1,030
4,194
671
Between 2 and 5 years
27,436
7,043
19,116
4,587
Between 6 and 10 years
222,827
31,435
155,252
20,475
Beyond 10 years
741,006
442,174
516,288
288,002
997,289
481,682
694,850
313,735
The weighted average liability duration for the plan is 9.42 years (2024: 8.55 years). The longest weighted duration for Nigerian
Government bonds as at 31 December 2025 was about 6.99 years (2024: 6.32 years) with a gross redemption yield of about 14.99%
(2024: 17.5%).
a)\u00a0 \u00a0 Risk exposure
Through its defined benefit pension plans, the Group is exposed to several risks, the most significant of which are detailed below:
i)\u00a0 Liquidity risk
The plan liabilities are not fully funded and as a result, there is a risk that the Group may not have the required cash flow to fund future
defined benefit obligations as they fall due.
ii)\u00a0 Infalation risk
This is the risk of an unexpected significant rise/fall of market interest rates. A rise leads to a fall in long-term asset values and a rise in
liability values.
b)\u00a0 Life expectancy
The majority of the plans\u2019 obligations are to provide benefits for the life of the member, so increases in life expectancy will result in an
increase in the plans\u2019 liabilities. This is particularly significant, where inflationary increases result in higher sensitivity to changes in life
expectancy.
c) Asset volatility
The Group holds a significant proportion of its plan assets in fixed income securities and money market instruments, with limited exposure
to equities.
Details of the actuaries are shown below:
Name of signer
Name of firm
FRC number
Services rendered
Chidiebere Orji
Logic Professional Services -
FRC/2020/00000013617
FRC/2021/004/00000022718
Actuary valuation services
Miller Kingsley
Ernst & Young Global Limited
FRC/2013/NAS/00000002392
Actuary valuation services
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-680": { "value": "
13.2\u00a0 Below are details of non-audit services provided by the auditors:
Entity
Service
PwC office
Fees ($)
Year
Seplat Group
Remuneration Committee advice
PwC UK
231,899
2025
Seplat Group
Review of financial information in offering
memorandum and provision of comfort letter*
and opinion on unaudited proforma financial
information for $650 million bond issuance
PwC UK and Nigeria
1,062,654
2025
* This is a requirement associated with the bond issuance process for the $650 million bond.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-686": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-685": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-684": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-683": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-682": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-681": { "value": "
16.\u00a0 \u00a0 Finance income/(cost)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Finance income
Interest income
18,532
19,525
12,216
13,196
Finance charges
Interest on bank loan (Note 34.1)
(213,239)
(118,896)
(140,558)
(80,352)
Other financing charges (Note 34.1)
\u2013
(4,088)
\u2013
(2,763)
Interest on lease liabilities (Note 35)
(11,465)
(6,200)
(7,557)
(4,190)
Unwinding of discount on provision for decommissioning (Note 36)
(56,503)
(9,510)
(37,244)
(6,427)
(281,207)
(138,694)
(185,359)
(93,732)
Finance cost-net
(262,675)
(119,169)
(173,143)
(80,536)
Finance income represents interest on fixed deposits .
The capitalisation rate used to determine the amount of borrowing costs to be capitalised is the weighted average interest rate applicable
to the Group\u2019s general borrowings denominated in Dollars during the year, there was no capitalisation of interest costs (2024: 10.4%). The
amount capitalised during the year is nil (2024: \u20a65.9 billion, $4 million).
The increase in interest expense during the year reflects increased drawn debt facilities (associated with the offshore assets acquisition)
and higher interest rates on the newly issued Eurobond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-688": { "value": "
17.\u00a0 \u00a0 Taxation
The major components of income tax expense for the years ended 31 December 2025 and 2024 are:
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
Current tax:
Current tax expense on profit for the year
734,697
276,427
484,279
186,816
Education Tax
37,650
9,215
24,817
6,228
NASENI Levy
771
906
508
612
Police Levy
15
13
10
9
Total current tax\u00a0
773,133
286,561
509,614
193,665
Deferred tax:
Deferred tax expense in profit or loss (Note 17.3)
(259,208)
(99,761)
(170,860)
(67,422)
Total tax expense in statement of profit or loss
513,925
186,800
338,754
126,243
Deferred tax recognised in other comprehensive income (Note 17.3)
(5,806)
(1,685)
(3,827)
(1,139)
Total tax charged for the period
508,119
185,115
334,927
125,104
Effective tax rate
68%
47%
68%
47%
17.3\u00a0 Deferred tax
The analysis of deferred tax assets and deferred tax liabilities is as follows:
31 December 2025
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Exchange
difference
Impact of net
off
Balance as at
31 December
2025
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Deferred tax assets (Note 17.4)
353,954
(43,662)
\u2014
(20,713)
2
289,581
Deferred tax liabilities (Note 17.5)
(2,176,045)
302,873
5,806
125,171
(6)
(1,742,201)
(1,822,091)
259,211
5,806
104,458
(4)
(1,452,620)
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of
net off
Balance as at
31 December
2025
Restated
$'000
$'000
$'000
$'000
$'000
Deferred tax assets (Note 17.4)
230,541
(28,780)
\u2014
1
201,762
Deferred tax liabilities (Note 17.5)
(1,417,323)
199,640
3,827
(4)
(1,213,860)
(1,186,782)
170,860
3,827
(3)
(1,012,098)
31 December 2024
Balance as at 1
January 2024
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Exchange
difference
Impact of net
off
Acquired in
business
combination
Balance as at
31 December
2024
Restated
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Deferred tax assets (Note 17.4)
261,528
(58,072)
1,685
181,564
(32,751)
\u2014
353,954
Deferred tax liabilities (Note 17.5)
(88,381)
157,833
\u2014
(152,489)
32,751
(2,125,759)
(2,176,045)
173,147
99,761
1,685
29,075
\u2014
(2,125,759)
(1,822,091)
Balance as at 1
January 2024
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of
net off
Acquired in
business
combination
Balance as at
31 December
2024
Restated
Restated
$'000
$'000
$'000
$'000
$'000
$'000
Deferred tax assets (Note 17.4)
290,783
(39,247)
1,139
(22,134)
\u2014
230,541
Deferred tax liabilities (Note 17.5)
(98,267)
106,669
\u2014
22,134
(1,447,859)
(1,417,323)
192,516
67,422
1,139
\u2014
(1,447,859)
(1,186,782)
17.4\u00a0 Deferred tax assets
Deferred income tax assets are recognised for tax losses carried forward to the extent that the realisation of the related tax benefit
through future taxable profits is probable.
31 December 2025
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of net
off
Exchange
difference
Balance as at
31 December
2025
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Accelerated capital deduction
364,107
(35,578)
\u2014
\u2014
(21,812)
306,717
Provision for abandonment
29,135
1,175
\u2014
\u2014
(1,961)
28,349
Provision for defined benefit
69
\u2014
\u2014
\u2014
(4)
65
Overlift
3,973
(5,893)
\u2014
\u2014
59
(1,861)
Underlift
\u2014
(2,918)
\u2014
\u2014
158
(2,760)
Unrealised foreign exchange gain
(50,780)
(1,206)
\u2014
2
3,375
(48,609)
Unrealised foreign exchange loss
\u2014
1,157
\u2014
\u2014
(63)
1,094
Impairment provision on financial assets
7,450
(399)
\u2014
\u2014
(465)
6,586
Leases
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Property, plant and equipment
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
353,954
(43,662)
\u2014
2
(20,713)
289,581
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of net
off
Balance as at
31 December
2025
Restated
$'000
$'000
$'000
$'000
$'000
Accelerated capital deduction
237,153
(23,451)
\u2014
\u2014
213,702
Provision for abandonment
18,977
775
\u2014
\u2014
19,752
Provision for defined benefit
45
\u2014
\u2014
\u2014
45
Overlift
2,588
(3,885)
\u2014
\u2014
(1,297)
Underlift
\u2014
(1,923)
\u2014
\u2014
(1,923)
Unrealised foreign exchange gain
(33,074)
(796)
\u2014
1
(33,868)
Unrealised foreign exchange loss
\u2014
763
\u2014
\u2014
762
Impairment provision on financial assets
4,852
(263)
\u2014
\u2014
4,589
Total
230,541
(28,780)
\u2014
1
201,762
31 December 2024
Balance as at
1 January
2024
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of net
off
Exchange
difference
Balance as at
31 December
2024
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Accelerated capital deduction
241,614
(13,841)
\u2014
(32,751)
169,085
364,107
Provision for abandonment
26,315
(15,213)
\u2014
\u2014
18,033
29,135
Provision for defined benefit
771
(1,203)
\u2014
\u2014
501
69
Overlift
71,450
(113,718)
\u2014
\u2014
46,241
3,973
Unrealised foreign exchange gain
12,424
(69,377)
\u2014
\u2014
6,173
(50,780)
Defined benefits
1,154
(3,585)
1,685
\u2014
746
\u2014
Impairment provision on financial assets
4,991
(1,031)
\u2014
\u2014
3,490
7,450
Leases
(24,517)
40,333
\u2014
\u2014
(15,816)
\u2014
Property, plant and equipment
(72,674)
119,563
\u2014
\u2014
(46,889)
\u2014
Total
261,528
(58,072)
1,685
(32,751)
181,564
353,954
Balance as at
1 January
2024
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of net
off
Balance as at
31 December
2024
Restated
$'000
$'000
$'000
$'000
$'000
Accelerated capital deduction
268,641
(9,354)
\u2014
(22,134)
237,153
Provision for abandonment
29,258
(10,281)
\u2014
\u2014
18,977
Provision for defined benefit
858
(813)
\u2014
\u2014
45
Overlift
79,441
(76,853)
\u2014
\u2014
2,588
Unrealised foreign exchange gain
13,813
(46,887)
\u2014
\u2014
(33,074)
Defined benefits
1,284
(2,423)
1,139
\u2014
\u2014
Impairment provision on financial assets
5,549
(697)
\u2014
\u2014
4,852
Leases
(27,258)
27,258
\u2014
\u2014
\u2014
Property, plant and equipment
(80,803)
80,803
\u2014
\u2014
\u2014
Total
290,783
(39,247)
1,139
(22,134)
230,541
17.5\u00a0 Deferred tax liabilities
Deferred tax liabilities are recognised for amounts of income taxes payable in future periods in respect of taxable temporary difference.
31 December 2025
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of net
off
Exchange
difference
Balance as at
31 December
2025
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Provision for abandonment
594,611
(568,101)
\u2014
\u2014
(8,109)
18,401
Provision for defined benefit
215,929
(198,473)
5,806
(6)
(3,680)
19,576
Share-based payment plan
77,087
(486)
\u2014
\u2014
(4,998)
71,603
Unrealised foreign exchange loss
102,568
(59,506)
\u2014
\u2014
(3,474)
39,588
Overlift
297,842
(195,123)
\u2014
\u2014
(8,542)
94,177
Expected credit loss
187,730
(16,109)
\u2014
\u2014
(11,365)
160,256
Property, plant and equipment
(3,359,909)
1,158,517
\u2014
\u2014
156,145
(2,045,247)
Defined benefits
(140,892)
139,219
\u2014
\u2014
1,673
\u2014
Hedging gain
3,471
1,220
\u2014
\u2014
(293)
4,398
Deferred tax liabilities on defined benefit remeasurement
(641)
634
\u2014
\u2014
7
\u2014
Unrealised foreign exchange loss gain
(8,397)
(17,691)
\u2014
\u2014
1,598
(24,490)
Right-of-use assets
9,019
(68,568)
\u2014
\u2014
3,129
(56,420)
Lease liability
(27,000)
82,896
\u2014
(2,712)
53,184
Contract-based identifiable intangible asset on acquisition
(57,476)
56,917
\u2014
\u2014
559
\u2014
Others
(69,987)
(12,519)
\u2014
5,236
(77,270)
Utilised losses
\u2014
46
\u2014
\u2014
(3)
43
Total
(2,176,045)
302,873
5,806
(6)
125,171
(1,742,201)
Balance as at
1 January
2025
(Charged) /
credited to
profit or loss
Credited to
other
comprehensive
income
Impact of
net off
Balance as at
31 December
2025
Restated
$'000
$'000
$'000
$'000
$'000
Provision for abandonment
387,288
(374,467)
\u2014
\u2014
12,821
Provision for defined benefit
140,641
(130,825)
3,827
(4)
13,639
Share-based payment plan
50,209
(320)
\u2014
\u2014
49,889
Unrealised foreign exchange loss
66,806
(39,224)
\u2014
\u2014
27,582
Overlift
194,233
(128,616)
\u2014
\u2014
65,617
Expected credit loss
122,275
(10,618)
\u2014
\u2014
111,657
Property, plant and equipment
(2,188,648)
763,644
\u2014
\u2014
(1,425,004)
Defined benefits
(91,767)
91,767
\u2014
\u2014
\u2014
Hedging gain
2,260
804
\u2014
\u2014
3,064
Deferred tax liabilities on defined benefit remeasurement
(418)
418
\u2014
\u2014
\u2014
Unrealised foreign exchange loss gain
(5,402)
(11,661)
\u2014
\u2014
(17,063)
Right-of-use assets
5,887
(45,197)
\u2014
\u2014
(39,310)
Lease liability
(17,586)
54,641
\u2014
\u2014
37,055
Contract-based identifiable intangible asset on acquisition
(37,517)
37,517
\u2014
\u2014
\u2014
Others
(45,584)
(8,253)
\u2014
\u2014
(53,837)
Utilised losses
\u2014
30
30
Total
(1,417,323)
199,640
3,827
(4)
(1,213,860)
* Other temporary differences include provision for defined benefit, provision for abandonment, share equity reserve.
31 December 2024
Balance as at
1 January
2024
(Charged) /
credited to
profit or loss
Acquired in
business
combination
Impact of net
off
Exchange
difference
Balance as at
31 December
2024
Restated
Restated
Restated
Restated
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Provision for abandonment
3,826
17,079
569,126
\u2014
4,580
594,611
Provision for defined benefit
4,971
141,154
60,850
\u2014
8,954
215,929
Share-based payment plan
30,020
24,905
\u2014
\u2014
22,162
77,087
Unrealised foreign exchange loss
40,331
32,498
\u2014
\u2014
29,739
102,568
Overlift
39,169
382,163
(164,831)
\u2014
41,341
297,842
Expected credit loss
103,626
10,441
\u2014
\u2014
73,663
187,730
Property, plant and equipment
(295,988)
(172,619)
(2,611,673)
32,751
(312,380)
(3,359,909)
Defined benefits
(13,414)
(113,718)
\u2014
\u2014
(13,760)
(140,892)
Hedging gain
(999)
4,989
\u2014
\u2014
(519)
3,471
Deferred tax liabilities on defined benefit remeasurement
251
(1,031)
\u2014
\u2014
139
(641)
Unrealised foreign exchange loss gain
(174)
(7,707)
\u2014
\u2014
(516)
(8,397)
Right-of-use assets
\u2014
\u2014
9,019
\u2014
\u2014
9,019
Lease liability
\u2014
(25,301)
(746)
\u2014
(953)
(27,000)
Contract-based identifiable intangible asset on acquisition
\u2014
\u2014
(57,476)
\u2014
\u2014
(57,476)
Others
\u2014
(135,020)
69,972
\u2014
(4,939)
(69,987)
Total
(88,381)
157,833
(2,125,759)
32,751
(152,489)
(2,176,045)
Balance as at
1 January
2024
(Charged) /
credited to
profit or loss
Acquired in
business
combination
(Note 7)
Impact of net
off
Balance as at
31 December
2024
Restated
Restated
Restated
$'000
$'000
$'000
$'000
$'000
Provision for abandonment
4,254
11,542
371,492
\u2014
387,288
Provision for defined benefit
5,527
95,395
39,719
\u2014
140,641
Share-based payment plan
33,378
16,831
\u2014
\u2014
50,209
Unrealised foreign exchange loss
44,843
21,963
\u2014
\u2014
66,806
Overlift
43,550
258,274
(107,591)
\u2014
194,233
Expected credit loss
115,218
7,057
\u2014
\u2014
122,275
Property, plant and equipment
(329,098)
(116,656)
(1,765,028)
22,134
(2,188,648)
Defined benefits
(14,914)
(76,853)
\u2014
\u2014
(91,767)
Hedging gain
(1,111)
3,371
\u2014
\u2014
2,260
Deferred tax liabilities on defined benefit remeasurement
279
(697)
\u2014
\u2014
(418)
Unrealised foreign exchange loss gain
(193)
(5,209)
\u2014
\u2014
(5,402)
Right-of-use assets
\u2014
\u2014
5,887
\u2014
5,887
Lease liability
\u2014
(17,099)
(487)
\u2014
(17,586)
Contract-based identifiable intangible asset on acquisition
\u2014
\u2014
(37,517)
\u2014
(37,517)
Others
\u2014
(91,250)
45,666
\u2014
(45,584)
Total
(98,267)
106,669
(1,447,859)
22,134
(1,417,323)
17.6\u00a0 Unrecognised deferred tax assets
There were no temporary differences associated with investments in the Group\u2019s subsidiaries for which a deferred tax asset would have
been recognised in the periods presented.
17.7\u00a0 Unrecognised deferred tax liabilities
There were no temporary differences associated with investments in the Group\u2019s subsidiaries for which a deferred tax liability would have
been recognised in the periods presented.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-687": { "value": "
17.\u00a0 \u00a0 Taxation
The major components of income tax expense for the years ended 31 December 2025 and 2024 are:
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
Current tax:
Current tax expense on profit for the year
734,697
276,427
484,279
186,816
Education Tax
37,650
9,215
24,817
6,228
NASENI Levy
771
906
508
612
Police Levy
15
13
10
9
Total current tax\u00a0
773,133
286,561
509,614
193,665
Deferred tax:
Deferred tax expense in profit or loss (Note 17.3)
(259,208)
(99,761)
(170,860)
(67,422)
Total tax expense in statement of profit or loss
513,925
186,800
338,754
126,243
Deferred tax recognised in other comprehensive income (Note 17.3)
(5,806)
(1,685)
(3,827)
(1,139)
Total tax charged for the period
508,119
185,115
334,927
125,104
Effective tax rate
68%
47%
68%
47%
17.1\u00a0 Reconciliation of effective tax rate
The income tax expense is recognised based on management\u2019s estimate of the weighted average effective annual income tax rate
expected for the full financial year. The annual tax rate used for the year ended 31 December 2025 is 85% for crude oil activities and 30%
for gas activities. As at 31 December 2024, the applicable tax rates were 85% and 30% respectively.
The effective tax rate for the period was 68% (2024: 47%).
A reconciliation between income tax expense and accounting profit before income tax multiplied by the applicable statutory tax rate is as
follows:
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Profit before taxation
755,505
394,669
497,843
266,724
Tax rate of 85% and 30%
734,201
276,465
483,954
186,841
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Income not subject to tax
198,848
596,577
131,072
403,186
Expenses not deductible for tax purposes
(457,559)
(696,376)
(301,607)
(470,633)
Education Tax
37,649
9,215
24,817
6,228
NASENI Levy
771
906
508
612
Police Levy
15
13
10
9
Total tax charge in statement of profit or loss
513,925
186,800
338,754
126,243
17.2\u00a0 Current tax liabilities
The movement in the current tax liabilities is as follows:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
As at 1 January 2025
196,321
70,653
127,869
78,557
Tax charge
773,133
286,561
509,615
193,664
Tax paid
(641,026)
(100,671)
(422,537)
(68,036)
Acquired from business combination
\u2014
(116,916)
\u2014
(76,316)
Exchange difference
(20,672)
56,694
(521)
\u2014
As at 31 December 2025
307,756
196,321
214,426
127,869
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-689": { "value": "
18.\u00a0 \u00a0 Computation of cash generated from operations
2025
2024
2025
2024
Restated
Restated
Notes
\u20a6 million
\u20a6 million
$'000
$'000
Profit before tax
755,505
394,669
497,843
266,724
Adjusted for:
Depletion, depreciation and amortisation
19.4
847,781
295,786
558,820
199,908
Depreciation of right-of-use asset
21
63,222
9,287
41,673
6,276
Impairment losses on financial assets
14.1
23,857
15,640
15,726
10,570
Gain on liquidation of subsidiary
11
(426)
\u2013
(129)
\u2013
Gain on bargain purchase
12
\u2013
(149,153)
\u2013
(100,801)
Loss on disposal of other property, plant and equipment
19.3.1
\u2013
308
\u2013
208
Fair value loss on asset held for sale
30
\u2013
15,807
\u2013
10,683
Interest income
16
(18,533)
(19,525)
(12,216)
(13,196)
Interest expense on bank loans
34
213,239
118,896
140,558
80,352
Interest on lease liabilities
35
11,465
6,200
7,557
4,190
Unwinding of discount on provision for decommissioning
36
56,502
9,510
37,244
6,427
Fair value loss on derivatives
15
3,886
3,695
2,562
2,497
Hedge premium expenses
15
28,834
7,180
19,006
4,852
Unrealised foreign exchange (gain)/loss
11
(4,165)
(44,920)
(2,746)
(30,358)
Share-based payment expenses
13.1
39,924
30,211
26,316
20,417
Share of (loss)/ profit from joint venture
24.4.1
6,442
(30,483)
4,246
(20,601)
Defined benefit plan
37.2
(7,523)
35,930
(4,959)
24,283
Changes in working capital: (excluding the effects of exchange differences)
Trade and other receivables
402,938
(289,852)
265,599
(195,888)
Inventories
2,760
236,084
1,819
159,542
Prepayments
25,228
(18,896)
16,629
(12,770)
Contract assets
(9,538)
(10,966)
(6,287)
(7,411)
Trade and other payables
95,261
(47,996)
62,792
(32,437)
Provisions
153
47
101
32
Net cash from operating activities
2,536,812
567,459
1,672,154
383,499
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-690": { "value": "
19.\u00a0 \u00a0 Property, plant and equipment
19.1\u00a0 Oil and gas properties
Cost
Production
and
field facilities
Assets under
construction
Exploration
and
Evaluation
assets
Total
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
At 1 January 2025 (Restated)
5,968,768
994,789
92,810
7,056,367
Additions
\u2014
395,892
\u2014
395,892
Transfer
806,279
(806,279)
\u2014
\u2014
Changes in decommissioning (Note 36)
(1,881)
\u2014
\u2014
(1,881)
Reclassifications
91,708
\u2014
(91,708)
\u2014
Exchange differences
(437,345)
(42,698)
(1,102)
(481,145)
At 31 December 2025
6,427,529
541,704
\u2014
6,969,233
Depreciation
At 1 January 2025 (Restated)
2,072,600
\u2014
\u2014
2,072,600
Charge for the year
585,557
\u2014
\u2014
585,557
Exchange differences
(166,665)
\u2014
\u2014
(166,665)
At 31 December 2025
2,491,492
\u2014
\u2014
2,491,492
NBV
At 31 December 2025
3,936,037
541,704
\u2014
4,477,741
Production
and
field facilities
Assets under
construction
Exploration
and
evaluation
assets
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
At 1 January 2024
2,023,318
468,170
54,368
2,545,856
Additions
\u2013
362,815
\u2013
362,815
Transfer
472,259
(472,259)
\u2013
\u2013
Changes in decommissioning (Note 36)
(121,156)
\u2013
\u2013
(121,156)
Interest capitalised (Note 34.1)
\u2013
5,985
\u2013
5,985
Reclassification to intangible assets
(79,632)
40,354
\u2013
(39,278)
Acquired in business combination (Note 7) - restated
2,228,327
260,507
\u2013
2,488,834
Exchange differences
1,445,652
329,217
38,442
1,813,311
At 31 December 2024 - restated
5,968,768
994,789
92,810
7,056,367
Depreciation
At 1 January 2024
1,053,338
27,164
\u2013
1,080,502
Charge for the year
264,509
\u2013
\u2013
264,509
Reclassification from intangible assets
\u2013
(44,691)
\u2013
(44,691)
Exchange differences
754,753
17,527
\u2013
772,280
At 31 December 2024
2,072,600
\u2013
\u2013
2,072,600
NBV
At 31 December 2024 - restated
3,896,168
994,789
92,810
4,983,767
Production
and
field facilities
Assets under
construction
Exploration
and
evaluation
assets
Total
Cost
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2025- restated
3,887,637
647,936
60,450
4,596,023
Additions
\u2013
260,955
\u2013
260,955
Transfer
531,464
(531,464)
\u2013
\u2013
Changes in decommissioning (Note 36)
(1,240)
\u2013
\u2013
(1,240)
Reclassifications
60,450
\u2013
(60,450)
\u2013
At 31 December 2025
4,478,311
377,427
\u2013
4,855,738
Depreciation
At 1 January 2025- restated
1,349,946
\u2013
\u2013
1,349,946
Charge for the year
385,974
\u2013
\u2013
385,974
At 31 December 2025
1,735,920
\u2013
\u2013
1,735,920
NBV
At 31 December 2025
2,742,391
377,427
\u2013
3,119,818
Production
and field
facilities
Assets under
construction
Exploration &
evaluation
assets
Total
Cost
$'000
$'000
$'000
$'000
At 1 January 2024
2,249,650
520,540
60,450
2,830,640
Additions
\u2013
245,198
\u2013
245,198
Transfer
319,163
(319,163)
\u2013
\u2013
Changes in decommissioning (Note 36)
(81,880)
\u2013
\u2013
(81,880)
Interest capitalised (Note 34.1)
\u2013
4,045
\u2013
4,045
Reclassification to intangible assets
(53,817)
27,272
\u2013
(26,545)
Acquired in business combination (Note 7) - restated
1,454,521
170,044
\u2013
1,624,565
At 31 December 2024 - restated
3,887,637
647,936
60,450
4,596,023
Depreciation
At 1 January 2024
1,171,166
30,203
\u2013
1,201,369
Charge for the year
178,780
\u2013
\u2013
178,780
Reclassification from intangible assets
\u2013
(30,203)
\u2013
(30,203)
At 31 December 2024
1,349,946
\u2013
\u2013
1,349,946
NBV
At 31 December 2024 - restated
2,537,691
647,936
60,450
3,246,077
Assets under construction represent costs capitalised in connection with the development of the Group\u2019s oil fields and other property,
plant and equipment not yet ready for their intended use. Some of which are qualifying assets that take a substantial period to get ready
for their intended use. A capitalisation rate of nil (2024: 10.4%) has been determined and applied to the Group\u2019s general borrowing to
determine the borrowing cost capitalised as part of the qualifying assets.
Transfers within the oil and gas assets relate to completed projects, previously under development moved to production and field facilities.
Borrowing costs capitalised during the year amounted to nil (2024: \u20a65.99 billion, $4.05 million).
There was no oil and gas property pledged as security during the reporting period.
The Group has no contractual commitments to acquire any property, plant and equipment (2024: nil).
Impairment testing
There was no impairment loss recorded for OMLs 4, 38 and 41; OML 40; OML 53; OML 56; OMLs 67, 68, and 70; and OML 104 as there
was no observable impairment trigger during the year ended (2024: nil).
19.2\u00a0 Other property, plant and equipment
Plant &
machinery
Motor
vehicles
Office
furniture
& IT
equipment
Leasehold
improvements
Land
Building
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
At 1 January 2025- restated
275,759
16,009
44,400
12,599
104
410,637
759,508
Additions
5,053
994
2,186
311
\u2013
300
8,844
Disposals
(140)
(152)
(1,253)
(67)
\u2013
\u2013
(1,612)
Exchange differences
(18,238)
(1,087)
(3,231)
(600)
(6)
(26,894)
(50,056)
At 31 December 2025
262,435
15,764
42,102
12,243
98
384,043
716,685
Depreciation
At 1 January 2025- restated
35,263
13,248
37,846
9,331
\u2013
2,009
97,697
Charge for the year
43,598
1,186
2,292
1,073
\u2013
67,579
115,728
Disposal
(108)
(152)
(1,253)
(67)
\u2013
\u2013
(1,580)
Exchange differences
(4,643)
(918)
(2,819)
(701)
\u2013
(3,594)
(12,675)
At 31 December 2025
74,110
13,364
36,066
9,636
\u2013
65,994
199,170
NBV
At 31 December 2025
188,325
2,400
6,036
2,607
98
318,049
517,515
Cost
At 1 January 2024
35,351
9,120
23,638
5,964
60
3,499
77,632
Transfer to held for sale
(28,783)
\u2013
\u2013
\u2013
\u2013
\u2013
(28,783)
Additions
1,247
809
3,886
2,329
\u2013
\u2013
8,271
Disposals
\u2013
(573)
\u2013
\u2013
\u2013
\u2013
(573)
Acquired in business combination (Note 7) -
restated
243,455
196
14
\u2013
\u2013
403,789
647,454
Exchange differences
24,489
6,457
16,862
4,306
44
3,349
55,507
At 31 December 2024 - restated
275,759
16,009
44,400
12,599
104
410,637
759,508
Depreciation
At 1 January 2024
18,340
7,032
20,892
4,995
\u2013
629
51,888
Charge for the year
3,812
1,453
2,102
774
\u2013
926
9,067
Disposal
\u2013
(253)
\u2013
\u2013
\u2013
\u2013
(253)
Exchange differences
13,111
5,016
14,852
3,562
\u2013
454
36,995
At 31 December 2024
35,263
13,248
37,846
9,331
\u2013
2,009
97,697
NBV
At 31 December 2024 - restated
240,496
2,761
6,554
3,268
104
408,628
661,811
Plant &
machinery
Motor
vehicles
Office
furniture
& IT
equipment
Leasehold
improvements
Land
Building
Total
Cost
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2025- restated
179,610
10,427
28,917
8,207
68
267,460
494,689
Additions
3,331
655
1,441
205
\u2013
198
5,830
Disposals
(92)
(100)
(826)
(44)
\u2013
\u2013
(1,062)
Exchange differences
\u2013
\u2013
(199)
162
\u2013
(80)
(117)
At 31 December 2025
182,849
10,982
29,333
8,530
68
267,578
499,340
Depreciation
At 1 January 2025- restated
22,968
8,629
24,650
6,077
\u2013
1,308
63,632
Charge for the year
28,738
782
1,511
707
\u2013
44,545
76,283
Disposal
(71)
(100)
(826)
(44)
\u2013
\u2013
(1,041)
Exchange differences
\u2013
\u2013
(206)
(27)
\u2013
126
(107)
At 31 December 2025
51,635
9,311
25,129
6,713
\u2013
45,979
138,767
NBV
At 31 December 2025
131,214
1,671
4,204
1,817
68
221,599
360,573
Cost
At 1 January 2024
39,306
10,139
26,282
6,632
68
3,890
86,317
Transfer to held for sale
(19,452)
\u2013
\u2013
\u2013
\u2013
\u2013
(19,452)
Additions
843
547
2,626
1,575
\u2013
\u2013
5,591
Disposals
\u2013
(387)
\u2013
\u2013
\u2013
\u2013
(387)
Acquired in business combination (Note 7) -
restated
158,913
128
9
\u2013
\u2013
263,570
422,620
At 31 December 2024 - restated
179,610
10,427
28,917
8,207
68
267,460
494,689
Depreciation
At 1 January 2024
20,392
7,818
23,229
5,554
\u2013
699
57,692
Charge for the year
2,576
982
1,421
523
\u2013
609
6,111
Disposal
\u2013
(171)
\u2013
\u2013
\u2013
\u2013
(171)
At 31 December 2024
22,968
8,629
24,650
6,077
\u2013
1,308
63,632
NBV
At 31 December 2024 - restated
156,642
1,798
4,267
2,130
68
266,152
431,057
19.3\u00a0 Loss on disposal
19.3.1\u00a0 \u00a0 Loss on disposal of other property, plant and equipment
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Proceeds from disposal of assets
32
12
21
8
Less net book value of disposed assets
(32)
(320)
(21)
(216)
Loss on disposal of motor vehicles
\u2013
(308)
\u2013
(208)
Consideration had not been received for the disposal during the period*.
19.4\u00a0 Depletion, depreciation and amortisation
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Oil and gas properties (Note 19.1)
585,557
264,537
385,974
178,780
Other property, plant and equipment
65,071
\u2014
42,892
\u2014
Amortisation of intangible asset (Note 22)
146,495
22,207
96,563
15,017
Right-of-use assets (Note 21)
36,015
\u2014
23,739
\u2014
Charged to cost of sales
833,138
286,744
549,168
193,797
Other property, plant and equipment charged to general and administrative expenses
(Note 19.2)
50,657
9,042
33,391
6,111
Right-of-use assets (Note 21)
27,207
9,287
17,934
6,276
Charged to general and administrative expense
77,864
18,329
51,325
12,387
Total depletion, depreciation and amortisation
911,002
305,073
600,493
206,184
21.\u00a0 Right-of-use assets
2025
2025
2025
2025
2025
2025
Aviation
Building
Total
Aviation
Building
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
At 1 January
25,276
217,239
242,515
16,464
141,493
157,957
Additions during the year (Note 35)
15,400
179
15,579
10,151
118
10,269
Modifications
7,848
\u2013
7,848
5,173
\u2013
5,173
Reclassifications
14,641
\u2013
14,641
9,651
\u2013
9,651
Derecognition
\u2013
(5,952)
(5,952)
\u2013
(3,924)
(3,924)
Exchange difference
(3,689)
(13,205)
(16,894)
\u2013
449
449
At 31 December
59,476
198,261
257,737
41,439
138,136
179,575
Depreciation
At 1 January
\u2014
41,333
41,333
\u2014
26,921
26,921
Charge for the year
23,096
40,125
63,221
15,224
26,449
41,673
Derecognition
\u2013
(4,629)
(4,629)
\u2013
(3,051)
(3,051)
Exchange difference
(1,246)
(4,639)
(5,885)
\u2013
(21)
(21)
At 31 December
21,850
72,190
94,040
15,224
50,297
65,521
NBV
At 31 December
37,626
126,071
163,697
26,215
87,839
114,054
2024
2024
2024
2024
2024
2024
Aviation
Building
Total
Aviation
Building
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
At 1 January
\u2014
20,513
20,513
\u2014
22,809
22,809
Additions during the year (Note 35)
\u2014
89,665
89,665
\u2013
60,597
60,597
Acquired in business combination (Note 7)
24,361
89,851
114,212
16,464
58,087
74,551
Exchange difference
915
17,210
18,125
\u2013
\u2013
\u2013
At 31 December \u2013 restated
25,276
217,239
242,515
16,464
141,493
157,957
Depreciation
At 1 January
\u2014
18,567
18,567
\u2014
20,645
20,645
Charge for the year \u2013 restated
\u2013
9,287
9,287
\u2013
6,276
6,276
Exchange difference
\u2013
13,479
13,479
\u2013
\u2013
\u2013
At 31 December \u2013 restated
\u2014
41,333
41,333
\u2013
26,921
26,921
NBV
At 31 December \u2013 restated
25,276
175,906
201,182
16,464
114,572
131,036
Lease modification
During the year, the Company modified its existing lease arrangements with Bristow for the provision of helicopter logistics support
services. The modification includes a one\u2011year extension of the lease term and an increase in the monthly base rate.
Additions to lease
During the year, the Company entered into an additional lease with Bristow for one helicopter for the provision of helicopter logistics
support services. The new lease was recognised at the same modified rates applied to the existing Bristow lease arrangements.
Lease reclassification
Reclassification relates to operational readiness costs in relation to the acquisition.
There is no restriction on any of the leased assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-691": { "value": "
19.4\u00a0 Depletion, depreciation and amortisation
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Oil and gas properties (Note 19.1)
585,557
264,537
385,974
178,780
Other property, plant and equipment
65,071
\u2014
42,892
\u2014
Amortisation of intangible asset (Note 22)
146,495
22,207
96,563
15,017
Right-of-use assets (Note 21)
36,015
\u2014
23,739
\u2014
Charged to cost of sales
833,138
286,744
549,168
193,797
Other property, plant and equipment charged to general and administrative expenses
(Note 19.2)
50,657
9,042
33,391
6,111
Right-of-use assets (Note 21)
27,207
9,287
17,934
6,276
Charged to general and administrative expense
77,864
18,329
51,325
12,387
Total depletion, depreciation and amortisation
911,002
305,073
600,493
206,184
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-692": { "value": "
20.\u00a0 \u00a0 Other assets
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Fair value at the beginning of the year
139,431
91,478
90,815
101,711
Receipts from crude oil lifted
\u2014
(16,122)
\u2014
(10,896)
Exchange difference
(9,088)
64,075
\u2014
\u2014
Fair value at the end of the year
130,343
139,431
90,815
90,815
Other assets represent the Group\u2019s rights to receive the discharge sum of $179.02 million, \u20a6256.94 billion ( 2024 : $179.02 million, \u20a6274.85
billion), from the crude oil reserves of OML 55 and receipts from crude oil lifted reduce the value of the asset. At each reporting date, the
fair value of the discharge sum is determined using the income approach in line with IFRS 13: Fair Value Measurement (discounted cash
flow). The fair value of this asset amounts to $91.7 million, \u20a6131.61 billion ( 2024: $107 million, \u20a6164.28 billion).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-693": { "value": "
21.\u00a0 Right-of-use assets
2025
2025
2025
2025
2025
2025
Aviation
Building
Total
Aviation
Building
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
At 1 January
25,276
217,239
242,515
16,464
141,493
157,957
Additions during the year (Note 35)
15,400
179
15,579
10,151
118
10,269
Modifications
7,848
\u2013
7,848
5,173
\u2013
5,173
Reclassifications
14,641
\u2013
14,641
9,651
\u2013
9,651
Derecognition
\u2013
(5,952)
(5,952)
\u2013
(3,924)
(3,924)
Exchange difference
(3,689)
(13,205)
(16,894)
\u2013
449
449
At 31 December
59,476
198,261
257,737
41,439
138,136
179,575
Depreciation
At 1 January
\u2014
41,333
41,333
\u2014
26,921
26,921
Charge for the year
23,096
40,125
63,221
15,224
26,449
41,673
Derecognition
\u2013
(4,629)
(4,629)
\u2013
(3,051)
(3,051)
Exchange difference
(1,246)
(4,639)
(5,885)
\u2013
(21)
(21)
At 31 December
21,850
72,190
94,040
15,224
50,297
65,521
NBV
At 31 December
37,626
126,071
163,697
26,215
87,839
114,054
2024
2024
2024
2024
2024
2024
Aviation
Building
Total
Aviation
Building
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
At 1 January
\u2014
20,513
20,513
\u2014
22,809
22,809
Additions during the year (Note 35)
\u2014
89,665
89,665
\u2013
60,597
60,597
Acquired in business combination (Note 7)
24,361
89,851
114,212
16,464
58,087
74,551
Exchange difference
915
17,210
18,125
\u2013
\u2013
\u2013
At 31 December \u2013 restated
25,276
217,239
242,515
16,464
141,493
157,957
Depreciation
At 1 January
\u2014
18,567
18,567
\u2014
20,645
20,645
Charge for the year \u2013 restated
\u2013
9,287
9,287
\u2013
6,276
6,276
Exchange difference
\u2013
13,479
13,479
\u2013
\u2013
\u2013
At 31 December \u2013 restated
\u2014
41,333
41,333
\u2013
26,921
26,921
NBV
At 31 December \u2013 restated
25,276
175,906
201,182
16,464
114,572
131,036
Lease modification
During the year, the Company modified its existing lease arrangements with Bristow for the provision of helicopter logistics support
services. The modification includes a one\u2011year extension of the lease term and an increase in the monthly base rate.
Additions to lease
During the year, the Company entered into an additional lease with Bristow for one helicopter for the provision of helicopter logistics
support services. The new lease was recognised at the same modified rates applied to the existing Bristow lease arrangements.
Lease reclassification
Reclassification relates to operational readiness costs in relation to the acquisition.
There is no restriction on any of the leased assets.
35.\u00a0 \u00a0 Lease liabilities
Dec 2025
Dec 2024
Dec 2025
Dec 2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Lease liability as at 1 January
115,209
1,207
75,040
1,343
Additions during the year
15,506
89,665
10,221
60,597
Interest payment
(11,465)
(6,200)
(7,557)
(4,190)
Principal payment
(39,305)
(4,218)
(25,908)
(2,851)
Acquired in business combination (Note 7) \u2013\u00a0 restated
\u2013
24,437
\u2013
15,951
Interest on lease liabilities
11,465
6,200
7,557
4,190
Derecognition
(1,323)
\u2013
(872)
\u2013
Lease modification
7,848
\u2013
5,173
\u2013
Exchange difference
(1,746)
4,118
3,364
As at 31 December
96,189
115,209
67,018
75,040
During the year, the Company entered into an additional lease with Bristow for one helicopter for the provision of helicopter logistics
support services. The new lease was recognised at the same modified rates applied to the existing Bristow lease arrangements.
The Group\u2019s lease liability as at 31\u00a0December 2025 is split into current and non-current portions as follows:
Dec 2025
Dec 2024
Dec 2025
Dec 2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Non-current
67,027
88,530
46,700
57,663
Current
29,162
26,679
20,318
17,377
96,189
115,209
67,018
75,040
The following amounts are recognised in profit or loss:
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Depreciation expense of right-of-use assets
63,222
11,469
41,673
7,751
Interest expense on lease liabilities
11,465
6,200
7,557
4,190
Expense relating to short-term leases
14,394
447
9,488
302
89,081
18,116
58,718
12,243
The impact of the lease on cash flow is as follows
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Depreciation expense of right-of-use assets
63,222
11,469
41,673
7,751
Interest expense on lease liabilities
11,465
4,018
7,557
4,190
Net cash flows from operating activities
74,687
15,487
49,230
11,941
Lease payments
(39,305)
(6,400)
(25,908)
(7,041)
Net cash flows from financing activities
(39,305)
(6,400)
(25,908)
(7,041)
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-694": { "value": "
22.\u00a0 \u00a0 Intangible assets
Licence
Software
Total
Licence
Software
Total
Cost
\u20a6 million
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
$'000
At 1 January 2025 \u2013 restated
1,059,464
1,164
1,060,628
690,061
758
690,819
Reclassification from oil and gas assets
90
\u2013
90
59
\u2013
59
Exchange difference
(69,086)
(76)
(69,162)
\u2013
\u2013
\u2013
At 31 December 2025
990,468
1,088
991,556
690,120
758
690,878
Amortisation and impairment
At 1 January 2025 \u2013 restated
42,914
15
42,929
27,951
9
27,960
Amortisation
146,320
175
146,495
96,447
116
96,563
Exchange difference
(10,723)
(11)
(10,734)
\u2013
\u2013
\u2013
At 31 December 2025
178,511
179
178,690
124,398
125
124,523
NBV
At 31 December 2025
811,957
909
812,866
565,722
633
566,355
Licence
Software
Total
Licence
Software
Total
Cost
N'million
\u20a6 million
\u20a6 million
$\u2019000
$\u2019000
$'000
At 1 January 2024
118,110
\u2013
118,110
131,322
\u2013
131,322
Additions
3,449
\u2013
3,449
2,331
\u2013
2,331
Identifiable intangible asset acquired in business combination
(Note 7)\u2013 restated
857,828
1,162
858,990
559,940
758
560,698
Reclassification from oil and gas assets
(5,226)
\u2013
(5,226)
(3,532)
\u2013
(3,532)
Exchange difference
85,303
2
85,305
\u2013
\u2013
\u2013
At 31 December 2024 \u2013 restated
1,059,464
1,164
1,060,628
690,061
758
690,819
Amortisation and impairment
At 1 January 2024
11,527
\u2013
11,527
12,816
\u2013
12,816
Amortisation
22,419
13
22,432
15,008
9
15,017
Reclassification from oil and gas assets
188
\u2013
188
127
\u2013
127
Exchange difference
8,780
2
8,782
\u2013
\u2013
\u2013
At 31 December 2024 \u2013 restated
42,914
15
42,929
27,951
9
27,960
NBV
At 31 December 2024 \u2013 restated
1,016,550
1,149
1,017,699
662,110
749
662,859
Licence relates to costs incurred in connection with the renewal of a right for exploration of an oil mining lease field.\u00a0 See Note (iii)
supplementary financial information for the remaining amortisation period on the licences.
Software relates to computer and other related software with a subscription of more than one year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-695": { "value": "
23.\u00a0 \u00a0 Prepayments
2025
2024
2025
2024
Long-term prepayment
\u20a6 million
\u20a6 million
$'000
$'000
Advances to suppliers
22,462
48,018
15,650
31,276
22,462
48,018
15,650
31,276
Short-term prepayment
Rent
1,273
4,339
887
2,826
Other prepayments
46,456
48,257
32,367
31,431
47,729
52,596
33,254
34,257
70,191
100,614
48,904
65,533
23.1\u00a0 Rent
Rent relates to short-term leases of residential buildings, car parks and office buildings with contractual lease term of less than or equal to
12 months. At the end of the reporting period, rental expense of $8.7 million, \u20a613 billion (2024: $0.1 million,\u00a0 \u20a6177 million) was recognised
within general and administrative expenses for these leases. The Group\u2019s payments for short-term lease commitments at the end of the
reporting period are \u20a61.3 billion, $0.9 million (2024 : \u20a64.3 billion, $2.8 million).
23.2\u00a0 Advances to suppliers
Advances to suppliers relate to milestone payments made to finance the construction of the Amukpe-Escravos Pipeline Project
(third\u2011party infrastructure) and related facilities on behalf of the service provider. Ownership of the constructed assets resides with the
vendor, and the amounts advanced are recoverable over time through charges for services rendered, specifically the utilisation of the
pipeline for crude evacuation.\u00a0 As at the end of the reporting period, the outstanding amount net of recoveries is \u20a622.5 billion, $15.7 million,
(2024: \u20a648.0 billion, $31.3 million). Recoveries will be made via the usage of the pipeline for crude evacuation.
23.3\u00a0 Other prepayments
Included in other prepayments are prepaid service charge expenses for office buildings, health insurance, software licence maintenance,
motor insurance premium and crude oil handling fees. These prepaid expenses are short term in nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-696": { "value": "
23.1\u00a0 Rent
Rent relates to short-term leases of residential buildings, car parks and office buildings with contractual lease term of less than or equal to
12 months. At the end of the reporting period, rental expense of $8.7 million, \u20a613 billion (2024: $0.1 million,\u00a0 \u20a6177 million) was recognised
within general and administrative expenses for these leases. The Group\u2019s payments for short-term lease commitments at the end of the
reporting period are \u20a61.3 billion, $0.9 million (2024 : \u20a64.3 billion, $2.8 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasePrepaymentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-697": { "value": "
24.\u00a0 \u00a0 Interest in other entities
24.1\u00a0 Material subsidiaries
The Group\u2019s principal subsidiaries as at 31\u00a0December 2025 are set out in Note 1. Unless otherwise stated, their share capital consists solely
of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the
Group. The country of incorporation or registration is also their principal place of business. The Group exercised significant judgement in
consolidating Elcrest. Please see Note 4.1 for details. Also, there were no significant restrictions on any of the entities.
24.2\u00a0 \u00a0 Liquidation of subsidiaries
During the year, the shareholders approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September
2025; the Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up.
Below are the details of the net assets of the subsidiaries at liquidation:
As at 31
December 2025
As at 31 December
2025
As at 31 December
2025
MSP
Turnkey
Total
\u20a6 million
\u20a6 million
\u20a6 million
Assets
Intercompany receivables
98
33,468
33,566
Total asset
98
33,468
33,566
Liabilities
Provision
118
80
198
Intercompany payables
61
34,046
34,107
Total liabilities
179
34,126
34,305
Net liabilities
(81)
(658)
(739)
Net carrying amount of liabilities derecognised
(81)
(658)
(739)
Less net intercompany receivable/(payable) on liquidation
(37)
578
541
Reclassification of foreign currency translation reserve to profit or loss
28
(256)
(228)
Gain on liquidation of subsidiary
(90)
(336)
(426)
As at 31
December 2025
As at 31 December
2025
As at 31 December
2025
MSP
Turnkey
Total
$'000
$'000
$'000
Assets
Intercompany receivables
64
21,831
21,895
Total asset
64
21,831
21,895
Liabilities
Provision
77
52
129
Intercompany payables
40
22,208
22,248
Total liabilities
117
22,260
22,377
Net liabilities
(53)
(429)
(482)
Net carrying amount of liabilities derecognised
(53)
(429)
(482)
Less net intercompany receivable/(payable) on liquidation
(24)
377
353
Gain on liquidation of subsidiary
(77)
(52)
(129)
24.3\u00a0 Non-controlling interest (NCI)
Summarised financial information in respect of Elcrest Exploration and Production Nigeria Limited which has a material non-controlling
interest is set out below.
The information disclosed reflects amounts presented in the financial statements of the subsidiary amended to reflect fair value
adjustments made by the Group, and modifications for differences in accounting policy during the business combination.
24.3.1\u00a0 Statement of Financial Position
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Current assets
375,938
227,720
261,933
163,923
Current liabilities
(1,022,349)
(1,056,848)
(712,317)
(688,625)
Current net liabilities
(646,411)
(829,128)
(450,384)
(524,702)
Non-current assets
765,548
936,864
533,385
610,205
Non-current liabilities
(80,963)
(87,505)
(56,410)
(56,995)
Non-current net assets
684,585
849,359
476,975
553,210
Net assets
38,174
20,231
26,591
28,508
Accumulated NCI at 55%
20,996
11,127
14,625
15,679
24.3.2\u00a0 Statement of profit or loss and other comprehensive income
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Revenue
395,355
460,395
260,601
311,145
Cost of sales
(322,441)
(349,992)
(212,540)
(236,532)
Operating expenses
(5,023)
(13,818)
(3,311)
(9,339)
Finance cost
(18,728)
(27,219)
(12,344)
(18,395)
Profit before tax
49,163
69,366
32,406
46,879
Income tax charge
(52,071)
(92,389)
(34,322)
(62,439)
Loss for the year
(2,908)
(23,023)
(1,916)
(15,560)
Foreign currency translation difference
20,851
\u2013
\u2014
\u2014
Total comprehensive profit/ (loss)
17,943
(23,023)
(1,916)
\u2014
Loss for the year attributable to NCI @ 55%
(1,599)
(12,663)
(1,054)
(8,558)
Total comprehensive loss attributable to NCI @ 55%
9,869
(12,663)
(1,054)
(8,558)
24.3.3\u00a0 Statement of cash flows
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Operating activities
(31,437)
253,762
(20,723)
171,498
Investing activities
65,151
(130,025)
42,947
(84,689)
Financing activities
(20,486)
(147,819)
(13,504)
(99,899)
24.4\u00a0 Equity-accounted Investment
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Investment in joint venture ANOH gas (Note 24.4.2)
372,790
374,593
259,738
243,984
Investment in joint venture (Pine Gas)*
45
48
31
31
372,835
374,641
259,769
244,015
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 *The amount recognised as investment in Pine Gas relates to incorporation cost and other legal fees.
24.4.1\u00a0 Interest in joint ventures
The shareholders\u2019 agreement between the Group and Nigerian Gas Processing and Transportation Company (NGPTC) requires both
parties to have equal shareholding in ANOH. For the ownership structure, the Group has assessed its retained interest in ANOH and
determined that it has joint control. The Group's interest in ANOH is accounted for in the consolidated financial statements using the equity
method because the Group interest in ANOH is assessed to be a joint venture.
Set below is the information on the material joint venture of the Group, ANOH. The Company has share capital consisting solely of ordinary
shares, which are held directly by the Group. The country of incorporation or registration is also its principal place of business, and the
proportion of ownership interest is the same as the proportion of voting rights held. The Company is a private entity hence no quoted
price is available.
As at the reporting date, Pine Gas Processing Limited is yet to commence operations.
As at the reporting period, the Group had no capital commitment neither had it incurred any contingent liabilities jointly with its joint venture
partner.
Name of entity
Country of
incorporation
and place of
business
Percentage of
ownership interest
Carrying amount
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
%
%
\u20a6 million
\u20a6 million
$'000
$'000
ANOH Gas Processing Company Limited
Nigeria
50
50
372,790
374,593
259,738
243,984
Pine Gas Processing Limited
Nigeria
50
50
45
48
31
31
24.4.1\u00a0 Summarised statement of financial position of ANOH
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Current assets:
Cash and bank balances
2,619
29,013
1,825
18,897
Other current assets
85
91
59
59
Total current assets
2,704
29,104
1,884
18,956
Non-current assets
1,271,666
1,200,259
886,020
781,765
Total assets
1,274,370
1,229,363
887,904
800,721
Current liabilities:
Other current liabilities
(100,393)
(21,841)
(69,948)
(14,225)
Financial liabilities (excluding trade payables)
(428,396)
(458,336)
(298,480)
(298,528)
Total liabilities
(528,789)
(480,177)
(368,428)
(312,753)
Net assets
745,581
749,186
519,476
487,968
Reconciliation to carrying amount:
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening net assets
700,360
401,820
487,968
446,766
(Loss)/profit for the period
(12,884)
60,966
(8,492)
41,202
Additional contribution
57,410
\u2013
40,000
\u2013
Exchange difference
695
286,400
\u2013
\u2013
Closing net assets
745,581
749,186
519,476
487,968
Group's share (%)
50%
50%
50%
50%
Net asset in Group account
372,790
374,593
259,738
243,984
Carrying amount
372,790
374,593
259,738
243,984
24.4.1\u00a0 Summarised statement of profit or loss and other comprehensive income of ANOH
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
General and administrative
(8,886)
(2,156)
(5,857)
(1,457)
Other (loss)/ income
(4,459)
61,192
(2,939)
41,355
Finance income
461
1,930
304
1,304
(Loss)/profit before taxation
(12,884)
60,966
(8,492)
41,202
(Loss)/profit for the year
(12,884)
60,966
(8,492)
41,202
Group's share (%)
50%
50%
50%
50%
Group's share of (loss)/profit for the year
(6,442)
30,482
(4,246)
20,601
24.4.1 Investment in joint venture
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
374,593
200,909
243,984
223,383
Additional investment during the year
30,341
\u2013
20,000
\u2013
Exchange difference
(25,702)
143,201
\u2013
\u2013
Share of (loss)/profit from joint venture accounted for using equity method
(6,442)
30,483
(4,246)
20,601
372,790
374,593
259,738
243,984
* The additional investment in the joint venture is a $20 million capital injection in ANOH Gas for the completion of the gas plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-698": { "value": "
24.1\u00a0 Material subsidiaries
The Group\u2019s principal subsidiaries as at 31\u00a0December 2025 are set out in Note 1. Unless otherwise stated, their share capital consists solely
of ordinary shares that are held directly by the Group, and the proportion of ownership interests held equals the voting rights held by the
Group. The country of incorporation or registration is also their principal place of business. The Group exercised significant judgement in
consolidating Elcrest. Please see Note 4.1 for details. Also, there were no significant restrictions on any of the entities.
24.2\u00a0 \u00a0 Liquidation of subsidiaries
During the year, the shareholders approved the winding up of Turnkey Drilling Services Limited and MSP Energy Limited on 8 September
2025; the Directors appointed Mr Uchechukwu Wigwe as the sole liquidator of the companies for the purpose of the voluntary winding-up.
Below are the details of the net assets of the subsidiaries at liquidation:
As at 31
December 2025
As at 31 December
2025
As at 31 December
2025
MSP
Turnkey
Total
\u20a6 million
\u20a6 million
\u20a6 million
Assets
Intercompany receivables
98
33,468
33,566
Total asset
98
33,468
33,566
Liabilities
Provision
118
80
198
Intercompany payables
61
34,046
34,107
Total liabilities
179
34,126
34,305
Net liabilities
(81)
(658)
(739)
Net carrying amount of liabilities derecognised
(81)
(658)
(739)
Less net intercompany receivable/(payable) on liquidation
(37)
578
541
Reclassification of foreign currency translation reserve to profit or loss
28
(256)
(228)
Gain on liquidation of subsidiary
(90)
(336)
(426)
As at 31
December 2025
As at 31 December
2025
As at 31 December
2025
MSP
Turnkey
Total
$'000
$'000
$'000
Assets
Intercompany receivables
64
21,831
21,895
Total asset
64
21,831
21,895
Liabilities
Provision
77
52
129
Intercompany payables
40
22,208
22,248
Total liabilities
117
22,260
22,377
Net liabilities
(53)
(429)
(482)
Net carrying amount of liabilities derecognised
(53)
(429)
(482)
Less net intercompany receivable/(payable) on liquidation
(24)
377
353
Gain on liquidation of subsidiary
(77)
(52)
(129)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-699": { "value": "
24.3\u00a0 Non-controlling interest (NCI)
Summarised financial information in respect of Elcrest Exploration and Production Nigeria Limited which has a material non-controlling
interest is set out below.
The information disclosed reflects amounts presented in the financial statements of the subsidiary amended to reflect fair value
adjustments made by the Group, and modifications for differences in accounting policy during the business combination.
24.3.1\u00a0 Statement of Financial Position
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Current assets
375,938
227,720
261,933
163,923
Current liabilities
(1,022,349)
(1,056,848)
(712,317)
(688,625)
Current net liabilities
(646,411)
(829,128)
(450,384)
(524,702)
Non-current assets
765,548
936,864
533,385
610,205
Non-current liabilities
(80,963)
(87,505)
(56,410)
(56,995)
Non-current net assets
684,585
849,359
476,975
553,210
Net assets
38,174
20,231
26,591
28,508
Accumulated NCI at 55%
20,996
11,127
14,625
15,679
24.3.2\u00a0 Statement of profit or loss and other comprehensive income
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Revenue
395,355
460,395
260,601
311,145
Cost of sales
(322,441)
(349,992)
(212,540)
(236,532)
Operating expenses
(5,023)
(13,818)
(3,311)
(9,339)
Finance cost
(18,728)
(27,219)
(12,344)
(18,395)
Profit before tax
49,163
69,366
32,406
46,879
Income tax charge
(52,071)
(92,389)
(34,322)
(62,439)
Loss for the year
(2,908)
(23,023)
(1,916)
(15,560)
Foreign currency translation difference
20,851
\u2013
\u2014
\u2014
Total comprehensive profit/ (loss)
17,943
(23,023)
(1,916)
\u2014
Loss for the year attributable to NCI @ 55%
(1,599)
(12,663)
(1,054)
(8,558)
Total comprehensive loss attributable to NCI @ 55%
9,869
(12,663)
(1,054)
(8,558)
24.3.3\u00a0 Statement of cash flows
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Operating activities
(31,437)
253,762
(20,723)
171,498
Investing activities
65,151
(130,025)
42,947
(84,689)
Financing activities
(20,486)
(147,819)
(13,504)
(99,899)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-700": { "value": "
24.4\u00a0 Equity-accounted Investment
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Investment in joint venture ANOH gas (Note 24.4.2)
372,790
374,593
259,738
243,984
Investment in joint venture (Pine Gas)*
45
48
31
31
372,835
374,641
259,769
244,015
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 *The amount recognised as investment in Pine Gas relates to incorporation cost and other legal fees.
24.4.1 Investment in joint venture
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-701": { "value": "
24.4.1\u00a0 Interest in joint ventures
The shareholders\u2019 agreement between the Group and Nigerian Gas Processing and Transportation Company (NGPTC) requires both
parties to have equal shareholding in ANOH. For the ownership structure, the Group has assessed its retained interest in ANOH and
determined that it has joint control. The Group's interest in ANOH is accounted for in the consolidated financial statements using the equity
method because the Group interest in ANOH is assessed to be a joint venture.
Set below is the information on the material joint venture of the Group, ANOH. The Company has share capital consisting solely of ordinary
shares, which are held directly by the Group. The country of incorporation or registration is also its principal place of business, and the
proportion of ownership interest is the same as the proportion of voting rights held. The Company is a private entity hence no quoted
price is available.
As at the reporting date, Pine Gas Processing Limited is yet to commence operations.
As at the reporting period, the Group had no capital commitment neither had it incurred any contingent liabilities jointly with its joint venture
partner.
Name of entity
Country of
incorporation
and place of
business
Percentage of
ownership interest
Carrying amount
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
%
%
\u20a6 million
\u20a6 million
$'000
$'000
ANOH Gas Processing Company Limited
Nigeria
50
50
372,790
374,593
259,738
243,984
Pine Gas Processing Limited
Nigeria
50
50
45
48
31
31
24.4.1\u00a0 Summarised statement of financial position of ANOH
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Current assets:
Cash and bank balances
2,619
29,013
1,825
18,897
Other current assets
85
91
59
59
Total current assets
2,704
29,104
1,884
18,956
Non-current assets
1,271,666
1,200,259
886,020
781,765
Total assets
1,274,370
1,229,363
887,904
800,721
Current liabilities:
Other current liabilities
(100,393)
(21,841)
(69,948)
(14,225)
Financial liabilities (excluding trade payables)
(428,396)
(458,336)
(298,480)
(298,528)
Total liabilities
(528,789)
(480,177)
(368,428)
(312,753)
Net assets
745,581
749,186
519,476
487,968
Reconciliation to carrying amount:
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening net assets
700,360
401,820
487,968
446,766
(Loss)/profit for the period
(12,884)
60,966
(8,492)
41,202
Additional contribution
57,410
\u2013
40,000
\u2013
Exchange difference
695
286,400
\u2013
\u2013
Closing net assets
745,581
749,186
519,476
487,968
Group's share (%)
50%
50%
50%
50%
Net asset in Group account
372,790
374,593
259,738
243,984
Carrying amount
372,790
374,593
259,738
243,984
24.4.1\u00a0 Summarised statement of profit or loss and other comprehensive income of ANOH
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
General and administrative
(8,886)
(2,156)
(5,857)
(1,457)
Other (loss)/ income
(4,459)
61,192
(2,939)
41,355
Finance income
461
1,930
304
1,304
(Loss)/profit before taxation
(12,884)
60,966
(8,492)
41,202
(Loss)/profit for the year
(12,884)
60,966
(8,492)
41,202
Group's share (%)
50%
50%
50%
50%
Group's share of (loss)/profit for the year
(6,442)
30,482
(4,246)
20,601
As at 31
December
2025
As at 31
December
2024
As at 31
December
2025
As at 31
December
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
374,593
200,909
243,984
223,383
Additional investment during the year
30,341
\u2013
20,000
\u2013
Exchange difference
(25,702)
143,201
\u2013
\u2013
Share of (loss)/profit from joint venture accounted for using equity method
(6,442)
30,483
(4,246)
20,601
372,790
374,593
259,738
243,984
* The additional investment in the joint venture is a $20 million capital injection in ANOH Gas for the completion of the gas plant.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-702": { "value": "
25.\u00a0 \u00a0 Inventories
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Tubular, casing and wellheads
439,656
463,250
306,325
301,728
Crude and petroleum products
49,431
62,728
34,441
40,857
489,087
525,978
340,766
342,585
Inventory includes the value of tubulars, casings, material, supplies ,wellheads, crude and petroleum. The inventory is carried at the lower of
cost and net realisable value. There were no inventory write downs during the year (2024: nill).
The value of inventory charged to profit or loss and included in cost of sales during the year is $3.32 million, \u20a65.04 billion (2024: \u20a66.6 billion,
$4.4 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-703": { "value": "
26.\u00a0 \u00a0 Trade and other receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Financial assets
Trade receivables (Note 26.1)
193,504
534,917
134,822
348,407
NNPC Exploration Production Limited receivables (Note 26.2)
121,337
63,615
84,540
41,434
NUIMS receivables (Note 26.3)
289,437
454,571
201,662
296,075
Receivables from ANOH (Note 26.5)
5,029
2,589
3,504
1,686
Other receivables (Note 26.4)
54,008
92,479
37,629
60,234
Non-financial assets
Other receivables (Note 26.4)
2,965
961
2,066
626
Underlift
7,603
\u2013
5,297
\u2013
Advances to suppliers \u2013 others
9,203
7,461
6,412
4,859
683,086
1,156,593
475,932
753,321
26.1\u00a0 Trade receivables
Included in the trade receivables are:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Geregu
17,964
18,001
12,517
11,725
Waltersmith
3,767
8,079
2,624
5,262
Sapele Power
12,649
11,271
8,813
7,341
NGMC
373
1,274
260
830
MSN ENERGY
21,701
25,526
15,120
16,626
Pillar
13,247
7,634
9,229
4,972
Shell Western
46,839
50,503
32,634
32,894
Azura
3,619
3,359
2,522
2,188
Transcorp Power
7,027
2,556
4,896
1,665
Exxon Mobil
117,798
438,326
82,074
285,495
Others\u00a0 \u2013 crude injectors
505
522
353
339
Impairment allowance
(51,985)
(32,134)
(36,220)
(20,930)
Total
193,504
534,917
134,822
348,407
Reconciliation of trade receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
567,051
107,871
369,337
119,939
Additions during the year
3,598,263
1,703,543
2,506,976
1,109,569
Receipt for the year
(4,108,584)
(1,393,036)
(2,708,183)
(941,444)
Acquired from business combination
\u2013
141,601
\u2013
92,229
Exchange difference
188,762
7,072
2,912
(10,956)
Gross carry amount
245,492
567,051
171,042
369,337
Less: Impairment allowance
(51,988)
(32,134)
(36,220)
(20,930)
Balance as at 31 December
193,504
534,917
134,822
348,407
Reconciliation of impairment allowance on trade receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
32,134
15,130
20,930
16,822
Increase in loss allowance
21,739
14,137
14,329
9,554
Revaluation impact
\u2013
\u2013
961
(5,446)
Exchange difference
(1,885)
2,867
\u2013
\u2013
Loss allowance as at 31 December
51,988
32,134
36,220
20,930
26.2\u00a0 NEPL receivables
Reconciliation of NEPL receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
67,954
116,421
44,260
129,444
Addition during the year
550,220
495,804
383,360
322,932
Receipts during the year
(519,088)
(601,059)
(342,160)
(406,209)
Exchange difference
27,520
56,788
2,751
(1,907)
Gross carrying amount
126,606
67,954
88,211
44,260
Less: impairment allowance
(5,269)
(4,339)
(3,671)
(2,826)
Balance as at 31 December
121,337
63,615
84,540
41,434
Reconciliation of impairment allowance on NEPL receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
4,339
4,367
2,826
4,856
Increase/(decrease) in loss allowance
1,813
(2,473)
1,195
(1,671)
Foreign exchange revaluation impact
\u2014
\u2014
(350)
(359)
Exchange difference
(883)
2,445
\u2013
\u2013
Loss allowance as at 31 December
5,269
4,339
3,671
2,826
26.3\u00a0 NUIMS receivables
Reconciliation of NUIMS receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
454,571
19,099
296,075
21,236
Addition during the year
1,518,443
386,723
1,057,959
251,884
Receipts during the year
(1,755,049)
(246,960)
(1,156,852)
(166,901)
Acquired on business combination
\u2013
300,562
\u2013
196,189
Exchange difference
71,472
(4,853)
4,480
(6,333)
Gross carrying amount
289,437
454,571
201,662
296,075
Less: impairment allowance
\u2013
\u2013
\u2013
Balance as at 31 December
289,437
454,571
201,662
296,075
Reconciliation of impairment allowance on NUIMS receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
\u2013
684
\u2013
761
Decrease in loss allowance during the period
\u2013
(1,126)
\u2013
(761)
Exchange difference
\u2013
442
\u2013
\u2013
Loss allowance as at 31 December
\u2013
\u2013
\u2013
\u2013
26.4\u00a0 Other receivables
Reconciliation of other receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
173,107
74,727
119,118
83,086
Additions during the year
10,586
59,686
6,978
38,875
Receipts for the year
(41,828)
(16,491)
(27,571)
(11,145)
Acquired from business combination
\u2013
6,583
\u2013
4,297
Exchange difference
1,172
48,602
1,134
4,005
Gross carrying amount
143,037
173,107
99,659
119,118
Less: impairment allowance
(86,064)
(79,667)
(59,964)
(58,258)
Balance as at 31 December
56,973
93,440
39,695
60,860
Other receivables includes receivables from third party injectors (tariff income) of \u20a617 billion,\u00a0 $11.8 million, $3.7 million advances to Belema
for OML 55 crude evacuation of \u20a65.34 billion, $17.4 million receivable from All Grace for Ubima Disposal of \u20a624.9 billion,$2.9 million
receivable from Naptha\u00a0 of \u20a64.2 billion.
Reconciliation of impairment allowance on other receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
79,667
48,564
58,258
53,996
(Decrease)/Increase in loss allowance during the period
(2,048)
9,713
(1,349)
6,563
Foreign exchange revaluation impact
\u2014
\u2014
3,055
(2,301)
Exchange difference
8,445
21,390
\u2013
\u2013
Loss allowance as at 31 December
86,064
79,667
59,964
58,258
26.5\u00a0 Receivables from joint venture (ANOH)
2025
2024
2025
2024
Receivables from joint venture (ANOH)
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
7,253
5,992
4,724
6,662
Additions during the year
2,544
775
1,677
505
Receipts for the year
\u2013
(616)
\u2013
(416)
Exchange difference
(408)
1,102
141
(2,027)
Gross carrying amount
9,389
7,253
6,542
4,724
Less: Impairment allowance
(4,360)
(4,664)
(3,038)
(3,038)
Balance as at 31 December
5,029
2,589
3,504
1,686
Reconciliation of impairment allowance on receivables from joint venture (ANOH)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
4,664
5,427
3,038
6,034
Decrease in loss allowance during the period
\u2013
(4,433)
\u2013
(2,996)
Exchange difference
(304)
3,670
\u2013
\u2013
Loss allowance as at 31 December
4,360
4,664
3,038
3,038
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-704": { "value": "
Reconciliation of impairment allowance on trade receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
32,134
15,130
20,930
16,822
Increase in loss allowance
21,739
14,137
14,329
9,554
Revaluation impact
\u2013
\u2013
961
(5,446)
Exchange difference
(1,885)
2,867
\u2013
\u2013
Loss allowance as at 31 December
51,988
32,134
36,220
20,930
Reconciliation of impairment allowance on NEPL receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
4,339
4,367
2,826
4,856
Increase/(decrease) in loss allowance
1,813
(2,473)
1,195
(1,671)
Foreign exchange revaluation impact
\u2014
\u2014
(350)
(359)
Exchange difference
(883)
2,445
\u2013
\u2013
Loss allowance as at 31 December
5,269
4,339
3,671
2,826
Reconciliation of impairment allowance on NUIMS receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
\u2013
684
\u2013
761
Decrease in loss allowance during the period
\u2013
(1,126)
\u2013
(761)
Exchange difference
\u2013
442
\u2013
\u2013
Loss allowance as at 31 December
\u2013
\u2013
\u2013
\u2013
Reconciliation of impairment allowance on other receivables
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
79,667
48,564
58,258
53,996
(Decrease)/Increase in loss allowance during the period
(2,048)
9,713
(1,349)
6,563
Foreign exchange revaluation impact
\u2014
\u2014
3,055
(2,301)
Exchange difference
8,445
21,390
\u2013
\u2013
Loss allowance as at 31 December
86,064
79,667
59,964
58,258
Reconciliation of impairment allowance on receivables from joint venture (ANOH)
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January
4,664
5,427
3,038
6,034
Decrease in loss allowance during the period
\u2013
(4,433)
\u2013
(2,996)
Exchange difference
(304)
3,670
\u2013
\u2013
Loss allowance as at 31 December
4,360
4,664
3,038
3,038
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-706": { "value": "
28.\u00a0 \u00a0 Derivative financial instruments
The Group uses its derivatives for economic hedging purposes and not as speculative investments. Derivatives are measured at fair value
through profit or loss. They are presented as current liability to the extent they are expected to be settled within 12 months after the
reporting period.
The fair value has been determined using a proprietary pricing model which generates results from inputs. The market inputs to the model
are derived from observable sources. Other inputs are unobservable but are estimated based on the market inputs or by using other
pricing models.
28.1.\u00a0 \u00a0 Derivative financial assets
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
\u2013
\u2013
\u2013
\u2013
Movement within the year
18,342
\u2013
12,090
\u2013
Exchange difference
(990)
\u2013
\u2013
\u2013
Closing balance
17,352
\u2013
12,090
\u2013
28.2.\u00a0 \u00a0 Derivative financial liabilities
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
(6,073)
(1,444)
(3,955)
(1,606)
Fair value loss (Note 15)
(3,886)
(3,695)
(2,562)
(2,497)
Prior year premium paid
330
540
218
365
Premium accrued
\u2013
(322)
\u2013
(217)
Exchange difference
588
(1,152)
\u2013
\u2013
(9,041)
(6,073)
(6,299)
(3,955)
28.3\u00a0 \u00a0 For cash flow purposes:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Prior year premium (Note 28.2)
330
540
218
365
Premium accrued (Note 28.2)
\u2013
(322)
\u2013
(217)
Derivative asset (Note 28.1)
18,342
\u2013
12,090
\u2013
Hedge expense (Note 7)
28,834
7,180
19,006
4,852
47,506
7,398
31,314
5,000
In 2025, the Group entered an economic crude oil hedge contract with an average strike price of \u20a675,925,$50/bbl (2024: \u20a681,382, $55/
bbl) for 5.25 million barrels (2024: 3 million barrels) at a cost of \u20a610.1 billion, $7.05 million (2024: \u20a67.6 billion, $4.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-705": { "value": "
28.\u00a0 \u00a0 Derivative financial instruments
The Group uses its derivatives for economic hedging purposes and not as speculative investments. Derivatives are measured at fair value
through profit or loss. They are presented as current liability to the extent they are expected to be settled within 12 months after the
reporting period.
The fair value has been determined using a proprietary pricing model which generates results from inputs. The market inputs to the model
are derived from observable sources. Other inputs are unobservable but are estimated based on the market inputs or by using other
pricing models.
28.1.\u00a0 \u00a0 Derivative financial assets
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
\u2013
\u2013
\u2013
\u2013
Movement within the year
18,342
\u2013
12,090
\u2013
Exchange difference
(990)
\u2013
\u2013
\u2013
Closing balance
17,352
\u2013
12,090
\u2013
28.2.\u00a0 \u00a0 Derivative financial liabilities
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
(6,073)
(1,444)
(3,955)
(1,606)
Fair value loss (Note 15)
(3,886)
(3,695)
(2,562)
(2,497)
Prior year premium paid
330
540
218
365
Premium accrued
\u2013
(322)
\u2013
(217)
Exchange difference
588
(1,152)
\u2013
\u2013
(9,041)
(6,073)
(6,299)
(3,955)
28.3\u00a0 \u00a0 For cash flow purposes:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Prior year premium (Note 28.2)
330
540
218
365
Premium accrued (Note 28.2)
\u2013
(322)
\u2013
(217)
Derivative asset (Note 28.1)
18,342
\u2013
12,090
\u2013
Hedge expense (Note 7)
28,834
7,180
19,006
4,852
47,506
7,398
31,314
5,000
In 2025, the Group entered an economic crude oil hedge contract with an average strike price of \u20a675,925,$50/bbl (2024: \u20a681,382, $55/
bbl) for 5.25 million barrels (2024: 3 million barrels) at a cost of \u20a610.1 billion, $7.05 million (2024: \u20a67.6 billion, $4.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-707": { "value": "
29.\u00a0 \u00a0 Cash and cash equivalents
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Fixed deposits
69
202,123
24
131,649
Cash at bank
477,253
519,638
332,547
338,458
Gross cash and cash equivalents
477,322
721,761
332,571
470,107
Loss allowance
(352)
(376)
(245)
(245)
Net cash and cash equivalents
476,970
721,385
332,326
469,862
Cash and cash equivalents in the statement of financial position comprise cash at bank, cash on hand and short-term deposits with a
maturity of three months or less. Included in cash and cash equivalent is the bank balance of 2024 is $182.7 million, \u20a6279.9 billion acquired
from business combination (see Note 7).
29.1\u00a0 Reconciliation of impairment allowance on cash and cash equivalents
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Loss allowance as at 1 January 2025
376
221
245
245
Increase/(decrease) in loss allowance during the period
\u2013
\u2013
\u2013
\u2013
Exchange difference
(24)
155
\u2013
\u2013
Loss allowance as at 31 December 2025
352
376
245
245
29.2\u00a0 Restricted cash
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Restricted cash
181,347
202,983
126,351
132,209
181,347
202,983
126,351
132,209
29.3\u00a0 Movement in restricted cash
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
202,983
24,311
132,209
27,031
Acquired from business combination (Note 7)
\u2013
164,652
\u2013
107,475
(Decrease)/increase in restricted cash
(8,887)
(3,399)
(5,858)
(2,297)
Exchange difference
(12,749)
17,419
\u2013
\u2013
Closing balance
181,347
202,983
126,351
132,209
Included in the restricted cash is \u20a6 171.5 billion, $119.5 million (Dec 2024: \u20a6159.9 billion, $104.1 million), which relates to SEPNU\u2019s
decommissioning and abandonment deposit, as well as the host community fund.
Also included in the restricted cash balance is \u20a63.5 billion, $2.4 million (Dec 2024: \u20a63.7 billion, $2.4 million) and \u20a6 4.9 billion, $3.4 million (Dec
2024: \u20a632.8 billion, $21.4 million) set aside in the stamping reserve account and debt service reserve account respectively for the revolving
credit facility. The stamping reserve amount is to be used for the settlement of all fees and costs payable for the purposes of stamping
and registering the Security Documents at the stamp duties office and at the Corporate Affairs Commission (CAC).
A garnishee order of \u20a6804.9 million, $0.6 million (Dec 2024: \u20a60.7 billion, $0.5 million) is included in the restricted cash balance as at the end
of the reporting period.
Also included in the restricted cash balance is \u20a60.6 billion,$0.4 million (Dec 2024: \u20a60.6 billion, $0.4 million) for unclaimed dividend.
These amounts are subject to legal restrictions and are therefore not available for general use by the Group.
The decrease in restricted cash is due to the reduction in the debt service account, which relates to the refinancing of the revolving credit
facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-708": { "value": "
29.2\u00a0 Restricted cash
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Restricted cash
181,347
202,983
126,351
132,209
181,347
202,983
126,351
132,209
29.3\u00a0 Movement in restricted cash
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Opening balance
202,983
24,311
132,209
27,031
Acquired from business combination (Note 7)
\u2013
164,652
\u2013
107,475
(Decrease)/increase in restricted cash
(8,887)
(3,399)
(5,858)
(2,297)
Exchange difference
(12,749)
17,419
\u2013
\u2013
Closing balance
181,347
202,983
126,351
132,209
Included in the restricted cash is \u20a6 171.5 billion, $119.5 million (Dec 2024: \u20a6159.9 billion, $104.1 million), which relates to SEPNU\u2019s
decommissioning and abandonment deposit, as well as the host community fund.
Also included in the restricted cash balance is \u20a63.5 billion, $2.4 million (Dec 2024: \u20a63.7 billion, $2.4 million) and \u20a6 4.9 billion, $3.4 million (Dec
2024: \u20a632.8 billion, $21.4 million) set aside in the stamping reserve account and debt service reserve account respectively for the revolving
credit facility. The stamping reserve amount is to be used for the settlement of all fees and costs payable for the purposes of stamping
and registering the Security Documents at the stamp duties office and at the Corporate Affairs Commission (CAC).
A garnishee order of \u20a6804.9 million, $0.6 million (Dec 2024: \u20a60.7 billion, $0.5 million) is included in the restricted cash balance as at the end
of the reporting period.
Also included in the restricted cash balance is \u20a60.6 billion,$0.4 million (Dec 2024: \u20a60.6 billion, $0.4 million) for unclaimed dividend.
These amounts are subject to legal restrictions and are therefore not available for general use by the Group.
The decrease in restricted cash is due to the reduction in the debt service account, which relates to the refinancing of the revolving credit
facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-709": { "value": "
30.\u00a0 \u00a0 Asset held for sale
2025
2025
\u20a6 million
$'000
Opening balance
18,838
12,270
Exchange difference
(1,227)
\u2013
Carrying amount
17,611
12,270
2024
2024
\u20a6 million
$'000
Carrying amount reclassified from inventory to asset held for sale (Note 25)
5,375
3,501
Carrying amount reclassified from PPE to asset held for sale (Note 19.1)
28,783
19,452
Total carrying amount from assets held for sale
34,158
22,953
Fair value loss
(15,807)
(10,683)
Exchange difference
487
\u2013
Fair value of asset held for sale
18,838
12,270
The Group has held certain non-current assets classified as held for sale. These assets primarily consist of Turnkey rigs and accessories.
The assets were classified as held for sale following the decision by management to sell the assets. A buyer has been secured for the rigs
with a consideration agreed of $12.27million with a deposit of $9.94 million (N14.26 billion) received as at the reporting date and balance of
the disposal consideration expected with the next 12\u00a0 months. Transfer of control of the turnkey rigs and accessories is consequent on
complete payment of consideration agreed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-710": { "value": "
31.\u00a0 \u00a0 Share capital
31.1\u00a0 Authorised and issued share capital
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Authorised ordinary share capital
\u2013
599,944,561 (2024: 588,444,561) ordinary shares denominated in Naira of 50 kobo per share
300
297
1,868
1,864
Issued and fully paid
599,944,561 (2024: 588,444,561 ) issued shares denominated in Naira of 50 kobo per share
300
297
1,868
1,864
Fully paid ordinary shares carry one vote per share and the right to dividends. There were no restrictions on the Group\u2019s share capital.
31.2\u00a0 Movement in share capital and other reserves
Number of
shares
Issued share
capital
Share
premium
Share -based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Opening balance as at 1 January
2025
588,444,561
297
87,375
15,558
(3,570)
312,635
2,393,009
2,805,304
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
243,179
\u2013
243,179
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(710)
(194,699)
(195,409)
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(212,695)
\u2013
(212,695)
Reclassification of foreign currency
translation reserve (Note 24.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(228)
(228)
Share -based payments
\u2013
\u2013
\u2013
36,510
\u2013
\u2013
\u2013
36,510
Vested shares during the year
\u2013
\u2013
\u2013
(27,083)
27,083
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(13,443)
\u2013
\u2013
(13,443)
Reclassification to share-based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(46,910)
\u2013
\u2013
(46,910)
Shares issued
11,500,000
3
63,427
\u2013
(63,430)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
300
150,802
24,985
(100,270)
342,409
2,198,082
2,616,308
Number of
shares
Issued share
capital
Share
premium
Share- based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Opening balance as at 1 January
2025
588,444,561
1,864
518,564
36,747
(5,609)
1,228,817
2,233
1,782,616
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
160,143
\u2013
160,143
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(468)
654
186
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(140,199)
\u2013
(140,199)
Share -based payments
\u2013
\u2013
\u2013
24,066
\u2013
\u2013
\u2013
24,066
Vested shares during the year
\u2013
\u2013
\u2013
(17,852)
17,852
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(8,861)
\u2013
\u2013
(8,861)
Reclassification to share -based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(30,921)
\u2013
\u2013
(30,921)
Shares issued
11,500,000
4
41,807
\u2013
(41,811)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
1,868
560,371
42,961
(69,350)
1,248,293
2,887
1,787,030
During the period, the Company issued additional 11,500,000 shares to be utilised for the shares under the Company's LTIP Plan. The
shares are currently held by the LTIP Trustee and were admitted on the Nigerian and London Stock Exchanges. As a result the issued
share capital of the Company has increased to 599,944,561.
31.3\u00a0 Share premium
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Share premium
150,802
87,375
560,371
518,564
Section 120.2 of Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 requires that where a company
issues shares at premium (i.e. above the par value), the value of the premium should be transferred to share premium.
During the year, an additional 13,462,715 shares vested with a fair value of $17.85 million.
31.5\u00a0 Treasury shares
This relates to shares purchased from the market to fund the Group\u2019s Long-Term Incentive Plan. The programme commenced from 1
March 2021 and the shares are held by the Trustees under the Trust for the benefit of the Group\u2019s employee beneficiaries covered under
the Trust.
32.\u00a0 \u00a0 Capital contribution
This represents M&P additional cash contribution to the Group. In accordance with the Shareholders\u2019 Agreement, the amount was used
by the Group for working capital as was required at the commencement of operations.
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Capital contribution
5,932
5,932
40,000
40,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-712": { "value": "
31.2\u00a0 Movement in share capital and other reserves
Number of
shares
Issued share
capital
Share
premium
Share -based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Opening balance as at 1 January
2025
588,444,561
297
87,375
15,558
(3,570)
312,635
2,393,009
2,805,304
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
243,179
\u2013
243,179
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(710)
(194,699)
(195,409)
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(212,695)
\u2013
(212,695)
Reclassification of foreign currency
translation reserve (Note 24.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(228)
(228)
Share -based payments
\u2013
\u2013
\u2013
36,510
\u2013
\u2013
\u2013
36,510
Vested shares during the year
\u2013
\u2013
\u2013
(27,083)
27,083
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(13,443)
\u2013
\u2013
(13,443)
Reclassification to share-based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(46,910)
\u2013
\u2013
(46,910)
Shares issued
11,500,000
3
63,427
\u2013
(63,430)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
300
150,802
24,985
(100,270)
342,409
2,198,082
2,616,308
Number of
shares
Issued share
capital
Share
premium
Share- based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Opening balance as at 1 January
2025
588,444,561
1,864
518,564
36,747
(5,609)
1,228,817
2,233
1,782,616
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
160,143
\u2013
160,143
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(468)
654
186
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(140,199)
\u2013
(140,199)
Share -based payments
\u2013
\u2013
\u2013
24,066
\u2013
\u2013
\u2013
24,066
Vested shares during the year
\u2013
\u2013
\u2013
(17,852)
17,852
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(8,861)
\u2013
\u2013
(8,861)
Reclassification to share -based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(30,921)
\u2013
\u2013
(30,921)
Shares issued
11,500,000
4
41,807
\u2013
(41,811)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
1,868
560,371
42,961
(69,350)
1,248,293
2,887
1,787,030
During the period, the Company issued additional 11,500,000 shares to be utilised for the shares under the Company's LTIP Plan. The
shares are currently held by the LTIP Trustee and were admitted on the Nigerian and London Stock Exchanges. As a result the issued
share capital of the Company has increased to 599,944,561.
31.3\u00a0 Share premium
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Share premium
150,802
87,375
560,371
518,564
Section 120.2 of Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 requires that where a company
issues shares at premium (i.e. above the par value), the value of the premium should be transferred to share premium.
During the year, an additional 13,462,715 shares vested with a fair value of $17.85 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-711": { "value": "
31.2\u00a0 Movement in share capital and other reserves
Number of
shares
Issued share
capital
Share
premium
Share -based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
\u20a6 million
Opening balance as at 1 January
2025
588,444,561
297
87,375
15,558
(3,570)
312,635
2,393,009
2,805,304
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
243,179
\u2013
243,179
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(710)
(194,699)
(195,409)
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(212,695)
\u2013
(212,695)
Reclassification of foreign currency
translation reserve (Note 24.1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(228)
(228)
Share -based payments
\u2013
\u2013
\u2013
36,510
\u2013
\u2013
\u2013
36,510
Vested shares during the year
\u2013
\u2013
\u2013
(27,083)
27,083
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(13,443)
\u2013
\u2013
(13,443)
Reclassification to share-based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(46,910)
\u2013
\u2013
(46,910)
Shares issued
11,500,000
3
63,427
\u2013
(63,430)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
300
150,802
24,985
(100,270)
342,409
2,198,082
2,616,308
Number of
shares
Issued share
capital
Share
premium
Share- based
payment
reserve
Treasury
shares
Retained
earnings
Foreign
currency
translation
reserve
Total
Shares
$'000
$'000
$'000
$'000
$'000
$'000
$'000
Opening balance as at 1 January
2025
588,444,561
1,864
518,564
36,747
(5,609)
1,228,817
2,233
1,782,616
Profit for the period
\u2013
\u2013
\u2013
\u2013
\u2013
160,143
\u2013
160,143
Other comprehensive (loss)/income
\u2013
\u2013
\u2013
\u2013
\u2013
(468)
654
186
Dividend paid
\u2013
\u2013
\u2013
\u2013
\u2013
(140,199)
\u2013
(140,199)
Share -based payments
\u2013
\u2013
\u2013
24,066
\u2013
\u2013
\u2013
24,066
Vested shares during the year
\u2013
\u2013
\u2013
(17,852)
17,852
\u2013
\u2013
\u2013
PAYE tax withheld on vested shares
\u2013
\u2013
\u2013
\u2013
(8,861)
\u2013
\u2013
(8,861)
Reclassification to share -based liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Share repurchased
\u2013
\u2013
\u2013
\u2013
(30,921)
\u2013
\u2013
(30,921)
Shares issued
11,500,000
4
41,807
\u2013
(41,811)
\u2013
\u2013
\u2013
Closing balance as at 31
December 2025
599,944,561
1,868
560,371
42,961
(69,350)
1,248,293
2,887
1,787,030
During the period, the Company issued additional 11,500,000 shares to be utilised for the shares under the Company's LTIP Plan. The
shares are currently held by the LTIP Trustee and were admitted on the Nigerian and London Stock Exchanges. As a result the issued
share capital of the Company has increased to 599,944,561.
31.3\u00a0 Share premium
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Share premium
150,802
87,375
560,371
518,564
Section 120.2 of Companies and Allied Matters Act, CAP C20, Laws of the Federation of Nigeria 2004 requires that where a company
issues shares at premium (i.e. above the par value), the value of the premium should be transferred to share premium.
During the year, an additional 13,462,715 shares vested with a fair value of $17.85 million.
33.\u00a0 \u00a0 Foreign currency translation reserve
Cumulative foreign exchange differences arising from translation of the Group\u2019s results and financial position into the presentation
currency and from the translation of foreign subsidiary are recognised in foreign currency translation reserve.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-713": { "value": "-27083000000.0", "decimals": -6, "dimensions": { "concept": "sep:IncreaseDecreaseThroughShareBasedPaymentTransactionsVestedSharesEquity", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:NGN" } }, "f-714": { "value": "
31.4\u00a0 Employee share-based payment scheme
As at 31 December 2025, the Group had 49,999,973 shares which are yet to fully vest. These shares have been assigned to certain
employees and senior executives in line with its share-based incentive scheme. Included in the share-based incentive schemes are two
additional schemes (2025 LTIP Scheme and 2025 Deferred Bonus scheme) awarded during the reporting period.
During the reporting period, 14,393,801 shares had vested out of which 1,051,086 shares were forfeited in relation to participants who could
not meet the vesting conditions during the period. The average forfeiture rate due to failure to meet non-market vesting condition is 11.98%
while the average due to staff exit is 14.81%. The Group also granted the 2024 Deferred Bonus and the 2025 LTIP Scheme to employees, with
awards granted to employees below the Board to be settled in cash, and awards to Board executives to be settled with equity.
The impact of applying the forfeiture rate of 26.79% on existing LTIP awards which are yet to vest will result in a reduction of share-based
compensation expense for the year by $2,021,272. The number of shares that eventually vested during the year after the forfeiture and
conditions above is 13,342,715 (Dec 2024: 17,567,776).
i.\u00a0 \u00a0 Description of the awards valued
The Company has made a number of share-based awards under incentive plans since its IPO in 2014: IPO-related grants to Executive and
Non-Executive Directors, 2018/2020 Deferred Bonus awards and 2020 Long-Term Incentive plan (LTIP) awards. Shares under these
incentive plans were awarded at the IPO in April 2014, 2015, 2016, 2017, 2018 and 2020 conditional on the Nigerian Stock Exchange
approving the share delivery mechanism proposed by the Company. A number of these awards have fully vested.
Seplat Deferred Bonus award
25% of each Executive Director\u2019s 2024 bonus (paid in 2025) has been deferred into shares and would be released in 2026 subject to
continued employment over the vesting period. 2024 Deferred Bonus was approved by the Board and vested in 2025. No performance
criteria are attached to this award. As a result, the fair value of these awards is calculated using Monte Carlo model.
Long-Term Incentive Plan
Under the LTIP , shares are granted to employees of the organisation at the end of every year. The shares were granted to the employees
at no cost. The shares vest (after three years) based on the following conditions.
\u2022 25% vesting for median relative TSR performance rising to 100% for upper quartile performance on a straight-line basis.
\u2022 Relative TSR vesting reduced by 75% if 60% and below of operational and technical bonus metrics are achieved, with 35%
reduction if 70% of operational and technical bonus metrics are achieved and no reduction for 80% or above achievement.
\u2022 If the Company outperforms the median TSR performance level with the LTIP exploration and production comparator group.
The LTIP awards have been approved by the NSE.
ii\u00a0 Share-based payment expenses
The expense recognised for employee services received during the year is shown in the following table:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Expense arising from equity-settled share-based payment transactions
36,510
30,211
24,066
20,417
There were no cancellations to the awards in 2025. The share awards granted to Executive Directors and confirmed employees are
summarised below:
Scheme
Deemed
grant date
Start of
service period
End of
service period
Vesting status
Number of
awards
2023 Long- Term Incentive Plan
16 May 2023
16 May 2023
16 May 2026
Partially
23,274,458
2024 Long -Term Incentive Plan
28 May 2024
28 May 2024
28 May 2027
Partially
15,637,253
2024 Deferred Bonus
22 May 2025
22 May 2025
31 December 2026
Partially
404,413
2025 Long -Term Incentive Plan
22 May 2025
22 May 2025
22 May 2028
Partially
10,683,849
49,999,973
iii.\u00a0 Determination of shares awards outstanding
Share awards used in the calculation of diluted earnings per shares are based on the outstanding shares as at 31 December 2025,
however these shares were repurchased from the existing shareholders.
Share award scheme (all awards)
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
Outstanding at 1 January
27,880,931
738
25,534,795
669
Granted during the year
11,088,262
2,958
21,308,358
1300
Exercise during the year
(13,342,715)
2,120
(17,567,776)
552
Forfeited during the year
(1,051,086)
2,060
(1,394,446)
429
Outstanding at 31 December
24,575,392
2,231
27,880,931
738
Share award scheme (all awards)
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
Outstanding at 1 January
27,880,931
1.17
25,534,795
1.14
Granted during the year
11,088,262
1.95
21,308,358
1.44
Exercised during the year
(13,342,715)
1.34
(17,567,776)
1.18
Forfeited during the year
(1,051,086)
1.30
(1,394,446)
0.90
Outstanding at 31 December
24,575,392
1.55
27,880,931
1.17
The following table illustrates the number and weighted average exercise prices (\u2018WAEP\u2019) of and movements in Deferred Bonus Scheme
and Long-Term Incentive Plan during the year for each available scheme.
Deferred Bonus Scheme
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
Outstanding at 1 January
225,703
969
502,050
678
Granted during the year
404,413
4,051
556,718
1,643
Exercised during the year
(582,549)
3,438
(833,065)
585
Outstanding at 31 December
47,567
3,832
225,703
969
Deferred Bonus Scheme
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
Outstanding at 1 January
225,703
1.40
502,050
1.19
Granted during the year
404,413
2.67
556,718
1.65
Exercised during the year
(582,549)
2.17
(833,065)
1.35
Outstanding at 31 December
47,567
2.67
225,703
1.40
The fair value of the modified options was determined using the same models and principles as described in the table below based on
the inputs to the models used for the scheme.
Long -Term Incentive Plan (LTIP)
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP \u20a6
Outstanding at 1 January
27,655,228
614
25,032,745
553
Granted during the year
10,683,849
2,913
20,751,640
957
Exercised during the year
(12,760,166)
2,060
(16,734,711)
519
Forfeited during the year
(1,051,086)
2,060
(1,394,446)
429
Outstanding at 31 December
24,527,825
2,217
27,655,228
614
Long -Term Incentive Plan (LTIP)
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Number
2024\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
WAEP $
Outstanding at 1 January
27,655,228
1.02
25,032,745
0.94
Granted during the year
10,683,849
1.92
20,751,640
1.24
Exercised during the year
(12,760,166)
1.30
(16,734,711)
1.02
Forfeited during the year
(1,051,086)
1.30
(1,394,446)
0.90
Outstanding at 31 December
24,527,825
1.55
27,655,228
1.02
The shares are granted to the employees at no cost. The weighted average remaining contractual life for the share awards outstanding
as at 31 December 2025 range from 0.4 to 2 4 years (2024: 0.4 to 2 4 years).
The weighted average fair value of awards granted during the year range from \u20a62,916 to \u20a64,054 (2024: \u20a63,200 to \u20a63,209), $1.92 to $2 .67
(2024: $2.10 to $2.17).
The Long-Term Incentive Plan is independently determined using the Monte Carlo valuation method which takes into account the term of
the award, the share price at grant date and expected price volatility of the underlying share, the expected dividend yield, the risk-free
interest rate for the term of the award and the correlations and volatilities of the peer group companies.\u00a0
The expected price volatility is based on the historic volatility (based on the remaining life of the options), adjusted for any expected
changes to future volatility due to publicly available information.
iv.\u00a0 \u00a0 Inputs to the models
The following table lists the inputs to the models used for the share awards outstanding in the respective plans for the year ended 31
December 2025:
2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
LTIP
2021\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
LTIP - Execs
2022\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
LTIP
2023\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
LTIP
2024
LTIP
2025\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
LTIP
Weighted average fair
values at the
measurement date
Dividend yield (%)
0.00%
0.00%
0.00%
0.00%
0.00%
0.00%
Expected volatility (%)
51.68%
59.29%
59.86%
42.08%
42.08%
36.58%
Risk-free interest rate (%)
0.31%
2.17%
2.53%
4.16%
4.37%
4.70%
Expected life of share options
3.00
2.64%
3.00
3.00
3.00
3.00
Share price at grant date ($)
0.66
1.12
1.18
1.00
2.10
1.92
Share price at grant date (\u20a6)
264.32
415.84
415.07
460.70
2,787.83
3,042.00
Model used
Monte Carlo
Monte Carlo
Monte Carlo
Monte Carlo
Monte Carlo
Monte Carlo
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-715": { "value": "
31.5\u00a0 Treasury shares
This relates to shares purchased from the market to fund the Group\u2019s Long-Term Incentive Plan. The programme commenced from 1
March 2021 and the shares are held by the Trustees under the Trust for the benefit of the Group\u2019s employee beneficiaries covered under
the Trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-716": { "value": "
33.\u00a0 \u00a0 Foreign currency translation reserve
Cumulative foreign exchange differences arising from translation of the Group\u2019s results and financial position into the presentation
currency and from the translation of foreign subsidiary are recognised in foreign currency translation reserve.
46.\u00a0 \u00a0 Exchange rates used in translating the accounts to Naira
The table below shows the exchange rates used in translating the accounts into Naira
Basis
31 Dec 2025
31 Dec 2024
\u20a6/$
\u20a6 /$
Property, plant & equipment \u2013 opening balances
Historical rate
899.39
899.39
Property, plant & equipment \u2013 additions
Average rate
1,517.09
1,479.68
Property, plant & equipment \u2013 closing balances
Closing rate
1,435.26
1,535.32
Current assets
Closing rate
1,435.26
1,535.32
Current liabilities
Closing rate
1,435.26
1,535.32
Equity
Historical rate
Historical
Historical
Income and expenses:
Overall average rate
1,517.09
1,479.68
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-717": { "value": "
34. Interest-bearing loans and borrowings
34.1\u00a0 Reconciliation of interest-bearing loans and borrowings
Below is the reconciliation of interest- bearing loans and borrowings for 2025:
Borrowings
within 1 year
Borrowings
above 1 year
Total
Borrowings
within 1 year
Borrowings
above 1 year
Total
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Balance as at 1 January 2025
690,270
1,409,480
2,099,750
449,593
918,036
1,367,629
Additions
\u2013
953,106
953,106
\u2013
628,246
628,246
Interest accrued
213,239
\u2013
213,239
140,558
\u2013
140,558
Principal repayment
(1,562,982)
\u2013
(1,562,982)
(1,030,250)
\u2013
(1,030,250)
Interest repayment
(152,600)
\u2013
(152,600)
(100,587)
\u2013
(100,587)
Transfers
930,362
(930,362)
\u2013
613,254
(613,254)
\u2013
Exchange differences
(14,135)
(93,089)
(107,224)
\u2013
\u2013
\u2013
Carrying amount as at 31 December 2025
104,154
1,339,135
1,443,289
72,568
933,028
1,005,596
Interest-bearing loans and borrowings is made up of \u20a61.4 trillion, $1.0 billion , which relates to amortised loan facilities; out of this \u20a69.34
million, $6.3 million relates to accrued commitment fees on the undrawn $350 million revolving credit facility (RCF).
The additions during the year are presented at amortised cost\u00a0 less of other financing charges of $ 46.8 million , \u20a6 70.9 billion which largely
relates to the transactional costs.
Below is the reconciliation of interest-bearing loans and borrowings for 2024:
Borrowings
within 1 year
Borrowings
above 1 year
Total
Borrowings
within 1 year
Borrowings
above 1 year
Total
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Balance as at 1 January 2024
80,265
599,434
679,699
89,244
666,487
755,731
Additions
517,888
443,904
961,792
350,000
300,000
650,000
Interest accrued
118,896
\u2013
118,896
80,352
\u2013
80,352
Interest accrued capitalised
5,985
\u2013
5,985
4,045
\u2013
4,045
Principal paid
(56,981)
\u2013
(56,981)
(38,509)
\u2013
(38,509)
Interest repayment
(92,504)
\u2013
(92,504)
(62,516)
\u2013
(62,516)
Other financing charges
(31,775)
\u2013
(31,775)
(21,474)
\u2013
(21,474)
Transfers
71,692
(71,692)
\u2013
48,451
(48,451)
\u2013
Exchange differences
76,804
437,834
514,638
\u2013
\u2013
\u2013
Carrying amount as at 31 December 2024
690,270
1,409,480
2,099,750
449,593
918,036
1,367,629
34.2\u00a0 Amortised cost of borrowings
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
$650 million Senior notes \u2013 April 2021
932,497
1,009,628
649,707
657,601
$50 million reserve based lending facility \u2013 July 2021
\u2013
15,869
\u2013
10,335
Senior reserve based lending (RBL) facility
76,796
78,521
53,507
51,143
$350 million RCF
\u2013
539,722
\u2013
351,537
$300 million advance payment facility
433,996
456,010
302,382
297,013
1,443,289
2,099,750
1,005,596
1,367,629
$650 million Senior notes
On 21 March 2025, the Group refinanced the $650 million notes due 2026 with a new $650 million issuance maturing in 2030. The newly
issued $650 million notes due in 2030 carry a coupon rate of 9.125%, reflecting prevailing global market volatility. The $650 million bond
issuance was used exclusively to redeem the maturing $650 million note, with transaction costs covered from the Company\u2019s cash
reserves.
The amortised cost for the senior notes as at the reporting period is $649.7 million, \u20a6932.5 million (Dec 2024: $657.6 million, \u20a61,009 billion)
although the principal is $650 million.
$80 million Senior reserve based lending (RBL) facility \u2013 refinanced facility
On 30 September 2025, the Group, through its subsidiary Westport, successfully completed the refinancing of the Westport RBL Facility.
The new facility is an $80 million RBL facility with Standard Bank ($35 million), Mauritius Commercial Bank ($25 million), First City Monument
Bank (($12 million), and Zenith Bank (($8 million). Zenith Bank represents a new participant in this financing. The facility incurs a total interest
of SOFR + 6.5% margin.
The refinancing resulted in improved pricing terms, with the facility now carrying a margin of 6.5% for the first three years, increasing to
7.0% from year four onwards should the facility remain drawn. These margins are more favourable than those under the previous senior
(8.0% plus a CAS of 0.25%) and junior (10.5% plus a CAS of 0.25%) facilities. The final maturity date is five years from the effective date,
with an 18-month moratorium on principal repayments.
The amortised cost for the senior notes as at the reporting period is $53.5 million, \u20a676.7 million (Dec 2024: $51.1 million, \u20a678.5 million).
$50 million reserved based lending (RBL) facility
The $50 million junior offtake facility was fully repaid and cancelled on 25 August 2025. The facility was only drawn to $11 million and had a
headroom of\u00a0 $26.5 million.
$350 million revolving credit facility
The $350 million Seplat RCF was amended and restated on 20 August 2024. The facility has a bullet repayment and incurs a total interest
of SOFR (incl. CAS) + 5% margin. Due to the refinancing of the $650 million notes that occurred on 21 March 2025, the final maturity of the
RCF was automatically extended to 31 December 2026 from 30 June 2025, an extension of 18 months. The RCF was fully drawn for the
completion of the MPNU transaction in December 2024, $250 million was prepaid on 31 March 2025, and the remaining $100 million was
prepaid on 28 July 2025. The amortised cost for the RCF as at the reporting period is nil (Dec 2024: $351.5 million,\u00a0 \u20a6539.7 billion). The RCF
was subsequently refinanced to $400 million on January 31, 2026.
$300 million advance payment facility
On 6 December 2024, Seplat Energy Offshore Limited entered into an up to $300 million\u00a0 advance payment facility (APF) with ExxonMobil
Financial Investment Company Limited (EMFICL), a fully owned subsidiary of ExxonMobil. The APF can be used for general corporate
purposes and was used to provide financing in the completion of the MPNU acquisition
The APF is currently fully drawn and bears interest at a rate of the aggregate of term SOFR (including a credit adjustment spread of 0.25%
per annum) plus 5% per annum.\u00a0 This is the same pricing as our RCF.
Final maturity is three years following the date of the agreement, i.e December 2027. EMFICL concluded the syndication of the APF on 30
May 2025 and four additional bank lenders have entered the financing, namely, First Abu Dhabi Bank ($100 million), Standard Bank ($75
million), Mauritius Commercial Bank ($50 million) and Rand Merchant Bank ($45 million).
The amortised cost for the RCF as at the reporting period is $302.3 million, \u20a6433.9 million (2024: $297 million, \u20a6456 billion) although the
principal is $300 million.
34.3\u00a0 Outstanding principal exposures
The table below provides an overview of related exposure by currency and nature of financial instruments as at December 2025.
2025
2024
2025
2024
USD SOFR
USD SOFR
USD SOFR
USD SOFR
31 December 2025
\u20a6 million
\u20a6 million
$'000
$'000
Non-derivative financial liabilities
Interest bearing loans \u2013 Fixed
932,917
997,958
650,000
650,000
Interest bearing loans \u2013 Variable
509,875
1,090,851
355,251
710,500
1,442,792
2,088,809
1,005,251
1,360,500
The table below shows the analysis of the principal outstanding showing the lenders of the facility as at the year-end:
Current
Non-current
Total
Current
Non-current
Total
31 December 2025
Interest
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Fixed interest rate
Fixed interest rate borrowings
$650m Senior notes
9.125%
\u2013
932,917
932,917
650,000
650,000
Variable interest rate borrowings (bank
loans)
The Mauritius Commercial Bank Ltd
6.5% + SOFR
\u2013
24,781
24,781
\u2013
17,266
17,266
The Stanbic IBTC Bank Plc
6.5% + SOFR
\u2013
22,303
22,303
\u2013
15,539
15,539
Standard Bank of South Africa Limited
6.5% + SOFR
\u2013
12,390
12,390
\u2013
8,633
8,633
First City Monument Bank Limited
6.5% + SOFR
\u2013
11,894
11,894
\u2013
8,288
8,288
Zenith Bank plc
6.5% + SOFR
\u2013
7,930
7,930
\u2013
5,525
5,525
79,298
79,298
\u2013
55,251
55,251
$300 million advance payment facility (APF)
ExxonMobil Financing
5% + SOFR + CAS
\u2013
430,577
430,577
\u2013
300,000
300,000
Total\u00a0 outstanding principal on interest
borrowings
\u2013
1,442,792
1,442,792
\u2013
1,005,251
1,005,251
Current
Non-current
Total
Current
Non-current
Total
31 December 2024
Interest
\u20a6 million
\u20a6 million
\u20a6 million
$'000
$'000
$'000
Fixed interest rate borrowings
Senior notes
\u2013
\u2013
997,958
997,958
650,000
650,000
Variable interest rate borrowings (bank loans)
The Mauritius Commercial Bank Ltd
8%\u00a0 + SOFR
20,635
5,896
26,531
13,440
3,840
17,280
The Stanbic IBTC Bank Plc
8%\u00a0 + SOFR
21,065
6,018
27,083
13,720
3,920
17,640
Standard Bank of South Africa Limited
8%\u00a0 + SOFR
12,037
3,439
15,476
7,840
2,240
10,080
First City Monument Bank Limited
8%\u00a0 + SOFR
5,374
1,535
6,909
3,500
1,000
4,500
Shell Western Supply and Trading Limited
10.5%\u00a0 + SOFR
\u2013
16,889
16,889
\u2013
11,000
11,000
$350 million RCF
Citibank N.A. London
5% + SOFR
15,354
\u2013
15,354
10,000
\u2013
10,000
Nedbank Limited, London Branch
5% + SOFR
69,090
\u2013
69,090
45,000
\u2013
45,000
Stanbic Ibtc Bank Plc
5% + SOFR
76,766
\u2013
76,766
50,000
\u2013
50,000
RMB International (Mauritius) Limited
5% + SOFR
99,796
\u2013
99,796
65,000
\u2013
65,000
The Mauritius Commercial Bank Ltd
5% + SOFR
69,090
\u2013
69,090
45,000
\u2013
45,000
JP Morgan Chase Bank, N.A London
5% + SOFR
46,060
\u2013
46,060
30,000
\u2013
30,000
Standard Chartered Bank
5% + SOFR
46,060
\u2013
46,060
30,000
\u2013
30,000
Zenith Bank Plc
5% + SOFR
23,030
\u2013
23,030
15,000
\u2013
15,000
Zenith Bank (UK) Limited
5% + SOFR
30,707
\u2013
30,707
20,000
\u2013
20,000
United Bank for Africa Plc
5% + SOFR
23,030
\u2013
23,030
15,000
\u2013
15,000
First City Monument Bank Limited
5% + SOFR
30,707
\u2013
30,707
20,000
\u2013
20,000
BP
5% + SOFR
7,677
\u2013
7,677
5,000
\u2013
5,000
$300 million advance payment facility (APF)
ExxonMobil Financing
5% + SOFR +
CAS
460,596
460,596
300,000
300,000
Total\u00a0 outstanding principal on interest
borrowings
596,478
1,492,331
2,088,809
388,500
972,000
1,360,500
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-718": { "value": "46800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-719": { "value": "70900000000.0", "decimals": -8, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NGN" } }, "f-720": { "value": "
36.\u00a0 \u00a0 Provision for decommissioning obligations
2025
2025
\u20a6 million
$'000
At 1 January 2025
1,194,818
778,221
Unwinding of discount due to passage of time
56,503
37,244
Change in estimate
(11,475)
(7,565)
Additions
9,596
6,325
Exchange difference
(80,820)
\u2013
At 31 December 2025
1,168,622
814,225
2024
2024
\u20a6 million
$'000
At 1 January 2024
117,489
130,631
Acquired in business combination (Note 7)
1,107,702
723,043
Unwinding of discount due to passage of time
9,510
6,427
Change in estimate
(121,156)
(81,880)
Exchange difference
81,273
\u2013
At 31\u00a0December 2024
1,194,818
778,221
The Group makes full provision for the future cost of decommissioning oil production facilities on a discounted basis upon
commencement of new well drills and facility construction and development so long as the estimates can be reliably determined. This
relates to the removal of assets as well as their associated restoration costs. This obligation is recorded in the period in which the liability
meets the definition of a \u201cprobable future sacrifice of economic benefits arising from a present obligation\u201d, and in which it can be
reasonably measured.
The provision represents the present value of estimated future expenditure to be incurred as highlighted in the table below which is the
current expectation as to when the producing facilities are expected to cease operations. Management engaged a third party as well as
its internal engineers to assist with an estimate of the future expenditure to be incurred. The estimates for 2025 were computed by
management using the cessation of production (CoP) dates contained in the Competent Person's Reports (CPRs) provided by Ryder
Scott for all the OMLs based on current assumptions of the economic environment which management believes to be a reasonable basis
upon which to estimate the future liability. These estimates are reviewed regularly to consider any material changes to the assumptions.
However, actual decommissioning costs will ultimately depend upon future market prices for necessary decommissioning works required
that will reflect market conditions at the relevant time.
Furthermore, the timing of decommissioning is likely to depend on when the fields cease to produce at economically viable rates.
Current estimated life span of
reserves
2025
2024
Seplat West Limited:
OML 4
2048
2043
OML 38
2036-2048
2030 - 2043
OML 41
2035-2048
2038 - 2043
Newton Energy Limited (OPL 283)
2037
2047
Seplat East Onshore Ltd (OML 53)
2035-2052
2036
Elcrest (OML 40)
2036
2034
OML 67
2050
2050
OML 68
2050
2050
OML 70
2050
2050
OML 104
2050
2050
ABIALA
2032
* OMLs 67, 68, 70, and 104 all belong to SEPNU.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-721": { "value": "
38.\u00a0 \u00a0 Trade and other payables
Dec 2025
Dec 2024
Dec 2025
Dec 2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Financial liabilities
Trade payable
740,168
562,913
515,704
366,642
Accruals and other payables
462,903
971,493
322,512
632,761
Non-financial liabilities
Share-based payment liability (Note 38.1)
3,229
\u2013
2,250
\u2013
NDDC levy
17,917
11,715
12,483
7,630
Royalties payable
86,025
174,932
59,937
113,938
Overlift
\u2013
69,174
\u2013
45,055
1,310,242
1,790,227
912,886
1,166,026
Included in accruals and other payables are field accruals of $101.8 million, \u20a6146.1 billion ( 2024 : $96.3 million, \u20a6147.8 billion), deposit received
for asset held for sale of $1.4 million, \u20a62.1 billion in the current period plus the existing balance of $8.5 million, \u20a612.2 billion\u00a0 ( 2024: $8.5 million,
\u20a612.6 billion) and other vendor payables of $210 million, \u20a6301.4 billion (Dec 2024 : $459.2 million, \u20a6705.6 billion). Royalties payable include
accruals in respect of crude oil and gas production for which payment is outstanding at the end of the period.
Overlifts are excess crude lifted above the share of production. they may exist when the crude oil lifted by the Group during the period is
above its ownership share of production. Overlifts are initially measured at the market price of oil at the date of lifting and recognised in
profit or loss. At each reporting period, overlifts are remeasured at the current market value. The resulting change, as a result of the
remeasurement, is also recognised in profit or loss and any amount unpaid at the end of the year is recognised in overlift payable.
38.1\u00a0 Share-based payment liability
During the year, the Group granted 2025 LTIP awards to employees. These awards were to be settled as cash-settled share-based
payments. See Note 31.4 for details on these awards.
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Balance as at 1 January
\u2013
\u2013
\u2013
\u2013
Share-based expense
3,414
\u2013
2,250
\u2013
Exchange difference
(185)
\u2013
\u2013
\u2013
Balance as at 31 December
3,229
\u2013
2,250
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-722": { "value": "1400000.0", "decimals": -3, "dimensions": { "concept": "sep:InitialDepositForAssetHeldForSaleClassifiedAsInvestingInvesting", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-723": { "value": "
39.\u00a0 \u00a0 Other provisions
Dec 2025
Dec 2024
Dec 2025
Dec 2024
\u20a6 million
\u20a6 million
$'000
$'000
Provision
4,901
5,088
3,415
3,314
4,901
5,088
3,415
3,314
This relates to estimated liabilities from the litigation and disputes on payee tax liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-724": { "value": "
40.\u00a0 \u00a0 Earnings per share (EPS)
Basic
Basic EPS is calculated on the Group\u2019s profit after taxation attributable to the parent entity, which is based on the weighted average
number of issued and fully paid ordinary shares at the end of the year.
Diluted
Diluted EPS is calculated by dividing the profit after taxation attributable to the parent entity by the weighted average number of ordinary
shares outstanding during the year plus all the dilutive potential ordinary shares (arising from outstanding share awards in the share-based
payment scheme) into ordinary shares.
2025
2024
2025
2024
Restated
Restated
\u20a6 million
\u20a6 million
$'000
$'000
Profit attributable to equity holders of the parent
243,179
220,532
160,143
149,039
Loss attributable to non-controlling interests
(1,599)
(12,663)
(1,054)
(8,558)
Profit for the year
241,580
207,869
159,089
140,481
Shares '000
Shares '000
Shares '000
Shares '000
Weighted average number of ordinary shares in issue
593,237
588,445
593,237
588,445
Weighted average number of ordinary shares adjusted for the effect of dilution
593,237
588,445
593,237
588,445
*None of the shares in issue have a potential dilution effect on the earnings per share
Basic earnings per share for the period
\u20a6
\u20a6
$
$
Basic earnings per share
409.92
374.77
0.27
0.25
Diluted earnings per share
409.92
374.77
0.27
0.25
Profit used in determining basic/diluted earnings per share
243,179
220,532
160,143
149,039
The weighted average number of issued shares was calculated as a proportion of the number of months in which they were in issue
during the reporting period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-725": { "value": "
41.\u00a0 \u00a0 Dividends paid and proposed
As at 31 December 2025, the final proposed dividend for the Group is \u20a672.15, $0.050 (2024: \u20a655.27, $0.0036) per share and the proposed
special dividen d is \u20a647.62, $0.033 per share (2024: \u20a650.67, $0.033).
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Cash dividends on ordinary shares declared and paid:
Dividend for 2025: \u20a6337.23 ($0.234) per share 599,944,561 shares in issue
(2024: \u20a6239.51 ($0.156) per share, 588,444,561 shares in issue)
212,695
135,185
140,199
91,361
Proposed dividend on ordinary shares:
Final proposed dividend for the year 2025:
\u20a672.154 ($0.05) (2024: \u20a655.27 ($0.036) per share
43,286
32,522
29,997
21,184
Special proposed dividend for the year 2025:
\u20a636.077 ($0.033) (2024: \u20a650.67 ($0.003) per share
28,567
29,812
19,798
19,419
During the year, \u20a6212.89 billion, $140.2 million of dividend was paid at \u20a6354.85, $ 0.023 per share as final dividend for 2025. As at 31 March
2025, nil amount was paid at nil for 2025 Q1; As at 30 June 2025, \u20a6104.87 billion, $67.65 million was paid at \u20a6 178.22, $0.11 per share for 2025
2Q; as at 30 September 2025, \u20a6146.90 billion, $95.27 million was paid at \u20a6 244.86, $ 0.16 per share for 2025 3Q. Final Naira dividend
payments will be based on the Naira/Dollar rates on the date for determining the exchange rate. The payment is subject to shareholders\u2019
approval at the 2026 Annual General Meeting. The tax effect of dividend paid during the year was \u20a619.11 billion ($13.24 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-726": { "value": "354.85", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:NGN/xbrli:shares" } }, "f-727": { "value": "0.023", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-728": { "value": "178.22", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-04-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:NGN/xbrli:shares" } }, "f-729": { "value": "0.11", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-04-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-730": { "value": "244.86", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-06-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:NGN/xbrli:shares" } }, "f-731": { "value": "0.16", "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-06-01T00:00:00/2025-10-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-732": { "value": "
42.\u00a0 \u00a0 Related party relationships and transactions
There were no related party transactions in the period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-734": { "value": "
43.\u00a0 \u00a0 Information relating to employees
43.1\u00a0 Key management compensation
Key management includes executive and members of the leadership team. The compensation paid or payable to key management for
employee services is shown below:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Salaries and other short-term employee benefits
4,792
5,344
3,156
3,611
Post-employment benefits
699
321
460
217
5,491
5,665
3,616
3,828
43.2\u00a0 Chairman and Directors\u2019 emoluments
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Chairman (Non-executive)
1,392
1,992
917
1,346
Chief Executive Officer
4,794
3,909
3,157
2,642
Executive Directors
5,149
4,133
3,391
2,793
Non-Executive Directors
4,668
4,896
3,074
3,309
Total
16,003
14,930
10,539
10,090
43.3\u00a0 Highest paid Director
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Highest-paid Director
4,794
3,909
3,157
2,642
Emoluments are gross amounts inclusive of income taxes and the prior year has now been presented in line with the current year.
43.4 Number of Directors
The number of Directors (excluding the Chairman) whose emoluments fell within the following ranges was:
2025
2024
Number
Number
Zero \u2013 \u20a6150,000,000
\u2013
\u2013
\u20a6150,000,001 \u2013 \u20a6375,000,000
\u2013
\u2013
\u20a6375,000,001 \u2013 \u20a6750,000,000
\u2013
\u2013
Above \u20a6750,000,001
3
4
3
4
2025
2024
Number
Number
Zero \u2013 $100,000
\u2013
\u2013
$100,001 \u2013 $250,000
\u2013
\u2013
$250,001 \u2013 $500,000
\u2013
\u2013
Above $500,000
3
4
3
4
This reflects the remuneration range of the Group's Executive Directors during the reporting period. The prior period data includes the
former Chief Financial Officer (CFO) who retired in 2024.
43.5\u00a0 Employees
The number of employees (other than the Directors) inclusive of 863 staff acquired from the business combination in December 2025,
whose duties were wholly or mainly discharged within Nigeria, and who received remuneration (excluding pension contributions) in the
following ranges:
2025
Number
Less than $80,000 (\u20a6121,367,200)
306
$80,001 (\u20a6121,367,201) \u2013 $200,000 (\u20a6303.418,000)
780
$200,001 (\u20a6303,418,001) \u2013 $300,000 (\u20a6455,127,000)
341
Above $300,001 (\u20a6455,127,001)
79
1,506
2024
Number
Less than $80,000 (\u20a6118,374,400)
395
$80,001 (\u20a6118,374,401) \u2013 $200,000 (\u20a6295,936,000)
425
$200,001 (\u20a6295,936,001) \u2013 $300,000 (\u20a6443,904,000)
450
Above $300,000 (\u20a6443,904,000)
176
1,446
The 2024 comparatives include the payments received by SEPNU employees as part of the business combination.
43.6\u00a0 Number of persons employed during the year
The number of persons (excluding Directors) in employment during the year inclusive of 863 staff acquired from business combination in
December 2025 is presented as follows:
2025
2024
Number
Number
Senior management
63
45
Managers
427
332
Senior staff
630
1,022
Junior staff
386
47
1,506
1,446
43.7\u00a0 Employee costs
Seplat\u2019s staff costs (excluding pension contribution) in respect of the above employees amounted to the following:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Salaries & wages
96,808
71,718
63,812
48,468
96,808
71,718
63,812
48,468
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-733": { "value": "
43.\u00a0 \u00a0 Information relating to employees
43.1\u00a0 Key management compensation
Key management includes executive and members of the leadership team. The compensation paid or payable to key management for
employee services is shown below:
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Salaries and other short-term employee benefits
4,792
5,344
3,156
3,611
Post-employment benefits
699
321
460
217
5,491
5,665
3,616
3,828
43.2\u00a0 Chairman and Directors\u2019 emoluments
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Chairman (Non-executive)
1,392
1,992
917
1,346
Chief Executive Officer
4,794
3,909
3,157
2,642
Executive Directors
5,149
4,133
3,391
2,793
Non-Executive Directors
4,668
4,896
3,074
3,309
Total
16,003
14,930
10,539
10,090
43.3\u00a0 Highest paid Director
2025
2024
2025
2024
\u20a6 million
\u20a6 million
$'000
$'000
Highest-paid Director
4,794
3,909
3,157
2,642
Emoluments are gross amounts inclusive of income taxes and the prior year has now been presented in line with the current year.
43.4 Number of Directors
The number of Directors (excluding the Chairman) whose emoluments fell within the following ranges was:
2025
2024
Number
Number
Zero \u2013 \u20a6150,000,000
\u2013
\u2013
\u20a6150,000,001 \u2013 \u20a6375,000,000
\u2013
\u2013
\u20a6375,000,001 \u2013 \u20a6750,000,000
\u2013
\u2013
Above \u20a6750,000,001
3
4
3
4
2025
2024
Number
Number
Zero \u2013 $100,000
\u2013
\u2013
$100,001 \u2013 $250,000
\u2013
\u2013
$250,001 \u2013 $500,000
\u2013
\u2013
Above $500,000
3
4
3
4
This reflects the remuneration range of the Group's Executive Directors during the reporting period. The prior period data includes the
former Chief Financial Officer (CFO) who retired in 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-735": { "value": "
44.\u00a0 \u00a0 Commitments and contingencies
44.1\u00a0 Contingent liabilities
The Group is involved in a number of legal suits as defendant. The estimated value of the contingent liabilities for the year ended
31\u00a0December 2025 is\u00a0 \u20a6395.77 billion , $275.75 million ( 2024: \u20a6724 million, $0.471 million). The contingent liability for the year is determined
based on possible occurrences, though unlikely to occur. No provision has been made for this potential liability in these financial
statements. Management and the Group\u2019s solicitors are of the opinion that the Group will suffer no loss from these claims.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-736": { "value": "
45.\u00a0 \u00a0 Events after the reporting period
There are no other events which could have had a material effect on the financial position of the Group as at 31 December 2025 and its
financial performance for the year then ended that have not been adequately provided for or disclosed in these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:029200711C4S4CB2E982", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }