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"s11_notes__6__24": {
"value": "2.1 BASIS OF PREPARATIONThe consolidated financial statements of Petrolia SE have been prepared in compli-ance with International Financial Reporting Standards (IFRSs) as endorsed by the EU and the requirements of the Cyprus Companies Law, Cap.113.The consolidated financial statements have been prepared under the historical cost convention with the following modification: Financial assets recognised at fair value through profit or loss and financial assets at fair value through other comprehensive income.The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in note 3 below.The consolidated financial statements are presented in United States Dollars (USD) and all values are rounded to the nearest thousand (USD 1,000), except when other-wise indicated.The accounting year follows the calendar year.FAIR VALUE MEASUREMENTFair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction whereby an asset is sold or a liability is transferred takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in note 23. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and separate parent financial statements were issued, taking into account all available information about the future, for at least 12 months from the reporting date.The forecast cash flows from the Energy Service division provide sufficient cash flows and the Group expects to be in a position to serve its working capital needs and other obligations as and when they fall due. These forecasts have been made based on past experiences and detailed knowledge of the local markets.The Group\u2019s management expects a good environment for the Energy Service segment in 2023 and remains confident in the Group\u2019s ability to adapt cost levels to the activity and to maintain sufficient financial resources to enable it to continue as a going concern for the foreseeable future.Following its review, management confirms that the requirements of the going concern assumption are met and that these financial statements have been prepared on that basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__17": {
"value": "The consolidated financial statements of Petrolia SE have been prepared in compli-ance with International Financial Reporting Standards (IFRSs) as endorsed by the EU and the requirements of the Cyprus Companies Law, Cap.113.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__74": {
"value": "FAIR VALUE MEASUREMENTFair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction whereby an asset is sold or a liability is transferred takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in note 23.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__22": {
"value": "NOTE 1 GENERAL INFORMATIONPetrolia SE (the \"Company\") is a European public limited company organised under the laws of Cyprus. The Company's registered office is at 205 Christodoulou Chatzipavlou Street, Loulloupis Court, 4th floor, office 401, 3036 Limassol, Cyprus. The Company also has a Norwegian branch with registered office at Haakon VIIs gate 1 (2. etg.), Oslo, Norway.The main activity of the Group is the sale and rental of energy service equipment to the global energy industry.The annual financial statements were adopt-ed by the Board of Directors on the 27th of April 2023 and will be passed to the Annual General Meeting for approval. Petrolia SE was established on the 26th of October 2012 as a result of the merger be-tween Petrolia ASA (established on the 13th of March, 1997) and Petrolia E&P Holdings Plc. The consolidated financial statements for the financial year 2022 comprise the Company and its subsidiaries and the Group\u2019s share of associated companies. The Company is listed on the Oslo Stock Exchange with ticker \"PSE\" and ISIN \"CY 010 263 0916\". The table below presents general ESEF data.Domicile of entity Limassol Principal place of business CyprusLegal form of entity European public limited companyDescription of nature of entity's The main activity of the Group operations and principal activitiesis the sale and rental of energy service equipment to the global energy industryCountry of incorporation Cyprus Name of parent entity Petrolia SEAddress of entity's registered 205 Christodoulou Chatzipavlou Name of ultimate parent of groupPetrolia SEofficeStreet, Loulloupis Court",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__5": {
"value": "NOTE 1 GENERAL INFORMATIONPetrolia SE (the \"Company\") is a European public limited company organised under the laws of Cyprus. The Company's registered office is at 205 Christodoulou Chatzipavlou Street, Loulloupis Court, 4th floor, office 401, 3036 Limassol, Cyprus. The Company also has a Norwegian branch with registered office at Haakon VIIs gate 1 (2. etg.), Oslo, Norway.The main activity of the Group is the sale and rental of energy service equipment to the global energy industry.The annual financial statements were adopt-ed by the Board of Directors on the 27th of April 2023 and will be passed to the Annual General Meeting for approval. Petrolia SE was established on the 26th of October 2012 as a result of the merger be-tween Petrolia ASA (established on the 13th of March, 1997) and Petrolia E&P Holdings Plc. The consolidated financial statements for the financial year 2022 comprise the Company and its subsidiaries and the Group\u2019s share of associated companies. The Company is listed on the Oslo Stock Exchange with ticker \"PSE\" and ISIN \"CY 010 263 0916\". The table below presents general ESEF data.Domicile of entity Limassol Principal place of business CyprusLegal form of entity European public limited companyDescription of nature of entity's The main activity of the Group operations and principal activitiesis the sale and rental of energy service equipment to the global energy industryCountry of incorporation Cyprus Name of parent entity Petrolia SEAddress of entity's registered 205 Christodoulou Chatzipavlou Name of ultimate parent of groupPetrolia SEofficeStreet, Loulloupis CourtNOTE 2 SIGNIFICANT ACCOUNTING POLICIES2.1 BASIS OF PREPARATIONThe consolidated financial statements of Petrolia SE have been prepared in compli-ance with International Financial Reporting Standards (IFRSs) as endorsed by the EU and the requirements of the Cyprus Companies Law, Cap.113.The consolidated financial statements have been prepared under the historical cost convention with the following modification: Financial assets recognised at fair value through profit or loss and financial assets at fair value through other comprehensive income.The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in note 3 below.The consolidated financial statements are presented in United States Dollars (USD) and all values are rounded to the nearest thousand (USD 1,000), except when other-wise indicated.The accounting year follows the calendar year.FAIR VALUE MEASUREMENTFair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction whereby an asset is sold or a liability is transferred takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in note 23. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and separate parent financial statements were issued, taking into account all available information about the future, for at least 12 months from the reporting date.The forecast cash flows from the Energy Service division provide sufficient cash flows and the Group expects to be in a position to serve its working capital needs and other obligations as and when they fall due. These forecasts have been made based on past experiences and detailed knowledge of the local markets.The Group\u2019s management expects a good environment for the Energy Service segment in 2023 and remains confident in the Group\u2019s ability to adapt cost levels to the activity and to maintain sufficient financial resources to enable it to continue as a going concern for the foreseeable future.Following its review, management confirms that the requirements of the going concern assumption are met and that these financial statements have been prepared on that basis.2.2 BASIS OF CONSOLIDATIONThe consolidated financial statements com-prise the financial statements of the Company and its subsidiaries as at 31 December 2022. Control is achieved when the Group is ex-posed, 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: \u2022power over the investee (i.e., existingrights that give it the current abilityto direct the relevant activities of theinvestee)\u2022exposure, or rights, to variable returnsfrom its involvement with the investee\u2022 ability to use its power over the investeeto affect its returnsGenerally, 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 theother vote holders of the investee\u2022rights arising from other contractualarrangements\u2022the Group\u2019s voting rights and potentialvoting rightsThe Group re-assesses whether or not it controls an investee if facts and circum-stances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When nec-essary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated, in full, on consolidation.A change in the ownership interest of a sub-sidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.2.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.BUSINESS COMBINATIONS AND GOODWILLa) Business combinations and goodwillBusiness combinations are accounted forusing the acquisition method. The cost of anacquisition is measured as the aggregate ofthe consideration transferred measured atacquisition date fair value and the amount ofany non-controlling interest in the acquiree.For each business combination, the Groupelects whether to measure the non-controlling interest in the acquiree at fair value or atthe proportionate share of the acquiree\u2019sidentifiable net assets. Acquisition-relatedcosts are expensed as incurred and includedin administrative expenses.When the Group acquires a business, it as-sesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contrac-tual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.Any contingent consideration to be trans-ferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifi-able assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combi-nation, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allo-cated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.b) Investment in associatesThe Group\u2019s investment in associated en-tities, in which the Group has significantinfluence, is accounted for using the eq-uity method. Under the equity method, theinvestment in the associate is initially rec-ognised at cost. The carrying amount of theinvestment is adjusted to recognise chang-es in the Group\u2019s share of net assets of theassociate since the acquisition date. Good-will relating to the associate is included inthe carrying amount of the investment andis neither amortised nor individually testedfor impairment.The income statement reflects the Group\u2019s share of the results of operations of the as-sociate. When there has been a change rec-ognised directly in the equity of the associ-ate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains andlosses resulting from transactions between the Group and the associate are eliminat-ed to the extent of the interest in the as-sociate. The Group\u2019s share of profit or loss of an associate is shown on the face of the income statement and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate.The financial statements of the associateare prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.After application of the equity method, theGroup determines whether it is necessaryto recognise an impairment loss on its in-vestment in associates. At each reportingdate, the Group determines whether there is objective evidence that the investment in the associates is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference betweenthe recoverable amount of the associateand its carrying value, then recognises the loss as \u2018Share of losses of an associate\u2019 in the income statement.Upon loss of significant influence over theassociate, the Group measures and rec-ognises any retained investment at its fairvalue. Any difference between the carrying amount of the associate upon loss of sig-nificant influence and the fair value of theretained investment and proceeds fromdisposal is recognised in the income state-ment.FOREIGN CURRENCY TRANSLATIONFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in USD.The functional and presentation currency of the parent company is USD.Converting from a functional currency other than USD will normally result in conversion differences in the consolidated financial statements.Transactions and balancesForeign currency transactions are trans-lated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign curren-cies are recognised in the income statement under financial income / financial expenses.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022assets and liabilities in each statement offinancial position presented are translatedat the closing rate;\u2022income and expenses in each incomestatement are translated at the averageexchange rates for the period;\u2022all resulting exchange differences arerecognised in the statement of compre-hensive income and as a separate item of equity.Currency translation differences on net in-vestment in foreign operations and financial instruments designated as hedges of such investments are recorded as part of the com-prehensive income and as a separate item in equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the for-eign entity and translated at the closing rate.REVENUE FROM CONTRACTS WITH CUSTOMERSRental of equipment \u2013 Service transferred over time:The primary business function of the Group is the rental of equipment for upstream ex-ploration & production activity, as such, the primary source of revenue is based on rental of equipment. The performance obligation is satisfied over time as the customer si-multaneously receives and consumes the benefits provided by the Group. This perfor-mance obligation has two alternative payment options. The rental projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the months end are invoiced ad hoc as the customer has confirmed the final rental day. The payment terms vary depending on the individual contract with customers, but due dates normally range from 30 to 90 days from the invoice date. On projects where the Group does not own the required equipment, there are contracts with customers to acquire, on their behalf, the required equipment from external suppliers. The Group is acting as principal in these arrangements.Services \u2013 Service transferred over time:Service and repairs:All equipment returned from rental assign-ments are subject to inspection where it is determined whether service and/or repair is required. This performance obligation is satisfied upon completion of service and payment is generally due 30 to 90 days upon completion and acceptance by the customer.Hire of personnel:Personnel services comprise casing & tubing running, drilling and make & brake servic-es. These services have fixed daily rates in accordance with individual contracts. The performance obligation is satisfied over time, as the customer simultaneously receives and consumes the benefits provided. This performance obligation has two alternative payment options. The projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the month's end are invoiced ad hoc upon completion of service. The payment terms vary, depending on individual contract with customers but due dates normally range from 30 to 90 days from the invoice date.Sales of goods \u2013 Goods transferred at a point in time:Procurement services:There are contracts with customers toacquire, on their behalf, goods from ex-ternal suppliers. The Group is actingas principal in these arrangements be-cause it typically controls the goodsbefore transferring them to the customer. The performance obligation is satisfied and payment is generally due 30 to 90 days upon receipt of the goods by the customer. Sales of equipment:The Group distinguishes between two types of sales: equipment sold directly to custom-ers and equipment on rental projects sold to customers when lost in hole. For direct sales, the performance obligation is satisfied at delivery and payment is generally due 30 to 90 days upon this date. For lost equipment, the performance obligation is satisfied at the point in time when the equipment is finally considered lost, and payment is generally due 30 to 90 days from this date.INTEREST INCOMEInterest income is recognised using the effective interest method. When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable amount. The recoverable amount is the estimated future cash flow discounted at the original effective interest rate. Interest income on impaired loans is recognised using the original effective interest rate.TAXESThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, 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.Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Company\u2019s subsid-iaries 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.Deferred income taxDeferred income tax is recognised, 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, the deferred income tax is 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 at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.Deferred income tax is provided on tempo-rary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.Sales taxExpenses and assets are recognised net of the amount of sales tax, except:\u2022 when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable,\u2022 when receivables and payables are stated with the amount of sales tax included.The net amount of sales tax recoverable from, or payable to, the taxation authority is includ-ed as part of receivables or payables in the statement of financial position.PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at historical cost less depreciation and im-pairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is proba-ble that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Other repairs and mainte-nance are charged to the income statement during the financial period in which they are incurred.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives.The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at each reporting date.An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.Gains on sales of OilService equipment lost in hole or damaged by customers are de-termined by comparing the proceeds with the carrying amount and are recognised net within \u2018revenue\u2019 in the income statement.All other gains and losses are recognised as profit/loss on disposal of property, plant and equipment included in other operating expenses.LEASESThe determination of whether an arrange-ment is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the un-derlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the 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 and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: \u2022 OilService and other equipment, 7 years\u2022 Land and buildings, 1 to 10 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in section Impairment of non-financial assets. ii) Lease liabilitiesAt the commencement date of the 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 fixed payments (including in-substance fixed payments) less any lease incentives re-ceivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the 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 expenses (unless they are incurred to produce inventories) 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 its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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 remeas-ured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease rec-ognition exemption to its short-term leases of machinery and equipment (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 of office equipment that are considered to be low value. Lease pay-ments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.Group as a lessorLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as op-erating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group also gets into sub-lease agreements for its ROU assets. These sub-leases are short term and treated as operating leases.FINANCIAL INSTRUMENTS \u2013 INITIAL RECOG-NITION AND SUBSEQUENT MEASUREMENTA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.i) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI and fair value through the income statement.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing com-ponent or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through the income statement, transaction costs. Trade receivables that do not contain a significant financing compo-nent are measured at the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are rec-ognised on the trade date, i.e., the date thatthe Group commits to purchase or sell the asset.Subsequent measurementFor purposes of subsequent measure-ment, 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 cumula-tive gains and losses upon derecognition (equity instruments);\u2022 financial assets at fair value through the income statement.Financial assets at amortised cost (debt instruments)This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subse-quently measured using the effective interest rate (EIR) method and are subject to im-pairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables and loan to an associate.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective of both hold-ing to collect contractual cash flows and selling; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of princi-pal and interest on the principal amount outstanding.Interest income, foreign exchange revaluation and impairment losses or reversals are rec-ognised in the income statement 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 the income statement.The Group does not have any debt instruments at fair value through OCI.Financial assets designated at fair value through OCI (equity instruments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments Presentation and are not held for trading. The classification is determined on an in-strument-by- instrument basis.Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income in the income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are record-ed in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.The Group's equity instruments designated at fair value through OCI are shown in note 13.Financial assets at fair value through the income statementFinancial assets at fair value through the income statement include financial assets held for trading, financial assets designated upon initial recognition at fair value through the income statement, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are clas-sified and measured at fair value through the income statement, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through the income statement on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.Financial assets at fair value through the income statement are carried in the state-ment of financial position at fair value with net changes in fair value recognised in the income statement.This category includes listed equity invest-ments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other financial income in the consolidated income statement when the right of payment has been established.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a group of simi-lar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 the rights to receive cash flows from the asset have expired; or\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substan-tially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFurther disclosures relating to impairment of financial assets are also provided in the following notes:\u2022 Critical accounting judgements, estimates and assumptions (Note 3);\u2022 Financial risk management, Credit risk (Note 23).The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through the income statement. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the con-tractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses ex-pected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its his-torical credit loss experience, adjusted for forward-looking factors specific to the debt-ors and the economic environment as well as adjusted for individual ECL assessments against particular customers.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is un-likely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through the income statement, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate.All financial liabilities are recognised ini-tially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.Subsequent measurementThe measurement of financial liabilities de-pends on their classification, as described below:Financial liabilities at fair value through the income statementFinancial liabilities at fair value through the income statement include financial liabilities held for trading and financial liabilities desig-nated upon initial recognition as at fair value through the income statement.Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the income statement.Financial liabilities designated upon initial recognition at fair value through the income statement are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at fair value through the income statement.Financial liabilities at amortised costThis is the category most relevant to the Group. After initial recognition, interest-bear-ing loans are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-ment 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 acqui-sition and fees or costs that are an integral part of the EIR. The EIR amortisation is in-cluded as finance costs in the statement of the income statement.This category mainly applies to bonds and bank loan. For more information, refer to Notes 18 and 21.DerecognitionA financial liability is derecognised when the obligation under the liability 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respec-tive carrying amounts is recognised in the statement of profit or loss.iii) Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.INVENTORIESInventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:\u2022 raw materials: purchase cost on a first in, first out basis.\u2022 finished goods and work in progress: cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs.Initial cost of inventories includes the transfer of gains and losses on qualifying cash flow hedges, recognised in other comprehensive income, in respect of the purchases of raw materials.Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.IMPAIRMENT OF NON-FINANCIAL ASSETSAssets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised at 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 selling costs 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 (cash-generating units). Non financial assets, other than goodwill that suffered im-pairment, are reviewed for possible reversal of the impairment at each reporting date.CASH AND SHORT TERM DEPOSITSCash and cash equivalents in the statement of financial position comprise cash at banks and at hand and short term deposits with an original maturity of three months or less but exclude any restricted cash which is not available for use by the Group.For the purpose of the consolidated statement of cash flows, cash and cash equivalents con-sist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts.SHARE CAPITAL AND PREMIUMOrdinary shares and share premium are classified as equity.Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reis-sued, any consideration received, net of any directly attributable transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.PROVISIONSThe Group recognises provisions when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated.Contingent liabilities and allocations are reassessed at each balance sheet date and the size of the recognised provision reflects best estimate of the obligation.SEGMENT REPORTINGOperating segments are reported in a manner consistent with the internal reporting provided to the management. The Company\u2019s manage-ment, who are responsible for allocating resources and assessing performance of the operating segments, has been identified as General Managers and the Board of Directors.CASH FLOW STATEMENTThe cash flow statement has been prepared by the indirect method. The indirect method involves reporting gross cash flow from in-vestment and financing activities, while the accounting result is reconciled against net cash flow from operational activities. Cash and cash equivalents comprise bank deposits and other current, liquid investments which immediately and at insignificant exchange rate risk can be converted into known cash amounts and with due dates of less than three months from purchase date.EARNINGS PER SHAREEarnings per share are calculated by dividing the result of the Group attributable to the shareholders of the parent with the weighted average number of ordinary shares of the period.EVENTS AFTER THE REPORTING DATENew information about the position of the Group existing at the reporting date regarding the accounting period have been taken into account in the financial statements according to standard estimation principles. Events after the reporting date are referred to in note 29.2.4 ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDSAmendments to IFRSs and the new Interpretations that are mandatorily ef-fective for the current periodThe accounting policies adopted are consist-ent with those of the previous financial year except for the following IFRS amendments which have been adopted by the Group/Company as of 1 January 2022:\u2022 IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows: IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the previous version of the IASB\u2019s Conceptual Framework for Financial Reporting to the current version issued in 2018 with-out significantly changing the accounting requirements for business combinations. IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from de-ducting from the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition necessary for it be capable of operating in the manner intended by management. Instead, a company recog-nizes such sales proceeds and related cost in profit or loss. IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous. The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to the contract activities. Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 LeasesThe amendments had no impact on the finan-cial statements of the Group.\u2022 IFRS 16 Leases-Covid 19 Related Rent Concessions beyond 30 June 2021 (Amendment)The Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the con-ditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct conse-quence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to rent concessions for which any reduction in lease payments affects only pay-ments originally due on or before 30 June 2022, provided the other conditions for ap-plying the practical expedient are met.The amendments had no impact on the finan-cial statements of the Group.New and revised IFRS in issue but not yet effective The following Standards and Interpretations which are relevant to the Group\u2019s operations are in issue but not yet effective. The Group does not intend to adopt any standard, in-terpretation or amendment that has been issued but is not yet effective before their effective date.Management anticipates that the adoption of all other Standards and Interpretations in future periods will have no significant impact on the results and financial position presented in these consolidated financial statements.\u2022 IFRS 17: Insurance ContractsThe standard is effective for annual peri-ods beginning on or after 1 January 2023 with earlier application permitted, provid-ed the entity also applies IFRS 9 Financial Instruments on or before the date it first applies IFRS 17. This is a comprehensive new accounting standard for insurance contracts, covering recognition and measurement, pres-entation and disclosure. IFRS 17 applies to all types of insurance contracts issued, as well as to certain guarantees and financial instruments with discretional participation contracts. The Group does not issue contracts in scope of IFRS 17; therefore its applica-tion does not have an impact on the Group\u2019s financial performance, financial position or cash flows. IFRS 17 (\u201cInsurance Contracts\u201d), Amendments to IFRS 17 and Amendments to IFRS 17: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information \u2013 \u201cA comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure\u201d (effective for annual periods beginning on or after 1 January 2023). Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The new account-ing standard and its amendments are not expected to have a significant impact on the Group\u2019s consolidated financial statements.\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments)The Amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amend-ments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose \u2018significant\u2019 accounting policies with a re-quirement to disclose \u2018material\u2019 accounting policies. Also, guidance and illustrative ex-amples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about ac-counting policy disclosures. \u2022 IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments)The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as mon-etary amounts in financial statements that are subject to measurement uncertainty, if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors. \u2022 IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments)The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the scope of and pro-vide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred tax related to assets and liabilities arising from a single transaction, such as leases and de-commissioning obligations. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the applicable tax law, whether such deduc-tions are attributable for tax purposes to the liability or to the related asset component. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. \u2022 IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The amend-ments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the entity\u2019s own equity instru-ments do not affect current or non-current classification. Also, the amendments specify that only covenants with which an entity must comply on or before the reporting date will affect a liability\u2019s classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period. The amendments have not yet been endorsed by the EU. \u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee determines \u2018lease payments\u2019 or \u2018revised lease payments\u2019 in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, being the beginning of the annual reporting period in which an entity first applied IFRS 16. The amendments have not yet been endorsed by the EU. \u2022 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureThe amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transac-tion involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amend-ment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU.NOTE 3 CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSEstimates and judgements are continually evaluated and are based on historical experi-ence and other factors, including expectations of future events that are believed to be rea-sonable under the circumstances.The Group makes estimates and assumptions concerning the future. The resulting account-ing estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carry-ing amounts of assets and liabilities within the next financial year are addressed below.i) Impairment of property, plant and equipmentRefer also to note 11.The Group tests annually whether the drilling equipment, land rigs and land and buildings have suffered any impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its re-coverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use.The value in use calculations are based on a discounted cash flow model. The cash flows are derived from the business plan for the next five years. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.ii) Provision for expected credit losses of trade receivables The Group uses a provision matrix at each location it operates to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if the oil prices are expected to decrease over the next year, which can lead to an in-creased number of defaults in the energy service sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. As the number of customers at each location is small, in addition to the collective ECL as-sessment using the portfolio matrix approach as adjusted by forward looking information, the Group also performs individual ECL as-sessments against the biggest customers with significant long outstanding balances. The individual assessments are taking into account various information known locally for each customer, such as history of credit losses, financial performance, settlement arrangements agreed, etc. The information about the ECLs on the Group\u2019s trade receiv-ables is disclosed in Note 14. iii) Determining the lease term of contracts with renewal options when the Group acts as a lesseeThe Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is rea-sonably certain not to be exercised.The Group has the option, under some of its leases to lease the assets for additional periods. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. All relevant factors including economic incentive fac-tors, are considered to exercise the renewal. Local teams are responsible for managing their leases and, accordingly, lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Extension and termination options are included, when possible, to provide local management with greater flexibility to align its need for access to equipment and warehouses with the fulfilment of customer contracts and office rentals. The individual terms and conditions used vary across the Group.The majority of extension and termination options held are exercisable only by Lessee and not by the respective lessors. In cases in which Lessee is not reasonably certain to use an optional extended lease term, payments associated with the optional period are not included within lease liabilities. In almost all of the cases, the local teams assumes that the options to extend a lease will not be exercised, as on initial recognition it is not reasonable certain what will be the market conditions when the Group will need to decide whether to exercise an option to extend the lease. After the commencement date, the Group reassesses the lease term, at each reporting date, if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew.During 2022, the financial effect of revising lease terms to reflect the effect of exercising extension and termination options was an increase in recognised lease liabilities of USD 1.5 million (2021: USD 1.1 million). iv) Climate and regulatory risksIn preparing the financial statement, the Group, has considered the impact of regu-latory changes in particular in the context in climate change risks. The considerations did not impact our judgement and estimates in the current year. NOTE 4 ORGANISATIONSummary of the companies of the Group:As at 31.12.2022 the following companies are presented in the consolidated financial statements:Company Business office , activity, objective % owned 2022 % owned 2021Subsidiaries (fully consolidated)Petrolia AS Norway. Energy Service. 100 100Petrolia Invest AS Norway. Investment company. 100 100Petrolia Rigs AS Norway. Investment company. 100 100Oil Tools Supplier AS Norway. Energy Service. 100 100Independent Oil Tools AS Norway. Energy Service. 100 100Independent Tool Pool AS Norway. Energy Service. 100 100IOT Energy Services Australia PTY LtdAustralia. Energy Service. 100 100(formerly IOT Group Australia Pty Ltd)Independent Oil Tools BV Netherlands. Energy Service. 100 100Independent Oil Tools Dosco BV Netherlands. Energy Service. 70 70Independent Oil Tools Srl Romania. Energy Service. 100 100IOT Energy Services New Zealand Limited New Zealand. Energy Service. 100 100(formerly IOT Group Limited)Venture Drilling AS Norway. Energy Service. 100 100Independent Tool Pool DMCC Jebel Ali Free Zone (Dubai). Energy 100 100Service.Petrolia Tool Pool AS Norway. Energy Service. 100 100Petrolia Rigs II AS Norway. Energy Service. 100 100Catch Holding BV Netherlands. Energy Service. 90 90Catch Fishing Services BV Netherlands. Energy Service. 90 90IO&R Ltd Dubai. Energy Service 100 100Independent Oil Tools International (Cyprus) Ltd Cyprus. Energy Service. 100 100Independent Oil Tools Iraq for General Trading Co. Ltd Iraq. Energy Service. 61 61Tubulars Energy Services (M) Sdn Bhd Malaysia. Energy Service. 100 100Independent Oil Tools (Pvt) Ltd Pakistan. Energy Service. 83.33 83.33IOT Energy Services Limited UK. Energy Service. 90 90CO2 Management AS Norway. Energy Service. 100 100Hydrogen & CCS AS Norway. Energy Service. 100 100Ammonia Energy Solutions AS Norway. Energy Service 100 100Associated companies (equity method) (refer to note 12)Petrolia Noco AS Norway. Exploring for oil and gas on 49.90 49.90the Norwegian Continental Shelf.NOTE 5 SEGMENT INFORMATIONThe Group has two strategic segments: Energy and Energy Service (including land rigs). Energy activities are presently carried out through an investment in an associate company. Operating activities are carried out from one segment: Energy Service. Energy Service activities are described in the accounting policy \"Revenue from contracts\".THE GROUP\u2019S ENERGY SERVICE SEGMENT OPERATES IN THE FOLLOWING MAIN GEOGRAPHICAL AREAS:2022 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 7,838 4,195 408 12,441Europe outside Norway 4,227 5,442 8,206 17,875Asia and Australia 14,207 7,896 3,085 25,188Total 26,272 17,533 11,699 55,504Result for the year from energy service segment 1,2332021 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 11,448 3,488 515 15,451Europe outside Norway 6,866 2,845 5,171 14,882Asia and Australia 12,239 6,469 1,935 20,643Total 30,553 12,802 7,621 50,976Result for the year from energy service segment 2,466Non-current tangible assets (amounts in USD 1,000)2022 2021Norway 2,600 2,901Europe outside Norway 4,637 5,126Asia and Australia 5,550 5,906Tool pools 1,971 2,449Total 14,758 16,382RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubings. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the companies are domiciled. Some asset owning subsidiaries are allocated as tool pools, because they only rent their equipment to companies in the Group.Major customersThe end customers are energy companies, drilling contractors or energy service companies. No single customer represents a significant part of total revenues.Petrolia Noco AS (Note 12)The associate company, Petrolia Noco AS, operates in the Energy segment. The in-terest income from the Energy segment is shown in note 8 and the share of result in note 12. NOTE 6 WAGES COST(amounts in USD 1,000)2022 2021Wages and salaries 11,970 11,223Social security 894 915Pension costs 700 698Other contributions 724 684Total 14,288 13,520The Group had 259 employees as at the end of 2022 (2021: 229 employees).Average number of employees was 244 in 2022 (2021: 218).Remuneration and benefits General Manager and Finance Manager (amounts in USD 1,000)2022 2021Polycarpos Protopapas (27 November 2019 -), Managing director, Cyprus 61 64S\u00f8lve Nilsen (1 October 2010 -), General manager of the Branch, Norway 176 192Total 237 256The following fee has been paid to the members of the board (amounts in USD 1,000) :2022 2021Berge Gerdt Larsen- Chairman of the board, Remuneration committee (re-elected on 31 May 2022) 0 0George Hadjineophytou - Board member, Audit & Remuneration committees (re-elected on 31 May 55 442022)Sjur Storaas - Board member, Audit & Remuneration committees (re-elected on 31 May 2022) 55 44Polycarpos Protopapas - Board member (re-elected on 31 May 2022) 0 0Total 110 88NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe amounts are exclusive of value added tax.Other operating expenses comprise the following main items2022 2021(amounts in USD 1,000) :Fees to external advisors, lawyers, auditors 1,242 1,192Cost of goods sold 22,480 18,876Allowance of expected credit losses (Note 14) -211 924Expenses relating to short-term leases 60 61Expenses relating to leases of low value 1 6Other operating expenses 4,946 3,059Total other operating expenses 28,518 24,118AUDITORS FEERecognised fee for auditors of the group and other auditors (amounts in USD 1,000) :2022 2021Statutory audit 440 398Tax services 120 101Other non-audit services 36 33Total auditors' fee 596 532NOTE 8 SPECIFICATION OF FINANCIAL ITEMS(amounts in USD 1,000) 2022 2021Interest incomeInterest income from current bank deposits 46 6Interest income from associate (refer to note 13) 560 466606 472Financial incomeDividend income 11 3Profit on shares at fair value through profit and loss (refer to note 15) 2 5213 55Interest expensesInterest expense on bonds -153 -277Other interest expense -13 -23Interest expense on lease liabilities (refer to note 19) -835 -709-1,001 -1,009Financial expensesForeign exchange loss - net -2,209 -795Other financial expenses -63 -142-2,272 -937Net finance cost -2,654 -1,419NOTE 9 INCOME TAXThe tax on the Group's results before tax differs from the theoretical amount that would arise 2022 2021using the applicable tax rates as follows: (amounts in USD 1,000)Result before tax charges 1,000 -291Tax calculated at domestic tax rates applicable to profits in respective countries -1,328 -624(12.5% for parent company) Change in deferred tax asset -383 -255Tax on result -1,711 -879Change in deferred tax represent USD -213 thousand from tax losses (2021: USD -145 thousand) and USD -170 thousand from temporary differences (2021: USD -110 thousand). In Cyprus there is a time limit of 5 years for the use of carry-forward tax losses. There is no time limit for the use of carry-forward tax losses in Norway. Calculation of deferred tax asset (amounts in USD 1,000)2022 2021Non-current assets 6,668 5,454Current assets -5,690 -5,360Net temporary differences 978 94Carry forward loss 0 -1,423Basis for deferred tax asset 978 -1,329Deferred tax asset at nominal tax rates 0 169Carried tax asset 0 169Carried tax liability 215 0For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD.The Group no longer has tax losses in its Dutch subsidiaries.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 13.0 million (2021: USD 13.7 million) with a tax value of USD 2.9 million (2021: USD 3.0 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.No deferred tax asset or liability was recognised for the subsidiaries registered in other jurisdictions.NOTE 10 EARNINGS PER SHARE(amounts in USD 1,000, with the exception of earnings per share) 2022 2021Result attributable to the equity holders of the parent-1,569-1,193Weighted average no. of shares59,133,78659,133,786No. of shares at period end 59,133,786 59,133,786Basic earnings per average no. of sharesFrom continuing operations -0.03 -0.02Basic (loss) / earnings per share (USD per share) -0.03 -0.02The Company has no outstanding or authorised stock options, or warrants. As at 31 December 2022, the Company held no treasury shares. NOTE 11 PROPERTY, PLANT AND EQUIPMENT(amounts in USD 1,000) Energy Land andLand rigs TotalService buildingsand other equipmentAccounting year 2021Book value 01.01.21 14,771 2,696 1,902 19,369Currency differences -475 -89 0 -564Additions 3,420 55 0 3,475Disposal -1,303 0 0 -1,303Depreciation for the year -4,370 -232 -161 -4,763Impairment charge -324 -610 0 -934Accumulated depreciation of assets 1,095 0 0 1,095disposedAccumulated impairment of assets 6 0 0 6disposedBook value 31.12.21 12,820 1,820 1,741 16,381Per 31 December 2021Acquisition cost 296,891 3,532 14,271 314,694Accumulated impairment -27,437 -669 -7,656 -35,762Accumulated depreciation -256,634 -1,043 -4,874 -262,551Book value 31.12.21 12,820 1,820 1,741 16,381Accounting year 2022Book value 01.01.22 12,820 1,820 1,741 16,381Currency differences -580 -48 -1 -629Additions 2,497 13 0 2,510Disposal -4,543 0 0 -4,543Depreciation for the year -2,932 -234 -161 -3,327Impairment charge -532 0 0 -532Accumulated cost of assets 1,082 0 0 1,082reclassified from RoUAccumulated depreciation of assets -458 207 0 -251reclassified from RoUAccumulated depreciation of assets 4,067 0 0 4,067disposed from RoUBook value 31.12.22 11,421 1,758 1,579 14,758Per 31 December 2022Acquisition cost 295,347 3,497 14,270 313,114Accumulated impairment -27,969 -669 -7,656 -36,294Accumulated depreciation -255,957 -1,070 -5,035 -262,062Book value 31.12.22 11,421 1,758 1,579 14,758Depreciation period 7-12 years 33 years* 12 yearsResidual value 0 0 0*) Land is not depreciatedImpairment of property, plant and equipmentThe Group performs impairment tests when there are indicators for impairment in accord-ance with the relevant accounting policy. The Group compares the carrying amount of fixed assets with the recoverable amount, being the higher of the fair value less costs to sell and the value in use calculation. Management estimates the fair value less costs to sell by obtaining either third party professional valuations or by reference to recent trans-actions of similar items.In 2021, equipment, land and buildings at each location was tested for impairment as one cash generating unit and equipment was impaired by USD 0.3 million based on value in use calculations. Land with a carrying of USD 0.6 million was fully impaired due to a dispute relating to its legal ownership. The Group continues to have access to the land through a long term lease agreement conclud-ed in 2022. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2021 are the Group's budgets discounted from 11,5% to 12% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.In 2022, equipment, land and buildings at each location was tested for impairment as one cash generating unit and was impaired by USD 0.5 million based on value in use cal-culations. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2022 are the Group's budgets discounted from 10.7% to 16.9% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.Energy Service and other equipment include fixed assets for own use of USD 2.0 million (2021: USD 3.5 million).In 2022, the group had a profit from disposal of assets of USD 1 thousand (2021: loss of USD 42 thousand). The amount is included under other operating expenses. Proceeds from the disposals were USD 528 thousand (2021: USD 204 thousand).In 2022, the group transferred accumulated cost price of USD 1,082 thousand and accu-mulated depreciation of USD 251 thousand from Right of Use assets owned Property, Plant and Equipment.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: (amounts in USD 1,000) Energy Service Land andTotaland other equip-buildingsmentBook value 01.01.21 3,593 8,454 12,047Additions 3,032 175 3,207Modifications 0 1,196 1,196Disposal of cost -113 0 -113Disposal of depreciation 30 0 30Depreciation of the year -795 -2,082 -2,877Translation differences -89 -249 -338Book value 31.12.21 5,658 7,494 13,152Per 31 December 2021Acquisition cost 12,630 13,281 25,911Accumulated impairment -18 0 -18Accumulated depreciation -6,954 -5,787 -12,741Book value 31.12.21 5,658 7,494 13,152Additions 5,052 400 5,452Modifications 13 1,475 1,488Disposal of cost -127 0 -127Disposal of depreciation 38 0 38Depreciation of the year -1,219 -2,022 -3,241Accumulated cost of assets -610 -472 -1,082reclassified to property, plant and equipmentAccumulated depreciation of assets 251 0 251reclassified to property, plant and equipmentTranslation differences -519 -244 -763Book value 31.12.22 8,537 6,631 15,168Per 31 December 2022Acquisition cost 16,439 14,440 30,879Accumulated impairment -18 0 -18Accumulated depreciation -7,884 -7,809 -15,693Book value 31.12.22 8,537 6,631 15,168Refer also to note 19.As at 31 December 2022, management carried out an assessment of whether there is any indication that right of use assets may have suffered an impairment loss in accordance with the Group\u2019s policy and concluded that there is no such indication.Energy Service and other equipment primarily include rental equipment. Land and buildings represent storage facilities and offices.In 2022 lease modifications were added with USD 1.5 million (2021: USD 1.2 mil-lion) connected to lease extensions of land and buildings.The Group constantly monitors the latest reg-ulatory changes in relation to climate-related matters. Regulatory changes in climate re-quirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material ef-fects are identified for the prognosis period. Changes in environmental requirements may impact the residual value, and economical lifetime in the future. Residual values and useful life are assumed to not be materially reduced in todays market. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.Petrolia Noco AS CO2 Management AS Tota l(amounts in USD 1,000)Book value per 31.12.2020 2,437 54 2,491Share issue 2,456 0 2,456Translation difference -170 0 -170Share of result of the year -3,636 0 -3,636Moved to subsidiary 0 -54 -54Book value per 31.12.2021 1,087 0 1,087Share issue 1,503 0 1,503Translation difference -99 0 -99Share of result of the year -1,944 0 -1,944Book value per 31.12.2022 547 0 547KEY NUMBERS FROM THE ACCOUNTSCompany Incorpo-CurrentNon-cur-TotalCurrentNon-cur-TotalRevenue Loss Shareholdingrated inassetsrent assetsassetsliabilitiesrentliabilitiesliabilitiesPetrolia Noco Bergen, ASNorway2022 17,133 15,491 32,624 12,084 19,445 31,528 3,468 -3,897 49.90%2021 16,478 19,174 35,652 10,773 22,702 33,475 455 -7,286 49.90%The associated companies had no contingent liabilities as at 31 December 2022 or 2021.Petrolia Noco AS has no present plans to drill any well in 2023.NOTE 12 ASSOCIATED COMPANIESThe Group's interest in associated entities is accounted for using the equity method.PETROLIA NOCO ASThe company is an oil company exploring the Norwegian Continental Shelf for oil and gas and its shares are registered with ticker \u201cPNO\u201d on the NOTC (www.notc.no), a market place for unlisted shares. The company holds interests in 13 licences, one of which as an operator. Exploration activities are capital intensive, especially in the short term when drilling wells. The tax value of the expenses are refunded with 71.8% in the following tax year and an additional 6.2% will reduce payable taxes on any profits from sale of hydrocarbons. Thus in the long run, 22% of losses has to be funded by equity. Petrolia participate in capital issues to maintain its 49.9% ownership and has been the primary source of equity and debt funding since PNO was incorporated in 2011. Following a private placement in PNO in 2015 directed towards the largest shareholders of the Group, the Group\u2019s largest shareholders are now as-sisting in the funding of PNO, as are external lenders. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2021 Petrolia AS subscribed for 5,838,268 new shares in Petrolia NOCO AS at NOK 3.50 per share.CO2 MANAGEMENT ASThe company was incorporated on 29 March 2019 with an objective of contributing to reduced CO2 emissions. The company was a 28.46% owned associated company. On 9 March 2021 the outstanding 71.5% shares were purchased for NOK 3.7 million (USD 439 thousand), making the company a fully owned subsidiary. Refer also to note 28.NOTE 13 OTHER FINANCIAL ASSETSUNSECURED LOAN (6%) AND EXPLORA-TION LOAN (10%) TO PETROLIA NOCO AS (ASSOCIATE)The 6% loan is denominated in NOK and car-ried an annual interest of 6% in 2021 and 2020. The loan was repaid in 2021.The 10% loan is denominated in NOK and carried an annual interest of 10% in 2021. The loan matures on 10 December 2023.There is no history of credit losses. The as-sociate company has positive equity (note 12) and there is very little risk regarding recoverability of its assets, hence ECL is not significant. The assets of the company normally consist primarily of tax receivable and working capital in licenses. To the extent exploration costs are carried, in line with accounting principles, a tax liability of 78% is also carried reducing the net to 22%. For discoveries there will normally be values that are not carried. The shareholders of the associate company are also supportive by contributing additional equity when needed to support the exploration programme of the associate, including meeting its financial obligations.ZEG POWER ASZEG delivers solutions for clean hydrogen production from gas, through its novel ZEG ICC\u2122 Technology with integrated carbon capture. The Group owns 1.15% of the shares and the investment is carried at fair value through OCI (level 2). During the year the Group recog-nised a fair value gain of USD 482 thousand (2021:nil) in the investment after new inves-tors had participated in a capital increase.Loan Shares Total(amounts in USD 1,000) 6% unsecured 10% unsecured Petrolia Noco AS Zeg Power ASBook value per 31.12.2020 6,417 0 6,417 0 6,417Interest income 216 250 466 0 466Interest received -216 -90 -306 0 -306Addition 188 8,226 8,414 221 8,635Consolidation effect 0 0 0 178 178Repayment -6,494 -1,777 -8,271 0 -8,271Translation difference -111 -7 -118 0 -118Book value per 31.12.2021 0 6,602 6,602 399 7,001Interest income 0 560 560 3 563Interest received 0 -594 -594 0 -594Addition 0 0 0 120 120Fair value change 0 0 0 482 482Repayment 0 -1,507 -1,507 0 -1,507Translation difference 0 -699 -699 0 -699Book value per 31.12.2022 0 4,362 4,362 1,004 5,366NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2022 2021Trade receivables 10,950 10,225Other current receivables 2,826 2,803Total 13,776 13,028Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2022Trade receivables 6,624 2,778 468 325 10,237 20,432Total, gross 6,624 2,778 468 325 10,237 20,432Expected credit loss rate -1.33% -2.41% -5.77% -3.08% -90.75% -46.41%Expected credit loss 88 67 27 10 9,290 9,482Total, net 6,536 2,711 441 315 947 10,950Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2021Trade receivables 8,000 1,862 1,032 278 12,366 23,538Total, gross 8,000 1,862 1,032 278 12,366 23,538Expected credit loss rate 10.06% 9.94% 28.59% 88.13% 95.29% 56.56%Expected credit loss 805 185 295 245 11,783 13,313Total, net 7,195 1,677 737 33 583 10,225Movement of accumulated expected credit losses on trade receivables(amounts in USD 1,000) 2022 2021Opening balance 13,313 12,655(Reversal)/charge for the year -211 924Written off -3,620 -266Closing balance 9,482 13,313NOTE 15 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSDuring 2022 and 2021 Petrolia Invest AS has invested liquid reserves in shares listed on the Oslo Stock Exchange. The table below presents details for shares in DNO International ASA, ticker DNO. The change of fair value amounting to a profit of USD 1 thousand (2021: profit of USD 52 thousand) is shown in note 8. (amounts in USD 1,000) 2022 2021DNO, shares 136,254 136,254DNO, total shares 975,432,746 975,432,746DNO, % owned 0.01% 0.01%DNO, market value (NOK 11.810 / USD 1.198) (NOK 10.455 / USD 1.185) 163 162Fair Value / Carried value (Level 1) 163 162NOTE 16 CASH AND CASH EQUIVALENTS(amounts in USD 1,000) 2022 2021Bank deposits 11,867 16,133Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 223 208Sum current 237 222Total restricted cash 240 225Free cash 11,627 15,908Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 4,602 5,513Cash and bank deposits in USD 2,788 7,018Cash and bank deposits in AED 1 8Cash and bank deposits in GBP 238 69Cash and bank deposits in EUR 2,533 1,519Cash and bank deposits in NZD 224 262Cash and bank deposits in RON 1,249 1,352Cash and bank deposits in MYR 121 64Cash and bank deposits in AUD 67 308Cash and bank deposits in PGK 44 20Total 11,867 16,133Restricted cash -240 -225Total as per cash flow statement 11,627 15,908NOTE 17 SHARE CAPITALShare capital of Petrolia SEAuthorised Issued Nominal value Book valueBook value(amounts in USD 1,000)sharesshares20222021Shares 272,358,670 59,133,786 USD 0.10 USD 5,913 USD 5,913CHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2022 or 2021.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,831 shareholders as at 31 December 2022. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2022 and as at 24 April 2023 according to the VPS (shares with nominal value USD 0.10):Shareholders 31 December 2022 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 27,182,571 45.97%2 LARSEN OIL & GAS AS 12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES 3,789,897 6.41%4 NOCO (UK) Ltd 3,709,888 6.27%5 INCREASED OIL RECOVERY AS 3,446,624 5.83%6 TROMMESTAD, OLE 740,400 1.25%7 TOKALA AS 628,025 1.06%8 \u00d8. H. HOLDING AS 253,000 0.43%9 ELEKTROLAND NORGE AS 240,713 0.41%10 OLSEN, ROLF ARILD 215,007 0.36%11 SERIOUS AS 194,971 0.33%12 GR\u00d8NLAND, STEINAR 157,155 0.27%13 SPECTER INVEST AS 155,000 0.26%14 WEMUNDSTAD, JOHAN 150,000 0.25%15 TOSKA, KETIL 150,000 0.25%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 113,402 0.19%19 MOLY AS 100,966 0.17%20 STANDARD ELEKTRO AS 100,000 0.17%Others 5,143,184 8.71%Total no. of shares before treasury shares 59,133,786 100.00%Treasury shares 0 0.00%Total no. of shares 59,133,786 100.00%Shareholders 24 April 2023 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 1)27,182,571 45.97%2 LARSEN OIL & GAS AS 1)12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES AS1)3,789,897 6.41%4 NOCO (UK) Ltd 1)3,709,888 6.27%5 INCREASED OIL RECOVERY AS 1)3,446,624 5.83%6 TROMMESTAD, OLE 802,573 1.36%7 TOKALA AS 598,025 1.01%8 ELEKTROLAND NORGE AS 250,713 0.42%9 OLSEN, ROLF ARILD 200,007 0.34%10 \u00d8. H. HOLDING AS 200,000 0.34%11 SERIOUS AS 194,971 0.33%12 WEMUNDSTAD, JOHAN 170,000 0.29%13 SPECTER INVEST AS 155,000 0.26%14 TOSKA, KETIL 150,000 0.25%15 GR\u00d8NLAND 140,475 0.24%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 112,223 0.19%19 MOLY AS 100,966 0.17%20 VESTFOLD \u00d8KONOMI AS 100,000 0.17%Others 5,066,870 8.57%Total no. of shares before treasury shares 59,033,786 99.83%Treasury shares 100,000 0.17%Total no. of shares 59,133,786 100.00%SHARES OWNED BY MEMBERS OF THE BOARD AND OTHER PRIMARY INSIDERSThe table below shows shareholding of members of the board and key management and other related parties (shares with nominal value USD 0.10)Name Shares SharesMembers of the board and management as at: 31 December 2022 24 April 2023Berge Gerdt Larsen, Chair of the Board 1)3,789,897 3,789,897S\u00f8lve Nilsen, General manager (Norway) 202,971 202,971Total 3,992,868 3,992,8681) Berge Gerdt Larsen owns 44.95% of Increased Oil Recovery AS and his son owns the remaining 55.05%. Larsen Oil & Gas AS is a 100% owned subsidiary of Increased Oil Recovery AS. Together the two companies hold 26.82% of the shares. Increased Oil Recovery AS is a 49.58% shareholder in Independent Oil & Resources Plc, which holds 45.97% of the shares in Petrolia SE. Berge Gerdt Larsen also controls Time Critical Petroleum Resources AS which holds 6.41% of the shares in Petrolia SE and 19.68% in shares in Independent Oil & Resources Plc. Independent Oil & Resources Plc is a 38.75% indirect shareholder in NOCO (UK) Ltd. Increased Oil Recovery AS indirectly owns 38.42% in NOCO (UK) Ltd.NOTE 18 BOND LOANSAS AT 31 DECEMBER THE GROUP HAD THE FOLLOWING BOND LOANS:Average in-Effective2022 2021terest rateinterest rate(amounts in USD 1,000)Gross outstanding ISIN: NO 001075576.2 6.00% 6.00% 0 4,620Of which Group owns 0 0Book value 31.12. 0 4,620Split between long term and short term portion of bond loan 31.12.2022: Long term portion Short term portion Total bond loanISIN: NO 001075576.2 0 0 0Book value 31.12. 0 0 0Split between long term and short term portion of bond loan 31.12.2021: Long term portion Short term portion Total bond loanISIN: NO 001075576.2 0 4,620 4,620Book value 31.12. 0 4,620 4,620The outstanding bond of USD 4,620,353 and interest were repaid upon maturity on 21 July 2022.NOTE 19 LEASESGROUP AS LESSEEThe Group has lease contracts in respect of equipment and land & buildings. The leases expire between 1 and 4 years for equipment and between 1 and 7 years for land & buildings. Various extension options are attached.Set out below are the carrying amounts of lease liabilities and the movements during the period:(amounts in USD 1,000) 2022 2021Lease liabilityAs at 1 January 13,057 12,422Additions 5,452 3,311Modifications 1,488 1,092Interest 835 709Translation difference -785 -216Payments -5,228 -4,261As at 31 December 14,819 13,057Current 4,989 3,653Non-current 9,830 9,404Set out below are the carrying amounts of lease liabilities per currency:(amounts in USD 1,000) 2022 2021NOK 10,294 7,300USD 101 0EUR 964 1,286NZD 72 120AUD 2,849 3,706RON 83 84MYR 141 193GBP 315 368As at 31 December 14,819 13,057A carrying amount of USD 6.8 million (2021: USD 4.6 million) relates to equipment, and there are no options to extend or terminate. The lease term varies from 1 to 4 years and the average incremental borrowing rate used in the lease calculations is 5% (2021: 5%).A carrying amount of USD 8.0 million (2021:USD 8.4 million) relates to rental of offices.In most of the rental agreements there are options to extend. The lease term varies from1 to 7 years and the average incrementalborrowing rate used in the lease calculationsis 5% (2021: 5%).NOTE 20 TRADE AND OTHER PAYABLES(amounts in USD 1,000) 2022 2021Trade payables 3,381 5,354Total trade payables 3,381 5,354Other payablesAccrued bond interests 0 124Other current liabilities 4,840 5,760Total other payables 4,840 5,884Total trade and other payables 8,221 11,238NOTE 21 BANK LOAN AND OVERDRAFTCurrent liabilities Interest Maturity Security Effective interest rate 2022 2021(amounts in USD 1,000)Bank loan GBP 50,000 Fixed 0% first year, June 2026 None 1.78% 6 7thereafter 2.5%Bank loan AUD 680,000 Fixed 3.04% June 2025 Equipment 3.08% 115 99Total 121 106Non-current liabilities Interest Maturity Security Effective interest rate 2022 2021(amounts in USD 1,000)Bank loan GBP 50,000 Fixed 0% first year, June 2026 None 1.78% 45 57thereafter 2.5%Bank loan AUD 680,000 Fixed 3.04% June 2025 Equipment 3.08% 180 247Total 225 304The group has one unused overdraft facility of EUR 350 thousand.NOTE 22 CAPITAL MANAGEMENTCAPITAL STRUCTURE AND EQUITYFor the purpose of the Group's capital man-agement, capital includes issued capital, share premium and all the equity reserves attribut-able to the equity holders of the parent. The main objectives of the Group when monitoring capital are to safeguard the Group\u2019s ability to maintain favourable loan terms from the lenders in accordance with the Group\u2019s op-erations. By maintaining a satisfactory debt ratio and meeting its loan covenants, the Group is supporting the current operations and maximising the Group\u2019s value accordingly.The Group is managing the capital structure and making necessary adjustments based on a continuous assessment of the financial conditions that the enterprise is subject to and the present short and medium term prospects. The capital structure is managed through purchase of treasury shares, reduction of share capital, issuing new shares or through dividend policy.(amounts in USD 1,000) 2022 2021Equity of majority 36,390 37,441Bank loan 346 410Bond loan 0 4,620Leases 14,819 13,057Trade payables 3,381 5,354Other payables 5,328 5,994Less free cash -11,627 -15,908Net debt 12,247 13,527Equity and net debt 48,637 50,968Debt ratio 25% 27%NOTE 23 FINANCIAL RISK MANAGEMENTFinancial risk factors and categories of financial instrumentsThe Group uses financial instruments such as bond loans, bank loans and over-drafts, financial leases and borrowings from related parties. The purpose of these financial instruments is to provide capital for investments necessary for the Group\u2019s activities. In addition the Group has finan-cial instruments like trade receivables and trade payables which are directly connected to the current operations of the Group. The Group has no derivative financial in-struments, neither for hedging nor trading purposes. Except from the financial assets at fair value, all the financial assets are categorised as loans, receivables and cash and cash equivalent and are measured at amortised cost. In 2022 and 2021 the Group has invested in shares listed on the Oslo Stock Exchange.Profit and loss effects from financial in-struments measured at fair value through profit and loss are disclosed in note 15. Impairment on financial instruments con-cerns mainly loans to associated company and trade receivables and are disclosed in notes 13 and 14 respectively and under Credit risk below. The Group\u2019s activities expose it to a variety of financial risks: credit risk, interest risk, liquidity risk and currency risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.The Group\u2019s management is currently mon-itoring the risk related to credit, interest rate, liquidity and foreign exchange. The Group is subject to a balanced exposure through income and expenses in USD and NOK and financing in USD and NOK. The Group has a fixed rate on the major part of interest bearing liabilities, which limits the cash flow interest rate risk. The credit risk which the Group is exposed to is acceptable.Credit riskThe Group is primarily exposed to credit risk related to trade receivables, other receiva-bles, loans receivable and cash at bank. The maximum risk exposure is represented by the carrying value of trade receivables and other receivables referred to in note 14, loan receivable shown in note 13 and cash at bank in note 16.The Group\u2019s revenues arise from a limited number of transactions and customers and therefore credit risk is transparent. Management has assessed the collectability of receivables and do not expect losses other than the expected credit allowance already provided in line with the accounting policy. No expected credit loss was provided for the loan receivable as the associate is in net asset position financially supported by its shareholders to enable it to continue its exploration and production activity and ECL was estimated to be insignificant. Refer also to note 14.The Group does not hold any collateral as security for its receivables.The Group assesses, on an individual basis, its exposure to credit risk arising from other receivables. Management estimated the im-pairment loss at 31 December 2022 of other receivables to be immaterial.The Group assesses, on an individual basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, rat-ings from external credit rating institutions.Management applies the IFRS 9 general approach. Bank balances were assessed as performing (Stage 1). The ECL on bank accounts is considered to be immaterial, as the cash at bank are held with banks with investment grade rating. Management esti-mated the impairment loss at 31 December 2022 to be immaterial.Interest rate riskThe Group is exposed to interest rate risk through its financing activities (refer to notes 18, 19 and 21). Part of the interest-bearing liabilities is based on floating rates which imply that the Group is exposed to changes in the interest rate level.The Group\u2019s interest rate risk management aims at reducing the interest expenses and at the same time the volatility of future interest payments is kept within acceptable frames. As at 31 December 2022 the Group\u2019s bank loans have fixed interest, while the lease obliga-tions are subject to floating rates of interest.Sensitivity for changes in interest rate level (amounts in USD 1,000) Changes in interest rate Impact on result Impact on level in basic itemsbefore taxequity2022 +50 -1 -12021 +50 16 13Further information regarding the interest rate conditions of the Group\u2019s financing is given in notes 13, 18, 19 and 21.Liquidity riskLiquidity risk is the risk that the Group may not be able to meet its financial liabilities as they fall due. The Group\u2019s strategy of handling liquidity risk is to have sufficient liquidity at all times to pay any liability on maturity, in both normal and extraordinary circumstances.The table below states the maturity profile of the financial liabilities recognised as at 31 December 2022 and 2021.As at 31st of December 2022 < 1 year 1-5 years > 5 years TotalTrade payables 3,381 0 0 3,381Leasing (including interest) 5,435 10,692 260 16,387Bank loan (including interests) 130 239 0 369Other liabilities 4,840 0 0 4,840Total 13,786 10,931 260 24,977As at 31st of December 2021 < 1 year 1-5 years > 5 years TotalTrade payables 5,354 0 0 5,354Bond loans (including interest) 4,782 0 0 4,782Leasing (including interest) 4,034 10,800 389 15,223Bank loan (including interests) 118 336 0 454Other liabilities 5,760 110 0 5,870Total 20,048 11,246 389 31,683Foreign exchange riskThe Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities. Foreign exchange risk arises when future commer-cial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is exposed to exchange rate fluctua-tions connected to the value of NOK relative to USD due to the fact that the Group has mainly income and operating expenses in USD while parts of the financing and some assets are denominated in NOK.The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. The table below illustrates the Group\u2019ssensitivity related to reasonable changes in the currency rate between USD and NOK. The Group's main exposure to NOK is from the loan receivable amounting to USD 4.4 million (2021: USD 6.6 million) as shown in note 13, cash at bank amounting to USD 4.6 million (2021: USD 5.5 million) and lease liabilities amounting to USD 10.3 million (2021: USD 7.3 million) as shown in note 19. Changes in other currencies will not have material impact on the profit & loss.Changes in the exchange rate of NOK Impact on result before taxes Impact on equity2022 5 % 110 85-10 % -218 -1702021 5 % 397 310-10 % -795 -620CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES2022 1 January 2022 Instalment Translation New lease/ Interest 31 December differencedraw down2022Current / Non-current Bond loan 4,620 -4,620 0 0 0 0Bank loan 304 0 42 0 0 346Lease liabilities 13,057 -4,393 -785 6,940 0 14,819Total 17,981 -9,013 -743 6,940 0 15,1652021 1 January 2021 Instalment Translation New lease/ Interest 31 December differencedraw down2021Current / Non-current Bond loan 4,620 0 0 0 0 4,620Non-current Bank loan 438 -31 -103 0 0 304Lease liabilities 12,422 -4,261 -216 4,403 709 13,057Total 17,480 -4,292 -319 4,403 709 17,981FAIR VALUEExcept financial assets at fair value through profit or loss and financial assets through OCI, all financial instruments are measured at amortised cost. Fair values of bonds and loans receivable are based on management's estimates by reference to other listed bonds and loans with similar characteristics. The table on the next page shows a comparison of book values and fair values of the bond . The carrying amount of loan receivable ap-proximates its fair value. The carrying value of cash and cash equivalents approximate the fair value owing to the fact that these instru-ments have short maturity. Correspondingly, the carrying value of the trade receivables and trade payables approximate the fair value as they are established at normal terms and doubtful receivables are impaired by recording impairment loss. The carrying value of financial leases approximate their fair value as they made with third parties and carried interest at floating rates.FAIR VALUE HIERARCHYThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.\u2022 2: Other techniques for which all inputs which have a significant effect on the re-corded fair value are observable, either directly or indirectly.\u2022 Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines wheth-er transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is sig-nificant to the fair value measurement as a whole) at the end of each reporting period.The Group uses fair value through profit and loss only on listed shares. Fair value is determined by the quoted (unadjusted) prices in the market (Level 1). The carrying amount as at 31 December 2022 was USD 163 thousand. The fair value of financial asset through OCI was determined by the prices of recent transactions with 3rd par-ties (level 2).COMPARISON OF CARRYING AMOUNTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS OTHER THAN THOSE WITH CARRYING AMOUNTS THAT ARE REASONABLE APPROXIMATIONS OF FAIR VALUES:Bond loan - fair value (Note 18) 2022 2021Net outstanding, USD 1,000Book value 0 4,620Fair value (Level 3) 0 4,52898%NOTE 24 RELATED PARTIESLARSEN OIL & GAS AS (LOG AS) AND IN-CREASED OIL RECOVERY AS (IOR AS) AND KVER ASIOR AS is the 100% owner of LOG AS and Kver AS. Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest of 44.95% in IOR AS and is the Chairman of the board in IOR AS and LOG AS. The Company has an office support agreement with LOG AS. The annual cost coverage was NOK 1.3 million (USD 137,229) in 2022. The annual cost coverage was NOK 1.3 million (USD 151,261) in 2021.The Company has an office lease agreement with Kver AS. Annual office rent is NOK 1.2 million (USD 130,965). In 2022 shared costs amounted to NOK 1.6 million (USD 172,859). In 2021 annual office rent was NOK 0.6 million (USD 75,927) and shared costs were NOK 0.2 million (USD 27,884).PETROLIA NOCO ASThe Group has granted a loan to Petrolia NOCO AS (owned 49.9%). The loan is denominated in NOK and carried an interest rate of 10% in 2022. The loan has maturity date on 10 December 2023 (Note 13) but maturity is planned to be extended by one year. The investment in the associated com-pany is shown in note 12.MOUNTWEST PETROLEUM LTD.The group has an office lease agreement with Mountwest Petroleum Ltd. Annual office rent is GBP 51,700 (USD 71,159). Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest in Mountwest Petroleum Ltd.DIRECTOR FEESDirector fees are shown in note 6.TIME CRITICAL PETROLEUM AS, INCREASED OIL RECOVERY AS AND INDEPENDENT OIL AND RESOURCES PLC Refer to note 28 regarding the purchase of the remaining shares in CO2 Management AS. Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest in the companies that sold their shares in CO2 Management AS.NOTE 25 MATERIAL PARTLY OWNED SUBSIDIARIESIndependent Oil Tools Independent Oil Tools Iraq Catch Fishing Services BVDOSCO BVfor General Trading Co. LtdThe NetherlandsThe NetherlandsIraq2022 2021 2022 2021 2021Proportion of equity interest held by non-con-30% 30% 39% 39% 10% 10%trolling interest Accumulated balances of material non-con-2,057 1,712 875 448 118 60trolling interestProfit/(loss) allocated to material non-con-440 107 427 -70 69 57trolling interestComprehensive income/(loss) allocated to 359 -36 427 -70 66 54material non-controlling interestThe summarised financial information of these subsidiaries are provided below. This information is based on amounts before inter-company eliminations.Summarised statement of profit or loss 2022 2021 2022 2021 2022 2021Revenue 12,648 7,717 16,711 12,350 2,405 2,391Cost of sales -8,412 -5,518 -9,475 -7,712 -515 -628Administrative expenses -2,226 -1,594 -4,885 -3,270 -1,203 -1,189Depreciation -379 -341 -1,002 -931 0 0Finance income /(costs) 142 150 11 94 -2 -3Profit/(loss) before tax 1,772 413 1,361 -78 685 571Income tax -305 0 -266 -100 0 0Profit/(loss) for the year 1,467 357 1,095 -178 685 571Exchange differences -272 -475 0 0 -25 -27Total comprehensive income/(loss) 1,195 -119 1,095 -178 660 544Attributable to non-controlling interest 359 -36 427 -70 66 54Dividends paid to non-controlling interest 0 0 0 0 0 0Summarised statement of financial position 2022 2021 2022 2021 2022 2021Current assets 5,625 4,302 4,638 5,172 962 1,235Non-current assets 1,150 1,026 4,515 5,385 0 0Current liabilities -83 -379 6,909 9,407 -220 637Non-current liabilities 0 0 0 0 0 0Total equity 6,858 5,708 2,244 1,150 1,182 597Attributable to:- Equity holders of parent 4,801 3,996 1,369 701 1,064 537- Non-controlling interest 2,057 1,712 875 448 118 60NOTE 26 INVENTORIES(Amounts in USD 1,000)2022 2021Spare parts (at lower of cost and net realisable value) 118 99Finished goods (at lower of cost and net realisable value) 1,847 1,834Total inventories 1,965 1,933Finished goods represent OilService equip-ment held for sale.NOTE 27 OPERATING ENVIRONMENT OF THE GROUPThe activity of the group is closely correlated to the oil price and events affecting supply and/or demand, and thus price, will affect the Group\u2019s activity level. When oil prices drop to a lower level, the oil companies reduce their activity to protect their cash flows. When the prices increase again, the oil companies first want to see their cash balances increase before in-creasing the activity levels again. There are local variations to how quickly this is implemented.NOTE 28 BUSINESS COMBINATIONSAS (26.2%), Increased Oil Recovery AS (26.2%) and Independent Oil and Resources PLC (19.2%). There were no business combi-nations in 2022.ASSETS (Amounts in USD 1,000) Fair value recognisedon acquisitionOilService and other equipment 8Other financial assets 178Deferred tax assets 143Other current receivables 2Free cash 89Restricted cash 15TOTAL ASSETS 435Other current liabilities -170Total identifiable net assets at fair value 265Non-controlling interest measured at fair value 190Purchase consideration transferred 439Goodwill arising on acquisition 249In March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company is now a 100% owned subsidiary of the Group.There have been no other significant events after the balance sheet date.In 2021, Petrolia SE acquired outstanding 71.5% of associated company CO2 Management AS. The company is the primary vehicle for developing new business opportunities under Petrolia\u2019s Decarbonisation Strategy. The purchase price was identical to the price in the latest capital increase in CO2 Management AS in March 2020. Total consideration was NOK 3.7 million (USD 439 thousand). The sellers were related parties Time Critical Petroleum NOTE 29 EVENTS AFTER THE REPORTING PERIOD",
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"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__11": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__9": {
"value": "Cyprus",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__10": {
"value": "205 Christodoulou Chatzipavlou Street, Loulloupis Court, 4th floor, office 401, 3036 Limassol, Cyprus",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__7": {
"value": "Limassol",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__12": {
"value": "The main activity of the Group is the sale and rental of energy service equipment to the global energy industry.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__67": {
"value": "NOTE 2 SIGNIFICANT ACCOUNTING POLICIES2.1 BASIS OF PREPARATIONThe consolidated financial statements of Petrolia SE have been prepared in compli-ance with International Financial Reporting Standards (IFRSs) as endorsed by the EU and the requirements of the Cyprus Companies Law, Cap.113.The consolidated financial statements have been prepared under the historical cost convention with the following modification: Financial assets recognised at fair value through profit or loss and financial assets at fair value through other comprehensive income.The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judge-ment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are discussed in note 3 below.The consolidated financial statements are presented in United States Dollars (USD) and all values are rounded to the nearest thousand (USD 1,000), except when other-wise indicated.The accounting year follows the calendar year.FAIR VALUE MEASUREMENTFair value is the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction whereby an asset is sold or a liability is transferred takes place either in the principal market for the asset or liability or in the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by the Group. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in note 23. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and separate parent financial statements were issued, taking into account all available information about the future, for at least 12 months from the reporting date.The forecast cash flows from the Energy Service division provide sufficient cash flows and the Group expects to be in a position to serve its working capital needs and other obligations as and when they fall due. These forecasts have been made based on past experiences and detailed knowledge of the local markets.The Group\u2019s management expects a good environment for the Energy Service segment in 2023 and remains confident in the Group\u2019s ability to adapt cost levels to the activity and to maintain sufficient financial resources to enable it to continue as a going concern for the foreseeable future.Following its review, management confirms that the requirements of the going concern assumption are met and that these financial statements have been prepared on that basis.2.2 BASIS OF CONSOLIDATIONThe consolidated financial statements com-prise the financial statements of the Company and its subsidiaries as at 31 December 2022. Control is achieved when the Group is ex-posed, 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: \u2022power over the investee (i.e., existingrights that give it the current abilityto direct the relevant activities of theinvestee)\u2022exposure, or rights, to variable returnsfrom its involvement with the investee\u2022 ability to use its power over the investeeto affect its returnsGenerally, 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 theother vote holders of the investee\u2022rights arising from other contractualarrangements\u2022the Group\u2019s voting rights and potentialvoting rightsThe Group re-assesses whether or not it controls an investee if facts and circum-stances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When nec-essary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated, in full, on consolidation.A change in the ownership interest of a sub-sidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.2.3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESThe principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.BUSINESS COMBINATIONS AND GOODWILLa) Business combinations and goodwillBusiness combinations are accounted forusing the acquisition method. The cost of anacquisition is measured as the aggregate ofthe consideration transferred measured atacquisition date fair value and the amount ofany non-controlling interest in the acquiree.For each business combination, the Groupelects whether to measure the non-controlling interest in the acquiree at fair value or atthe proportionate share of the acquiree\u2019sidentifiable net assets. Acquisition-relatedcosts are expensed as incurred and includedin administrative expenses.When the Group acquires a business, it as-sesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contrac-tual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.Any contingent consideration to be trans-ferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifi-able assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combi-nation, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allo-cated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.b) Investment in associatesThe Group\u2019s investment in associated en-tities, in which the Group has significantinfluence, is accounted for using the eq-uity method. Under the equity method, theinvestment in the associate is initially rec-ognised at cost. The carrying amount of theinvestment is adjusted to recognise chang-es in the Group\u2019s share of net assets of theassociate since the acquisition date. Good-will relating to the associate is included inthe carrying amount of the investment andis neither amortised nor individually testedfor impairment.The income statement reflects the Group\u2019s share of the results of operations of the as-sociate. When there has been a change rec-ognised directly in the equity of the associ-ate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains andlosses resulting from transactions between the Group and the associate are eliminat-ed to the extent of the interest in the as-sociate. The Group\u2019s share of profit or loss of an associate is shown on the face of the income statement and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate.The financial statements of the associateare prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.After application of the equity method, theGroup determines whether it is necessaryto recognise an impairment loss on its in-vestment in associates. At each reportingdate, the Group determines whether there is objective evidence that the investment in the associates is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference betweenthe recoverable amount of the associateand its carrying value, then recognises the loss as \u2018Share of losses of an associate\u2019 in the income statement.Upon loss of significant influence over theassociate, the Group measures and rec-ognises any retained investment at its fairvalue. Any difference between the carrying amount of the associate upon loss of sig-nificant influence and the fair value of theretained investment and proceeds fromdisposal is recognised in the income state-ment.FOREIGN CURRENCY TRANSLATIONFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in USD.The functional and presentation currency of the parent company is USD.Converting from a functional currency other than USD will normally result in conversion differences in the consolidated financial statements.Transactions and balancesForeign currency transactions are trans-lated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign curren-cies are recognised in the income statement under financial income / financial expenses.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022assets and liabilities in each statement offinancial position presented are translatedat the closing rate;\u2022income and expenses in each incomestatement are translated at the averageexchange rates for the period;\u2022all resulting exchange differences arerecognised in the statement of compre-hensive income and as a separate item of equity.Currency translation differences on net in-vestment in foreign operations and financial instruments designated as hedges of such investments are recorded as part of the com-prehensive income and as a separate item in equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the for-eign entity and translated at the closing rate.REVENUE FROM CONTRACTS WITH CUSTOMERSRental of equipment \u2013 Service transferred over time:The primary business function of the Group is the rental of equipment for upstream ex-ploration & production activity, as such, the primary source of revenue is based on rental of equipment. The performance obligation is satisfied over time as the customer si-multaneously receives and consumes the benefits provided by the Group. This perfor-mance obligation has two alternative payment options. The rental projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the months end are invoiced ad hoc as the customer has confirmed the final rental day. The payment terms vary depending on the individual contract with customers, but due dates normally range from 30 to 90 days from the invoice date. On projects where the Group does not own the required equipment, there are contracts with customers to acquire, on their behalf, the required equipment from external suppliers. The Group is acting as principal in these arrangements.Services \u2013 Service transferred over time:Service and repairs:All equipment returned from rental assign-ments are subject to inspection where it is determined whether service and/or repair is required. This performance obligation is satisfied upon completion of service and payment is generally due 30 to 90 days upon completion and acceptance by the customer.Hire of personnel:Personnel services comprise casing & tubing running, drilling and make & brake servic-es. These services have fixed daily rates in accordance with individual contracts. The performance obligation is satisfied over time, as the customer simultaneously receives and consumes the benefits provided. This performance obligation has two alternative payment options. The projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the month's end are invoiced ad hoc upon completion of service. The payment terms vary, depending on individual contract with customers but due dates normally range from 30 to 90 days from the invoice date.Sales of goods \u2013 Goods transferred at a point in time:Procurement services:There are contracts with customers toacquire, on their behalf, goods from ex-ternal suppliers. The Group is actingas principal in these arrangements be-cause it typically controls the goodsbefore transferring them to the customer. The performance obligation is satisfied and payment is generally due 30 to 90 days upon receipt of the goods by the customer. Sales of equipment:The Group distinguishes between two types of sales: equipment sold directly to custom-ers and equipment on rental projects sold to customers when lost in hole. For direct sales, the performance obligation is satisfied at delivery and payment is generally due 30 to 90 days upon this date. For lost equipment, the performance obligation is satisfied at the point in time when the equipment is finally considered lost, and payment is generally due 30 to 90 days from this date.INTEREST INCOMEInterest income is recognised using the effective interest method. When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable amount. The recoverable amount is the estimated future cash flow discounted at the original effective interest rate. Interest income on impaired loans is recognised using the original effective interest rate.TAXESThe tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, 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.Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Company\u2019s subsid-iaries 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.Deferred income taxDeferred income tax is recognised, 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, the deferred income tax is 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 at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.Deferred income tax is provided on tempo-rary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.Sales taxExpenses and assets are recognised net of the amount of sales tax, except:\u2022 when the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in which case the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item, as applicable,\u2022 when receivables and payables are stated with the amount of sales tax included.The net amount of sales tax recoverable from, or payable to, the taxation authority is includ-ed as part of receivables or payables in the statement of financial position.PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at historical cost less depreciation and im-pairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is proba-ble that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Other repairs and mainte-nance are charged to the income statement during the financial period in which they are incurred.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives.The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at each reporting date.An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.Gains on sales of OilService equipment lost in hole or damaged by customers are de-termined by comparing the proceeds with the carrying amount and are recognised net within \u2018revenue\u2019 in the income statement.All other gains and losses are recognised as profit/loss on disposal of property, plant and equipment included in other operating expenses.LEASESThe determination of whether an arrange-ment is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the un-derlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the 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 and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: \u2022 OilService and other equipment, 7 years\u2022 Land and buildings, 1 to 10 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in section Impairment of non-financial assets. ii) Lease liabilitiesAt the commencement date of the 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 fixed payments (including in-substance fixed payments) less any lease incentives re-ceivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the 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 expenses (unless they are incurred to produce inventories) 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 its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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 remeas-ured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease rec-ognition exemption to its short-term leases of machinery and equipment (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 of office equipment that are considered to be low value. Lease pay-ments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.Group as a lessorLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as op-erating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group also gets into sub-lease agreements for its ROU assets. These sub-leases are short term and treated as operating leases.FINANCIAL INSTRUMENTS \u2013 INITIAL RECOG-NITION AND SUBSEQUENT MEASUREMENTA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.i) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI and fair value through the income statement.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing com-ponent or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through the income statement, transaction costs. Trade receivables that do not contain a significant financing compo-nent are measured at the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are rec-ognised on the trade date, i.e., the date thatthe Group commits to purchase or sell the asset.Subsequent measurementFor purposes of subsequent measure-ment, 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 cumula-tive gains and losses upon derecognition (equity instruments);\u2022 financial assets at fair value through the income statement.Financial assets at amortised cost (debt instruments)This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subse-quently measured using the effective interest rate (EIR) method and are subject to im-pairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables and loan to an associate.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective of both hold-ing to collect contractual cash flows and selling; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of princi-pal and interest on the principal amount outstanding.Interest income, foreign exchange revaluation and impairment losses or reversals are rec-ognised in the income statement 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 the income statement.The Group does not have any debt instruments at fair value through OCI.Financial assets designated at fair value through OCI (equity instruments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments Presentation and are not held for trading. The classification is determined on an in-strument-by- instrument basis.Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income in the income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are record-ed in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.The Group's equity instruments designated at fair value through OCI are shown in note 13.Financial assets at fair value through the income statementFinancial assets at fair value through the income statement include financial assets held for trading, financial assets designated upon initial recognition at fair value through the income statement, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are clas-sified and measured at fair value through the income statement, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through the income statement on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.Financial assets at fair value through the income statement are carried in the state-ment of financial position at fair value with net changes in fair value recognised in the income statement.This category includes listed equity invest-ments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other financial income in the consolidated income statement when the right of payment has been established.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a group of simi-lar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 the rights to receive cash flows from the asset have expired; or\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substan-tially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFurther disclosures relating to impairment of financial assets are also provided in the following notes:\u2022 Critical accounting judgements, estimates and assumptions (Note 3);\u2022 Financial risk management, Credit risk (Note 23).The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through the income statement. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the con-tractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses ex-pected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its his-torical credit loss experience, adjusted for forward-looking factors specific to the debt-ors and the economic environment as well as adjusted for individual ECL assessments against particular customers.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is un-likely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through the income statement, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate.All financial liabilities are recognised ini-tially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.Subsequent measurementThe measurement of financial liabilities de-pends on their classification, as described below:Financial liabilities at fair value through the income statementFinancial liabilities at fair value through the income statement include financial liabilities held for trading and financial liabilities desig-nated upon initial recognition as at fair value through the income statement.Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the income statement.Financial liabilities designated upon initial recognition at fair value through the income statement are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at fair value through the income statement.Financial liabilities at amortised costThis is the category most relevant to the Group. After initial recognition, interest-bear-ing loans are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-ment 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 acqui-sition and fees or costs that are an integral part of the EIR. The EIR amortisation is in-cluded as finance costs in the statement of the income statement.This category mainly applies to bonds and bank loan. For more information, refer to Notes 18 and 21.DerecognitionA financial liability is derecognised when the obligation under the liability 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respec-tive carrying amounts is recognised in the statement of profit or loss.iii) Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.INVENTORIESInventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:\u2022 raw materials: purchase cost on a first in, first out basis.\u2022 finished goods and work in progress: cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs.Initial cost of inventories includes the transfer of gains and losses on qualifying cash flow hedges, recognised in other comprehensive income, in respect of the purchases of raw materials.Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.IMPAIRMENT OF NON-FINANCIAL ASSETSAssets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised at 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 selling costs 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 (cash-generating units). Non financial assets, other than goodwill that suffered im-pairment, are reviewed for possible reversal of the impairment at each reporting date.CASH AND SHORT TERM DEPOSITSCash and cash equivalents in the statement of financial position comprise cash at banks and at hand and short term deposits with an original maturity of three months or less but exclude any restricted cash which is not available for use by the Group.For the purpose of the consolidated statement of cash flows, cash and cash equivalents con-sist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts.SHARE CAPITAL AND PREMIUMOrdinary shares and share premium are classified as equity.Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reis-sued, any consideration received, net of any directly attributable transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.PROVISIONSThe Group recognises provisions when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated.Contingent liabilities and allocations are reassessed at each balance sheet date and the size of the recognised provision reflects best estimate of the obligation.SEGMENT REPORTINGOperating segments are reported in a manner consistent with the internal reporting provided to the management. The Company\u2019s manage-ment, who are responsible for allocating resources and assessing performance of the operating segments, has been identified as General Managers and the Board of Directors.CASH FLOW STATEMENTThe cash flow statement has been prepared by the indirect method. The indirect method involves reporting gross cash flow from in-vestment and financing activities, while the accounting result is reconciled against net cash flow from operational activities. Cash and cash equivalents comprise bank deposits and other current, liquid investments which immediately and at insignificant exchange rate risk can be converted into known cash amounts and with due dates of less than three months from purchase date.EARNINGS PER SHAREEarnings per share are calculated by dividing the result of the Group attributable to the shareholders of the parent with the weighted average number of ordinary shares of the period.EVENTS AFTER THE REPORTING DATENew information about the position of the Group existing at the reporting date regarding the accounting period have been taken into account in the financial statements according to standard estimation principles. Events after the reporting date are referred to in note 29.2.4 ADOPTION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDSAmendments to IFRSs and the new Interpretations that are mandatorily ef-fective for the current periodThe accounting policies adopted are consist-ent with those of the previous financial year except for the following IFRS amendments which have been adopted by the Group/Company as of 1 January 2022:\u2022 IFRS 3 Business Combinations; IAS 16 Property, Plant and Equipment; IAS 37 Provisions, Contingent Liabilities and Contingent Assets as well as Annual Improvements 2018-2020 (Amendments)The amendments are effective for annual periods beginning on or after 1 January 2022 with earlier application permitted. The IASB has issued narrow-scope amendments to the IFRS Standards as follows: IFRS 3 Business Combinations (Amendments) update a reference in IFRS 3 to the previous version of the IASB\u2019s Conceptual Framework for Financial Reporting to the current version issued in 2018 with-out significantly changing the accounting requirements for business combinations. IAS 16 Property, Plant and Equipment (Amendments) prohibit a company from de-ducting from the cost of property, plant and equipment any proceeds from the sale of items produced while bringing the asset to the location and condition necessary for it be capable of operating in the manner intended by management. Instead, a company recog-nizes such sales proceeds and related cost in profit or loss. IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendments) specify which costs a company includes in determining the cost of fulfilling a contract for the purpose of assessing whether a contract is onerous. The amendments clarify, the costs that relate directly to a contract to provide goods or services include both incremental costs and an allocation of costs directly related to the contract activities. Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 LeasesThe amendments had no impact on the finan-cial statements of the Group.\u2022 IFRS 16 Leases-Covid 19 Related Rent Concessions beyond 30 June 2021 (Amendment)The Amendment applies to annual reporting periods beginning on or after 1 April 2021, with earlier application permitted, including in financial statements not yet authorized for issue at the date the amendment is issued. In March 2021, the Board amended the con-ditions of the practical expedient in IFRS 16 that provides relief to lessees from applying the IFRS 16 guidance on lease modifications to rent concessions arising as a direct conse-quence of the covid-19 pandemic. Following the amendment, the practical expedient now applies to rent concessions for which any reduction in lease payments affects only pay-ments originally due on or before 30 June 2022, provided the other conditions for ap-plying the practical expedient are met.The amendments had no impact on the finan-cial statements of the Group.New and revised IFRS in issue but not yet effective The following Standards and Interpretations which are relevant to the Group\u2019s operations are in issue but not yet effective. The Group does not intend to adopt any standard, in-terpretation or amendment that has been issued but is not yet effective before their effective date.Management anticipates that the adoption of all other Standards and Interpretations in future periods will have no significant impact on the results and financial position presented in these consolidated financial statements.\u2022 IFRS 17: Insurance ContractsThe standard is effective for annual peri-ods beginning on or after 1 January 2023 with earlier application permitted, provid-ed the entity also applies IFRS 9 Financial Instruments on or before the date it first applies IFRS 17. This is a comprehensive new accounting standard for insurance contracts, covering recognition and measurement, pres-entation and disclosure. IFRS 17 applies to all types of insurance contracts issued, as well as to certain guarantees and financial instruments with discretional participation contracts. The Group does not issue contracts in scope of IFRS 17; therefore its applica-tion does not have an impact on the Group\u2019s financial performance, financial position or cash flows. IFRS 17 (\u201cInsurance Contracts\u201d), Amendments to IFRS 17 and Amendments to IFRS 17: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information \u2013 \u201cA comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure\u201d (effective for annual periods beginning on or after 1 January 2023). Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The new account-ing standard and its amendments are not expected to have a significant impact on the Group\u2019s consolidated financial statements.\u2022 IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting policies (Amendments)The Amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amend-ments provide guidance on the application of materiality judgements to accounting policy disclosures. In particular, the amendments to IAS 1 replace the requirement to disclose \u2018significant\u2019 accounting policies with a re-quirement to disclose \u2018material\u2019 accounting policies. Also, guidance and illustrative ex-amples are added in the Practice Statement to assist in the application of the materiality concept when making judgements about ac-counting policy disclosures. \u2022 IAS 8 Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates (Amendments)The amendments become effective for annual reporting periods beginning on or after January 1, 2023 with earlier application permitted and apply to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. The amendments introduce a new definition of accounting estimates, defined as mon-etary amounts in financial statements that are subject to measurement uncertainty, if they do not result from a correction of prior period error. Also, the amendments clarify what changes in accounting estimates are and how these differ from changes in accounting policies and corrections of errors. \u2022 IAS 12 Income taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments)The amendments are effective for annual periods beginning on or after January 1, 2023 with earlier application permitted. The amendments narrow the scope of and pro-vide further clarity on the initial recognition exception under IAS 12 and specify how companies should account for deferred tax related to assets and liabilities arising from a single transaction, such as leases and de-commissioning obligations. The amendments clarify that where payments that settle a liability are deductible for tax purposes, it is a matter of judgement, having considered the applicable tax law, whether such deduc-tions are attributable for tax purposes to the liability or to the related asset component. Under the amendments, the initial recognition exception does not apply to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences. It only applies if the recognition of a lease asset and lease liability (or decommissioning liability and decommissioning asset component) give rise to taxable and deductible temporary differences that are not equal. \u2022 IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied retrospectively in accordance with IAS 8. The objective of the amendments is to clarify the principles in IAS 1 for the classification of liabilities as either current or non-current. The amend-ments clarify the meaning of a right to defer settlement, the requirement for this right to exist at the end of the reporting period, that management intent does not affect current or non-current classification, that options by the counterparty that could result in settlement by the transfer of the entity\u2019s own equity instru-ments do not affect current or non-current classification. Also, the amendments specify that only covenants with which an entity must comply on or before the reporting date will affect a liability\u2019s classification. Additional disclosures are also required for non-current liabilities arising from loan arrangements that are subject to covenants to be complied with within twelve months after the reporting period. The amendments have not yet been endorsed by the EU. \u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments are intended to improve the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction in IFRS 16, while it does not change the accounting for leases unrelated to sale and leaseback transactions. In particular, the seller-lessee determines \u2018lease payments\u2019 or \u2018revised lease payments\u2019 in such a way that the seller-lessee would not recognise any amount of the gain or loss that relates to the right of use it retains. Applying these requirements does not prevent the seller-lessee from recognising, in profit or loss, any gain or loss relating to the partial or full termination of a lease. A seller-lessee applies the amendment retrospectively in accordance with IAS 8 to sale and leaseback transactions entered into after the date of initial application, being the beginning of the annual reporting period in which an entity first applied IFRS 16. The amendments have not yet been endorsed by the EU. \u2022 Amendment in IFRS 10 Consolidated Financial Statements and IAS 28 Investments in Associates and Joint Ventures: Sale or Contribution of Assets between an Investor and its Associate or Joint VentureThe amendments address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. The main consequence of the amendments is that a full gain or loss is recognized when a transaction involves a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transac-tion involves assets that do not constitute a business, even if these assets are housed in a subsidiary. In December 2015 the IASB postponed the effective date of this amend-ment indefinitely pending the outcome of its research project on the equity method of accounting. The amendments have not yet been endorsed by the EU.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"s11_notes__6__43": {
"value": "GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and separate parent financial statements were issued, taking into account all available information about the future, for at least 12 months from the reporting date.The forecast cash flows from the Energy Service division provide sufficient cash flows and the Group expects to be in a position to serve its working capital needs and other obligations as and when they fall due. These forecasts have been made based on past experiences and detailed knowledge of the local markets.The Group\u2019s management expects a good environment for the Energy Service segment in 2023 and remains confident in the Group\u2019s ability to adapt cost levels to the activity and to maintain sufficient financial resources to enable it to continue as a going concern for the foreseeable future.Following its review, management confirms that the requirements of the going concern assumption are met and that these financial statements have been prepared on that basis.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"s11_notes__6__23": {
"value": "2.2 BASIS OF CONSOLIDATIONThe consolidated financial statements com-prise the financial statements of the Company and its subsidiaries as at 31 December 2022. Control is achieved when the Group is ex-posed, 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: \u2022power over the investee (i.e., existingrights that give it the current abilityto direct the relevant activities of theinvestee)\u2022exposure, or rights, to variable returnsfrom its involvement with the investee\u2022 ability to use its power over the investeeto affect its returnsGenerally, 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 theother vote holders of the investee\u2022rights arising from other contractualarrangements\u2022the Group\u2019s voting rights and potentialvoting rightsThe Group re-assesses whether or not it controls an investee if facts and circum-stances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Group gains control until the date the Group ceases to control the subsidiary. Profit or loss and each component of other comprehensive income (OCI) are attributed to the equity holders of the parent of the Group and to the non-controlling interests, even if this results in the non-controlling interests having a deficit balance. When nec-essary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the Group are eliminated, in full, on consolidation.A change in the ownership interest of a sub-sidiary, without a loss of control, is accounted for as an equity transaction.If the Group loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while any resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__68": {
"value": "BUSINESS COMBINATIONS AND GOODWILLa) Business combinations and goodwillBusiness combinations are accounted forusing the acquisition method. The cost of anacquisition is measured as the aggregate ofthe consideration transferred measured atacquisition date fair value and the amount ofany non-controlling interest in the acquiree.For each business combination, the Groupelects whether to measure the non-controlling interest in the acquiree at fair value or atthe proportionate share of the acquiree\u2019sidentifiable net assets. Acquisition-relatedcosts are expensed as incurred and includedin administrative expenses.When the Group acquires a business, it as-sesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contrac-tual terms, economic circumstances and pertinent conditions as at the acquisition date. This includes the separation of embedded derivatives in host contracts by the acquiree.Any contingent consideration to be trans-ferred by the acquirer will be recognised at fair value at the acquisition date. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. Contingent consideration classified as an asset or liability that is a financial instrument and within the scope of IFRS 9 Financial Instruments, is measured at fair value with the changes in fair value recognised in the statement of profit or loss in accordance with IFRS 9. Other contingent consideration that is not within the scope of IFRS 9 is measured at fair value at each reporting date with changes in fair value recognised in profit or loss.Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for non-controlling interest over the net identifi-able assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the gain is recognised in profit or loss.After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group\u2019s cash-generating units that are expected to benefit from the combi-nation, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill has been allo-cated to a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed of in these circumstances is measured based on the relative values of the disposed operation and the portion of the cash-generating unit retained.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"s11_notes__6__83": {
"value": "b) Investment in associatesThe Group\u2019s investment in associated en-tities, in which the Group has significantinfluence, is accounted for using the eq-uity method. Under the equity method, theinvestment in the associate is initially rec-ognised at cost. The carrying amount of theinvestment is adjusted to recognise chang-es in the Group\u2019s share of net assets of theassociate since the acquisition date. Good-will relating to the associate is included inthe carrying amount of the investment andis neither amortised nor individually testedfor impairment.The income statement reflects the Group\u2019s share of the results of operations of the as-sociate. When there has been a change rec-ognised directly in the equity of the associ-ate, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains andlosses resulting from transactions between the Group and the associate are eliminat-ed to the extent of the interest in the as-sociate. The Group\u2019s share of profit or loss of an associate is shown on the face of the income statement and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate.The financial statements of the associateare prepared for the same reporting period as the Group. When necessary, adjustments are made to bring the accounting policies in line with those of the Group.After application of the equity method, theGroup determines whether it is necessaryto recognise an impairment loss on its in-vestment in associates. At each reportingdate, the Group determines whether there is objective evidence that the investment in the associates is impaired. If there is such evidence, the Group calculates the amount of impairment as the difference betweenthe recoverable amount of the associateand its carrying value, then recognises the loss as \u2018Share of losses of an associate\u2019 in the income statement.Upon loss of significant influence over theassociate, the Group measures and rec-ognises any retained investment at its fairvalue. Any difference between the carrying amount of the associate upon loss of sig-nificant influence and the fair value of theretained investment and proceeds fromdisposal is recognised in the income state-ment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__78": {
"value": "FOREIGN CURRENCY TRANSLATIONFunctional and presentation currencyItems included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019). The consolidated financial statements are presented in USD.The functional and presentation currency of the parent company is USD.Converting from a functional currency other than USD will normally result in conversion differences in the consolidated financial statements.Transactions and balancesForeign currency transactions are trans-lated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign curren-cies are recognised in the income statement under financial income / financial expenses.Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or loss is recognised in OCI or profit or loss are also recognised in OCI or profit or loss, respectively).Group companiesThe results and financial position of all the Group entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows:\u2022assets and liabilities in each statement offinancial position presented are translatedat the closing rate;\u2022income and expenses in each incomestatement are translated at the averageexchange rates for the period;\u2022all resulting exchange differences arerecognised in the statement of compre-hensive income and as a separate item of equity.Currency translation differences on net in-vestment in foreign operations and financial instruments designated as hedges of such investments are recorded as part of the com-prehensive income and as a separate item in equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the for-eign entity and translated at the closing rate.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__97": {
"value": "REVENUE FROM CONTRACTS WITH CUSTOMERSRental of equipment \u2013 Service transferred over time:The primary business function of the Group is the rental of equipment for upstream ex-ploration & production activity, as such, the primary source of revenue is based on rental of equipment. The performance obligation is satisfied over time as the customer si-multaneously receives and consumes the benefits provided by the Group. This perfor-mance obligation has two alternative payment options. The rental projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the months end are invoiced ad hoc as the customer has confirmed the final rental day. The payment terms vary depending on the individual contract with customers, but due dates normally range from 30 to 90 days from the invoice date. On projects where the Group does not own the required equipment, there are contracts with customers to acquire, on their behalf, the required equipment from external suppliers. The Group is acting as principal in these arrangements.Services \u2013 Service transferred over time:Service and repairs:All equipment returned from rental assign-ments are subject to inspection where it is determined whether service and/or repair is required. This performance obligation is satisfied upon completion of service and payment is generally due 30 to 90 days upon completion and acceptance by the customer.Hire of personnel:Personnel services comprise casing & tubing running, drilling and make & brake servic-es. These services have fixed daily rates in accordance with individual contracts. The performance obligation is satisfied over time, as the customer simultaneously receives and consumes the benefits provided. This performance obligation has two alternative payment options. The projects that continue throughout the month (more than 30 days) are invoiced in bulk at the end of each month, whereas the projects that terminate prior to the month's end are invoiced ad hoc upon completion of service. The payment terms vary, depending on individual contract with customers but due dates normally range from 30 to 90 days from the invoice date.Sales of goods \u2013 Goods transferred at a point in time:Procurement services:There are contracts with customers toacquire, on their behalf, goods from ex-ternal suppliers. The Group is actingas principal in these arrangements be-cause it typically controls the goodsbefore transferring them to the customer. The performance obligation is satisfied and payment is generally due 30 to 90 days upon receipt of the goods by the customer. Sales of equipment:The Group distinguishes between two types of sales: equipment sold directly to custom-ers and equipment on rental projects sold to customers when lost in hole. For direct sales, the performance obligation is satisfied at delivery and payment is generally due 30 to 90 days upon this date. For lost equipment, the performance obligation is satisfied at the point in time when the equipment is finally considered lost, and payment is generally due 30 to 90 days from this date.INTEREST INCOMEInterest income is recognised using the effective interest method. When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable amount. The recoverable amount is the estimated future cash flow discounted at the original effective interest rate. Interest income on impaired loans is recognised using the original effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__82": {
"value": "INTEREST INCOMEInterest income is recognised using the effective interest method. When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable amount. The recoverable amount is the estimated future cash flow discounted at the original effective interest rate. Interest income on impaired loans is recognised using the original effective interest rate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__81": {
"value": "Current income taxThe current income tax charge is calculated on the basis of the tax laws enacted or sub-stantively enacted at the balance sheet date in the countries where the Company\u2019s subsid-iaries 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__70": {
"value": "Deferred income taxDeferred income tax is recognised, 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, the deferred income tax is 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 at the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised.Deferred income tax is provided on tempo-rary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future.Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__87": {
"value": "PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at historical cost less depreciation and im-pairment. Historical cost includes expenditure that is directly attributable to the acquisition of the items.Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is proba-ble that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognised. Other repairs and mainte-nance are charged to the income statement during the financial period in which they are incurred.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost or revalued amounts to their residual values over their estimated useful lives.The assets\u2019 residual values and useful lives are reviewed and adjusted if appropriate, at each reporting date.An asset\u2019s carrying amount is written down immediately to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount.Gains on sales of OilService equipment lost in hole or damaged by customers are de-termined by comparing the proceeds with the carrying amount and are recognised net within \u2018revenue\u2019 in the income statement.All other gains and losses are recognised as profit/loss on disposal of property, plant and equipment included in other operating expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__85": {
"value": "LEASESThe determination of whether an arrange-ment is, or contains, a lease is based on the substance of the arrangement at the inception date. The arrangement is assessed for whether fulfilment of the arrangement is dependent on the use of a specific asset or assets or the arrangement conveys a right to use the asset or assets, even if that right is not explicitly specified in an arrangement.Group as a lesseeThe Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the un-derlying assets. i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the 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 and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets, as follows: \u2022 OilService and other equipment, 7 years\u2022 Land and buildings, 1 to 10 yearsIf ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to the accounting policies in section Impairment of non-financial assets. ii) Lease liabilitiesAt the commencement date of the 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 fixed payments (including in-substance fixed payments) less any lease incentives re-ceivable, variable lease payments that depend on an index or a rate and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the 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 expenses (unless they are incurred to produce inventories) 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 its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. 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 remeas-ured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. iii) Short-term leases and leases of low-value assets The Group applies the short-term lease rec-ognition exemption to its short-term leases of machinery and equipment (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 of office equipment that are considered to be low value. Lease pay-ments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.Group as a lessorLeases in which the Group does not transfer substantially all the risks and benefits of ownership of an asset are classified as op-erating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income. Contingent rents are recognised as revenue in the period in which they are earned. The Group also gets into sub-lease agreements for its ROU assets. These sub-leases are short term and treated as operating leases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__76": {
"value": "FINANCIAL INSTRUMENTS \u2013 INITIAL RECOG-NITION AND SUBSEQUENT MEASUREMENTA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.i) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI and fair value through the income statement.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing com-ponent or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through the income statement, transaction costs. Trade receivables that do not contain a significant financing compo-nent are measured at the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are rec-ognised on the trade date, i.e., the date thatthe Group commits to purchase or sell the asset.Subsequent measurementFor purposes of subsequent measure-ment, 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 cumula-tive gains and losses upon derecognition (equity instruments);\u2022 financial assets at fair value through the income statement.Financial assets at amortised cost (debt instruments)This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subse-quently measured using the effective interest rate (EIR) method and are subject to im-pairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables and loan to an associate.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective of both hold-ing to collect contractual cash flows and selling; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of princi-pal and interest on the principal amount outstanding.Interest income, foreign exchange revaluation and impairment losses or reversals are rec-ognised in the income statement 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 the income statement.The Group does not have any debt instruments at fair value through OCI.Financial assets designated at fair value through OCI (equity instruments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments Presentation and are not held for trading. The classification is determined on an in-strument-by- instrument basis.Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income in the income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are record-ed in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.The Group's equity instruments designated at fair value through OCI are shown in note 13.Financial assets at fair value through the income statementFinancial assets at fair value through the income statement include financial assets held for trading, financial assets designated upon initial recognition at fair value through the income statement, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are clas-sified and measured at fair value through the income statement, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through the income statement on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.Financial assets at fair value through the income statement are carried in the state-ment of financial position at fair value with net changes in fair value recognised in the income statement.This category includes listed equity invest-ments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other financial income in the consolidated income statement when the right of payment has been established.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a group of simi-lar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 the rights to receive cash flows from the asset have expired; or\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substan-tially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFurther disclosures relating to impairment of financial assets are also provided in the following notes:\u2022 Critical accounting judgements, estimates and assumptions (Note 3);\u2022 Financial risk management, Credit risk (Note 23).The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through the income statement. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the con-tractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses ex-pected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its his-torical credit loss experience, adjusted for forward-looking factors specific to the debt-ors and the economic environment as well as adjusted for individual ECL assessments against particular customers.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is un-likely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through the income statement, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate.All financial liabilities are recognised ini-tially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.Subsequent measurementThe measurement of financial liabilities de-pends on their classification, as described below:Financial liabilities at fair value through the income statementFinancial liabilities at fair value through the income statement include financial liabilities held for trading and financial liabilities desig-nated upon initial recognition as at fair value through the income statement.Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the income statement.Financial liabilities designated upon initial recognition at fair value through the income statement are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at fair value through the income statement.Financial liabilities at amortised costThis is the category most relevant to the Group. After initial recognition, interest-bear-ing loans are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-ment 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 acqui-sition and fees or costs that are an integral part of the EIR. The EIR amortisation is in-cluded as finance costs in the statement of the income statement.This category mainly applies to bonds and bank loan. For more information, refer to Notes 18 and 21.DerecognitionA financial liability is derecognised when the obligation under the liability 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respec-tive carrying amounts is recognised in the statement of profit or loss.iii) Offsetting of financial instrumentsFinancial assets and financial liabilities are offset and the net amount is reported in the consolidated statement of financial position if there is a currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__75": {
"value": "i) Financial assetsInitial recognition and measurementFinancial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through OCI and fair value through the income statement.The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing com-ponent or for which the Group has applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through the income statement, transaction costs. Trade receivables that do not contain a significant financing compo-nent are measured at the transaction price determined under IFRS 15.In order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instrument level.The Group\u2019s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both.Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the market place (regular way trades) are rec-ognised on the trade date, i.e., the date thatthe Group commits to purchase or sell the asset.Subsequent measurementFor purposes of subsequent measure-ment, 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 cumula-tive gains and losses upon derecognition (equity instruments);\u2022 financial assets at fair value through the income statement.Financial assets at amortised cost (debt instruments)This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subse-quently measured using the effective interest rate (EIR) method and are subject to im-pairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables and loan to an associate.Financial assets at fair value through OCI (debt instruments)The Group measures debt instruments at fair value through OCI if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective of both hold-ing to collect contractual cash flows and selling; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of princi-pal and interest on the principal amount outstanding.Interest income, foreign exchange revaluation and impairment losses or reversals are rec-ognised in the income statement 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 the income statement.The Group does not have any debt instruments at fair value through OCI.Financial assets designated at fair value through OCI (equity instruments)Upon initial recognition, the Group can elect to classify irrevocably its equity investments as equity instruments designated at fair value through OCI when they meet the definition of equity under IAS 32 Financial Instruments Presentation and are not held for trading. The classification is determined on an in-strument-by- instrument basis.Gains and losses on these financial assets are never recycled to the income statement. Dividends are recognised as other income in the income statement when the right of payment has been established, except when the Group benefits from such proceeds as a recovery of part of the cost of the financial asset, in which case, such gains are record-ed in OCI. Equity instruments designated at fair value through OCI are not subject to impairment assessment.The Group's equity instruments designated at fair value through OCI are shown in note 13.Financial assets at fair value through the income statementFinancial assets at fair value through the income statement include financial assets held for trading, financial assets designated upon initial recognition at fair value through the income statement, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are clas-sified and measured at fair value through the income statement, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through the income statement on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.Financial assets at fair value through the income statement are carried in the state-ment of financial position at fair value with net changes in fair value recognised in the income statement.This category includes listed equity invest-ments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other financial income in the consolidated income statement when the right of payment has been established.DerecognitionA financial asset (or, where applicable, a part of a financial asset or part of a group of simi-lar financial assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial position) when:\u2022 the rights to receive cash flows from the asset have expired; or\u2022 the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substan-tially all the risks and rewards of the asset, but has transferred control of the asset.Impairment of financial assetsFurther disclosures relating to impairment of financial assets are also provided in the following notes:\u2022 Critical accounting judgements, estimates and assumptions (Note 3);\u2022 Financial risk management, Credit risk (Note 23).The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through the income statement. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the con-tractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses ex-pected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its his-torical credit loss experience, adjusted for forward-looking factors specific to the debt-ors and the economic environment as well as adjusted for individual ECL assessments against particular customers.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is un-likely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__91": {
"value": "Financial assets at amortised cost (debt instruments)This category is the most relevant to the Group. The Group measures financial assets at amortised cost if both of the following conditions are met:\u2022 the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows; and\u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.Financial assets at amortised cost are subse-quently measured using the effective interest rate (EIR) method and are subject to im-pairment. Gains and losses are recognised in the income statement when the asset is derecognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables and loan to an associate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__96": {
"value": "Financial assets at fair value through the income statementFinancial assets at fair value through the income statement include financial assets held for trading, financial assets designated upon initial recognition at fair value through the income statement, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives, including separated embedded derivatives, are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are clas-sified and measured at fair value through the income statement, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortised cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through the income statement on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch.Financial assets at fair value through the income statement are carried in the state-ment of financial position at fair value with net changes in fair value recognised in the income statement.This category includes listed equity invest-ments which the Group had not irrevocably elected to classify at fair value through OCI. Dividends on listed equity investments are also recognised as other financial income in the consolidated income statement when the right of payment has been established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__79": {
"value": "Impairment of financial assetsFurther disclosures relating to impairment of financial assets are also provided in the following notes:\u2022 Critical accounting judgements, estimates and assumptions (Note 3);\u2022 Financial risk management, Credit risk (Note 23).The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through the income statement. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the con-tractual terms.ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12 months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is required for credit losses ex-pected over the remaining life of the exposure, irrespective of the timing of the default (a lifetime ECL).For trade receivables, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its his-torical credit loss experience, adjusted for forward-looking factors specific to the debt-ors and the economic environment as well as adjusted for individual ECL assessments against particular customers.The Group considers a financial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is un-likely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__77": {
"value": "ii) Financial liabilitiesInitial recognition and measurementFinancial liabilities are classified, at initial recognition, as financial liabilities at fair value through the income statement, loans and borrowings, payables or as derivatives designated as hedging instruments in an effective hedge, as appropriate.All financial liabilities are recognised ini-tially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.The Group\u2019s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts.Subsequent measurementThe measurement of financial liabilities de-pends on their classification, as described below:Financial liabilities at fair value through the income statementFinancial liabilities at fair value through the income statement include financial liabilities held for trading and financial liabilities desig-nated upon initial recognition as at fair value through the income statement.Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. Gains or losses on liabilities held for trading are recognised in the income statement.Financial liabilities designated upon initial recognition at fair value through the income statement are designated at the initial date of recognition, and only if the criteria in IFRS 9 are satisfied. The Group has not designated any financial liability at fair value through the income statement.Financial liabilities at amortised costThis is the category most relevant to the Group. After initial recognition, interest-bear-ing loans are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income state-ment 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 acqui-sition and fees or costs that are an integral part of the EIR. The EIR amortisation is in-cluded as finance costs in the statement of the income statement.This category mainly applies to bonds and bank loan. For more information, refer to Notes 18 and 21.DerecognitionA financial liability is derecognised when the obligation under the liability 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respec-tive carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__71": {
"value": "DerecognitionA financial liability is derecognised when the obligation under the liability 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 the derecognition of the original liability and the recognition of a new liability. The difference in the respec-tive carrying amounts is recognised in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__86": {
"value": "INVENTORIESInventories are valued at the lower of cost and net realisable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:\u2022 raw materials: purchase cost on a first in, first out basis.\u2022 finished goods and work in progress: cost of direct materials and labour and a proportion of manufacturing overheads based on the normal operating capacity, but excluding borrowing costs.Initial cost of inventories includes the transfer of gains and losses on qualifying cash flow hedges, recognised in other comprehensive income, in respect of the purchases of raw materials.Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__80": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETSAssets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised at 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 selling costs 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 (cash-generating units). Non financial assets, other than goodwill that suffered im-pairment, are reviewed for possible reversal of the impairment at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__89": {
"value": "CASH AND SHORT TERM DEPOSITSCash and cash equivalents in the statement of financial position comprise cash at banks and at hand and short term deposits with an original maturity of three months or less but exclude any restricted cash which is not available for use by the Group.For the purpose of the consolidated statement of cash flows, cash and cash equivalents con-sist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__72": {
"value": "CASH AND SHORT TERM DEPOSITSCash and cash equivalents in the statement of financial position comprise cash at banks and at hand and short term deposits with an original maturity of three months or less but exclude any restricted cash which is not available for use by the Group.For the purpose of the consolidated statement of cash flows, cash and cash equivalents con-sist of cash and cash equivalents, as defined above, net of outstanding bank overdrafts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__84": {
"value": "SHARE CAPITAL AND PREMIUMOrdinary shares and share premium are classified as equity.Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.Where any Group company purchases the Company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled or reissued. Where such shares are subsequently reis-sued, any consideration received, net of any directly attributable transaction costs and the related income tax effects, is included in equity attributable to the Company\u2019s equity holders.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__88": {
"value": "PROVISIONSThe Group recognises provisions when it has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated.Contingent liabilities and allocations are reassessed at each balance sheet date and the size of the recognised provision reflects best estimate of the obligation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__90": {
"value": "SEGMENT REPORTINGOperating segments are reported in a manner consistent with the internal reporting provided to the management. The Company\u2019s manage-ment, who are responsible for allocating resources and assessing performance of the operating segments, has been identified as General Managers and the Board of Directors.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__69": {
"value": "CASH FLOW STATEMENTThe cash flow statement has been prepared by the indirect method. The indirect method involves reporting gross cash flow from in-vestment and financing activities, while the accounting result is reconciled against net cash flow from operational activities. Cash and cash equivalents comprise bank deposits and other current, liquid investments which immediately and at insignificant exchange rate risk can be converted into known cash amounts and with due dates of less than three months from purchase date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__73": {
"value": "EARNINGS PER SHAREEarnings per share are calculated by dividing the result of the Group attributable to the shareholders of the parent with the weighted average number of ordinary shares of the period.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__16": {
"value": "NOTE 3 CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONSEstimates and judgements are continually evaluated and are based on historical experi-ence and other factors, including expectations of future events that are believed to be rea-sonable under the circumstances.The Group makes estimates and assumptions concerning the future. The resulting account-ing estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carry-ing amounts of assets and liabilities within the next financial year are addressed below.i) Impairment of property, plant and equipmentRefer also to note 11.The Group tests annually whether the drilling equipment, land rigs and land and buildings have suffered any impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its re-coverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use.The value in use calculations are based on a discounted cash flow model. The cash flows are derived from the business plan for the next five years. The recoverable amount is sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes.ii) Provision for expected credit losses of trade receivables The Group uses a provision matrix at each location it operates to calculate ECLs for trade receivables. The provision rates are based on days past due for groupings of various customer segments that have similar loss patterns. The provision matrix is initially based on the Group\u2019s historical observed default rates. The Group will calibrate the matrix to adjust the historical credit loss experience with forward-looking information. For instance, if the oil prices are expected to decrease over the next year, which can lead to an in-creased number of defaults in the energy service sector, the historical default rates are adjusted. At every reporting date, the historical observed default rates are updated and changes in the forward-looking estimates are analysed. As the number of customers at each location is small, in addition to the collective ECL as-sessment using the portfolio matrix approach as adjusted by forward looking information, the Group also performs individual ECL as-sessments against the biggest customers with significant long outstanding balances. The individual assessments are taking into account various information known locally for each customer, such as history of credit losses, financial performance, settlement arrangements agreed, etc. The information about the ECLs on the Group\u2019s trade receiv-ables is disclosed in Note 14. iii) Determining the lease term of contracts with renewal options when the Group acts as a lesseeThe Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is rea-sonably certain not to be exercised.The Group has the option, under some of its leases to lease the assets for additional periods. The Group applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. All relevant factors including economic incentive fac-tors, are considered to exercise the renewal. Local teams are responsible for managing their leases and, accordingly, lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Extension and termination options are included, when possible, to provide local management with greater flexibility to align its need for access to equipment and warehouses with the fulfilment of customer contracts and office rentals. The individual terms and conditions used vary across the Group.The majority of extension and termination options held are exercisable only by Lessee and not by the respective lessors. In cases in which Lessee is not reasonably certain to use an optional extended lease term, payments associated with the optional period are not included within lease liabilities. In almost all of the cases, the local teams assumes that the options to extend a lease will not be exercised, as on initial recognition it is not reasonable certain what will be the market conditions when the Group will need to decide whether to exercise an option to extend the lease. After the commencement date, the Group reassesses the lease term, at each reporting date, if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew.During 2022, the financial effect of revising lease terms to reflect the effect of exercising extension and termination options was an increase in recognised lease liabilities of USD 1.5 million (2021: USD 1.1 million). iv) Climate and regulatory risksIn preparing the financial statement, the Group, has considered the impact of regu-latory changes in particular in the context in climate change risks. The considerations did not impact our judgement and estimates in the current year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__62": {
"value": "NOTE 4 ORGANISATIONSummary of the companies of the Group:As at 31.12.2022 the following companies are presented in the consolidated financial statements:Company Business office , activity, objective % owned 2022 % owned 2021Subsidiaries (fully consolidated)Petrolia AS Norway. Energy Service. 100 100Petrolia Invest AS Norway. Investment company. 100 100Petrolia Rigs AS Norway. Investment company. 100 100Oil Tools Supplier AS Norway. Energy Service. 100 100Independent Oil Tools AS Norway. Energy Service. 100 100Independent Tool Pool AS Norway. Energy Service. 100 100IOT Energy Services Australia PTY LtdAustralia. Energy Service. 100 100(formerly IOT Group Australia Pty Ltd)Independent Oil Tools BV Netherlands. Energy Service. 100 100Independent Oil Tools Dosco BV Netherlands. Energy Service. 70 70Independent Oil Tools Srl Romania. Energy Service. 100 100IOT Energy Services New Zealand Limited New Zealand. Energy Service. 100 100(formerly IOT Group Limited)Venture Drilling AS Norway. Energy Service. 100 100Independent Tool Pool DMCC Jebel Ali Free Zone (Dubai). Energy 100 100Service.Petrolia Tool Pool AS Norway. Energy Service. 100 100Petrolia Rigs II AS Norway. Energy Service. 100 100Catch Holding BV Netherlands. Energy Service. 90 90Catch Fishing Services BV Netherlands. Energy Service. 90 90IO&R Ltd Dubai. Energy Service 100 100Independent Oil Tools International (Cyprus) Ltd Cyprus. Energy Service. 100 100Independent Oil Tools Iraq for General Trading Co. Ltd Iraq. Energy Service. 61 61Tubulars Energy Services (M) Sdn Bhd Malaysia. Energy Service. 100 100Independent Oil Tools (Pvt) Ltd Pakistan. Energy Service. 83.33 83.33IOT Energy Services Limited UK. Energy Service. 90 90CO2 Management AS Norway. Energy Service. 100 100Hydrogen & CCS AS Norway. Energy Service. 100 100Ammonia Energy Solutions AS Norway. Energy Service 100 100Associated companies (equity method) (refer to note 12)Petrolia Noco AS Norway. Exploring for oil and gas on 49.90 49.90the Norwegian Continental Shelf.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__60": {
"value": "NOTE 5 SEGMENT INFORMATIONThe Group has two strategic segments: Energy and Energy Service (including land rigs). Energy activities are presently carried out through an investment in an associate company. Operating activities are carried out from one segment: Energy Service. Energy Service activities are described in the accounting policy \"Revenue from contracts\".THE GROUP\u2019S ENERGY SERVICE SEGMENT OPERATES IN THE FOLLOWING MAIN GEOGRAPHICAL AREAS:2022 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 7,838 4,195 408 12,441Europe outside Norway 4,227 5,442 8,206 17,875Asia and Australia 14,207 7,896 3,085 25,188Total 26,272 17,533 11,699 55,504Result for the year from energy service segment 1,2332021 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 11,448 3,488 515 15,451Europe outside Norway 6,866 2,845 5,171 14,882Asia and Australia 12,239 6,469 1,935 20,643Total 30,553 12,802 7,621 50,976Result for the year from energy service segment 2,466Non-current tangible assets (amounts in USD 1,000)2022 2021Norway 2,600 2,901Europe outside Norway 4,637 5,126Asia and Australia 5,550 5,906Tool pools 1,971 2,449Total 14,758 16,382RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubings. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the companies are domiciled. Some asset owning subsidiaries are allocated as tool pools, because they only rent their equipment to companies in the Group.Major customersThe end customers are energy companies, drilling contractors or energy service companies. No single customer represents a significant part of total revenues.Petrolia Noco AS (Note 12)The associate company, Petrolia Noco AS, operates in the Energy segment. The in-terest income from the Energy segment is shown in note 8 and the share of result in note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__37": {
"value": "NOTE 5 SEGMENT INFORMATIONThe Group has two strategic segments: Energy and Energy Service (including land rigs). Energy activities are presently carried out through an investment in an associate company. Operating activities are carried out from one segment: Energy Service. Energy Service activities are described in the accounting policy \"Revenue from contracts\".THE GROUP\u2019S ENERGY SERVICE SEGMENT OPERATES IN THE FOLLOWING MAIN GEOGRAPHICAL AREAS:2022 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 7,838 4,195 408 12,441Europe outside Norway 4,227 5,442 8,206 17,875Asia and Australia 14,207 7,896 3,085 25,188Total 26,272 17,533 11,699 55,504Result for the year from energy service segment 1,2332021 Revenue from Energy Service segmentRental of equipment Services Sales of equipment Total(amounts in USD 1,000)and consumablesNorway 11,448 3,488 515 15,451Europe outside Norway 6,866 2,845 5,171 14,882Asia and Australia 12,239 6,469 1,935 20,643Total 30,553 12,802 7,621 50,976Result for the year from energy service segment 2,466Non-current tangible assets (amounts in USD 1,000)2022 2021Norway 2,600 2,901Europe outside Norway 4,637 5,126Asia and Australia 5,550 5,906Tool pools 1,971 2,449Total 14,758 16,382RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubings. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the companies are domiciled. Some asset owning subsidiaries are allocated as tool pools, because they only rent their equipment to companies in the Group.Major customersThe end customers are energy companies, drilling contractors or energy service companies. No single customer represents a significant part of total revenues.Petrolia Noco AS (Note 12)The associate company, Petrolia Noco AS, operates in the Energy segment. The in-terest income from the Energy segment is shown in note 8 and the share of result in note 12.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__46": {
"value": "NOTE 6 WAGES COST(amounts in USD 1,000)2022 2021Wages and salaries 11,970 11,223Social security 894 915Pension costs 700 698Other contributions 724 684Total 14,288 13,520The Group had 259 employees as at the end of 2022 (2021: 229 employees).Average number of employees was 244 in 2022 (2021: 218).Remuneration and benefits General Manager and Finance Manager (amounts in USD 1,000)2022 2021Polycarpos Protopapas (27 November 2019 -), Managing director, Cyprus 61 64S\u00f8lve Nilsen (1 October 2010 -), General manager of the Branch, Norway 176 192Total 237 256The following fee has been paid to the members of the board (amounts in USD 1,000) :2022 2021Berge Gerdt Larsen- Chairman of the board, Remuneration committee (re-elected on 31 May 2022) 0 0George Hadjineophytou - Board member, Audit & Remuneration committees (re-elected on 31 May 55 442022)Sjur Storaas - Board member, Audit & Remuneration committees (re-elected on 31 May 2022) 55 44Polycarpos Protopapas - Board member (re-elected on 31 May 2022) 0 0Total 110 88",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__45": {
"value": "NOTE 6 WAGES COST(amounts in USD 1,000)2022 2021Wages and salaries 11,970 11,223Social security 894 915Pension costs 700 698Other contributions 724 684Total 14,288 13,520The Group had 259 employees as at the end of 2022 (2021: 229 employees).Average number of employees was 244 in 2022 (2021: 218).Remuneration and benefits General Manager and Finance Manager (amounts in USD 1,000)2022 2021Polycarpos Protopapas (27 November 2019 -), Managing director, Cyprus 61 64S\u00f8lve Nilsen (1 October 2010 -), General manager of the Branch, Norway 176 192Total 237 256The following fee has been paid to the members of the board (amounts in USD 1,000) :2022 2021Berge Gerdt Larsen- Chairman of the board, Remuneration committee (re-elected on 31 May 2022) 0 0George Hadjineophytou - Board member, Audit & Remuneration committees (re-elected on 31 May 55 442022)Sjur Storaas - Board member, Audit & Remuneration committees (re-elected on 31 May 2022) 55 44Polycarpos Protopapas - Board member (re-elected on 31 May 2022) 0 0Total 110 88",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__36": {
"value": "NOTE 6 WAGES COST(amounts in USD 1,000)2022 2021Wages and salaries 11,970 11,223Social security 894 915Pension costs 700 698Other contributions 724 684Total 14,288 13,520The Group had 259 employees as at the end of 2022 (2021: 229 employees).Average number of employees was 244 in 2022 (2021: 218).Remuneration and benefits General Manager and Finance Manager (amounts in USD 1,000)2022 2021Polycarpos Protopapas (27 November 2019 -), Managing director, Cyprus 61 64S\u00f8lve Nilsen (1 October 2010 -), General manager of the Branch, Norway 176 192Total 237 256The following fee has been paid to the members of the board (amounts in USD 1,000) :2022 2021Berge Gerdt Larsen- Chairman of the board, Remuneration committee (re-elected on 31 May 2022) 0 0George Hadjineophytou - Board member, Audit & Remuneration committees (re-elected on 31 May 55 442022)Sjur Storaas - Board member, Audit & Remuneration committees (re-elected on 31 May 2022) 55 44Polycarpos Protopapas - Board member (re-elected on 31 May 2022) 0 0Total 110 88",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__56": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe amounts are exclusive of value added tax.Other operating expenses comprise the following main items2022 2021(amounts in USD 1,000) :Fees to external advisors, lawyers, auditors 1,242 1,192Cost of goods sold 22,480 18,876Allowance of expected credit losses (Note 14) -211 924Expenses relating to short-term leases 60 61Expenses relating to leases of low value 1 6Other operating expenses 4,946 3,059Total other operating expenses 28,518 24,118AUDITORS FEERecognised fee for auditors of the group and other auditors (amounts in USD 1,000) :2022 2021Statutory audit 440 398Tax services 120 101Other non-audit services 36 33Total auditors' fee 596 532",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__31": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe amounts are exclusive of value added tax.Other operating expenses comprise the following main items2022 2021(amounts in USD 1,000) :Fees to external advisors, lawyers, auditors 1,242 1,192Cost of goods sold 22,480 18,876Allowance of expected credit losses (Note 14) -211 924Expenses relating to short-term leases 60 61Expenses relating to leases of low value 1 6Other operating expenses 4,946 3,059Total other operating expenses 28,518 24,118AUDITORS FEERecognised fee for auditors of the group and other auditors (amounts in USD 1,000) :2022 2021Statutory audit 440 398Tax services 120 101Other non-audit services 36 33Total auditors' fee 596 532",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__21": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe amounts are exclusive of value added tax.Other operating expenses comprise the following main items2022 2021(amounts in USD 1,000) :Fees to external advisors, lawyers, auditors 1,242 1,192Cost of goods sold 22,480 18,876Allowance of expected credit losses (Note 14) -211 924Expenses relating to short-term leases 60 61Expenses relating to leases of low value 1 6Other operating expenses 4,946 3,059Total other operating expenses 28,518 24,118AUDITORS FEERecognised fee for auditors of the group and other auditors (amounts in USD 1,000) :2022 2021Statutory audit 440 398Tax services 120 101Other non-audit services 36 33Total auditors' fee 596 532",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__41": {
"value": "NOTE 8 SPECIFICATION OF FINANCIAL ITEMS(amounts in USD 1,000) 2022 2021Interest incomeInterest income from current bank deposits 46 6Interest income from associate (refer to note 13) 560 466606 472Financial incomeDividend income 11 3Profit on shares at fair value through profit and loss (refer to note 15) 2 5213 55Interest expensesInterest expense on bonds -153 -277Other interest expense -13 -23Interest expense on lease liabilities (refer to note 19) -835 -709-1,001 -1,009Financial expensesForeign exchange loss - net -2,209 -795Other financial expenses -63 -142-2,272 -937Net finance cost -2,654 -1,419",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__25": {
"value": "NOTE 8 SPECIFICATION OF FINANCIAL ITEMS(amounts in USD 1,000) 2022 2021Interest incomeInterest income from current bank deposits 46 6Interest income from associate (refer to note 13) 560 466606 472Financial incomeDividend income 11 3Profit on shares at fair value through profit and loss (refer to note 15) 2 5213 55Interest expensesInterest expense on bonds -153 -277Other interest expense -13 -23Interest expense on lease liabilities (refer to note 19) -835 -709-1,001 -1,009Financial expensesForeign exchange loss - net -2,209 -795Other financial expenses -63 -142-2,272 -937Net finance cost -2,654 -1,419",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__44": {
"value": "NOTE 9 INCOME TAXThe tax on the Group's results before tax differs from the theoretical amount that would arise 2022 2021using the applicable tax rates as follows: (amounts in USD 1,000)Result before tax charges 1,000 -291Tax calculated at domestic tax rates applicable to profits in respective countries -1,328 -624(12.5% for parent company) Change in deferred tax asset -383 -255Tax on result -1,711 -879Change in deferred tax represent USD -213 thousand from tax losses (2021: USD -145 thousand) and USD -170 thousand from temporary differences (2021: USD -110 thousand). In Cyprus there is a time limit of 5 years for the use of carry-forward tax losses. There is no time limit for the use of carry-forward tax losses in Norway. Calculation of deferred tax asset (amounts in USD 1,000)2022 2021Non-current assets 6,668 5,454Current assets -5,690 -5,360Net temporary differences 978 94Carry forward loss 0 -1,423Basis for deferred tax asset 978 -1,329Deferred tax asset at nominal tax rates 0 169Carried tax asset 0 169Carried tax liability 215 0For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD.The Group no longer has tax losses in its Dutch subsidiaries.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 13.0 million (2021: USD 13.7 million) with a tax value of USD 2.9 million (2021: USD 3.0 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.No deferred tax asset or liability was recognised for the subsidiaries registered in other jurisdictions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__33": {
"value": "NOTE 9 INCOME TAXThe tax on the Group's results before tax differs from the theoretical amount that would arise 2022 2021using the applicable tax rates as follows: (amounts in USD 1,000)Result before tax charges 1,000 -291Tax calculated at domestic tax rates applicable to profits in respective countries -1,328 -624(12.5% for parent company) Change in deferred tax asset -383 -255Tax on result -1,711 -879Change in deferred tax represent USD -213 thousand from tax losses (2021: USD -145 thousand) and USD -170 thousand from temporary differences (2021: USD -110 thousand). In Cyprus there is a time limit of 5 years for the use of carry-forward tax losses. There is no time limit for the use of carry-forward tax losses in Norway. Calculation of deferred tax asset (amounts in USD 1,000)2022 2021Non-current assets 6,668 5,454Current assets -5,690 -5,360Net temporary differences 978 94Carry forward loss 0 -1,423Basis for deferred tax asset 978 -1,329Deferred tax asset at nominal tax rates 0 169Carried tax asset 0 169Carried tax liability 215 0For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD.The Group no longer has tax losses in its Dutch subsidiaries.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 13.0 million (2021: USD 13.7 million) with a tax value of USD 2.9 million (2021: USD 3.0 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.No deferred tax asset or liability was recognised for the subsidiaries registered in other jurisdictions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__34": {
"value": "NOTE 10 EARNINGS PER SHARE(amounts in USD 1,000, with the exception of earnings per share) 2022 2021Result attributable to the equity holders of the parent-1,569-1,193Weighted average no. of shares59,133,78659,133,786No. of shares at period end 59,133,786 59,133,786Basic earnings per average no. of sharesFrom continuing operations -0.03 -0.02Basic (loss) / earnings per share (USD per share) -0.03 -0.02The Company has no outstanding or authorised stock options, or warrants. As at 31 December 2022, the Company held no treasury shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__94": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENT(amounts in USD 1,000) Energy Land andLand rigs TotalService buildingsand other equipmentAccounting year 2021Book value 01.01.21 14,771 2,696 1,902 19,369Currency differences -475 -89 0 -564Additions 3,420 55 0 3,475Disposal -1,303 0 0 -1,303Depreciation for the year -4,370 -232 -161 -4,763Impairment charge -324 -610 0 -934Accumulated depreciation of assets 1,095 0 0 1,095disposedAccumulated impairment of assets 6 0 0 6disposedBook value 31.12.21 12,820 1,820 1,741 16,381Per 31 December 2021Acquisition cost 296,891 3,532 14,271 314,694Accumulated impairment -27,437 -669 -7,656 -35,762Accumulated depreciation -256,634 -1,043 -4,874 -262,551Book value 31.12.21 12,820 1,820 1,741 16,381Accounting year 2022Book value 01.01.22 12,820 1,820 1,741 16,381Currency differences -580 -48 -1 -629Additions 2,497 13 0 2,510Disposal -4,543 0 0 -4,543Depreciation for the year -2,932 -234 -161 -3,327Impairment charge -532 0 0 -532Accumulated cost of assets 1,082 0 0 1,082reclassified from RoUAccumulated depreciation of assets -458 207 0 -251reclassified from RoUAccumulated depreciation of assets 4,067 0 0 4,067disposed from RoUBook value 31.12.22 11,421 1,758 1,579 14,758Per 31 December 2022Acquisition cost 295,347 3,497 14,270 313,114Accumulated impairment -27,969 -669 -7,656 -36,294Accumulated depreciation -255,957 -1,070 -5,035 -262,062Book value 31.12.22 11,421 1,758 1,579 14,758Depreciation period 7-12 years 33 years* 12 yearsResidual value 0 0 0*) Land is not depreciatedImpairment of property, plant and equipmentThe Group performs impairment tests when there are indicators for impairment in accord-ance with the relevant accounting policy. The Group compares the carrying amount of fixed assets with the recoverable amount, being the higher of the fair value less costs to sell and the value in use calculation. Management estimates the fair value less costs to sell by obtaining either third party professional valuations or by reference to recent trans-actions of similar items.In 2021, equipment, land and buildings at each location was tested for impairment as one cash generating unit and equipment was impaired by USD 0.3 million based on value in use calculations. Land with a carrying of USD 0.6 million was fully impaired due to a dispute relating to its legal ownership. The Group continues to have access to the land through a long term lease agreement conclud-ed in 2022. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2021 are the Group's budgets discounted from 11,5% to 12% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.In 2022, equipment, land and buildings at each location was tested for impairment as one cash generating unit and was impaired by USD 0.5 million based on value in use cal-culations. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2022 are the Group's budgets discounted from 10.7% to 16.9% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.Energy Service and other equipment include fixed assets for own use of USD 2.0 million (2021: USD 3.5 million).In 2022, the group had a profit from disposal of assets of USD 1 thousand (2021: loss of USD 42 thousand). The amount is included under other operating expenses. Proceeds from the disposals were USD 528 thousand (2021: USD 204 thousand).In 2022, the group transferred accumulated cost price of USD 1,082 thousand and accu-mulated depreciation of USD 251 thousand from Right of Use assets owned Property, Plant and Equipment.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: (amounts in USD 1,000) Energy Service Land andTotaland other equip-buildingsmentBook value 01.01.21 3,593 8,454 12,047Additions 3,032 175 3,207Modifications 0 1,196 1,196Disposal of cost -113 0 -113Disposal of depreciation 30 0 30Depreciation of the year -795 -2,082 -2,877Translation differences -89 -249 -338Book value 31.12.21 5,658 7,494 13,152Per 31 December 2021Acquisition cost 12,630 13,281 25,911Accumulated impairment -18 0 -18Accumulated depreciation -6,954 -5,787 -12,741Book value 31.12.21 5,658 7,494 13,152Additions 5,052 400 5,452Modifications 13 1,475 1,488Disposal of cost -127 0 -127Disposal of depreciation 38 0 38Depreciation of the year -1,219 -2,022 -3,241Accumulated cost of assets -610 -472 -1,082reclassified to property, plant and equipmentAccumulated depreciation of assets 251 0 251reclassified to property, plant and equipmentTranslation differences -519 -244 -763Book value 31.12.22 8,537 6,631 15,168Per 31 December 2022Acquisition cost 16,439 14,440 30,879Accumulated impairment -18 0 -18Accumulated depreciation -7,884 -7,809 -15,693Book value 31.12.22 8,537 6,631 15,168Refer also to note 19.As at 31 December 2022, management carried out an assessment of whether there is any indication that right of use assets may have suffered an impairment loss in accordance with the Group\u2019s policy and concluded that there is no such indication.Energy Service and other equipment primarily include rental equipment. Land and buildings represent storage facilities and offices.In 2022 lease modifications were added with USD 1.5 million (2021: USD 1.2 mil-lion) connected to lease extensions of land and buildings.The Group constantly monitors the latest reg-ulatory changes in relation to climate-related matters. Regulatory changes in climate re-quirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material ef-fects are identified for the prognosis period. Changes in environmental requirements may impact the residual value, and economical lifetime in the future. Residual values and useful life are assumed to not be materially reduced in todays market. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.Petrolia Noco AS CO2 Management AS Tota l(amounts in USD 1,000)Book value per 31.12.2020 2,437 54 2,491Share issue 2,456 0 2,456Translation difference -170 0 -170Share of result of the year -3,636 0 -3,636Moved to subsidiary 0 -54 -54Book value per 31.12.2021 1,087 0 1,087Share issue 1,503 0 1,503Translation difference -99 0 -99Share of result of the year -1,944 0 -1,944Book value per 31.12.2022 547 0 547KEY NUMBERS FROM THE ACCOUNTSCompany Incorpo-CurrentNon-cur-TotalCurrentNon-cur-TotalRevenue Loss Shareholdingrated inassetsrent assetsassetsliabilitiesrentliabilitiesliabilitiesPetrolia Noco Bergen, ASNorway2022 17,133 15,491 32,624 12,084 19,445 31,528 3,468 -3,897 49.90%2021 16,478 19,174 35,652 10,773 22,702 33,475 455 -7,286 49.90%The associated companies had no contingent liabilities as at 31 December 2022 or 2021.Petrolia Noco AS has no present plans to drill any well in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__93": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENT(amounts in USD 1,000) Energy Land andLand rigs TotalService buildingsand other equipmentAccounting year 2021Book value 01.01.21 14,771 2,696 1,902 19,369Currency differences -475 -89 0 -564Additions 3,420 55 0 3,475Disposal -1,303 0 0 -1,303Depreciation for the year -4,370 -232 -161 -4,763Impairment charge -324 -610 0 -934Accumulated depreciation of assets 1,095 0 0 1,095disposedAccumulated impairment of assets 6 0 0 6disposedBook value 31.12.21 12,820 1,820 1,741 16,381Per 31 December 2021Acquisition cost 296,891 3,532 14,271 314,694Accumulated impairment -27,437 -669 -7,656 -35,762Accumulated depreciation -256,634 -1,043 -4,874 -262,551Book value 31.12.21 12,820 1,820 1,741 16,381Accounting year 2022Book value 01.01.22 12,820 1,820 1,741 16,381Currency differences -580 -48 -1 -629Additions 2,497 13 0 2,510Disposal -4,543 0 0 -4,543Depreciation for the year -2,932 -234 -161 -3,327Impairment charge -532 0 0 -532Accumulated cost of assets 1,082 0 0 1,082reclassified from RoUAccumulated depreciation of assets -458 207 0 -251reclassified from RoUAccumulated depreciation of assets 4,067 0 0 4,067disposed from RoUBook value 31.12.22 11,421 1,758 1,579 14,758Per 31 December 2022Acquisition cost 295,347 3,497 14,270 313,114Accumulated impairment -27,969 -669 -7,656 -36,294Accumulated depreciation -255,957 -1,070 -5,035 -262,062Book value 31.12.22 11,421 1,758 1,579 14,758Depreciation period 7-12 years 33 years* 12 yearsResidual value 0 0 0*) Land is not depreciatedImpairment of property, plant and equipmentThe Group performs impairment tests when there are indicators for impairment in accord-ance with the relevant accounting policy. The Group compares the carrying amount of fixed assets with the recoverable amount, being the higher of the fair value less costs to sell and the value in use calculation. Management estimates the fair value less costs to sell by obtaining either third party professional valuations or by reference to recent trans-actions of similar items.In 2021, equipment, land and buildings at each location was tested for impairment as one cash generating unit and equipment was impaired by USD 0.3 million based on value in use calculations. Land with a carrying of USD 0.6 million was fully impaired due to a dispute relating to its legal ownership. The Group continues to have access to the land through a long term lease agreement conclud-ed in 2022. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2021 are the Group's budgets discounted from 11,5% to 12% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.In 2022, equipment, land and buildings at each location was tested for impairment as one cash generating unit and was impaired by USD 0.5 million based on value in use cal-culations. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2022 are the Group's budgets discounted from 10.7% to 16.9% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.Energy Service and other equipment include fixed assets for own use of USD 2.0 million (2021: USD 3.5 million).In 2022, the group had a profit from disposal of assets of USD 1 thousand (2021: loss of USD 42 thousand). The amount is included under other operating expenses. Proceeds from the disposals were USD 528 thousand (2021: USD 204 thousand).In 2022, the group transferred accumulated cost price of USD 1,082 thousand and accu-mulated depreciation of USD 251 thousand from Right of Use assets owned Property, Plant and Equipment.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: (amounts in USD 1,000) Energy Service Land andTotaland other equip-buildingsmentBook value 01.01.21 3,593 8,454 12,047Additions 3,032 175 3,207Modifications 0 1,196 1,196Disposal of cost -113 0 -113Disposal of depreciation 30 0 30Depreciation of the year -795 -2,082 -2,877Translation differences -89 -249 -338Book value 31.12.21 5,658 7,494 13,152Per 31 December 2021Acquisition cost 12,630 13,281 25,911Accumulated impairment -18 0 -18Accumulated depreciation -6,954 -5,787 -12,741Book value 31.12.21 5,658 7,494 13,152Additions 5,052 400 5,452Modifications 13 1,475 1,488Disposal of cost -127 0 -127Disposal of depreciation 38 0 38Depreciation of the year -1,219 -2,022 -3,241Accumulated cost of assets -610 -472 -1,082reclassified to property, plant and equipmentAccumulated depreciation of assets 251 0 251reclassified to property, plant and equipmentTranslation differences -519 -244 -763Book value 31.12.22 8,537 6,631 15,168Per 31 December 2022Acquisition cost 16,439 14,440 30,879Accumulated impairment -18 0 -18Accumulated depreciation -7,884 -7,809 -15,693Book value 31.12.22 8,537 6,631 15,168Refer also to note 19.As at 31 December 2022, management carried out an assessment of whether there is any indication that right of use assets may have suffered an impairment loss in accordance with the Group\u2019s policy and concluded that there is no such indication.Energy Service and other equipment primarily include rental equipment. Land and buildings represent storage facilities and offices.In 2022 lease modifications were added with USD 1.5 million (2021: USD 1.2 mil-lion) connected to lease extensions of land and buildings.The Group constantly monitors the latest reg-ulatory changes in relation to climate-related matters. Regulatory changes in climate re-quirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material ef-fects are identified for the prognosis period. Changes in environmental requirements may impact the residual value, and economical lifetime in the future. Residual values and useful life are assumed to not be materially reduced in todays market. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.Petrolia Noco AS CO2 Management AS Tota l(amounts in USD 1,000)Book value per 31.12.2020 2,437 54 2,491Share issue 2,456 0 2,456Translation difference -170 0 -170Share of result of the year -3,636 0 -3,636Moved to subsidiary 0 -54 -54Book value per 31.12.2021 1,087 0 1,087Share issue 1,503 0 1,503Translation difference -99 0 -99Share of result of the year -1,944 0 -1,944Book value per 31.12.2022 547 0 547KEY NUMBERS FROM THE ACCOUNTSCompany Incorpo-CurrentNon-cur-TotalCurrentNon-cur-TotalRevenue Loss Shareholdingrated inassetsrent assetsassetsliabilitiesrentliabilitiesliabilitiesPetrolia Noco Bergen, ASNorway2022 17,133 15,491 32,624 12,084 19,445 31,528 3,468 -3,897 49.90%2021 16,478 19,174 35,652 10,773 22,702 33,475 455 -7,286 49.90%The associated companies had no contingent liabilities as at 31 December 2022 or 2021.Petrolia Noco AS has no present plans to drill any well in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__57": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENT(amounts in USD 1,000) Energy Land andLand rigs TotalService buildingsand other equipmentAccounting year 2021Book value 01.01.21 14,771 2,696 1,902 19,369Currency differences -475 -89 0 -564Additions 3,420 55 0 3,475Disposal -1,303 0 0 -1,303Depreciation for the year -4,370 -232 -161 -4,763Impairment charge -324 -610 0 -934Accumulated depreciation of assets 1,095 0 0 1,095disposedAccumulated impairment of assets 6 0 0 6disposedBook value 31.12.21 12,820 1,820 1,741 16,381Per 31 December 2021Acquisition cost 296,891 3,532 14,271 314,694Accumulated impairment -27,437 -669 -7,656 -35,762Accumulated depreciation -256,634 -1,043 -4,874 -262,551Book value 31.12.21 12,820 1,820 1,741 16,381Accounting year 2022Book value 01.01.22 12,820 1,820 1,741 16,381Currency differences -580 -48 -1 -629Additions 2,497 13 0 2,510Disposal -4,543 0 0 -4,543Depreciation for the year -2,932 -234 -161 -3,327Impairment charge -532 0 0 -532Accumulated cost of assets 1,082 0 0 1,082reclassified from RoUAccumulated depreciation of assets -458 207 0 -251reclassified from RoUAccumulated depreciation of assets 4,067 0 0 4,067disposed from RoUBook value 31.12.22 11,421 1,758 1,579 14,758Per 31 December 2022Acquisition cost 295,347 3,497 14,270 313,114Accumulated impairment -27,969 -669 -7,656 -36,294Accumulated depreciation -255,957 -1,070 -5,035 -262,062Book value 31.12.22 11,421 1,758 1,579 14,758Depreciation period 7-12 years 33 years* 12 yearsResidual value 0 0 0*) Land is not depreciatedImpairment of property, plant and equipmentThe Group performs impairment tests when there are indicators for impairment in accord-ance with the relevant accounting policy. The Group compares the carrying amount of fixed assets with the recoverable amount, being the higher of the fair value less costs to sell and the value in use calculation. Management estimates the fair value less costs to sell by obtaining either third party professional valuations or by reference to recent trans-actions of similar items.In 2021, equipment, land and buildings at each location was tested for impairment as one cash generating unit and equipment was impaired by USD 0.3 million based on value in use calculations. Land with a carrying of USD 0.6 million was fully impaired due to a dispute relating to its legal ownership. The Group continues to have access to the land through a long term lease agreement conclud-ed in 2022. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2021 are the Group's budgets discounted from 11,5% to 12% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.In 2022, equipment, land and buildings at each location was tested for impairment as one cash generating unit and was impaired by USD 0.5 million based on value in use cal-culations. The main inputs and assumptions used by management in performing the value in use calculations as of 31 December 2022 are the Group's budgets discounted from 10.7% to 16.9% depending on the location. The main input used in the budgets were the expected trend in turnover, operating expenses and capital expenditure.Energy Service and other equipment include fixed assets for own use of USD 2.0 million (2021: USD 3.5 million).In 2022, the group had a profit from disposal of assets of USD 1 thousand (2021: loss of USD 42 thousand). The amount is included under other operating expenses. Proceeds from the disposals were USD 528 thousand (2021: USD 204 thousand).In 2022, the group transferred accumulated cost price of USD 1,082 thousand and accu-mulated depreciation of USD 251 thousand from Right of Use assets owned Property, Plant and Equipment.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: (amounts in USD 1,000) Energy Service Land andTotaland other equip-buildingsmentBook value 01.01.21 3,593 8,454 12,047Additions 3,032 175 3,207Modifications 0 1,196 1,196Disposal of cost -113 0 -113Disposal of depreciation 30 0 30Depreciation of the year -795 -2,082 -2,877Translation differences -89 -249 -338Book value 31.12.21 5,658 7,494 13,152Per 31 December 2021Acquisition cost 12,630 13,281 25,911Accumulated impairment -18 0 -18Accumulated depreciation -6,954 -5,787 -12,741Book value 31.12.21 5,658 7,494 13,152Additions 5,052 400 5,452Modifications 13 1,475 1,488Disposal of cost -127 0 -127Disposal of depreciation 38 0 38Depreciation of the year -1,219 -2,022 -3,241Accumulated cost of assets -610 -472 -1,082reclassified to property, plant and equipmentAccumulated depreciation of assets 251 0 251reclassified to property, plant and equipmentTranslation differences -519 -244 -763Book value 31.12.22 8,537 6,631 15,168Per 31 December 2022Acquisition cost 16,439 14,440 30,879Accumulated impairment -18 0 -18Accumulated depreciation -7,884 -7,809 -15,693Book value 31.12.22 8,537 6,631 15,168Refer also to note 19.As at 31 December 2022, management carried out an assessment of whether there is any indication that right of use assets may have suffered an impairment loss in accordance with the Group\u2019s policy and concluded that there is no such indication.Energy Service and other equipment primarily include rental equipment. Land and buildings represent storage facilities and offices.In 2022 lease modifications were added with USD 1.5 million (2021: USD 1.2 mil-lion) connected to lease extensions of land and buildings.The Group constantly monitors the latest reg-ulatory changes in relation to climate-related matters. Regulatory changes in climate re-quirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material ef-fects are identified for the prognosis period. Changes in environmental requirements may impact the residual value, and economical lifetime in the future. Residual values and useful life are assumed to not be materially reduced in todays market. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required.Petrolia Noco AS CO2 Management AS Tota l(amounts in USD 1,000)Book value per 31.12.2020 2,437 54 2,491Share issue 2,456 0 2,456Translation difference -170 0 -170Share of result of the year -3,636 0 -3,636Moved to subsidiary 0 -54 -54Book value per 31.12.2021 1,087 0 1,087Share issue 1,503 0 1,503Translation difference -99 0 -99Share of result of the year -1,944 0 -1,944Book value per 31.12.2022 547 0 547KEY NUMBERS FROM THE ACCOUNTSCompany Incorpo-CurrentNon-cur-TotalCurrentNon-cur-TotalRevenue Loss Shareholdingrated inassetsrent assetsassetsliabilitiesrentliabilitiesliabilitiesPetrolia Noco Bergen, ASNorway2022 17,133 15,491 32,624 12,084 19,445 31,528 3,468 -3,897 49.90%2021 16,478 19,174 35,652 10,773 22,702 33,475 455 -7,286 49.90%The associated companies had no contingent liabilities as at 31 December 2022 or 2021.Petrolia Noco AS has no present plans to drill any well in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__49": {
"value": "NOTE 12 ASSOCIATED COMPANIESThe Group's interest in associated entities is accounted for using the equity method.PETROLIA NOCO ASThe company is an oil company exploring the Norwegian Continental Shelf for oil and gas and its shares are registered with ticker \u201cPNO\u201d on the NOTC (www.notc.no), a market place for unlisted shares. The company holds interests in 13 licences, one of which as an operator. Exploration activities are capital intensive, especially in the short term when drilling wells. The tax value of the expenses are refunded with 71.8% in the following tax year and an additional 6.2% will reduce payable taxes on any profits from sale of hydrocarbons. Thus in the long run, 22% of losses has to be funded by equity. Petrolia participate in capital issues to maintain its 49.9% ownership and has been the primary source of equity and debt funding since PNO was incorporated in 2011. Following a private placement in PNO in 2015 directed towards the largest shareholders of the Group, the Group\u2019s largest shareholders are now as-sisting in the funding of PNO, as are external lenders. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2021 Petrolia AS subscribed for 5,838,268 new shares in Petrolia NOCO AS at NOK 3.50 per share.CO2 MANAGEMENT ASThe company was incorporated on 29 March 2019 with an objective of contributing to reduced CO2 emissions. The company was a 28.46% owned associated company. On 9 March 2021 the outstanding 71.5% shares were purchased for NOK 3.7 million (USD 439 thousand), making the company a fully owned subsidiary. Refer also to note 28.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__20": {
"value": "NOTE 12 ASSOCIATED COMPANIESThe Group's interest in associated entities is accounted for using the equity method.PETROLIA NOCO ASThe company is an oil company exploring the Norwegian Continental Shelf for oil and gas and its shares are registered with ticker \u201cPNO\u201d on the NOTC (www.notc.no), a market place for unlisted shares. The company holds interests in 13 licences, one of which as an operator. Exploration activities are capital intensive, especially in the short term when drilling wells. The tax value of the expenses are refunded with 71.8% in the following tax year and an additional 6.2% will reduce payable taxes on any profits from sale of hydrocarbons. Thus in the long run, 22% of losses has to be funded by equity. Petrolia participate in capital issues to maintain its 49.9% ownership and has been the primary source of equity and debt funding since PNO was incorporated in 2011. Following a private placement in PNO in 2015 directed towards the largest shareholders of the Group, the Group\u2019s largest shareholders are now as-sisting in the funding of PNO, as are external lenders. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2021 Petrolia AS subscribed for 5,838,268 new shares in Petrolia NOCO AS at NOK 3.50 per share.CO2 MANAGEMENT ASThe company was incorporated on 29 March 2019 with an objective of contributing to reduced CO2 emissions. The company was a 28.46% owned associated company. On 9 March 2021 the outstanding 71.5% shares were purchased for NOK 3.7 million (USD 439 thousand), making the company a fully owned subsidiary. Refer also to note 28.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__30": {
"value": "PETROLIA NOCO ASThe company is an oil company exploring the Norwegian Continental Shelf for oil and gas and its shares are registered with ticker \u201cPNO\u201d on the NOTC (www.notc.no), a market place for unlisted shares. The company holds interests in 13 licences, one of which as an operator. Exploration activities are capital intensive, especially in the short term when drilling wells. The tax value of the expenses are refunded with 71.8% in the following tax year and an additional 6.2% will reduce payable taxes on any profits from sale of hydrocarbons. Thus in the long run, 22% of losses has to be funded by equity. Petrolia participate in capital issues to maintain its 49.9% ownership and has been the primary source of equity and debt funding since PNO was incorporated in 2011. Following a private placement in PNO in 2015 directed towards the largest shareholders of the Group, the Group\u2019s largest shareholders are now as-sisting in the funding of PNO, as are external lenders. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2021 Petrolia AS subscribed for 5,838,268 new shares in Petrolia NOCO AS at NOK 3.50 per share.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__50": {
"value": "NOTE 13 OTHER FINANCIAL ASSETSUNSECURED LOAN (6%) AND EXPLORA-TION LOAN (10%) TO PETROLIA NOCO AS (ASSOCIATE)The 6% loan is denominated in NOK and car-ried an annual interest of 6% in 2021 and 2020. The loan was repaid in 2021.The 10% loan is denominated in NOK and carried an annual interest of 10% in 2021. The loan matures on 10 December 2023.There is no history of credit losses. The as-sociate company has positive equity (note 12) and there is very little risk regarding recoverability of its assets, hence ECL is not significant. The assets of the company normally consist primarily of tax receivable and working capital in licenses. To the extent exploration costs are carried, in line with accounting principles, a tax liability of 78% is also carried reducing the net to 22%. For discoveries there will normally be values that are not carried. The shareholders of the associate company are also supportive by contributing additional equity when needed to support the exploration programme of the associate, including meeting its financial obligations.ZEG POWER ASZEG delivers solutions for clean hydrogen production from gas, through its novel ZEG ICC\u2122 Technology with integrated carbon capture. The Group owns 1.15% of the shares and the investment is carried at fair value through OCI (level 2). During the year the Group recog-nised a fair value gain of USD 482 thousand (2021:nil) in the investment after new inves-tors had participated in a capital increase.Loan Shares Total(amounts in USD 1,000) 6% unsecured 10% unsecured Petrolia Noco AS Zeg Power ASBook value per 31.12.2020 6,417 0 6,417 0 6,417Interest income 216 250 466 0 466Interest received -216 -90 -306 0 -306Addition 188 8,226 8,414 221 8,635Consolidation effect 0 0 0 178 178Repayment -6,494 -1,777 -8,271 0 -8,271Translation difference -111 -7 -118 0 -118Book value per 31.12.2021 0 6,602 6,602 399 7,001Interest income 0 560 560 3 563Interest received 0 -594 -594 0 -594Addition 0 0 0 120 120Fair value change 0 0 0 482 482Repayment 0 -1,507 -1,507 0 -1,507Translation difference 0 -699 -699 0 -699Book value per 31.12.2022 0 4,362 4,362 1,004 5,366",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__64": {
"value": "NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2022 2021Trade receivables 10,950 10,225Other current receivables 2,826 2,803Total 13,776 13,028Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2022Trade receivables 6,624 2,778 468 325 10,237 20,432Total, gross 6,624 2,778 468 325 10,237 20,432Expected credit loss rate -1.33% -2.41% -5.77% -3.08% -90.75% -46.41%Expected credit loss 88 67 27 10 9,290 9,482Total, net 6,536 2,711 441 315 947 10,950Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2021Trade receivables 8,000 1,862 1,032 278 12,366 23,538Total, gross 8,000 1,862 1,032 278 12,366 23,538Expected credit loss rate 10.06% 9.94% 28.59% 88.13% 95.29% 56.56%Expected credit loss 805 185 295 245 11,783 13,313Total, net 7,195 1,677 737 33 583 10,225Movement of accumulated expected credit losses on trade receivables(amounts in USD 1,000) 2022 2021Opening balance 13,313 12,655(Reversal)/charge for the year -211 924Written off -3,620 -266Closing balance 9,482 13,313",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__19": {
"value": "NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2022 2021Trade receivables 10,950 10,225Other current receivables 2,826 2,803Total 13,776 13,028Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2022Trade receivables 6,624 2,778 468 325 10,237 20,432Total, gross 6,624 2,778 468 325 10,237 20,432Expected credit loss rate -1.33% -2.41% -5.77% -3.08% -90.75% -46.41%Expected credit loss 88 67 27 10 9,290 9,482Total, net 6,536 2,711 441 315 947 10,950Ageing of trade receivables as at 31 Not due 1-30 days 31-60 days 61-90 days 90+ days Tota lDecember 2021Trade receivables 8,000 1,862 1,032 278 12,366 23,538Total, gross 8,000 1,862 1,032 278 12,366 23,538Expected credit loss rate 10.06% 9.94% 28.59% 88.13% 95.29% 56.56%Expected credit loss 805 185 295 245 11,783 13,313Total, net 7,195 1,677 737 33 583 10,225Movement of accumulated expected credit losses on trade receivables(amounts in USD 1,000) 2022 2021Opening balance 13,313 12,655(Reversal)/charge for the year -211 924Written off -3,620 -266Closing balance 9,482 13,313",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__40": {
"value": "NOTE 15 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSDuring 2022 and 2021 Petrolia Invest AS has invested liquid reserves in shares listed on the Oslo Stock Exchange. The table below presents details for shares in DNO International ASA, ticker DNO. The change of fair value amounting to a profit of USD 1 thousand (2021: profit of USD 52 thousand) is shown in note 8. (amounts in USD 1,000) 2022 2021DNO, shares 136,254 136,254DNO, total shares 975,432,746 975,432,746DNO, % owned 0.01% 0.01%DNO, market value (NOK 11.810 / USD 1.198) (NOK 10.455 / USD 1.185) 163 162Fair Value / Carried value (Level 1) 163 162",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__59": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS(amounts in USD 1,000) 2022 2021Bank deposits 11,867 16,133Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 223 208Sum current 237 222Total restricted cash 240 225Free cash 11,627 15,908Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 4,602 5,513Cash and bank deposits in USD 2,788 7,018Cash and bank deposits in AED 1 8Cash and bank deposits in GBP 238 69Cash and bank deposits in EUR 2,533 1,519Cash and bank deposits in NZD 224 262Cash and bank deposits in RON 1,249 1,352Cash and bank deposits in MYR 121 64Cash and bank deposits in AUD 67 308Cash and bank deposits in PGK 44 20Total 11,867 16,133Restricted cash -240 -225Total as per cash flow statement 11,627 15,908",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__28": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS(amounts in USD 1,000) 2022 2021Bank deposits 11,867 16,133Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 223 208Sum current 237 222Total restricted cash 240 225Free cash 11,627 15,908Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 4,602 5,513Cash and bank deposits in USD 2,788 7,018Cash and bank deposits in AED 1 8Cash and bank deposits in GBP 238 69Cash and bank deposits in EUR 2,533 1,519Cash and bank deposits in NZD 224 262Cash and bank deposits in RON 1,249 1,352Cash and bank deposits in MYR 121 64Cash and bank deposits in AUD 67 308Cash and bank deposits in PGK 44 20Total 11,867 16,133Restricted cash -240 -225Total as per cash flow statement 11,627 15,908",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__65": {
"value": "NOTE 17 SHARE CAPITALShare capital of Petrolia SEAuthorised Issued Nominal value Book valueBook value(amounts in USD 1,000)sharesshares20222021Shares 272,358,670 59,133,786 USD 0.10 USD 5,913 USD 5,913CHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2022 or 2021.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,831 shareholders as at 31 December 2022. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2022 and as at 24 April 2023 according to the VPS (shares with nominal value USD 0.10):Shareholders 31 December 2022 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 27,182,571 45.97%2 LARSEN OIL & GAS AS 12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES 3,789,897 6.41%4 NOCO (UK) Ltd 3,709,888 6.27%5 INCREASED OIL RECOVERY AS 3,446,624 5.83%6 TROMMESTAD, OLE 740,400 1.25%7 TOKALA AS 628,025 1.06%8 \u00d8. H. HOLDING AS 253,000 0.43%9 ELEKTROLAND NORGE AS 240,713 0.41%10 OLSEN, ROLF ARILD 215,007 0.36%11 SERIOUS AS 194,971 0.33%12 GR\u00d8NLAND, STEINAR 157,155 0.27%13 SPECTER INVEST AS 155,000 0.26%14 WEMUNDSTAD, JOHAN 150,000 0.25%15 TOSKA, KETIL 150,000 0.25%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 113,402 0.19%19 MOLY AS 100,966 0.17%20 STANDARD ELEKTRO AS 100,000 0.17%Others 5,143,184 8.71%Total no. of shares before treasury shares 59,133,786 100.00%Treasury shares 0 0.00%Total no. of shares 59,133,786 100.00%Shareholders 24 April 2023 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 1)27,182,571 45.97%2 LARSEN OIL & GAS AS 1)12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES AS1)3,789,897 6.41%4 NOCO (UK) Ltd 1)3,709,888 6.27%5 INCREASED OIL RECOVERY AS 1)3,446,624 5.83%6 TROMMESTAD, OLE 802,573 1.36%7 TOKALA AS 598,025 1.01%8 ELEKTROLAND NORGE AS 250,713 0.42%9 OLSEN, ROLF ARILD 200,007 0.34%10 \u00d8. H. HOLDING AS 200,000 0.34%11 SERIOUS AS 194,971 0.33%12 WEMUNDSTAD, JOHAN 170,000 0.29%13 SPECTER INVEST AS 155,000 0.26%14 TOSKA, KETIL 150,000 0.25%15 GR\u00d8NLAND 140,475 0.24%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 112,223 0.19%19 MOLY AS 100,966 0.17%20 VESTFOLD \u00d8KONOMI AS 100,000 0.17%Others 5,066,870 8.57%Total no. of shares before treasury shares 59,033,786 99.83%Treasury shares 100,000 0.17%Total no. of shares 59,133,786 100.00%SHARES OWNED BY MEMBERS OF THE BOARD AND OTHER PRIMARY INSIDERSThe table below shows shareholding of members of the board and key management and other related parties (shares with nominal value USD 0.10)Name Shares SharesMembers of the board and management as at: 31 December 2022 24 April 2023Berge Gerdt Larsen, Chair of the Board 1)3,789,897 3,789,897S\u00f8lve Nilsen, General manager (Norway) 202,971 202,971Total 3,992,868 3,992,8681) Berge Gerdt Larsen owns 44.95% of Increased Oil Recovery AS and his son owns the remaining 55.05%. Larsen Oil & Gas AS is a 100% owned subsidiary of Increased Oil Recovery AS. Together the two companies hold 26.82% of the shares. Increased Oil Recovery AS is a 49.58% shareholder in Independent Oil & Resources Plc, which holds 45.97% of the shares in Petrolia SE. Berge Gerdt Larsen also controls Time Critical Petroleum Resources AS which holds 6.41% of the shares in Petrolia SE and 19.68% in shares in Independent Oil & Resources Plc. Independent Oil & Resources Plc is a 38.75% indirect shareholder in NOCO (UK) Ltd. Increased Oil Recovery AS indirectly owns 38.42% in NOCO (UK) Ltd.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__61": {
"value": "NOTE 17 SHARE CAPITALShare capital of Petrolia SEAuthorised Issued Nominal value Book valueBook value(amounts in USD 1,000)sharesshares20222021Shares 272,358,670 59,133,786 USD 0.10 USD 5,913 USD 5,913CHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2022 or 2021.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,831 shareholders as at 31 December 2022. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2022 and as at 24 April 2023 according to the VPS (shares with nominal value USD 0.10):Shareholders 31 December 2022 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 27,182,571 45.97%2 LARSEN OIL & GAS AS 12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES 3,789,897 6.41%4 NOCO (UK) Ltd 3,709,888 6.27%5 INCREASED OIL RECOVERY AS 3,446,624 5.83%6 TROMMESTAD, OLE 740,400 1.25%7 TOKALA AS 628,025 1.06%8 \u00d8. H. HOLDING AS 253,000 0.43%9 ELEKTROLAND NORGE AS 240,713 0.41%10 OLSEN, ROLF ARILD 215,007 0.36%11 SERIOUS AS 194,971 0.33%12 GR\u00d8NLAND, STEINAR 157,155 0.27%13 SPECTER INVEST AS 155,000 0.26%14 WEMUNDSTAD, JOHAN 150,000 0.25%15 TOSKA, KETIL 150,000 0.25%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 113,402 0.19%19 MOLY AS 100,966 0.17%20 STANDARD ELEKTRO AS 100,000 0.17%Others 5,143,184 8.71%Total no. of shares before treasury shares 59,133,786 100.00%Treasury shares 0 0.00%Total no. of shares 59,133,786 100.00%Shareholders 24 April 2023 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 1)27,182,571 45.97%2 LARSEN OIL & GAS AS 1)12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES AS1)3,789,897 6.41%4 NOCO (UK) Ltd 1)3,709,888 6.27%5 INCREASED OIL RECOVERY AS 1)3,446,624 5.83%6 TROMMESTAD, OLE 802,573 1.36%7 TOKALA AS 598,025 1.01%8 ELEKTROLAND NORGE AS 250,713 0.42%9 OLSEN, ROLF ARILD 200,007 0.34%10 \u00d8. H. HOLDING AS 200,000 0.34%11 SERIOUS AS 194,971 0.33%12 WEMUNDSTAD, JOHAN 170,000 0.29%13 SPECTER INVEST AS 155,000 0.26%14 TOSKA, KETIL 150,000 0.25%15 GR\u00d8NLAND 140,475 0.24%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 112,223 0.19%19 MOLY AS 100,966 0.17%20 VESTFOLD \u00d8KONOMI AS 100,000 0.17%Others 5,066,870 8.57%Total no. of shares before treasury shares 59,033,786 99.83%Treasury shares 100,000 0.17%Total no. of shares 59,133,786 100.00%SHARES OWNED BY MEMBERS OF THE BOARD AND OTHER PRIMARY INSIDERSThe table below shows shareholding of members of the board and key management and other related parties (shares with nominal value USD 0.10)Name Shares SharesMembers of the board and management as at: 31 December 2022 24 April 2023Berge Gerdt Larsen, Chair of the Board 1)3,789,897 3,789,897S\u00f8lve Nilsen, General manager (Norway) 202,971 202,971Total 3,992,868 3,992,8681) Berge Gerdt Larsen owns 44.95% of Increased Oil Recovery AS and his son owns the remaining 55.05%. Larsen Oil & Gas AS is a 100% owned subsidiary of Increased Oil Recovery AS. Together the two companies hold 26.82% of the shares. Increased Oil Recovery AS is a 49.58% shareholder in Independent Oil & Resources Plc, which holds 45.97% of the shares in Petrolia SE. Berge Gerdt Larsen also controls Time Critical Petroleum Resources AS which holds 6.41% of the shares in Petrolia SE and 19.68% in shares in Independent Oil & Resources Plc. Independent Oil & Resources Plc is a 38.75% indirect shareholder in NOCO (UK) Ltd. Increased Oil Recovery AS indirectly owns 38.42% in NOCO (UK) Ltd.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__51": {
"value": "NOTE 17 SHARE CAPITALShare capital of Petrolia SEAuthorised Issued Nominal value Book valueBook value(amounts in USD 1,000)sharesshares20222021Shares 272,358,670 59,133,786 USD 0.10 USD 5,913 USD 5,913CHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2022 or 2021.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,831 shareholders as at 31 December 2022. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2022 and as at 24 April 2023 according to the VPS (shares with nominal value USD 0.10):Shareholders 31 December 2022 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 27,182,571 45.97%2 LARSEN OIL & GAS AS 12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES 3,789,897 6.41%4 NOCO (UK) Ltd 3,709,888 6.27%5 INCREASED OIL RECOVERY AS 3,446,624 5.83%6 TROMMESTAD, OLE 740,400 1.25%7 TOKALA AS 628,025 1.06%8 \u00d8. H. HOLDING AS 253,000 0.43%9 ELEKTROLAND NORGE AS 240,713 0.41%10 OLSEN, ROLF ARILD 215,007 0.36%11 SERIOUS AS 194,971 0.33%12 GR\u00d8NLAND, STEINAR 157,155 0.27%13 SPECTER INVEST AS 155,000 0.26%14 WEMUNDSTAD, JOHAN 150,000 0.25%15 TOSKA, KETIL 150,000 0.25%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 113,402 0.19%19 MOLY AS 100,966 0.17%20 STANDARD ELEKTRO AS 100,000 0.17%Others 5,143,184 8.71%Total no. of shares before treasury shares 59,133,786 100.00%Treasury shares 0 0.00%Total no. of shares 59,133,786 100.00%Shareholders 24 April 2023 No. of shares Shareholding1 INDEPENDENT OIL & RESOURCES PLC 1)27,182,571 45.97%2 LARSEN OIL & GAS AS 1)12,410,177 20.99%3 TIME CRITICAL PETROLEUM RESOURCES AS1)3,789,897 6.41%4 NOCO (UK) Ltd 1)3,709,888 6.27%5 INCREASED OIL RECOVERY AS 1)3,446,624 5.83%6 TROMMESTAD, OLE 802,573 1.36%7 TOKALA AS 598,025 1.01%8 ELEKTROLAND NORGE AS 250,713 0.42%9 OLSEN, ROLF ARILD 200,007 0.34%10 \u00d8. H. HOLDING AS 200,000 0.34%11 SERIOUS AS 194,971 0.33%12 WEMUNDSTAD, JOHAN 170,000 0.29%13 SPECTER INVEST AS 155,000 0.26%14 TOSKA, KETIL 150,000 0.25%15 GR\u00d8NLAND 140,475 0.24%16 REPPEN, JON CHARLES 137,806 0.23%17 \u00d8RNES AS 115,000 0.19%18 NORDNET LIVSFORSIKRING AS 112,223 0.19%19 MOLY AS 100,966 0.17%20 VESTFOLD \u00d8KONOMI AS 100,000 0.17%Others 5,066,870 8.57%Total no. of shares before treasury shares 59,033,786 99.83%Treasury shares 100,000 0.17%Total no. of shares 59,133,786 100.00%SHARES OWNED BY MEMBERS OF THE BOARD AND OTHER PRIMARY INSIDERSThe table below shows shareholding of members of the board and key management and other related parties (shares with nominal value USD 0.10)Name Shares SharesMembers of the board and management as at: 31 December 2022 24 April 2023Berge Gerdt Larsen, Chair of the Board 1)3,789,897 3,789,897S\u00f8lve Nilsen, General manager (Norway) 202,971 202,971Total 3,992,868 3,992,8681) Berge Gerdt Larsen owns 44.95% of Increased Oil Recovery AS and his son owns the remaining 55.05%. Larsen Oil & Gas AS is a 100% owned subsidiary of Increased Oil Recovery AS. Together the two companies hold 26.82% of the shares. Increased Oil Recovery AS is a 49.58% shareholder in Independent Oil & Resources Plc, which holds 45.97% of the shares in Petrolia SE. Berge Gerdt Larsen also controls Time Critical Petroleum Resources AS which holds 6.41% of the shares in Petrolia SE and 19.68% in shares in Independent Oil & Resources Plc. Independent Oil & Resources Plc is a 38.75% indirect shareholder in NOCO (UK) Ltd. Increased Oil Recovery AS indirectly owns 38.42% in NOCO (UK) Ltd.",
"dimensions": {
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"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__26": {
"value": "NOTE 18 BOND LOANSAS AT 31 DECEMBER THE GROUP HAD THE FOLLOWING BOND LOANS:Average in-Effective2022 2021terest rateinterest rate(amounts in USD 1,000)Gross outstanding ISIN: NO 001075576.2 6.00% 6.00% 0 4,620Of which Group owns 0 0Book value 31.12. 0 4,620Split between long term and short term portion of bond loan 31.12.2022: Long term portion Short term portion Total bond loanISIN: NO 001075576.2 0 0 0Book value 31.12. 0 0 0Split between long term and short term portion of bond loan 31.12.2021: Long term portion Short term portion Total bond loanISIN: NO 001075576.2 0 4,620 4,620Book value 31.12. 0 4,620 4,620The outstanding bond of USD 4,620,353 and interest were repaid upon maturity on 21 July 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__52": {
"value": "NOTE 19 LEASESGROUP AS LESSEEThe Group has lease contracts in respect of equipment and land & buildings. The leases expire between 1 and 4 years for equipment and between 1 and 7 years for land & buildings. Various extension options are attached.Set out below are the carrying amounts of lease liabilities and the movements during the period:(amounts in USD 1,000) 2022 2021Lease liabilityAs at 1 January 13,057 12,422Additions 5,452 3,311Modifications 1,488 1,092Interest 835 709Translation difference -785 -216Payments -5,228 -4,261As at 31 December 14,819 13,057Current 4,989 3,653Non-current 9,830 9,404Set out below are the carrying amounts of lease liabilities per currency:(amounts in USD 1,000) 2022 2021NOK 10,294 7,300USD 101 0EUR 964 1,286NZD 72 120AUD 2,849 3,706RON 83 84MYR 141 193GBP 315 368As at 31 December 14,819 13,057A carrying amount of USD 6.8 million (2021: USD 4.6 million) relates to equipment, and there are no options to extend or terminate. The lease term varies from 1 to 4 years and the average incremental borrowing rate used in the lease calculations is 5% (2021: 5%).A carrying amount of USD 8.0 million (2021:USD 8.4 million) relates to rental of offices.In most of the rental agreements there are options to extend. The lease term varies from1 to 7 years and the average incrementalborrowing rate used in the lease calculationsis 5% (2021: 5%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__63": {
"value": "NOTE 20 TRADE AND OTHER PAYABLES(amounts in USD 1,000) 2022 2021Trade payables 3,381 5,354Total trade payables 3,381 5,354Other payablesAccrued bond interests 0 124Other current liabilities 4,840 5,760Total other payables 4,840 5,884Total trade and other payables 8,221 11,238",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__18": {
"value": "NOTE 20 TRADE AND OTHER PAYABLES(amounts in USD 1,000) 2022 2021Trade payables 3,381 5,354Total trade payables 3,381 5,354Other payablesAccrued bond interests 0 124Other current liabilities 4,840 5,760Total other payables 4,840 5,884Total trade and other payables 8,221 11,238",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__95": {
"value": "NOTE 21 BANK LOAN AND OVERDRAFTCurrent liabilities Interest Maturity Security Effective interest rate 2022 2021(amounts in USD 1,000)Bank loan GBP 50,000 Fixed 0% first year, June 2026 None 1.78% 6 7thereafter 2.5%Bank loan AUD 680,000 Fixed 3.04% June 2025 Equipment 3.08% 115 99Total 121 106Non-current liabilities Interest Maturity Security Effective interest rate 2022 2021(amounts in USD 1,000)Bank loan GBP 50,000 Fixed 0% first year, June 2026 None 1.78% 45 57thereafter 2.5%Bank loan AUD 680,000 Fixed 3.04% June 2025 Equipment 3.08% 180 247Total 225 304The group has one unused overdraft facility of EUR 350 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__55": {
"value": "NOTE 22 CAPITAL MANAGEMENTCAPITAL STRUCTURE AND EQUITYFor the purpose of the Group's capital man-agement, capital includes issued capital, share premium and all the equity reserves attribut-able to the equity holders of the parent. The main objectives of the Group when monitoring capital are to safeguard the Group\u2019s ability to maintain favourable loan terms from the lenders in accordance with the Group\u2019s op-erations. By maintaining a satisfactory debt ratio and meeting its loan covenants, the Group is supporting the current operations and maximising the Group\u2019s value accordingly.The Group is managing the capital structure and making necessary adjustments based on a continuous assessment of the financial conditions that the enterprise is subject to and the present short and medium term prospects. The capital structure is managed through purchase of treasury shares, reduction of share capital, issuing new shares or through dividend policy.(amounts in USD 1,000) 2022 2021Equity of majority 36,390 37,441Bank loan 346 410Bond loan 0 4,620Leases 14,819 13,057Trade payables 3,381 5,354Other payables 5,328 5,994Less free cash -11,627 -15,908Net debt 12,247 13,527Equity and net debt 48,637 50,968Debt ratio 25% 27%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__32": {
"value": "Credit riskThe Group is primarily exposed to credit risk related to trade receivables, other receiva-bles, loans receivable and cash at bank. The maximum risk exposure is represented by the carrying value of trade receivables and other receivables referred to in note 14, loan receivable shown in note 13 and cash at bank in note 16.The Group\u2019s revenues arise from a limited number of transactions and customers and therefore credit risk is transparent. Management has assessed the collectability of receivables and do not expect losses other than the expected credit allowance already provided in line with the accounting policy. No expected credit loss was provided for the loan receivable as the associate is in net asset position financially supported by its shareholders to enable it to continue its exploration and production activity and ECL was estimated to be insignificant. Refer also to note 14.The Group does not hold any collateral as security for its receivables.The Group assesses, on an individual basis, its exposure to credit risk arising from other receivables. Management estimated the im-pairment loss at 31 December 2022 of other receivables to be immaterial.The Group assesses, on an individual basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, rat-ings from external credit rating institutions.Management applies the IFRS 9 general approach. Bank balances were assessed as performing (Stage 1). The ECL on bank accounts is considered to be immaterial, as the cash at bank are held with banks with investment grade rating. Management esti-mated the impairment loss at 31 December 2022 to be immaterial.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__42": {
"value": "NOTE 23 FINANCIAL RISK MANAGEMENTFinancial risk factors and categories of financial instrumentsThe Group uses financial instruments such as bond loans, bank loans and over-drafts, financial leases and borrowings from related parties. The purpose of these financial instruments is to provide capital for investments necessary for the Group\u2019s activities. In addition the Group has finan-cial instruments like trade receivables and trade payables which are directly connected to the current operations of the Group. The Group has no derivative financial in-struments, neither for hedging nor trading purposes. Except from the financial assets at fair value, all the financial assets are categorised as loans, receivables and cash and cash equivalent and are measured at amortised cost. In 2022 and 2021 the Group has invested in shares listed on the Oslo Stock Exchange.Profit and loss effects from financial in-struments measured at fair value through profit and loss are disclosed in note 15. Impairment on financial instruments con-cerns mainly loans to associated company and trade receivables and are disclosed in notes 13 and 14 respectively and under Credit risk below. The Group\u2019s activities expose it to a variety of financial risks: credit risk, interest risk, liquidity risk and currency risk. The Group\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance.The Group\u2019s management is currently mon-itoring the risk related to credit, interest rate, liquidity and foreign exchange. The Group is subject to a balanced exposure through income and expenses in USD and NOK and financing in USD and NOK. The Group has a fixed rate on the major part of interest bearing liabilities, which limits the cash flow interest rate risk. The credit risk which the Group is exposed to is acceptable.Credit riskThe Group is primarily exposed to credit risk related to trade receivables, other receiva-bles, loans receivable and cash at bank. The maximum risk exposure is represented by the carrying value of trade receivables and other receivables referred to in note 14, loan receivable shown in note 13 and cash at bank in note 16.The Group\u2019s revenues arise from a limited number of transactions and customers and therefore credit risk is transparent. Management has assessed the collectability of receivables and do not expect losses other than the expected credit allowance already provided in line with the accounting policy. No expected credit loss was provided for the loan receivable as the associate is in net asset position financially supported by its shareholders to enable it to continue its exploration and production activity and ECL was estimated to be insignificant. Refer also to note 14.The Group does not hold any collateral as security for its receivables.The Group assesses, on an individual basis, its exposure to credit risk arising from other receivables. Management estimated the im-pairment loss at 31 December 2022 of other receivables to be immaterial.The Group assesses, on an individual basis, its exposure to credit risk arising from cash at bank. This assessment takes into account, rat-ings from external credit rating institutions.Management applies the IFRS 9 general approach. Bank balances were assessed as performing (Stage 1). The ECL on bank accounts is considered to be immaterial, as the cash at bank are held with banks with investment grade rating. Management esti-mated the impairment loss at 31 December 2022 to be immaterial.Interest rate riskThe Group is exposed to interest rate risk through its financing activities (refer to notes 18, 19 and 21). Part of the interest-bearing liabilities is based on floating rates which imply that the Group is exposed to changes in the interest rate level.The Group\u2019s interest rate risk management aims at reducing the interest expenses and at the same time the volatility of future interest payments is kept within acceptable frames. As at 31 December 2022 the Group\u2019s bank loans have fixed interest, while the lease obliga-tions are subject to floating rates of interest.Sensitivity for changes in interest rate level (amounts in USD 1,000) Changes in interest rate Impact on result Impact on level in basic itemsbefore taxequity2022 +50 -1 -12021 +50 16 13Further information regarding the interest rate conditions of the Group\u2019s financing is given in notes 13, 18, 19 and 21.Liquidity riskLiquidity risk is the risk that the Group may not be able to meet its financial liabilities as they fall due. The Group\u2019s strategy of handling liquidity risk is to have sufficient liquidity at all times to pay any liability on maturity, in both normal and extraordinary circumstances.The table below states the maturity profile of the financial liabilities recognised as at 31 December 2022 and 2021.As at 31st of December 2022 < 1 year 1-5 years > 5 years TotalTrade payables 3,381 0 0 3,381Leasing (including interest) 5,435 10,692 260 16,387Bank loan (including interests) 130 239 0 369Other liabilities 4,840 0 0 4,840Total 13,786 10,931 260 24,977As at 31st of December 2021 < 1 year 1-5 years > 5 years TotalTrade payables 5,354 0 0 5,354Bond loans (including interest) 4,782 0 0 4,782Leasing (including interest) 4,034 10,800 389 15,223Bank loan (including interests) 118 336 0 454Other liabilities 5,760 110 0 5,870Total 20,048 11,246 389 31,683Foreign exchange riskThe Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities. Foreign exchange risk arises when future commer-cial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is exposed to exchange rate fluctua-tions connected to the value of NOK relative to USD due to the fact that the Group has mainly income and operating expenses in USD while parts of the financing and some assets are denominated in NOK.The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. The table below illustrates the Group\u2019ssensitivity related to reasonable changes in the currency rate between USD and NOK. The Group's main exposure to NOK is from the loan receivable amounting to USD 4.4 million (2021: USD 6.6 million) as shown in note 13, cash at bank amounting to USD 4.6 million (2021: USD 5.5 million) and lease liabilities amounting to USD 10.3 million (2021: USD 7.3 million) as shown in note 19. Changes in other currencies will not have material impact on the profit & loss.Changes in the exchange rate of NOK Impact on result before taxes Impact on equity2022 5 % 110 85-10 % -218 -1702021 5 % 397 310-10 % -795 -620CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES2022 1 January 2022 Instalment Translation New lease/ Interest 31 December differencedraw down2022Current / Non-current Bond loan 4,620 -4,620 0 0 0 0Bank loan 304 0 42 0 0 346Lease liabilities 13,057 -4,393 -785 6,940 0 14,819Total 17,981 -9,013 -743 6,940 0 15,1652021 1 January 2021 Instalment Translation New lease/ Interest 31 December differencedraw down2021Current / Non-current Bond loan 4,620 0 0 0 0 4,620Non-current Bank loan 438 -31 -103 0 0 304Lease liabilities 12,422 -4,261 -216 4,403 709 13,057Total 17,480 -4,292 -319 4,403 709 17,981FAIR VALUEExcept financial assets at fair value through profit or loss and financial assets through OCI, all financial instruments are measured at amortised cost. Fair values of bonds and loans receivable are based on management's estimates by reference to other listed bonds and loans with similar characteristics. The table on the next page shows a comparison of book values and fair values of the bond . The carrying amount of loan receivable ap-proximates its fair value. The carrying value of cash and cash equivalents approximate the fair value owing to the fact that these instru-ments have short maturity. Correspondingly, the carrying value of the trade receivables and trade payables approximate the fair value as they are established at normal terms and doubtful receivables are impaired by recording impairment loss. The carrying value of financial leases approximate their fair value as they made with third parties and carried interest at floating rates.FAIR VALUE HIERARCHYThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.\u2022 2: Other techniques for which all inputs which have a significant effect on the re-corded fair value are observable, either directly or indirectly.\u2022 Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines wheth-er transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is sig-nificant to the fair value measurement as a whole) at the end of each reporting period.The Group uses fair value through profit and loss only on listed shares. Fair value is determined by the quoted (unadjusted) prices in the market (Level 1). The carrying amount as at 31 December 2022 was USD 163 thousand. The fair value of financial asset through OCI was determined by the prices of recent transactions with 3rd par-ties (level 2).COMPARISON OF CARRYING AMOUNTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS OTHER THAN THOSE WITH CARRYING AMOUNTS THAT ARE REASONABLE APPROXIMATIONS OF FAIR VALUES:Bond loan - fair value (Note 18) 2022 2021Net outstanding, USD 1,000Book value 0 4,620Fair value (Level 3) 0 4,52898%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__53": {
"value": "Liquidity riskLiquidity risk is the risk that the Group may not be able to meet its financial liabilities as they fall due. The Group\u2019s strategy of handling liquidity risk is to have sufficient liquidity at all times to pay any liability on maturity, in both normal and extraordinary circumstances.The table below states the maturity profile of the financial liabilities recognised as at 31 December 2022 and 2021.As at 31st of December 2022 < 1 year 1-5 years > 5 years TotalTrade payables 3,381 0 0 3,381Leasing (including interest) 5,435 10,692 260 16,387Bank loan (including interests) 130 239 0 369Other liabilities 4,840 0 0 4,840Total 13,786 10,931 260 24,977As at 31st of December 2021 < 1 year 1-5 years > 5 years TotalTrade payables 5,354 0 0 5,354Bond loans (including interest) 4,782 0 0 4,782Leasing (including interest) 4,034 10,800 389 15,223Bank loan (including interests) 118 336 0 454Other liabilities 5,760 110 0 5,870Total 20,048 11,246 389 31,683",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__29": {
"value": "The Group does not hold any collateral as security for its receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__35": {
"value": "Foreign exchange riskThe Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the NOK. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities. Foreign exchange risk arises when future commer-cial transactions or recognised assets or liabilities are denominated in a currency that is not the entity\u2019s functional currency. The Group is exposed to exchange rate fluctua-tions connected to the value of NOK relative to USD due to the fact that the Group has mainly income and operating expenses in USD while parts of the financing and some assets are denominated in NOK.The Group has certain investments in foreign operations, whose net assets are exposed to foreign currency translation risk. The table below illustrates the Group\u2019ssensitivity related to reasonable changes in the currency rate between USD and NOK. The Group's main exposure to NOK is from the loan receivable amounting to USD 4.4 million (2021: USD 6.6 million) as shown in note 13, cash at bank amounting to USD 4.6 million (2021: USD 5.5 million) and lease liabilities amounting to USD 10.3 million (2021: USD 7.3 million) as shown in note 19. Changes in other currencies will not have material impact on the profit & loss.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__39": {
"value": "FAIR VALUEExcept financial assets at fair value through profit or loss and financial assets through OCI, all financial instruments are measured at amortised cost. Fair values of bonds and loans receivable are based on management's estimates by reference to other listed bonds and loans with similar characteristics. The table on the next page shows a comparison of book values and fair values of the bond . The carrying amount of loan receivable ap-proximates its fair value. The carrying value of cash and cash equivalents approximate the fair value owing to the fact that these instru-ments have short maturity. Correspondingly, the carrying value of the trade receivables and trade payables approximate the fair value as they are established at normal terms and doubtful receivables are impaired by recording impairment loss. The carrying value of financial leases approximate their fair value as they made with third parties and carried interest at floating rates.FAIR VALUE HIERARCHYThe Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:\u2022 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities.\u2022 2: Other techniques for which all inputs which have a significant effect on the re-corded fair value are observable, either directly or indirectly.\u2022 Level 3: Techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data.For assets and liabilities that are recognised in the consolidated financial statements on a recurring basis, the Group determines wheth-er transfers have occurred between levels in the hierarchy by re-assessing categorisation (based on the lowest level input that is sig-nificant to the fair value measurement as a whole) at the end of each reporting period.The Group uses fair value through profit and loss only on listed shares. Fair value is determined by the quoted (unadjusted) prices in the market (Level 1). The carrying amount as at 31 December 2022 was USD 163 thousand. The fair value of financial asset through OCI was determined by the prices of recent transactions with 3rd par-ties (level 2).COMPARISON OF CARRYING AMOUNTS AND FAIR VALUES OF FINANCIAL INSTRUMENTS OTHER THAN THOSE WITH CARRYING AMOUNTS THAT ARE REASONABLE APPROXIMATIONS OF FAIR VALUES:Bond loan - fair value (Note 18) 2022 2021Net outstanding, USD 1,000Book value 0 4,620Fair value (Level 3) 0 4,52898%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__58": {
"value": "NOTE 24 RELATED PARTIESLARSEN OIL & GAS AS (LOG AS) AND IN-CREASED OIL RECOVERY AS (IOR AS) AND KVER ASIOR AS is the 100% owner of LOG AS and Kver AS. Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest of 44.95% in IOR AS and is the Chairman of the board in IOR AS and LOG AS. The Company has an office support agreement with LOG AS. The annual cost coverage was NOK 1.3 million (USD 137,229) in 2022. The annual cost coverage was NOK 1.3 million (USD 151,261) in 2021.The Company has an office lease agreement with Kver AS. Annual office rent is NOK 1.2 million (USD 130,965). In 2022 shared costs amounted to NOK 1.6 million (USD 172,859). In 2021 annual office rent was NOK 0.6 million (USD 75,927) and shared costs were NOK 0.2 million (USD 27,884).PETROLIA NOCO ASThe Group has granted a loan to Petrolia NOCO AS (owned 49.9%). The loan is denominated in NOK and carried an interest rate of 10% in 2022. The loan has maturity date on 10 December 2023 (Note 13) but maturity is planned to be extended by one year. The investment in the associated com-pany is shown in note 12.MOUNTWEST PETROLEUM LTD.The group has an office lease agreement with Mountwest Petroleum Ltd. Annual office rent is GBP 51,700 (USD 71,159). Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest in Mountwest Petroleum Ltd.DIRECTOR FEESDirector fees are shown in note 6.TIME CRITICAL PETROLEUM AS, INCREASED OIL RECOVERY AS AND INDEPENDENT OIL AND RESOURCES PLC Refer to note 28 regarding the purchase of the remaining shares in CO2 Management AS. Mr. Berge Gerdt Larsen, Chairman of the Board has economic interest in the companies that sold their shares in CO2 Management AS.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__54": {
"value": "NOTE 25 MATERIAL PARTLY OWNED SUBSIDIARIESIndependent Oil Tools Independent Oil Tools Iraq Catch Fishing Services BVDOSCO BVfor General Trading Co. LtdThe NetherlandsThe NetherlandsIraq2022 2021 2022 2021 2021Proportion of equity interest held by non-con-30% 30% 39% 39% 10% 10%trolling interest Accumulated balances of material non-con-2,057 1,712 875 448 118 60trolling interestProfit/(loss) allocated to material non-con-440 107 427 -70 69 57trolling interestComprehensive income/(loss) allocated to 359 -36 427 -70 66 54material non-controlling interestThe summarised financial information of these subsidiaries are provided below. This information is based on amounts before inter-company eliminations.Summarised statement of profit or loss 2022 2021 2022 2021 2022 2021Revenue 12,648 7,717 16,711 12,350 2,405 2,391Cost of sales -8,412 -5,518 -9,475 -7,712 -515 -628Administrative expenses -2,226 -1,594 -4,885 -3,270 -1,203 -1,189Depreciation -379 -341 -1,002 -931 0 0Finance income /(costs) 142 150 11 94 -2 -3Profit/(loss) before tax 1,772 413 1,361 -78 685 571Income tax -305 0 -266 -100 0 0Profit/(loss) for the year 1,467 357 1,095 -178 685 571Exchange differences -272 -475 0 0 -25 -27Total comprehensive income/(loss) 1,195 -119 1,095 -178 660 544Attributable to non-controlling interest 359 -36 427 -70 66 54Dividends paid to non-controlling interest 0 0 0 0 0 0Summarised statement of financial position 2022 2021 2022 2021 2022 2021Current assets 5,625 4,302 4,638 5,172 962 1,235Non-current assets 1,150 1,026 4,515 5,385 0 0Current liabilities -83 -379 6,909 9,407 -220 637Non-current liabilities 0 0 0 0 0 0Total equity 6,858 5,708 2,244 1,150 1,182 597Attributable to:- Equity holders of parent 4,801 3,996 1,369 701 1,064 537- Non-controlling interest 2,057 1,712 875 448 118 60",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__48": {
"value": "NOTE 26 INVENTORIES(Amounts in USD 1,000)2022 2021Spare parts (at lower of cost and net realisable value) 118 99Finished goods (at lower of cost and net realisable value) 1,847 1,834Total inventories 1,965 1,933Finished goods represent OilService equip-ment held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__38": {
"value": "NOTE 29 EVENTS AFTER THE REPORTING PERIOD",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__47": {
"value": "NOTE 28 BUSINESS COMBINATIONSAS (26.2%), Increased Oil Recovery AS (26.2%) and Independent Oil and Resources PLC (19.2%). There were no business combi-nations in 2022.ASSETS (Amounts in USD 1,000) Fair value recognisedon acquisitionOilService and other equipment 8Other financial assets 178Deferred tax assets 143Other current receivables 2Free cash 89Restricted cash 15TOTAL ASSETS 435Other current liabilities -170Total identifiable net assets at fair value 265Non-controlling interest measured at fair value 190Purchase consideration transferred 439Goodwill arising on acquisition 249In March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company is now a 100% owned subsidiary of the Group.There have been no other significant events after the balance sheet date.In 2021, Petrolia SE acquired outstanding 71.5% of associated company CO2 Management AS. The company is the primary vehicle for developing new business opportunities under Petrolia\u2019s Decarbonisation Strategy. The purchase price was identical to the price in the latest capital increase in CO2 Management AS in March 2020. Total consideration was NOK 3.7 million (USD 439 thousand). The sellers were related parties Time Critical Petroleum",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"s11_notes__6__27": {
"value": "NOTE 28 BUSINESS COMBINATIONSAS (26.2%), Increased Oil Recovery AS (26.2%) and Independent Oil and Resources PLC (19.2%). There were no business combi-nations in 2022.ASSETS (Amounts in USD 1,000) Fair value recognisedon acquisitionOilService and other equipment 8Other financial assets 178Deferred tax assets 143Other current receivables 2Free cash 89Restricted cash 15TOTAL ASSETS 435Other current liabilities -170Total identifiable net assets at fair value 265Non-controlling interest measured at fair value 190Purchase consideration transferred 439Goodwill arising on acquisition 249In March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company is now a 100% owned subsidiary of the Group.There have been no other significant events after the balance sheet date.In 2021, Petrolia SE acquired outstanding 71.5% of associated company CO2 Management AS. The company is the primary vehicle for developing new business opportunities under Petrolia\u2019s Decarbonisation Strategy. The purchase price was identical to the price in the latest capital increase in CO2 Management AS in March 2020. Total consideration was NOK 3.7 million (USD 439 thousand). The sellers were related parties Time Critical Petroleum",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}