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"s8_notes__6__18": {
"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 18. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and parent financial state-ments 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 2024 and remains confident in the Group\u2019s ability to continue 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__19": {
"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 18.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_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 26th of April 2024 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 2023 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.NOTE 2 MATERIAL 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 18. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and parent financial state-ments 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 2024 and remains confident in the Group\u2019s ability to continue 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 2023. 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: \u2022 power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 exposure, or rights, to variable returns from its involvement with the investee \u2022 ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement(s) with the other vote holders of the investee \u2022 rights arising from other contractual arrangements \u2022 the Group\u2019s voting rights and potential voting 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 de-recognises 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 MATERIAL ACCOUNTING POLICIESThe material 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 for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.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.b) Investment in associatesThe group holds an interest in an associate, Petrolia NOCO AS. The financial statements of the associate are prepared for the same reporting period as the Group. The accounting policies of the company are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. Thus, reversals of impairments may effectively include reversal of goodwill impairments. If an entity\u2019s share of losses of an associate equals or exceeds its interest in the associate, the entity discontinues recognising its share of further losses. The interest in an associate is the carrying amount of the investment in the associate determined using the equity method together with any long-term interests that, in substance, form part of the entity\u2019s net investment in the associate or joint venture. Impairments and reversals are presented within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.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:\u2022 assets and liabilities in each statement of financial position presented are translated at the closing rate;\u2022 income and expenses in each income statement are translated at the average exchange rates for the period;\u2022 all resulting exchange differences are recognised in the statement of compre-hensive income and as a separate item of equity (recycled to income statement upon disposal of the underlying investments).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 to acquire, on their behalf, goods from ex-ternal suppliers. The Group is acting as principal in these arrangements be-cause it typically controls the goods before transferring them to the custom-er. The performance obligation is satisfied upon receipt of the goods by the customer and payment is generally due 30 to 90 days upon that date.Sales of equipment:When the group sells equipment directly to customer the performance obligation is sat-isfied at delivery and payment is generally due 30-90 days upon 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 impairment.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost 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. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the Group determines whether climate-related legis-lation and regulations might impact either the useful life or residual values, e.g., by banning or restricting the use of the Group\u2019s fossil fuel-driven machinery and equipment or imposing additional energy efficiency re-quirements on the Group\u2019s buildings and office properties. No changes were made after these evaluations.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 equipment lost in hole or damaged by customers are determined by comparing the proceeds with the carrying amount and are recognised net within \u2018other revenue\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 Energy service 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. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the in-terest 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 assetsFinancial 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 component are measured at the transaction price de-termined under IFRS 15.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 princi-pal 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 de-recognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables, cash at bank and loan to an associate.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.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 liabilitiesAll 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.Financial liabilities at amortised costThis is the category most relevant to the Group. Interest-bearing loans are initially measured at fair value and are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income statement when the liabilities are de-recognised 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 trade and other payables and bank loan. For more in-formation, refer to Note 20 and 21.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.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.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.CLIMATE-RELATED MATTERS The Group considers climate-related matters in estimates and assumptions, where appro-priate. This assessment includes a wide range of possible impacts on the group due to both physical and transition risks. Even though the Group believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements. Even though cli-mate-related risks might not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, such as new climate-related legislation. The items and considerations that are most directly impacted by climate-related matters are: \u2022 Useful life of property, plant and equip-ment. When reviewing the residual values and expected useful lives of assets, the Group considers climate-related matters, such as climate-related legislation and regulations that may restrict the use of assets or require significant capital expenditures of non-financial assets. Refer to the accounting policies in sec-tion Property, Plant and Equipment.\u2022 Impairment of non-financial assets. The value-in-use may be impacted in sev-eral different ways by transition risk in particular, such as climate-related legislation and regulations and changes in demand for the Group\u2019s products. Even though the Group has concluded that no single climate-related assump-tion is a key assumption for the 2023 test of impairment, the Group consid-ered expectations for increased costs of emissions and cost increases due to stricter recycling requirements in the cash-flow forecasts in assessing value-in-use amounts. Refer to note 11 for further information.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 2023:\u2022 Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinc-tion between changes in accounting estimates, changes in accounting policies and the correc-tion of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group\u2019s consolidated financial statements.\u2022 Disclosure of Accounting Policies -Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to account-ing policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replac-ing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. \u2022 IFRS 17 Insurance Contracts IFRS 17 Insurance Contracts is a com-prehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclo-sure. IFRS 17 replaces 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 overall objective of IFRS 17 is to pro-vide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach) \u2022 A simplified approach (the premium allo-cation approach) mainly for short-duration contracts.The new standard had no impact on the Group\u2019s consolidated financial statements.\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities.The amendments had no impact on the Group\u2019s consolidated financial statements.\u2022 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been intro-duced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements.The amendments had no impact on the Group\u2019s consolidated financial statements.New and revised IFRS in issue but not yet effectiveThe 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, apart from IFRS 18 as disclosed below.(i) Issued by the IASB and adopted by the European Union\u2022 IAS 1 Presentation of FinancialStatements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied ret-rospectively 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 amendments 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 instruments 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 clas-sification. 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. \u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)The amendments are effective for annual re-porting 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. (ii) Issued by the IASB but not yet adopted by the European Union\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements(Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments supplement requirements already in IFRS and require an entity to dis-close the terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the beginning and end of reporting period the carrying amounts of supplier finance arrangement financial liabilities and the line items in which those liabilities are presented as well as the carrying amounts of financial liabilities and line items, for which the finance providers have already settled the corresponding trade payables. Entities should also disclose the type and effect of non-cash changes in the carrying amounts of supplier finance arrange-ment financial liabilities, which prevent the carrying amounts of the financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the finance providers and for comparable trade payables that are not part of those arrangements. \u2022 IAS 21 The Effects of Changes in ForeignExchange Rates: Lack of Exchangeability (Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2025, with earlier application permitted. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A cur-rency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mecha-nism in which an exchange transaction would create enforceable rights and obligations. If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity\u2019s objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique.\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.\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial StatementsOn 9 April 2024, the IASB issued the IFRS 18 \u2013 Presentation and Disclosure in Financial Statements which replaces IAS 1 \u2013 Presentation of Financial Statements. IFRS 18 is the result of the IASB\u2019s Primary Financial Statements project and it becomes effective for annual reporting periods beginning on or after January 1, 2027. Management will analyse the requirements of the new standard and assess its impact upon becoming effective.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 whether the drilling equip-ment, land rigs and land and buildings have suffered any impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use.The value in use calculations are based on discounted cash flow models. The cash flows are based on present levels and adjusted for expected growth or decline. 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 increased 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 2023, 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 1.7 million (2022: USD 1.5 million).NOTE 4 ORGANISATIONNOTE 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:Non-current tangible assets include Land and buildings, Energy Service and other equipment and Land rigs.RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubing. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the Group 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 interest income from the Energy segment is shown in note 8 and the share of result in note 12.NOTE 6 WAGES COSTNOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe total fees charged by the statutory audit firm for the statutory audit of the Parent's separate and consolidated annual financial statements for the year ended 31 December 2023 amounted to USD 156,357 (2022: USD 143,991). The total fees charged by the statutory audit firm for the year ended 31 December 2023 for tax advisory services amounted to USD 12,060 (2022: 3,040) and for other non audit services and prior years amounted to USD 7,591 (2022: nil). The statutory audit firm fees disclosed exclude irrevocable VAT.NOTE 8 SPECIFICATION OF FINANCIAL ITEMSNOTE 9 INCOME TAXChange in deferred tax is nil from tax losses (2022: USD -213 thousand) and USD -349 thousand from temporary differences (2022: USD -169 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 car-ry-forward tax losses in Norway. Temporary differences regarding non-cur-rent assets are primarily caused by 1) for property, plant and equipment; different depreciation and gains/losses profiles be-tween accounts and tax filings and 2) some unrealised currency gains or losses are included in the accounts but not in the tax filings. Temporary differences regarding current assets are primarily regarding impairments of receivables. For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD. The tax rate is 22%.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 12.8 million (2022: USD 13.0 million) with a tax value of USD 2.8 million (2022: USD 2.9 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.USD 52 thousand is carried as a liability regarding temporary differences on plant and equipment and on exchange differences in Malaysia where a tax rate of 24% has been applied.NOTE 10 EARNINGS PER SHAREThe Company has no outstanding or authorised stock options, or warrants. As at 31 December 2023, a subsidiary of the Company held 100,000 treasury shares.The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year.NOTE 11 PROPERTY, PLANT AND EQUIPMENTImpairment of property, plant and equipmentIn 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. As at 31 December 2023, Group assessed whether indications of impairment exist relat-ed to equipment, land rigs, land and buildings at each location considering internal and external factors. The Group identified im-pairment triggers for land rigs and a plant located in Iraq due to the adverse events in relation to the geopolitical situation in Middle East. For the land rigs carried at USD 1.4 million no impairment was made due to value being close to scrap value already. For the plant, the recoverable amount USD 0.7 million has been determined based on value in use calculation using a discounting rate of 14.7% on cash flow projections, and re-sulted in impairment recognition of USD 250 thousand. An increase in discounting rate of 1% would result in additional impairment of USD 274 thousand.The calculation of value in use is most sen-sitive to the following assumptions:-Turnover projections-Operating expenses projections-Capital expenditure projections-Discount ratesTurnover, operating expenses and capital expenditure are based on present market conditions and assuming that they will per-sist through 2024 and then improve from 2025. A decrease in projected revenue and associated direct cost of 10% would result in full impairment.For equipment located in Israel, the Group determined recoverable amount to USD nil and recognised an impairment of USD 177 thousand due to the overall situation con-nected to the Israel-Hamas conflict.No impairment indications were identified for property, plant and equipment other locations.Energy Service and other equipment include fixed assets for own use of USD 2.4 million (2022: USD 2.0 million).In 2023, the Group had a profit from disposal of assets of USD 745 thousand (2022: profit of USD 1 thousand). The amount is included under other operating income. Proceeds from the disposals were USD 601 thousand (2022: USD 528 thousand).In 2023, the Group transferred accumulated cost price of USD 622 thousand (2022: USD 1,082 thousand ) and accumulated depreci-ation of USD 363 thousand (2022: USD 251 thousand ) from Right of Use assets to owned Property, Plant and Equipment.CLIMATE RELATED MATTERSThe Group constantly monitors climate-related risks, including physical risks and transi-tion risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in different ways by transi-tion risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products. The Group has concluded that no single climate-relat-ed assumption is a key assumption for the 2023 impairment testing. Increased costs in most value chains will be passed on by increased sales prices and thus result in general inflation.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: As at 31 December 2023, 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 2023 lease modifications were added with USD 1.7 million (2022: USD 1.5 mil-lion) connected to lease extensions of land and buildings.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 10 licences, two 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 2023 Petrolia AS subscribed for 4,985,000 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In December 2023 PNO completed the acqui-sition of the Brage asset which in the second half of 2023 produced an average of 2,390 barrels of oil equivalent per day net to PNO.The share of loss for the year of the associate was restricted to USD1,476 since the book value of the investment was reduced to zero.The associated company had no contingent liabilities as at 31 December 2023 or 2022.Petrolia Noco AS presently plans to drill one exploration well in 2024.NOTE 13 OTHER FINANCIAL ASSETSSECURED LOANS TO PETROLIA NOCO AS (ASSOCIATE)The loans are denominated in NOK and car-ried an annual interest of 10% in 2022. In December 2023 a new loan of NOK 30 million was granted. This new loan carries an interest of 13.2%. The loans mature in December 2024.There is no history of credit losses relat-ed to the loans. The management assessed that there is very little risk regarding their recoverability and that the related expected credit losses for both loans amount to USD 250,000, which are not considered 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 explora-tion programme of the associate, including meeting its financial obligations.ZEG POWER AS (FAIR VALUE THROUGH OCI INVESTMENT)ZEG delivers solutions for clean hydrogenproduction from gas, through its novel ZEG ICC\u2122 Technology with integrated carboncapture. The Group owns 1.3% of the shares and theinvestment is carried at fair value throughOCI (level 2). During the year the Group rec-ognised no fair value gain or loss (2022:fairvalue gain of USD 482 thousand).NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2023 2022Bank deposits 10,807 11,867Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 195 223Sum current 209 237Total restricted cash 212 240Free cash 10,595 11,627Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 2,880 4,602Cash and bank deposits in USD 2,101 2,788Cash and bank deposits in AED 13 1Cash and bank deposits in GBP 366 238Cash and bank deposits in EUR 1,702 2,533Cash and bank deposits in NZD 177 224Cash and bank deposits in RON 1,309 1,249Cash and bank deposits in MYR 60 121Cash and bank deposits in AUD 308 67Cash and bank deposits in PGK 453 44Cash and bank deposits in IQD 1,490 0Expected credit loss -52 0Total 10,807 11,867Restricted cash -212 -240Total as per cash flow statement 10,595 11,627Refer to Note 23 for information on the ECL related to cash at bank.NOTE 15 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSDuring 2023 and 2022 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 loss of USD 16 thousand (2022: profit of USD 1 thousand) is shown in note 8. This includes gain on sale of USD16,5 that was realized in 2023 when 100,000 DNO shares were sold for a total of NOK 1,156,337 (USD 111,455). NOTE 16 CASH AND CASH EQUIVALENTSNOTE 17 SHARE CAPITALCHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2023 or 2022.In March 2023, 100,000 own shares were purchased for a total of NOK 411,276 (NOK 4.11 per share) by Petrolia Invest AS, a 100% owned subsidiary.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,773 shareholders as at 31 December 2023. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2023 and as at 23 April 2024 according to the VPS (shares with nominal value USD 0.10):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)1) 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 49.73% 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 21.02% 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 FAIR VALUEFAIR 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 loans receiv-able are based on management's estimates by reference to loans with similar character-istics. The carrying amount of loan receivable approximates 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 carry-ing amount as at 31 December 2023 was USD 36 thousand. The fair value of finan-cial asset through OCI was determined by the prices of recent transactions with 3rd parties (level 2).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:A carrying amount of USD 8.0 million (2022: USD 8.0 million) relates to rental of offices. In most of the rental agreements there are options to extend. The lease term varies from 1 to 7 years and the average incremental borrowing rate used in the lease calculations is 5% (2022: 5%).For the contracts with options to extend, if the options are assumed to be exercised for the lease term to be until the end of 2028, then the lease liability would have increased by USD 1.1 million with a corresponding in-crease in Right of use asset as well.NOTE 20 TRADE AND OTHER PAYABLESNOTE 21 BANK LOAN AND OVERDRAFTThe 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.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 2023 and 2022 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. Expected credit loss of USD 250 thousand was provided for the loan receivable as the associate is in net liability position but finan-cially supported by its shareholders to enable it to continue its exploration and production activity and ECL was estimated to be insig-nificant. 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 2023 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, ratings from external credit rating institutions.Management applies the IFRS 9 general ap-proach. Bank balances were assessed as performing (Stage 1) and an ECL provision of USD 52 thousand was made regarding one bank in Iraq. The ECL on other bank accounts is considered to be immaterial, as the cash at bank are held with banks with investment grade rating.Financial guaranteesGuarantees which represent irrevocable as-surances that the Group will make payments in the event that a counterparty cannot meet its obligations to third parties, carry the same credit risk as loans receivable.At the reporting date, the Group acts as a joint and several guarantor to the loan of associate company Petrolia Noco AS. As at 31 December 2023, and at the reporting date, the outstanding loan balance subject to this guarantee totalled NOK 75.9 million (USD 7.5 million) and the loan has been properly served by Petrolia Noco AS with no defaults. A financial guarantee liability of USD 81 is included in Other payables in note 20, which represents the guarantee fee charged less cumulative amortisation. No expected credit losses have been recognised as of the re-porting date in respect of these financial guarantees provided by the Group, since it was assessed that the present value of related expected payments is immaterial.Until the date of the approval of the financial statements, no claim has been raised for the loan guarantee and the Board of Directors does not expect any claim in the future.Interest rate riskThe Group is exposed to interest rate risk through its financing activities (refer to notes 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 2023 the Group\u2019s bank loans have fixed interest, while the lease obliga-tions are subject to floating rates of interest.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.Liquidity risk may also arise from the financial guarantee contracts provided by the Group to secure credit facilities obtained by the associate of the Group, as further analysed in Credit risk above.The table below states the maturity profile of the financial liabilities recognised as at 31 December 2023 and 2022.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 commercial 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 fluctuations 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\u2019s sen-sitivity 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 5.9 million (2022: USD 4.4 million) as shown in note 13, cash at bank amounting to USD 2.9 million (2022: USD 4.6 million) and lease liabilities amounting to USD 8.2 million (2022: USD 10.3 million) as shown in note 19.Changes in other currencies will not have material impact on the profit & loss.CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIESNOTE 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, Chair of the Board has economic interest of 44.95% in IOR AS and is the Chair 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 124,416) in 2023. The annual cost coverage was NOK 1.3 million (USD 137,229) in 2022.The Company has an office lease agreement with Kver AS. Annual office rent is NOK 1.3 million (USD 126,043). In 2023 shared costs amounted to NOK 1.4 million (USD 132,426). In 2022 annual office rent was NOK 1.2 million (USD 130,965) and shared costs were NOK 1.6 million (USD 172,859).PETROLIA NOCO ASThe Group has granted two loans to Petrolia NOCO AS (owned 49.9%). The loans are denominated in NOK and carried an interest rate of 10% and 13.2% in 2023. The loans have maturity date on 31 December 2024 (Note 13). The investment in the associated company is shown in note 12 and the loans are shown in note 13.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, Chair of the Board has indirect eco-nomic interest in Mountwest Petroleum Ltd.PETRORESOURCES LTDThe Group has an advisory service agreement with Petroresources Ltd with a quarterly fee of EUR 30,000. In 2023 EUR 440,000 has been invoiced in respect of the said agree-ment. Mr. Berge Gerdt Larsen, Chair of the Board, has indirect economic interest in, and is employed by Petroresources Ltd.DIRECTOR FEESDirector fees are shown in note 6.NOTE 25 MATERIAL PARTLY OWNED SUBSIDIARIESThe summarised financial information of these subsidiaries are provided below. This information is based on amounts before inter-company eliminations.NOTE 26 INVENTORIESFinished goods represent Energy Service equipment 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.In Iraq the operational environment is nega-tively affected by a closed pipeline, uncertainty regarding the production sharing agreements between the oil companies and the authorities and tight restriction on payments in USD. This resulted in a sharp reduction in the activity in the second half of 2023. As of the reporting date the activity remains low.The group has managed to increase prices largely in line with inflation and with little debt, the effects from rising interest rates have been limited.NOTE 28 BUSINESS COMBINATIONSACQUISITION OF NON-CONTROLLING INTERESTIn March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company and its subsidiary are now 100% owned subsidiaries of the Group.There were no business combinations in 2022 or 2023.GOODWILLGoodwill of USD 249 thousand presented in the statement of financial position relates to the purchase of remaining shares in CO2 Management AS in 2021. Goodwill is tested for impairment by the Group annually or ear-lier if there is an indication for impairment. For the purposes of annual impairment test-ing of goodwill, management estimated the recoverable amount of this cash generating unit as at 31 December 2023 using value in use calculations. The main assumptions used for the calculation are projected reve-nues, estimated margin percentages and the discount factor. In the base case scenario, a discount rate of 10% was used. Stress testing of the model was also performed by varying estimated margin percentages and discount factor, and a reasonable shift of these assumptions would not result into the recognition of impairment of goodwill.NOTE 29 EVENTS AFTER THE REPORTING PERIODThere have been no significant events after the balance sheet date.",
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"value": "NOTE 2 MATERIAL 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 18. GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and parent financial state-ments 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 2024 and remains confident in the Group\u2019s ability to continue 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 2023. 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: \u2022 power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 exposure, or rights, to variable returns from its involvement with the investee \u2022 ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement(s) with the other vote holders of the investee \u2022 rights arising from other contractual arrangements \u2022 the Group\u2019s voting rights and potential voting 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 de-recognises 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 MATERIAL ACCOUNTING POLICIESThe material 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 for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.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.b) Investment in associatesThe group holds an interest in an associate, Petrolia NOCO AS. The financial statements of the associate are prepared for the same reporting period as the Group. The accounting policies of the company are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. Thus, reversals of impairments may effectively include reversal of goodwill impairments. If an entity\u2019s share of losses of an associate equals or exceeds its interest in the associate, the entity discontinues recognising its share of further losses. The interest in an associate is the carrying amount of the investment in the associate determined using the equity method together with any long-term interests that, in substance, form part of the entity\u2019s net investment in the associate or joint venture. Impairments and reversals are presented within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.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:\u2022 assets and liabilities in each statement of financial position presented are translated at the closing rate;\u2022 income and expenses in each income statement are translated at the average exchange rates for the period;\u2022 all resulting exchange differences are recognised in the statement of compre-hensive income and as a separate item of equity (recycled to income statement upon disposal of the underlying investments).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 to acquire, on their behalf, goods from ex-ternal suppliers. The Group is acting as principal in these arrangements be-cause it typically controls the goods before transferring them to the custom-er. The performance obligation is satisfied upon receipt of the goods by the customer and payment is generally due 30 to 90 days upon that date.Sales of equipment:When the group sells equipment directly to customer the performance obligation is sat-isfied at delivery and payment is generally due 30-90 days upon 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 impairment.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost 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. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the Group determines whether climate-related legis-lation and regulations might impact either the useful life or residual values, e.g., by banning or restricting the use of the Group\u2019s fossil fuel-driven machinery and equipment or imposing additional energy efficiency re-quirements on the Group\u2019s buildings and office properties. No changes were made after these evaluations.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 equipment lost in hole or damaged by customers are determined by comparing the proceeds with the carrying amount and are recognised net within \u2018other revenue\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 Energy service 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. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the in-terest 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 assetsFinancial 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 component are measured at the transaction price de-termined under IFRS 15.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 princi-pal 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 de-recognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables, cash at bank and loan to an associate.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.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 liabilitiesAll 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.Financial liabilities at amortised costThis is the category most relevant to the Group. Interest-bearing loans are initially measured at fair value and are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income statement when the liabilities are de-recognised 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 trade and other payables and bank loan. For more in-formation, refer to Note 20 and 21.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.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.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.CLIMATE-RELATED MATTERS The Group considers climate-related matters in estimates and assumptions, where appro-priate. This assessment includes a wide range of possible impacts on the group due to both physical and transition risks. Even though the Group believes its business model and products will still be viable after the transition to a low-carbon economy, climate-related matters increase the uncertainty in estimates and assumptions underpinning several items in the financial statements. Even though cli-mate-related risks might not currently have a significant impact on measurement, the Group is closely monitoring relevant changes and developments, such as new climate-related legislation. The items and considerations that are most directly impacted by climate-related matters are: \u2022 Useful life of property, plant and equip-ment. When reviewing the residual values and expected useful lives of assets, the Group considers climate-related matters, such as climate-related legislation and regulations that may restrict the use of assets or require significant capital expenditures of non-financial assets. Refer to the accounting policies in sec-tion Property, Plant and Equipment.\u2022 Impairment of non-financial assets. The value-in-use may be impacted in sev-eral different ways by transition risk in particular, such as climate-related legislation and regulations and changes in demand for the Group\u2019s products. Even though the Group has concluded that no single climate-related assump-tion is a key assumption for the 2023 test of impairment, the Group consid-ered expectations for increased costs of emissions and cost increases due to stricter recycling requirements in the cash-flow forecasts in assessing value-in-use amounts. Refer to note 11 for further information.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 2023:\u2022 Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinc-tion between changes in accounting estimates, changes in accounting policies and the correc-tion of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates. The amendments had no impact on the Group\u2019s consolidated financial statements.\u2022 Disclosure of Accounting Policies -Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help entities apply materiality judgements to account-ing policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replac-ing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on the measurement, recognition or presentation of any items in the Group\u2019s financial statements. \u2022 IFRS 17 Insurance Contracts IFRS 17 Insurance Contracts is a com-prehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclo-sure. IFRS 17 replaces 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 overall objective of IFRS 17 is to pro-vide a comprehensive accounting model for insurance contracts that is more useful and consistent for insurers, covering all relevant accounting aspects. IFRS 17 is based on a general model, supplemented by: \u2022 A specific adaptation for contracts with direct participation features (the variable fee approach) \u2022 A simplified approach (the premium allo-cation approach) mainly for short-duration contracts.The new standard had no impact on the Group\u2019s consolidated financial statements.\u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 The amendments to IAS 12 Income Tax narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities.The amendments had no impact on the Group\u2019s consolidated financial statements.\u2022 International Tax Reform\u2014Pillar Two Model Rules \u2013 Amendments to IAS 12 The amendments to IAS 12 have been intro-duced in response to the OECD\u2019s BEPS Pillar Two rules and include: \u2022 A mandatory temporary exception to the recognition and disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules; and \u2022 Disclosure requirements for affected entities to help users of the financial statements.The amendments had no impact on the Group\u2019s consolidated financial statements.New and revised IFRS in issue but not yet effectiveThe 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, apart from IFRS 18 as disclosed below.(i) Issued by the IASB and adopted by the European Union\u2022 IAS 1 Presentation of FinancialStatements: Classification of Liabilities as Current or Non-current (Amendments)The amendments are effective for annual reporting periods beginning on or after January 1, 2024, with earlier application permitted, and will need to be applied ret-rospectively 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 amendments 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 instruments 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 clas-sification. 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. \u2022 IFRS 16 Leases: Lease Liability in a Sale and Leaseback (amendments)The amendments are effective for annual re-porting 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. (ii) Issued by the IASB but not yet adopted by the European Union\u2022 IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments Disclosure - Supplier Finance Arrangements(Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2024, with earlier application permitted. The amendments supplement requirements already in IFRS and require an entity to dis-close the terms and conditions of supplier finance arrangements. Additionally, entities are required to disclose at the beginning and end of reporting period the carrying amounts of supplier finance arrangement financial liabilities and the line items in which those liabilities are presented as well as the carrying amounts of financial liabilities and line items, for which the finance providers have already settled the corresponding trade payables. Entities should also disclose the type and effect of non-cash changes in the carrying amounts of supplier finance arrange-ment financial liabilities, which prevent the carrying amounts of the financial liabilities from being comparable. Furthermore, the amendments require an entity to disclose at the beginning and end of the reporting period the range of payment due dates for financial liabilities owed to the finance providers and for comparable trade payables that are not part of those arrangements. \u2022 IAS 21 The Effects of Changes in ForeignExchange Rates: Lack of Exchangeability (Amendments)The amendments are effective for annual re-porting periods beginning on or after January 1, 2025, with earlier application permitted. The amendments specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A cur-rency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mecha-nism in which an exchange transaction would create enforceable rights and obligations. If a currency is not exchangeable into another currency, an entity is required to estimate the spot exchange rate at the measurement date. An entity\u2019s objective in estimating the spot exchange rate is to reflect the rate at which an orderly exchange transaction would take place at the measurement date between market participants under prevailing economic conditions. The amendments note that an entity can use an observable exchange rate without adjustment or another estimation technique.\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.\u2022 IFRS 18 \u2013 Presentation and Disclosure in Financial StatementsOn 9 April 2024, the IASB issued the IFRS 18 \u2013 Presentation and Disclosure in Financial Statements which replaces IAS 1 \u2013 Presentation of Financial Statements. IFRS 18 is the result of the IASB\u2019s Primary Financial Statements project and it becomes effective for annual reporting periods beginning on or after January 1, 2027. Management will analyse the requirements of the new standard and assess its impact upon becoming effective.",
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"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
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"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"s8_notes__6__20": {
"value": "GOING CONCERNManagement has conducted a review of the going concern assumption considering all relevant information available up to the date the consolidated and parent financial state-ments 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 2024 and remains confident in the Group\u2019s ability to continue 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__21": {
"value": "2.2 BASIS OF CONSOLIDATIONThe consolidated financial statements com-prise the financial statements of the Company and its subsidiaries as at 31 December 2023. 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: \u2022 power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee)\u2022 exposure, or rights, to variable returns from its involvement with the investee \u2022 ability to use its power over the investee to affect its returns Generally, there is a presumption that a majority of voting rights results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: \u2022 the contractual arrangement(s) with the other vote holders of the investee \u2022 rights arising from other contractual arrangements \u2022 the Group\u2019s voting rights and potential voting 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 de-recognises 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__22": {
"value": "BUSINESS COMBINATIONS AND GOODWILLa) Business combinations and goodwillBusiness combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group elects whether to measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identifiable net assets. Acquisition-related costs are expensed as incurred and included in administrative expenses.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__36": {
"value": "b) Investment in associatesThe group holds an interest in an associate, Petrolia NOCO AS. The financial statements of the associate are prepared for the same reporting period as the Group. The accounting policies of the company are aligned with those of the Group. Therefore, no adjustments are made when measuring and recognising the Group\u2019s share of the profit or loss of the investees after the date of acquisition. The aggregate of the Group\u2019s share of profit or loss of an associate is shown on the face of the statement of profit or loss outside operating profit and represents profit or loss after tax and non-controlling interests in the subsidiaries of the associate. Goodwill relating to the associate or joint venture is included in the carrying amount of the investment and is not tested for impairment separately. Thus, reversals of impairments may effectively include reversal of goodwill impairments. If an entity\u2019s share of losses of an associate equals or exceeds its interest in the associate, the entity discontinues recognising its share of further losses. The interest in an associate is the carrying amount of the investment in the associate determined using the equity method together with any long-term interests that, in substance, form part of the entity\u2019s net investment in the associate or joint venture. Impairments and reversals are presented within \u2018Share of profit of an associate and a joint venture\u2019 in the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__31": {
"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:\u2022 assets and liabilities in each statement of financial position presented are translated at the closing rate;\u2022 income and expenses in each income statement are translated at the average exchange rates for the period;\u2022 all resulting exchange differences are recognised in the statement of compre-hensive income and as a separate item of equity (recycled to income statement upon disposal of the underlying investments).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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__27": {
"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 to acquire, on their behalf, goods from ex-ternal suppliers. The Group is acting as principal in these arrangements be-cause it typically controls the goods before transferring them to the custom-er. The performance obligation is satisfied upon receipt of the goods by the customer and payment is generally due 30 to 90 days upon that date.Sales of equipment:When the group sells equipment directly to customer the performance obligation is sat-isfied at delivery and payment is generally due 30-90 days upon 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__35": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__34": {
"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",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__24": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__40": {
"value": "PROPERTY, PLANT AND EQUIPMENTProperty, plant and equipment are stated at historical cost less depreciation and impairment.Depreciation on property, plant and equipment is calculated using the straight-line method to allocate their cost 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. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including physical and transition risks. Specifically, the Group determines whether climate-related legis-lation and regulations might impact either the useful life or residual values, e.g., by banning or restricting the use of the Group\u2019s fossil fuel-driven machinery and equipment or imposing additional energy efficiency re-quirements on the Group\u2019s buildings and office properties. No changes were made after these evaluations.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 equipment lost in hole or damaged by customers are determined by comparing the proceeds with the carrying amount and are recognised net within \u2018other revenue\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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__38": {
"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 Energy service 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. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the in-terest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__29": {
"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 assetsFinancial 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 component are measured at the transaction price de-termined under IFRS 15.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 princi-pal 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 de-recognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables, cash at bank and loan to an associate.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.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 liabilitiesAll 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.Financial liabilities at amortised costThis is the category most relevant to the Group. Interest-bearing loans are initially measured at fair value and are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income statement when the liabilities are de-recognised 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 trade and other payables and bank loan. For more in-formation, refer to Note 20 and 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__28": {
"value": "i) Financial assetsFinancial 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 component are measured at the transaction price de-termined under IFRS 15.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 princi-pal 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 de-recognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables, cash at bank and loan to an associate.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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__44": {
"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 princi-pal 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 de-recognised, modified or impaired.The Group\u2019s financial assets at amortised cost includes trade receivables, cash at bank and loan to an associate.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__32": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__30": {
"value": "ii) Financial liabilitiesAll 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.Financial liabilities at amortised costThis is the category most relevant to the Group. Interest-bearing loans are initially measured at fair value and are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in the income statement when the liabilities are de-recognised 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 trade and other payables and bank loan. For more in-formation, refer to Note 20 and 21.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__39": {
"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.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__33": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__42": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__25": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__37": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__41": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__43": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__23": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__26": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__45": {
"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 whether the drilling equip-ment, land rigs and land and buildings have suffered any impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use.The value in use calculations are based on discounted cash flow models. The cash flows are based on present levels and adjusted for expected growth or decline. 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 increased 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 2023, 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 1.7 million (2022: USD 1.5 million).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__46": {
"value": "NOTE 4 ORGANISATION",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__48": {
"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:Non-current tangible assets include Land and buildings, Energy Service and other equipment and Land rigs.RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubing. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the Group 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 interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__47": {
"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:Non-current tangible assets include Land and buildings, Energy Service and other equipment and Land rigs.RevenueThe major part of the Group's revenues derive from short term rental of drilling equipment such as drill pipes and test tubing. There are no material contract asset balances.Geographic allocationGeographic allocation is primarily based on where the Group 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 interest 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__51": {
"value": "NOTE 6 WAGES COST",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__50": {
"value": "NOTE 6 WAGES COST",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__49": {
"value": "NOTE 6 WAGES COST",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__54": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe total fees charged by the statutory audit firm for the statutory audit of the Parent's separate and consolidated annual financial statements for the year ended 31 December 2023 amounted to USD 156,357 (2022: USD 143,991). The total fees charged by the statutory audit firm for the year ended 31 December 2023 for tax advisory services amounted to USD 12,060 (2022: 3,040) and for other non audit services and prior years amounted to USD 7,591 (2022: nil). The statutory audit firm fees disclosed exclude irrevocable VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__53": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe total fees charged by the statutory audit firm for the statutory audit of the Parent's separate and consolidated annual financial statements for the year ended 31 December 2023 amounted to USD 156,357 (2022: USD 143,991). The total fees charged by the statutory audit firm for the year ended 31 December 2023 for tax advisory services amounted to USD 12,060 (2022: 3,040) and for other non audit services and prior years amounted to USD 7,591 (2022: nil). The statutory audit firm fees disclosed exclude irrevocable VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__52": {
"value": "NOTE 7 SPECIFICATION OF OTHER OPERATING EXPENSESThe total fees charged by the statutory audit firm for the statutory audit of the Parent's separate and consolidated annual financial statements for the year ended 31 December 2023 amounted to USD 156,357 (2022: USD 143,991). The total fees charged by the statutory audit firm for the year ended 31 December 2023 for tax advisory services amounted to USD 12,060 (2022: 3,040) and for other non audit services and prior years amounted to USD 7,591 (2022: nil). The statutory audit firm fees disclosed exclude irrevocable VAT.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__56": {
"value": "NOTE 8 SPECIFICATION OF FINANCIAL ITEMS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__55": {
"value": "NOTE 8 SPECIFICATION OF FINANCIAL ITEMS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__58": {
"value": "NOTE 9 INCOME TAXChange in deferred tax is nil from tax losses (2022: USD -213 thousand) and USD -349 thousand from temporary differences (2022: USD -169 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 car-ry-forward tax losses in Norway. Temporary differences regarding non-cur-rent assets are primarily caused by 1) for property, plant and equipment; different depreciation and gains/losses profiles be-tween accounts and tax filings and 2) some unrealised currency gains or losses are included in the accounts but not in the tax filings. Temporary differences regarding current assets are primarily regarding impairments of receivables. For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD. The tax rate is 22%.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 12.8 million (2022: USD 13.0 million) with a tax value of USD 2.8 million (2022: USD 2.9 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.USD 52 thousand is carried as a liability regarding temporary differences on plant and equipment and on exchange differences in Malaysia where a tax rate of 24% has been applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__57": {
"value": "NOTE 9 INCOME TAXChange in deferred tax is nil from tax losses (2022: USD -213 thousand) and USD -349 thousand from temporary differences (2022: USD -169 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 car-ry-forward tax losses in Norway. Temporary differences regarding non-cur-rent assets are primarily caused by 1) for property, plant and equipment; different depreciation and gains/losses profiles be-tween accounts and tax filings and 2) some unrealised currency gains or losses are included in the accounts but not in the tax filings. Temporary differences regarding current assets are primarily regarding impairments of receivables. For the Norwegian companies, the tax obligation is nominated and calculated in NOK, and then converted to USD. The tax rate is 22%.The Group has deductible temporary differ-ences, for its Norwegian subsidiaries, related to non-current assets of USD 12.8 million (2022: USD 13.0 million) with a tax value of USD 2.8 million (2022: USD 2.9 million) that are not carried as deferred tax assets since it is uncertain that these can be utilised.USD 52 thousand is carried as a liability regarding temporary differences on plant and equipment and on exchange differences in Malaysia where a tax rate of 24% has been applied.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__59": {
"value": "NOTE 10 EARNINGS PER SHAREThe Company has no outstanding or authorised stock options, or warrants. As at 31 December 2023, a subsidiary of the Company held 100,000 treasury shares.The weighted average number of shares takes into account the weighted average effect of changes in treasury shares during the year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__62": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENTImpairment of property, plant and equipmentIn 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. As at 31 December 2023, Group assessed whether indications of impairment exist relat-ed to equipment, land rigs, land and buildings at each location considering internal and external factors. The Group identified im-pairment triggers for land rigs and a plant located in Iraq due to the adverse events in relation to the geopolitical situation in Middle East. For the land rigs carried at USD 1.4 million no impairment was made due to value being close to scrap value already. For the plant, the recoverable amount USD 0.7 million has been determined based on value in use calculation using a discounting rate of 14.7% on cash flow projections, and re-sulted in impairment recognition of USD 250 thousand. An increase in discounting rate of 1% would result in additional impairment of USD 274 thousand.The calculation of value in use is most sen-sitive to the following assumptions:-Turnover projections-Operating expenses projections-Capital expenditure projections-Discount ratesTurnover, operating expenses and capital expenditure are based on present market conditions and assuming that they will per-sist through 2024 and then improve from 2025. A decrease in projected revenue and associated direct cost of 10% would result in full impairment.For equipment located in Israel, the Group determined recoverable amount to USD nil and recognised an impairment of USD 177 thousand due to the overall situation con-nected to the Israel-Hamas conflict.No impairment indications were identified for property, plant and equipment other locations.Energy Service and other equipment include fixed assets for own use of USD 2.4 million (2022: USD 2.0 million).In 2023, the Group had a profit from disposal of assets of USD 745 thousand (2022: profit of USD 1 thousand). The amount is included under other operating income. Proceeds from the disposals were USD 601 thousand (2022: USD 528 thousand).In 2023, the Group transferred accumulated cost price of USD 622 thousand (2022: USD 1,082 thousand ) and accumulated depreci-ation of USD 363 thousand (2022: USD 251 thousand ) from Right of Use assets to owned Property, Plant and Equipment.CLIMATE RELATED MATTERSThe Group constantly monitors climate-related risks, including physical risks and transi-tion risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in different ways by transi-tion risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products. The Group has concluded that no single climate-relat-ed assumption is a key assumption for the 2023 impairment testing. Increased costs in most value chains will be passed on by increased sales prices and thus result in general inflation.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: As at 31 December 2023, 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 2023 lease modifications were added with USD 1.7 million (2022: USD 1.5 mil-lion) connected to lease extensions of land and buildings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__61": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENTImpairment of property, plant and equipmentIn 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. As at 31 December 2023, Group assessed whether indications of impairment exist relat-ed to equipment, land rigs, land and buildings at each location considering internal and external factors. The Group identified im-pairment triggers for land rigs and a plant located in Iraq due to the adverse events in relation to the geopolitical situation in Middle East. For the land rigs carried at USD 1.4 million no impairment was made due to value being close to scrap value already. For the plant, the recoverable amount USD 0.7 million has been determined based on value in use calculation using a discounting rate of 14.7% on cash flow projections, and re-sulted in impairment recognition of USD 250 thousand. An increase in discounting rate of 1% would result in additional impairment of USD 274 thousand.The calculation of value in use is most sen-sitive to the following assumptions:-Turnover projections-Operating expenses projections-Capital expenditure projections-Discount ratesTurnover, operating expenses and capital expenditure are based on present market conditions and assuming that they will per-sist through 2024 and then improve from 2025. A decrease in projected revenue and associated direct cost of 10% would result in full impairment.For equipment located in Israel, the Group determined recoverable amount to USD nil and recognised an impairment of USD 177 thousand due to the overall situation con-nected to the Israel-Hamas conflict.No impairment indications were identified for property, plant and equipment other locations.Energy Service and other equipment include fixed assets for own use of USD 2.4 million (2022: USD 2.0 million).In 2023, the Group had a profit from disposal of assets of USD 745 thousand (2022: profit of USD 1 thousand). The amount is included under other operating income. Proceeds from the disposals were USD 601 thousand (2022: USD 528 thousand).In 2023, the Group transferred accumulated cost price of USD 622 thousand (2022: USD 1,082 thousand ) and accumulated depreci-ation of USD 363 thousand (2022: USD 251 thousand ) from Right of Use assets to owned Property, Plant and Equipment.CLIMATE RELATED MATTERSThe Group constantly monitors climate-related risks, including physical risks and transi-tion risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in different ways by transi-tion risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products. The Group has concluded that no single climate-relat-ed assumption is a key assumption for the 2023 impairment testing. Increased costs in most value chains will be passed on by increased sales prices and thus result in general inflation.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: As at 31 December 2023, 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 2023 lease modifications were added with USD 1.7 million (2022: USD 1.5 mil-lion) connected to lease extensions of land and buildings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__60": {
"value": "NOTE 11 PROPERTY, PLANT AND EQUIPMENTImpairment of property, plant and equipmentIn 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. As at 31 December 2023, Group assessed whether indications of impairment exist relat-ed to equipment, land rigs, land and buildings at each location considering internal and external factors. The Group identified im-pairment triggers for land rigs and a plant located in Iraq due to the adverse events in relation to the geopolitical situation in Middle East. For the land rigs carried at USD 1.4 million no impairment was made due to value being close to scrap value already. For the plant, the recoverable amount USD 0.7 million has been determined based on value in use calculation using a discounting rate of 14.7% on cash flow projections, and re-sulted in impairment recognition of USD 250 thousand. An increase in discounting rate of 1% would result in additional impairment of USD 274 thousand.The calculation of value in use is most sen-sitive to the following assumptions:-Turnover projections-Operating expenses projections-Capital expenditure projections-Discount ratesTurnover, operating expenses and capital expenditure are based on present market conditions and assuming that they will per-sist through 2024 and then improve from 2025. A decrease in projected revenue and associated direct cost of 10% would result in full impairment.For equipment located in Israel, the Group determined recoverable amount to USD nil and recognised an impairment of USD 177 thousand due to the overall situation con-nected to the Israel-Hamas conflict.No impairment indications were identified for property, plant and equipment other locations.Energy Service and other equipment include fixed assets for own use of USD 2.4 million (2022: USD 2.0 million).In 2023, the Group had a profit from disposal of assets of USD 745 thousand (2022: profit of USD 1 thousand). The amount is included under other operating income. Proceeds from the disposals were USD 601 thousand (2022: USD 528 thousand).In 2023, the Group transferred accumulated cost price of USD 622 thousand (2022: USD 1,082 thousand ) and accumulated depreci-ation of USD 363 thousand (2022: USD 251 thousand ) from Right of Use assets to owned Property, Plant and Equipment.CLIMATE RELATED MATTERSThe Group constantly monitors climate-related risks, including physical risks and transi-tion risks, when measuring the recoverable amount. While the Group does not believe its operations are currently significantly exposed to physical risk, the value-in-use may be impacted in different ways by transi-tion risk, such as climate-related legislation, climate-related regulations and changes in demand for the Group\u2019s products. The Group has concluded that no single climate-relat-ed assumption is a key assumption for the 2023 impairment testing. Increased costs in most value chains will be passed on by increased sales prices and thus result in general inflation.RIGHT OF USE ASSETSSet out below are the carrying amounts of right-of-use assets recognised and the movements during the period: As at 31 December 2023, 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 2023 lease modifications were added with USD 1.7 million (2022: USD 1.5 mil-lion) connected to lease extensions of land and buildings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__65": {
"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 10 licences, two 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 2023 Petrolia AS subscribed for 4,985,000 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In December 2023 PNO completed the acqui-sition of the Brage asset which in the second half of 2023 produced an average of 2,390 barrels of oil equivalent per day net to PNO.The share of loss for the year of the associate was restricted to USD1,476 since the book value of the investment was reduced to zero.The associated company had no contingent liabilities as at 31 December 2023 or 2022.Petrolia Noco AS presently plans to drill one exploration well in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__64": {
"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 10 licences, two 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 2023 Petrolia AS subscribed for 4,985,000 new shares in Petrolia NOCO AS at NOK 2.00 per share. In 2022 Petrolia AS subscribed for 7,484,959 new shares in Petrolia NOCO AS at NOK 2.00 per share. In December 2023 PNO completed the acqui-sition of the Brage asset which in the second half of 2023 produced an average of 2,390 barrels of oil equivalent per day net to PNO.The share of loss for the year of the associate was restricted to USD1,476 since the book value of the investment was reduced to zero.The associated company had no contingent liabilities as at 31 December 2023 or 2022.Petrolia Noco AS presently plans to drill one exploration well in 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__63": {
"value": "The associated company had no contingent liabilities as at 31 December 2023 or 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__66": {
"value": "NOTE 13 OTHER FINANCIAL ASSETSSECURED LOANS TO PETROLIA NOCO AS (ASSOCIATE)The loans are denominated in NOK and car-ried an annual interest of 10% in 2022. In December 2023 a new loan of NOK 30 million was granted. This new loan carries an interest of 13.2%. The loans mature in December 2024.There is no history of credit losses relat-ed to the loans. The management assessed that there is very little risk regarding their recoverability and that the related expected credit losses for both loans amount to USD 250,000, which are not considered 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 explora-tion programme of the associate, including meeting its financial obligations.ZEG POWER AS (FAIR VALUE THROUGH OCI INVESTMENT)ZEG delivers solutions for clean hydrogenproduction from gas, through its novel ZEG ICC\u2122 Technology with integrated carboncapture. The Group owns 1.3% of the shares and theinvestment is carried at fair value throughOCI (level 2). During the year the Group rec-ognised no fair value gain or loss (2022:fairvalue gain of USD 482 thousand).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__68": {
"value": "NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2023 2022Bank deposits 10,807 11,867Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 195 223Sum current 209 237Total restricted cash 212 240Free cash 10,595 11,627Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 2,880 4,602Cash and bank deposits in USD 2,101 2,788Cash and bank deposits in AED 13 1Cash and bank deposits in GBP 366 238Cash and bank deposits in EUR 1,702 2,533Cash and bank deposits in NZD 177 224Cash and bank deposits in RON 1,309 1,249Cash and bank deposits in MYR 60 121Cash and bank deposits in AUD 308 67Cash and bank deposits in PGK 453 44Cash and bank deposits in IQD 1,490 0Expected credit loss -52 0Total 10,807 11,867Restricted cash -212 -240Total as per cash flow statement 10,595 11,627Refer to Note 23 for information on the ECL related to cash at bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__67": {
"value": "NOTE 14 TRADE AND OTHER CURRENT RECEIVABLES(amounts in USD 1,000) 2023 2022Bank deposits 10,807 11,867Hereof deposits restrictedOther 3 3Sum non-current 3 3Other 14 14Employees\u2019 tax deduction 195 223Sum current 209 237Total restricted cash 212 240Free cash 10,595 11,627Cash and bank deposits per currency (amounts in USD 1,000)Cash and bank deposits in NOK 2,880 4,602Cash and bank deposits in USD 2,101 2,788Cash and bank deposits in AED 13 1Cash and bank deposits in GBP 366 238Cash and bank deposits in EUR 1,702 2,533Cash and bank deposits in NZD 177 224Cash and bank deposits in RON 1,309 1,249Cash and bank deposits in MYR 60 121Cash and bank deposits in AUD 308 67Cash and bank deposits in PGK 453 44Cash and bank deposits in IQD 1,490 0Expected credit loss -52 0Total 10,807 11,867Restricted cash -212 -240Total as per cash flow statement 10,595 11,627Refer to Note 23 for information on the ECL related to cash at bank.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__69": {
"value": "NOTE 15 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSSDuring 2023 and 2022 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 loss of USD 16 thousand (2022: profit of USD 1 thousand) is shown in note 8. This includes gain on sale of USD16,5 that was realized in 2023 when 100,000 DNO shares were sold for a total of NOK 1,156,337 (USD 111,455).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__71": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__70": {
"value": "NOTE 16 CASH AND CASH EQUIVALENTS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__74": {
"value": "NOTE 17 SHARE CAPITALCHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2023 or 2022.In March 2023, 100,000 own shares were purchased for a total of NOK 411,276 (NOK 4.11 per share) by Petrolia Invest AS, a 100% owned subsidiary.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,773 shareholders as at 31 December 2023. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2023 and as at 23 April 2024 according to the VPS (shares with nominal value USD 0.10):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)1) 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 49.73% 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 21.02% 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:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__73": {
"value": "NOTE 17 SHARE CAPITALCHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2023 or 2022.In March 2023, 100,000 own shares were purchased for a total of NOK 411,276 (NOK 4.11 per share) by Petrolia Invest AS, a 100% owned subsidiary.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,773 shareholders as at 31 December 2023. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2023 and as at 23 April 2024 according to the VPS (shares with nominal value USD 0.10):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)1) 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 49.73% 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 21.02% 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__72": {
"value": "NOTE 17 SHARE CAPITALCHANGES TO SHARE CAPITALThere have been no changes to the share capital in 2023 or 2022.In March 2023, 100,000 own shares were purchased for a total of NOK 411,276 (NOK 4.11 per share) by Petrolia Invest AS, a 100% owned subsidiary.LIST OF THE MAJOR SHAREHOLDERSPetrolia SE had a total of 2,773 shareholders as at 31 December 2023. The tables below shows the Company\u2019s 20 largest sharehold-ers as at 31 December 2023 and as at 23 April 2024 according to the VPS (shares with nominal value USD 0.10):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)1) 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 49.73% 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 21.02% 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__75": {
"value": "NOTE 18 FAIR VALUEFAIR 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 loans receiv-able are based on management's estimates by reference to loans with similar character-istics. The carrying amount of loan receivable approximates 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 carry-ing amount as at 31 December 2023 was USD 36 thousand. The fair value of finan-cial asset through OCI was determined by the prices of recent transactions with 3rd parties (level 2).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__76": {
"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:A carrying amount of USD 8.0 million (2022: USD 8.0 million) relates to rental of offices. In most of the rental agreements there are ptions to extend. The lease term varies from 1 to 7 years and the average incremental borrowing rate used in the lease calculations is 5% (2022: 5%).For the contracts with options to extend, if the options are assumed to be exercised for the lease term to be until the end of 2028, then the lease liability would have increased by USD 1.1 million with a corresponding in-crease in Right of use asset as well.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__78": {
"value": "NOTE 20 TRADE AND OTHER PAYABLES",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__77": {
"value": "NOTE 20 TRADE AND OTHER PAYABLES",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__79": {
"value": "NOTE 21 BANK LOAN AND OVERDRAFTThe group has one unused overdraft facility of EUR 350 thousand.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__80": {
"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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__84": {
"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. Expected credit loss of USD 250 thousand was provided for the loan receivable as the associate is in net liability position but finan-cially supported by its shareholders to enable it to continue its exploration and production activity and ECL was estimated to be insig-nificant. 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 2023 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, ratings from external credit rating institutions.Management applies the IFRS 9 general ap-proach. Bank balances were assessed as performing (Stage 1) and an ECL provision of USD 52 thousand was made regarding one bank in Iraq. The ECL on other bank accounts is considered to be immaterial, as the cash at bank are held with banks with investment grade rating.Financial guaranteesGuarantees which represent irrevocable as-surances that the Group will make payments in the event that a counterparty cannot meet its obligations to third parties, carry the same credit risk as loans receivable.At the reporting date, the Group acts as a joint and several guarantor to the loan of associate company Petrolia Noco AS. As at 31 December 2023, and at the reporting date, the outstanding loan balance subject to this guarantee totalled NOK 75.9 million (USD 7.5 million) and the loan has been properly served by Petrolia Noco AS with no defaults. A financial guarantee liability of USD 81 is included in Other payables in note 20, which represents the guarantee fee charged less cumulative amortisation. No expected credit losses have been recognised as of the re-porting date in respect of these financial guarantees provided by the Group, since it was assessed that the present value of related expected payments is immaterial.Until the date of the approval of the financial statements, no claim has been raised for the loan guarantee and the Board of Directors does not expect any claim in the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__81": {
"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.Liquidity risk may also arise from the financial guarantee contracts provided by the Group to secure credit facilities obtained by the associate of the Group, as further analysed in Credit risk above.The table below states the maturity profile of the financial liabilities recognised as at 31 December 2023 and 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__82": {
"value": "The Group does not hold any collateral as security for its receivables.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__83": {
"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 commercial 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 fluctuations 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\u2019s sen-sitivity 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 5.9 million (2022: USD 4.4 million) as shown in note 13, cash at bank amounting to USD 2.9 million (2022: USD 4.6 million) and lease liabilities amounting to USD 8.2 million (2022: USD 10.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__85": {
"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, Chair of the Board has economic interest of 44.95% in IOR AS and is the Chair 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 124,416) in 2023. The annual cost coverage was NOK 1.3 million (USD 137,229) in 2022.The Company has an office lease agreement with Kver AS. Annual office rent is NOK 1.3 million (USD 126,043). In 2023 shared costs amounted to NOK 1.4 million (USD 132,426). In 2022 annual office rent was NOK 1.2 million (USD 130,965) and shared costs were NOK 1.6 million (USD 172,859).PETROLIA NOCO ASThe Group has granted two loans to Petrolia NOCO AS (owned 49.9%). The loans are enominated in NOK and carried an interest rate of 10% and 13.2% in 2023. The loans have maturity date on 31 December 2024 (Note 13). The investment in the associated company is shown in note 12 and the loans are shown in note 13.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, Chair of the Board has indirect eco-nomic interest in Mountwest Petroleum Ltd.PETRORESOURCES LTDThe Group has an advisory service agreement with Petroresources Ltd with a quarterly fee of EUR 30,000. In 2023 EUR 440,000 has been invoiced in respect of the said agree-ment. Mr. Berge Gerdt Larsen, Chair of the Board, has indirect economic interest in, and is employed by Petroresources Ltd.DIRECTOR FEESDirector fees are shown in note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__86": {
"value": "NOTE 25 MATERIAL PARTLY OWNED SUBSIDIARIESThe summarised financial information of these subsidiaries are provided below. This information is based on amounts before inter-company eliminations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__87": {
"value": "NOTE 26 INVENTORIESFinished goods represent Energy Service equipment held for sale.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__90": {
"value": "NOTE 29 EVENTS AFTER THE REPORTING PERIODThere have been no significant events after the balance sheet date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__89": {
"value": "NOTE 28 BUSINESS COMBINATIONSACQUISITION OF NON-CONTROLLING INTERESTIn March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company and its subsidiary are now 100% owned subsidiaries of the Group.There were no business combinations in 2022 or 2023.GOODWILLGoodwill of USD 249 thousand presented in the statement of financial position relates to the purchase of remaining shares in CO2 Management AS in 2021. Goodwill is tested for impairment by the Group annually or ear-lier if there is an indication for impairment. For the purposes of annual impairment test-ing of goodwill, management estimated the recoverable amount of this cash generating unit as at 31 December 2023 using value in use calculations. The main assumptions used for the calculation are projected reve-nues, estimated margin percentages and the discount factor. In the base case scenario, a discount rate of 10% was used. Stress testing of the model was also performed by varying estimated margin percentages and discount factor, and a reasonable shift of these assumptions would not result into the recognition of impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s8_notes__6__88": {
"value": "NOTE 28 BUSINESS COMBINATIONSACQUISITION OF NON-CONTROLLING INTERESTIn March 2023, the remaining 10% of Catch Holding BV was purchased for EUR 183,960 (USD 200,057). Following the transaction, the company and its subsidiary are now 100% owned subsidiaries of the Group.There were no business combinations in 2022 or 2023.GOODWILLGoodwill of USD 249 thousand presented in the statement of financial position relates to the purchase of remaining shares in CO2 Management AS in 2021. Goodwill is tested for impairment by the Group annually or ear-lier if there is an indication for impairment. For the purposes of annual impairment test-ing of goodwill, management estimated the recoverable amount of this cash generating unit as at 31 December 2023 using value in use calculations. The main assumptions used for the calculation are projected reve-nues, estimated margin percentages and the discount factor. In the base case scenario, a discount rate of 10% was used. Stress testing of the model was also performed by varying estimated margin percentages and discount factor, and a reasonable shift of these assumptions would not result into the recognition of impairment of goodwill.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800314VQ2TXFPB471",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}