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General
Overview
Nostrum Oil & Gas PLC (\u201cthe Company\u201d or \u201cthe Parent\u201d) is a public limited
company incorporated on 3 October 2013 under the Companies Act 2006 and
registered in England and Wales with registered number 8717287. The
registered address of Nostrum Oil & Gas PLC is: 20 Eastbourne Terrace, London ,
W2 6LG, UK.
These consolidated financial statements include the financial position and the
results of the operations of Nostrum Oil & Gas PLC and its following
subsidiaries:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRegistered office\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tForm of capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOwner- ship, %\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Holding Ltd.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20 Eastbourne Terrace, London, W2 6LA,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tUnited Kingdom\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas B.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Finance B.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Co\u00f6peratief U.A.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMembers' interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services N.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChaussee de Wavre 20, 1360 Perwez, Belgium\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tZhaikmunai LLP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43/1 Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPositiv Invest LLP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43/1 Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t80\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMidstream Energy Company LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43B Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services Central Asia LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAksai 3a, 75/38, 050031 Almaty,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Associated Investments LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43B Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
Nostrum Oil & Gas PLC and its subsidiaries are hereinafter referred to as \u201cthe
Group\u201d.
The Group\u2019s operations are primarily conducted through its oil and gas
producing entity Zhaikmunai LLP located in Kazakhstan and represent a single
operating segment including all Group\u2019s assets related to its Chinarevskoye
field, including surface facilities, and Stepnoy Leopard Fields.
On 12 June 2025 Midstream Energy Company LLP was established in the
Republic of Kazakhstan. The company is a wholly owned subsidiary of Nostrum
Oil & Gas Finance B.V. and was created to support the Group\u2019s midstream
operations. In October 2025, Midstream Energy Company LLP suspended its
operations.
Z haikmunai LLP carries out its activities in accordance with the Contract for
Additional Exploration, Production and Production-Sharing of Crude
Hydrocarbons in the Chinarevskoye oil and gas condensate field (the
\u201cContract\u201d) dated 31 October 1997 between the State Committee of
Investments of the Republic of Kazakhstan and Zhaikmunai LLP in accordance
with the license MG No. 253D for the exploration and production of
hydrocarbons in Chinarevskoye oil and gas condensate field.
The term of the Chinarevskoye subsoil use rights included a 5-year exploration
period followed by a 25-year production period with the Contract being valid
until 26 May 2031.
Positiv Invest LLP holds the rights to the \"Kamenskoe\" and \"Kamensko-
Teplovsko-Tokarevskoe\" areas in the West Kazakhstan region (the \u201cStepnoy
Leopard Fields\u201d), located approximately 80 km from Nostrum\u2019s existing gas
treatment facilities, and has a subsurface contract valid until December 2044.
On August 20, 2024, Nostrum Oil & Gas Co\u00f6peratief U.A. transferred its 80%
participating interest in Positiv Invest LLP and its 100% participating interest in
Zhaikmunai LLP to Nostrum Oil & Gas Finance B.V. This reorganisation
consolidates ownership of the Group\u2019s primary assets, including the
Chinarevskoye field operated by Zhaikmunai LLP and the Stepnoy Leopard
Fields managed by Positiv Invest LLP, under a single entity, enhancing
operational alignment and strategic focus.
As at 31 December 2025 the Group employed 595 employees (31 December
2024: 605).
Royalty payments
Zhaikmunai LLP is required to make monthly royalty payments during the
Contract production period, at the rates specified in the Contract.
Royalty rates depend on hydrocarbons recovery levels and the phase of
production and can vary from 3% to 7% of produced crude oil and from 4% to
9% of produced natural gas. Royalty is accounted on a gross basis.
Government profit share
Zhaikmunai LLP makes payments to the Government for the Government\u2019s
profit share as determined in the Contract. The profit share depends on
hydrocarbon production levels and varies from 10% to 40% of production after
deducting royalties and reimbursable expenditures. Reimbursable expenditures
include operating expenses, costs of additional exploration and development
costs. Government profit share is expensed as incurred and paid in cash.
Government profit share is accounted on a gross basis.
Group debt restructuring
During H2 2025 and early 2026, one of the strategic objectives of the Company
and the Group was the restructuring of its Senior Secured Notes (SSN) and
Senior Unsecured Notes (SUN) both maturing on 30 June 2026 ) with the
objective of supporting its strategic growth initiatives and maximizing
stakeholder value.
In 2025, Group was required to have paid accrued interest in accordance with
the terms and conditions of the outstanding notes by 30 June and 31
December 2025, but such amount remains unpaid. The delay was the result of
the continuing payment administration issue. Group has applied for the
applicable regulatory licences to make interest payments, and meanwhile had
announced two consent fee payments as set out in the terms of the consent
solicitation.
The management and the Board has engaged with noteholders in relation to
the potential restructuring of the Notes, and on 30 March 2026, the Group
announced that it has reached an in principle agreement with an ad hoc group
of beneficial owners of the SSNs and the SUNs regarding the key commercial
terms for a proposed extension of the maturity date of the SSNs and the SUNs
to 31 December 2030 (as more specifically described the below, the \"Proposed
Transaction\") .
More specifically, the Proposed Transaction contemplates the following:
\u2022 Extension. An extension of the maturity date of the SSNs and the SUNs
from 30 June 2026 to 31 December 2030.
\u2022 Cash coupon. Effective from 1 July 2026 an increase in the cash pay interest
rate of the SSNs from 5.00% to 5.50% per annum; and an increase in the cash
pay interest rate of the SUNs from 1.00% to 2.00% per annum, with the
removal of the payment-in-kind (PIK) interest rate.
\u2022 Capitalisation of interest. An option for the Company to elect to capitalise
payments of interest as determined by the board based on working capital
needs, provided that such election cannot be made in respect of two
consecutive interest periods.
\u2022 PIK coupon accrued. As at the date of the Proposed Transaction, any SUN
payment-in-kind interest for each of the interest payment dates falling on 30
June 2025, 31 December 2025 and 30 June 2026, and which has not been
allocated to the principal amount of the SUNs through the clearing system,
shall be deemed to be issued and capitalised.
\u2022 Tender for repurchase of Notes. An invitation to holders of the SSNs and
SUNs to tender their Notes for repurchase in the form of a reverse Dutch
auction:
- SSNs: subject to a consideration cap of up to US$30 million, with an
expected acceptable price range of 40-60c (the \"Available
Consideration\"); - SUNs: subject to a consideration cap of the Available Consideration (if
any) remaining following the SSN Offer, with an expected acceptable
price range of 16-22c;
- The final acceptable price ranges are subject to market conditions and
the circumstances of the Group at the time the Proposed Transaction
is implemented.
\u2022 Security. SUNs shall receive the same security as the SSNs on a second
ranking basis;
\u2022 Warrants. the existing warrants shall expire as at the date the Proposed
Transaction transaction is implemented.
The launch of the the Proposed Transaction described above is subject to
required additional regulatory licences related to sanctioned noteholders. The
Group is working to obtain the foregoing as soon as practicable.
Pending receipt of such additional regulatory licences, the Group does not
expect to be in a position to make any interest payments with respect to the
SSNs and the SUNs.
Consent fees will continue to be payable to applicable non-sanctioned
noteholders with respect to interest payments that fall due (if any) on the same
basis as described in the Issuer's consent solicitation memorandum dated 2
September 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf283_1": { "value": "Nostrum Oil & Gas PLC ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf284_1": { "value": "Nostrum Oil & Gas PLC ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf285_1": { "value": "PLC public limited company ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf286_1": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf287_1": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf288_1": { "value": "20 Eastbourne Terrace, London W2 6LG, UK. ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf289_1": { "value": "These consolidated financial statements include the financial position and the
results of the operations of Nostrum Oil & Gas PLC and its following
subsidiaries:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tRegistered office\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tForm of capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOwner- ship, %\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Holding Ltd.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20 Eastbourne Terrace, London, W2 6LA,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tUnited Kingdom\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas B.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Finance B.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Co\u00f6peratief U.A.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAnna van Buerenplein 41 A, Unit 4.27, 2595DA The Hague,\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMembers' interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tThe Netherlands\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services N.V.\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChaussee de Wavre 20, 1360 Perwez, Belgium\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOrdinary shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tZhaikmunai LLP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43/1 Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPositiv Invest LLP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43/1 Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t80\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMidstream Energy Company LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43B Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services Central Asia LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAksai 3a, 75/38, 050031 Almaty,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Associated Investments LLP\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t43B Karev street, 090000 Uralsk,Republic of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tParticipatory interests \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
Subsidiaries
Nostrum Oil & Gas Holding Limited registered and incorporated in England
and Wales under Companies Number 14419330 is exempt from the
requirements of the UK Companies Act 2006 relating to the audit of the
individual accounts by virtue of section 479A of the Act.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf290_1": { "value": "The Group\u2019s operations are primarily conducted through its oil and gas
producing entity Zhaikmunai LLP located in Kazakhstan and represent a single
operating segment including all Group\u2019s assets related to its Chinarevskoye
field, including surface facilities, and Stepnoy Leopard Fields.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf291_1": { "value": "haikmunai LLP carries out its activities in accordance with the Contract for Additional Exploration, Production and Production-Sharing of Crude Hydrocarbons in the Chinarevskoye oil and gas condensate field (the \u201cContract\u201d) dated 31 October 1997 between the State Committee of Investments of the Republic of Kazakhstan and Zhaikmunai LLP in accordance with the license MG No. 253D for the exploration and production of hydrocarbons in Chinarevskoye oil and gas condensate field. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf292_1": { "value": "the Republic of Kazakhstan", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf293_1": { "value": "As at 31 December 2025 the Group employed 595 employees (31 December
2024: 605).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf294_1": { "value": "2. Basis of preparation and consolidation
Basis of preparation
These consolidated financial statements for the year ended 31 December 2025
have been prepared in accordance with the UK adopted International
Accounting Standards and those parts of the Companies Act 2006 that are
relevant to companies which report in accordance with UK adopted IFRS. The
consolidated financial statements have been prepared based on a historical
cost basis (Note 4).
The consolidated financial statements are presented in US dollars and all values
are rounded to the nearest thousand, except when otherwise indicated. The
preparation of consolidated financial statements in conformity with IFRS
requires the use of certain critical accounting estimates. It also requires from
management to exercise its judgment in the process of applying the Group's
accounting policies. The areas involving a higher degree of judgment or
complexity, or areas where assumptions and estimates are significant to the
consolidated financial statements are disclosed in Note 4. The Group recognises
that there may be potential financial implications in the future from changes in
legislation and regulation implemented to address climate change risk. Over
time these changes may have an impact across a number of areas of
accounting including asset impairment, increased costs, provisions, onerous
contracts and contingent liabilities. For more details regarding climate risk
please see pages 24-25. However, as at the reporting date, the Group believes
there is no material impact on the balance sheet carrying values of assets or
liabilities. This is not considered a significant estimate.
Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Parent and its subsidiaries as at 31 December 2025. Control is achieved when
the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if, and only if, the
Group has:
\u2022 power over the investee (i.e., existing rights that give it the current ability to
direct the relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the
investee;
\u2022 the 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 with the other vote holders of the investee;
\u2022 rights arising from other contractual arrangements;
\u2022 the Group\u2019s voting rights and potential voting rights.
\u2022 The Group re-assesses whether or not it controls an investee if facts and
circumstances 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.
Subsidiaries
Nostrum Oil & Gas Holding Limited registered and incorporated in England
and Wales under Companies Number 14419330 is exempt from the
requirements of the UK Companies Act 2006 relating to the audit of the
individual accounts by virtue of section 479A of the Act.
Going concern
The Group monitors on an ongoing basis its liquidity position, near-term
forecasts, and key financial ratios to ensure that sufficient funds are available to
meet its commitments as they arise and liabilities as they fall due. The Group
reforecasts its rolling 3-year cashflows on a quarterly basis and stress tests its
future liquidity position for changes in product prices, production volumes,
costs and other significant events.
The Directors are focused on a range of potential opportunities and actions
aimed at improving the liquidity outlook in the near-term and creating value
from long-term growth opportunities. These actions include, amongst other
things, the ongoing base case scenario efforts to further optimize capital
expenditures, operating expenses and general and administration expenses,
improving netbacks realized from product sales, and increasing utilisation of
the Group\u2019s processing infrastructure.
The Directors\u2019 going concern assessment is supported by the future cash flow
forecasts covering the going concern period to 30 June 2027. As at 31
December 2025, the Group had unrestricted cash balances of US$143.3 million
(including liquid current investments of US$136.0 million) and US$17.0 million
held in the debt reserve service account (DSRA). The Base Case reflects
production forecasts consistent with the Board approved plans, assumes a
Brent oil price of US$85/bbl for the rest of 2026 and US$75/bbl for 2027 and
onwards, includes minimum licence commitment expenditures for the
Chinarevskoye and Stepnoy Leopard Fields, and assumes completion of the
Proposed Transaction before 30 June 2026 (please refer to page 34). Under this
Base Case, the Group forecasts to have a closing cash balance of more than
US$115 million as of 30 June 2027.
The Base Case has been tested for sensitivity against the key assumptions,
including a US$15/bbl reduction in Brent oil prices, a 10% reduction in forecast
Chinarevskoye production and third-party UOG processing volumes, a 10%
increase in operating and G&A expenses, additional contingent capital
expenditure, and possible tax and other audit fines and penalties. Based on this
analysis, assuming that the Proposed Transaction is completed, the Directors
concluded that the Group would be able to withstand downside movements in
these assumptions individually, and in combination. In addition, a reverse stress
testing was performed by modelling a combination of all downside sensitivities,
in which case the Company might be unable to meet its liabilities as they fall
due before the end of the going concern assessment period, however such
scenario is not considered plausible.
On 30 March 2026 the Group announced that it has reached an in-principle
agreement with an ad hoc group of beneficial owners of its Notes regarding the
key commercial terms for a proposed extension of the maturity date of the
SSNs and the SUNs to 31 December 2030 (the \u201cProposed Transaction\u201d), as
more fully described on page 34 . Whilst this marked a key milestone in the
Company\u2019s bond restructuring process and established an agreed framework
for the proposed amend-and-extend transaction, the Proposed Transaction had
not, as at the date of the approval of these financial statements, been
contractually completed. The completion of the Proposed Transaction remains
subject to a number of further steps and conditions, including:
\u2022 the receipt of required regulatory and sanctions-related and approvals
relevant to the implementation of the Proposed Transaction;
\u2022 completion of the consent solicitations in respect of the SSNs and SUNs and
the related SSN offer process; and \u2022 completion of the remaining transaction documentation and
implementation steps.
The Group is continuing to pursue the required licences and approvals as soon
as practicable. Pending receipt of the relevant sanctions-related licences, the
Group does not expect to be in a position to make interest payments in respect
of the SSNs and the SUNs.
As at the date of approval of these consolidated financial statements, the
above matters remained unresolved, with the outcomes uncertain and largely
outside of the Group\u2019s control. If one or more of these matters is not resolved
in time, the Proposed Transaction may not be completed on the agreed terms,
or at all, before the existing SSNs and SUNs mature on 30 June 2026.
Accordingly, there is a material uncertainty related to events and conditions
that may cast significant doubt on the Group\u2019s and the Company\u2019s ability to
continue as a going concern for the going concern period to 30 June 2027.
Directors have also considered the risks and uncertainties that tax legislation
and practice in Kazakhstan can be subject to differing interpretations by tax
authorities and courts, with an unfavourable outcome for the Group as further
described in the Notes 30 and 32 to the consolidated financial statements.
However, the Directors intends to continue to defend the Group\u2019s position in
these matters through the available administrative, judicial and other legal
processes, and have included any impact of these matters in the future cash
flow forecasts.
After careful consideration, and assuming completion of the Proposed
Transaction substantially in accordance with the terms currently contemplated,
the Directors have concluded that it remains appropriate to prepare the
consolidated financial statements on a going concern basis. On that basis, the
Directors have a reasonable expectation that the Group will have sufficient
financial resources to continue in operation throughout the going concern
period to 30 June 2027. The Directors have also considered events and
conditions beyond that period, and draw attention to the Viability Statement
on pages 27-28.
In accordance with Provision 30 of the UK Corporate Governance Code 2024,
the Directors consider it appropriate to adopt the going concern basis of
accounting in preparing these consolidated financial statements. Accordingly,
the consolidated financial statements do not include any adjustments to the
carrying amount or classification of assets and liabilities that would result if the
Group were unable to continue as a going concern.
If the Group is unable to complete the Proposed Transaction and is therefore
unable to realise its assets and discharge its liabilities in the normal course of
business, adjustments may be required in future to the carrying amounts and
classifications of assets and liabilities in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf295_1": { "value": "These consolidated financial statements for the year ended 31 December 2025
have been prepared in accordance with the UK adopted International
Accounting Standards and those parts of the Companies Act 2006 that are
relevant to companies which report in accordance with UK adopted IFRS. The
consolidated financial statements have been prepared based on a historical
cost basis (Note 4).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf296_1": { "value": "Basis of consolidation
The consolidated financial statements comprise the financial statements of the
Parent and its subsidiaries as at 31 December 2025. Control is achieved when
the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power
over the investee. Specifically, the Group controls an investee if, and only if, the
Group has:
\u2022 power over the investee (i.e., existing rights that give it the current ability to
direct the relevant activities of the investee);
\u2022 exposure, or rights, to variable returns from its involvement with the
investee;
\u2022 the 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 with the other vote holders of the investee;
\u2022 rights arising from other contractual arrangements;
\u2022 the Group\u2019s voting rights and potential voting rights.
\u2022 The Group re-assesses whether or not it controls an investee if facts and
circumstances 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf297_1": { "value": "Going concern
The Group monitors on an ongoing basis its liquidity position, near-term
forecasts, and key financial ratios to ensure that sufficient funds are available to
meet its commitments as they arise and liabilities as they fall due. The Group
reforecasts its rolling 3-year cashflows on a quarterly basis and stress tests its
future liquidity position for changes in product prices, production volumes,
costs and other significant events.
The Directors are focused on a range of potential opportunities and actions
aimed at improving the liquidity outlook in the near-term and creating value
from long-term growth opportunities. These actions include, amongst other
things, the ongoing base case scenario efforts to further optimize capital
expenditures, operating expenses and general and administration expenses,
improving netbacks realized from product sales, and increasing utilisation of
the Group\u2019s processing infrastructure.
The Directors\u2019 going concern assessment is supported by the future cash flow
forecasts covering the going concern period to 30 June 2027. As at 31
December 2025, the Group had unrestricted cash balances of US$143.3 million
(including liquid current investments of US$136.0 million) and US$17.0 million
held in the debt reserve service account (DSRA). The Base Case reflects
production forecasts consistent with the Board approved plans, assumes a
Brent oil price of US$85/bbl for the rest of 2026 and US$75/bbl for 2027 and
onwards, includes minimum licence commitment expenditures for the
Chinarevskoye and Stepnoy Leopard Fields, and assumes completion of the
Proposed Transaction before 30 June 2026 (please refer to page 34). Under this
Base Case, the Group forecasts to have a closing cash balance of more than
US$115 million as of 30 June 2027.
The Base Case has been tested for sensitivity against the key assumptions,
including a US$15/bbl reduction in Brent oil prices, a 10% reduction in forecast
Chinarevskoye production and third-party UOG processing volumes, a 10%
increase in operating and G&A expenses, additional contingent capital
expenditure, and possible tax and other audit fines and penalties. Based on this
analysis, assuming that the Proposed Transaction is completed, the Directors
concluded that the Group would be able to withstand downside movements in
these assumptions individually, and in combination. In addition, a reverse stress
testing was performed by modelling a combination of all downside sensitivities,
in which case the Company might be unable to meet its liabilities as they fall
due before the end of the going concern assessment period, however such
scenario is not considered plausible.
On 30 March 2026 the Group announced that it has reached an in-principle
agreement with an ad hoc group of beneficial owners of its Notes regarding the
key commercial terms for a proposed extension of the maturity date of the
SSNs and the SUNs to 31 December 2030 (the \u201cProposed Transaction\u201d), as
more fully described on page 34 . Whilst this marked a key milestone in the
Company\u2019s bond restructuring process and established an agreed framework
for the proposed amend-and-extend transaction, the Proposed Transaction had
not, as at the date of the approval of these financial statements, been
contractually completed. The completion of the Proposed Transaction remains
subject to a number of further steps and conditions, including:
\u2022 the receipt of required regulatory and sanctions-related and approvals
relevant to the implementation of the Proposed Transaction;
\u2022 completion of the consent solicitations in respect of the SSNs and SUNs and
the related SSN offer process; and \u2022 completion of the remaining transaction documentation and
implementation steps.
The Group is continuing to pursue the required licences and approvals as soon
as practicable. Pending receipt of the relevant sanctions-related licences, the
Group does not expect to be in a position to make interest payments in respect
of the SSNs and the SUNs.
As at the date of approval of these consolidated financial statements, the
above matters remained unresolved, with the outcomes uncertain and largely
outside of the Group\u2019s control. If one or more of these matters is not resolved
in time, the Proposed Transaction may not be completed on the agreed terms,
or at all, before the existing SSNs and SUNs mature on 30 June 2026.
Accordingly, there is a material uncertainty related to events and conditions
that may cast significant doubt on the Group\u2019s and the Company\u2019s ability to
continue as a going concern for the going concern period to 30 June 2027.
Directors have also considered the risks and uncertainties that tax legislation
and practice in Kazakhstan can be subject to differing interpretations by tax
authorities and courts, with an unfavourable outcome for the Group as further
described in the Notes 30 and 32 to the consolidated financial statements.
However, the Directors intends to continue to defend the Group\u2019s position in
these matters through the available administrative, judicial and other legal
processes, and have included any impact of these matters in the future cash
flow forecasts.
After careful consideration, and assuming completion of the Proposed
Transaction substantially in accordance with the terms currently contemplated,
the Directors have concluded that it remains appropriate to prepare the
consolidated financial statements on a going concern basis. On that basis, the
Directors have a reasonable expectation that the Group will have sufficient
financial resources to continue in operation throughout the going concern
period to 30 June 2027. The Directors have also considered events and
conditions beyond that period, and draw attention to the Viability Statement
on pages 27-28.
In accordance with Provision 30 of the UK Corporate Governance Code 2024,
the Directors consider it appropriate to adopt the going concern basis of
accounting in preparing these consolidated financial statements. Accordingly,
the consolidated financial statements do not include any adjustments to the
carrying amount or classification of assets and liabilities that would result if the
Group were unable to continue as a going concern.
If the Group is unable to complete the Proposed Transaction and is therefore
unable to realise its assets and discharge its liabilities in the normal course of
business, adjustments may be required in future to the carrying amounts and
classifications of assets and liabilities in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf298_1": { "value": "3. Changes in accounting policies and disclosures
New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the financial statements
are consistent with those followed in the preparation of the Group\u2019s annual
financial statements for the year ended 31 December 2024, except for the
adoption of new standards effective as of 1 January 2025. The Group has not
early adopted any standard, interpretation or amendment that has been issued
but is not yet effective.
Several amendments apply for the first time in 2025, but do not have an impact
on the financial statements of the Group.
Lack of exchangeability - Amendments to IAS 21
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
specify how an entity should assess whether a currency is exchangeable and
how it should determine a spot exchange rate when exchangeability is lacking.
The amendments also require disclosure of information that enables users of
its financial statements to understand how the currency not being
exchangeable into the other currency affects, or is expected to affect, the
entity\u2019s financial performance, financial position and cash flows.
The amendments are effective for annual reporting periods beginning on or
after 1 January 2025.
When applying the amendments, an entity cannot restate comparative
information.
The amendments did not have a material impact on the Group\u2019s interim
condensed financial statements.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not
yet effective, up to the date of issuance of the Group\u2019s financial statements are
disclosed below. The Group intends to adopt these new and amended
standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of
Financial Statements. IFRS 18 introduces new requirements for presentation
within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within
the statement of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the first three
are new.
It also requires disclosure of newly defined management-defined performance
measures, subtotals of income and expenses, and includes new requirements
for aggregation and disaggregation of financial information based on the
identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of
Cash Flows, which include changing the starting point for determining cash
flows from operations under the indirect method, from \u2018profit or loss\u2019 to
\u2018operating profit or loss\u2019 and removing the optionality around classification of
cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18, and the amendments to the other standards, is effective for reporting
periods beginning on or after 1 January 2027, but earlier application is
permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to
apply its reduced disclosure requirements while still applying the recognition,
measurement and presentation requirements in other IFRS accounting
standards. To be eligible, at the end of the reporting period, an entity must be a
subsidiary as defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares financial statements,
available for public use, which comply with IFRS accounting standards.
IFRS 19 will become effective for reporting periods beginning on or after 1
January 2027, with early application permitted.
As the Group\u2019s debt instruments are publicly traded, it is not eligible to elect to
apply IFRS 19.
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9
and IFRS 7
In December 2024, the IASB issued Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7). The amendments include:
\u2022 Clarifying the application of the \u2018own-use\u2019 requirements;
\u2022 Permitting hedge accounting if these contracts are used as hedging
instruments;
\u2022 Adding new disclosure requirements to enable investors to understand
the effect of these contracts on a company\u2019s financial performance and
cash flows.
The amendments will be effective for annual reporting periods beginning on or
after 1 January 2026. Early adoption is permitted, but will need to be disclosed.
The clarifications regarding the \u2018own use\u2019 requirements must be applied
retrospectively, but the guidance permitting hedge accounting have to be
applied prospectively to new hedging relationships designated on or after the
date of initial application.
The amendments are not expected to have a material impact on the Group\u2019s
financial statements. Amendments to the Classification and Measurement of Financial Instruments
\u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to the Classification and
Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7),
which:
\u2022 Clarifies that a financial liability is derecognised on the \u2018settlement
date\u2019, i.e., when the related obligation is discharged, cancelled, expires
or the liability otherwise qualifies for derecognition. It also introduces
an accounting policy option to derecognise financial liabilities that are
settled through an electronic payment system before settlement date if
certain conditions are met;
\u2022 Clarified how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance
(ESG)-linked features and other similar contingent features;
\u2022 Clarifies the treatment of non-recourse assets and contractually linked
instruments.
Requires additional disclosures in IFRS 7 for financial assets and liabilities with
contractual terms that reference a contingent event (including those that are
ESG-linked), and equity instruments classified at fair value through other
comprehensive income.
The publication of the amendments concludes the classification and
measurement phase of the lASB\u2019s post implementation review (PIR) of IFRS 9
Financial Instruments.
The amendments will be effective for annual reporting periods beginning on or
after 1 January 2026. Entities can early adopt the amendments that relate to
the classification of financial assets plus the related disclosures and apply the
other amendments later.
The new requirements will be applied retrospectively with an adjustment to
opening retained earnings. Prior periods are not required to be restated and
can only be restated without using hindsight. An entity is required to disclose
information about financial assets that change their measurement category
due to the amendments.
The amendments are not expected to have a material impact on the Group\u2019s
financial statements.
Amendments to the Classification and Measurement of Financial
Instruments \u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to the Classification and
Measurement of Financial Instruments (Amendments to IFRS 9 and
IFRS 7), which:
\u2022 Clarifies that a financial liability is derecognised on the \u2018settlement
date\u2019, i.e., when the related obligation is discharged, cancelled,
expires or the liability otherwise qualifies for derecognition. It also
introduces an accounting policy option to derecognise financial
liabilities that are settled through an electronic payment system
before settlement date if certain conditions are met;
\u2022 Clarified how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance
(ESG)-linked features and other similar contingent features;
\u2022 Clarifies the treatment of non-recourse assets and contractually
linked instruments.
Requires additional disclosures in IFRS 7 for financial assets and
liabilities with contractual terms that reference a contingent event
(including those that are ESG-linked), and equity instruments
classified at fair value through other comprehensive income.
The publication of the amendments concludes the classification and
measurement phase of the lASB\u2019s post implementation review (PIR)
of IFRS 9 Financial Instruments.
The amendments will be effective for annual reporting periods
beginning on or after 1 January 2026. Entities can early adopt the
amendments that relate to the classification of financial assets plus
the related disclosures and apply the other amendments later.
The new requirements will be applied retrospectively with an
adjustment to opening retained earnings. Prior periods are not
required to be restated and can only be restated without using
hindsight. An entity is required to disclose information about financial
assets that change their measurement category due to the
amendments.
The amendments are not expected to have a material impact on the
Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf299_1": { "value": "3. Changes in accounting policies and disclosures
New standards, interpretations and amendments adopted by the Group
The accounting policies adopted in the preparation of the financial statements
are consistent with those followed in the preparation of the Group\u2019s annual
financial statements for the year ended 31 December 2024, except for the
adoption of new standards effective as of 1 January 2025. The Group has not
early adopted any standard, interpretation or amendment that has been issued
but is not yet effective.
Several amendments apply for the first time in 2025, but do not have an impact
on the financial statements of the Group.
Lack of exchangeability - Amendments to IAS 21
The amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
specify how an entity should assess whether a currency is exchangeable and
how it should determine a spot exchange rate when exchangeability is lacking.
The amendments also require disclosure of information that enables users of
its financial statements to understand how the currency not being
exchangeable into the other currency affects, or is expected to affect, the
entity\u2019s financial performance, financial position and cash flows.
The amendments are effective for annual reporting periods beginning on or
after 1 January 2025.
When applying the amendments, an entity cannot restate comparative
information.
The amendments did not have a material impact on the Group\u2019s interim
condensed financial statements.
Standards issued but not yet effective
The new and amended standards and interpretations that are issued, but not
yet effective, up to the date of issuance of the Group\u2019s financial statements are
disclosed below. The Group intends to adopt these new and amended
standards and interpretations, if applicable, when they become effective.
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1 Presentation of
Financial Statements. IFRS 18 introduces new requirements for presentation
within the statement of profit or loss, including specified totals and subtotals.
Furthermore, entities are required to classify all income and expenses within
the statement of profit or loss into one of five categories: operating, investing,
financing, income taxes and discontinued operations, whereof the first three
are new.
It also requires disclosure of newly defined management-defined performance
measures, subtotals of income and expenses, and includes new requirements
for aggregation and disaggregation of financial information based on the
identified \u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS 7 Statement of
Cash Flows, which include changing the starting point for determining cash
flows from operations under the indirect method, from \u2018profit or loss\u2019 to
\u2018operating profit or loss\u2019 and removing the optionality around classification of
cash flows from dividends and interest. In addition, there are consequential
amendments to several other standards.
IFRS 18, and the amendments to the other standards, is effective for reporting
periods beginning on or after 1 January 2027, but earlier application is
permitted and must be disclosed. IFRS 18 will apply retrospectively.
The Group is currently working to identify all impacts the amendments will
have on the primary financial statements and notes to the financial statements.
IFRS 19 Subsidiaries without Public Accountability: Disclosures
In May 2024, the IASB issued IFRS 19, which allows eligible entities to elect to
apply its reduced disclosure requirements while still applying the recognition,
measurement and presentation requirements in other IFRS accounting
standards. To be eligible, at the end of the reporting period, an entity must be a
subsidiary as defined in IFRS 10, cannot have public accountability and must
have a parent (ultimate or intermediate) that prepares financial statements,
available for public use, which comply with IFRS accounting standards.
IFRS 19 will become effective for reporting periods beginning on or after 1
January 2027, with early application permitted.
As the Group\u2019s debt instruments are publicly traded, it is not eligible to elect to
apply IFRS 19.
Contracts Referencing Nature-dependent Electricity \u2013 Amendments to IFRS 9
and IFRS 7
In December 2024, the IASB issued Contracts Referencing Nature-dependent
Electricity (Amendments to IFRS 9 and IFRS 7). The amendments include:
\u2022 Clarifying the application of the \u2018own-use\u2019 requirements;
\u2022 Permitting hedge accounting if these contracts are used as hedging
instruments;
\u2022 Adding new disclosure requirements to enable investors to understand
the effect of these contracts on a company\u2019s financial performance and
cash flows.
The amendments will be effective for annual reporting periods beginning on or
after 1 January 2026. Early adoption is permitted, but will need to be disclosed.
The clarifications regarding the \u2018own use\u2019 requirements must be applied
retrospectively, but the guidance permitting hedge accounting have to be
applied prospectively to new hedging relationships designated on or after the
date of initial application.
The amendments are not expected to have a material impact on the Group\u2019s
financial statements. Amendments to the Classification and Measurement of Financial Instruments
\u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to the Classification and
Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7),
which:
\u2022 Clarifies that a financial liability is derecognised on the \u2018settlement
date\u2019, i.e., when the related obligation is discharged, cancelled, expires
or the liability otherwise qualifies for derecognition. It also introduces
an accounting policy option to derecognise financial liabilities that are
settled through an electronic payment system before settlement date if
certain conditions are met;
\u2022 Clarified how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance
(ESG)-linked features and other similar contingent features;
\u2022 Clarifies the treatment of non-recourse assets and contractually linked
instruments.
Requires additional disclosures in IFRS 7 for financial assets and liabilities with
contractual terms that reference a contingent event (including those that are
ESG-linked), and equity instruments classified at fair value through other
comprehensive income.
The publication of the amendments concludes the classification and
measurement phase of the lASB\u2019s post implementation review (PIR) of IFRS 9
Financial Instruments.
The amendments will be effective for annual reporting periods beginning on or
after 1 January 2026. Entities can early adopt the amendments that relate to
the classification of financial assets plus the related disclosures and apply the
other amendments later.
The new requirements will be applied retrospectively with an adjustment to
opening retained earnings. Prior periods are not required to be restated and
can only be restated without using hindsight. An entity is required to disclose
information about financial assets that change their measurement category
due to the amendments.
The amendments are not expected to have a material impact on the Group\u2019s
financial statements.
Amendments to the Classification and Measurement of Financial
Instruments \u2013 Amendments to IFRS 9 and IFRS 7
In May 2024, the IASB issued Amendments to the Classification and
Measurement of Financial Instruments (Amendments to IFRS 9 and
IFRS 7), which:
\u2022 Clarifies that a financial liability is derecognised on the \u2018settlement
date\u2019, i.e., when the related obligation is discharged, cancelled,
expires or the liability otherwise qualifies for derecognition. It also
introduces an accounting policy option to derecognise financial
liabilities that are settled through an electronic payment system
before settlement date if certain conditions are met;
\u2022 Clarified how to assess the contractual cash flow characteristics of
financial assets that include environmental, social and governance
(ESG)-linked features and other similar contingent features;
\u2022 Clarifies the treatment of non-recourse assets and contractually
linked instruments.
Requires additional disclosures in IFRS 7 for financial assets and
liabilities with contractual terms that reference a contingent event
(including those that are ESG-linked), and equity instruments
classified at fair value through other comprehensive income.
The publication of the amendments concludes the classification and
measurement phase of the lASB\u2019s post implementation review (PIR)
of IFRS 9 Financial Instruments.
The amendments will be effective for annual reporting periods
beginning on or after 1 January 2026. Entities can early adopt the
amendments that relate to the classification of financial assets plus
the related disclosures and apply the other amendments later.
The new requirements will be applied retrospectively with an
adjustment to opening retained earnings. Prior periods are not
required to be restated and can only be restated without using
hindsight. An entity is required to disclose information about financial
assets that change their measurement category due to the
amendments.
The amendments are not expected to have a material impact on the
Group\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf300_1": { "value": "4. Summary of material accounting policies
Exploration expenditure
Costs directly associated with the acquisition of Positiv Invest LLP and the
subsequent well appraisal costs were capitalised within exploration and
evaluation assets until the reserves appraisal phase is completed and the
commercial viability of field development had been proven.
These costs included employee remuneration, materials, fuel used, rig costs,
payments made to contractors, and asset retirement obligation fees.
If hydrocarbons are discovered and, subject to further appraisal activity (e.g.,
the drilling of additional wells), it is probable that they can be commercially
developed, the costs continue to be carried as an asset while sufficient /
continued progress is made in assessing the commerciality of the
hydrocarbons.
All such carried costs are subject to technical, commercial and management
review at least once a year to confirm the continued intent to develop or
otherwise extract value from the discovery, which is subject to estimation
uncertainties. When this is no longer the case, the costs are written off.
Subsoil use rights acquisition costs are initially capitalised in exploration and
evaluation assets. Subsoil use rights acquisition costs are reviewed at each
reporting date to confirm that there is no indication that the carrying amount
exceeds the recoverable amount. This review includes confirming that
exploration drilling is still under way or firmly planned, or that it has been
determined, or work is under way to determine that the discovery is
economically viable based on a range of technical and commercial
considerations and sufficient progress is being made on establishing
development plans and timing. If no future activity is planned or the subsoil use
rights have been relinquished or have expired, the carrying value of the subsoil
use rights acquisition costs is written off through profit or loss.
Acquisitions of interests in exploration and evaluation assets are accounted for
as asset acquisitions where the acquired set does not meet the definition of a
business. In making this assessment, management applies the concentration
test. Where substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar assets, the
transaction is accounted for as an asset acquisition, and the purchase
consideration is allocated to the identifiable assets and liabilities acquired
based on their relative fair values.
Property, plant and equipment
Oil and gas properties
Expenditure on the construction, installation or completion of infrastructure
facilities such as treatment facilities, pipelines and the drilling of development
wells, is capitalised within property, plant and equipment as oil and gas
properties. The initial cost of an asset comprises of its purchase price or
construction cost, any costs directly attributable to bringing the asset into
operation and the initial estimate of decommissioning obligations, if any.
The purchase price or construction cost is the aggregate amount paid and the
fair value of any other consideration given to acquire the asset. When a
development project moves into the production stage, the capitalisation of
certain construction/development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to oil and gas property asset additions, improvements or
new developments.
Capitalised costs of oil and gas properties are depreciated using different
methods depending on the nature and use of the underlying assets.
Assets directly involved in the exploration and production activities of the
Group\u2019s fields are depleted using the unit-of-production method based on
estimated proved developed reserves of the respective field.
Assets related to processing, transportation, and handling of hydrocarbons,
including those used for third-party volumes, are depreciated on a straight-line
basis over their useful lives or the term of the relevant subsoil use rights,
whichever is shorter.
Assets in development
Expenditure is transferred from \u201cexploration and evaluation assets\u201d to \u201cassets
in development\u201d which is a subcategory of \u201coil and gas properties\u201d once the
work completed to date supports the future development of the asset and such
development receives appropriate approvals.
After transfer of the exploration and evaluation assets, all subsequent
expenditure on the construction, installation or completion of infrastructure
facilities such as pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u201cassets in
development\u201d.
When a development project moves into the production stage, all assets
included in \u201cassets in development\u201d are then transferred to \u201cproducing assets\u201d
which is also a sub-category of \u201coil and gas properties\u201d. The capitalisation of
certain construction / development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to \u201coil and gas properties\u201d asset additions, improvements
or new developments. Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
Other properties
All other property, plant and equipment are stated at historical cost less
accumulated depreciation and impairment. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. All other repairs and maintenance are charged
to the profit or loss during the year in which they are incurred.
Depreciation is calculated on a straight-line basis over the estimated useful lives
of the assets as follows:
Land is a non-depreciable asset and therefore is not subject to depreciation. It
is the company\u2019s policy to maintain the original cost of land on the balance
sheet. However, the land\u2019s value may be reviewed periodically to determine if
there is any impairment in value.
For more detailed information in relation to property plant and equipment,
please refer to Note 5.
Significant accounting judgment: oil and gas reserves
Oil and gas reserves are a material factor in the Group\u2019s computation of
depreciation, depletion and amortisation (the \u201cDD&A\u201d). Management used
significant accounting judgement in selecting proved developed hydrocarbon
reserves for calculating the unit-of-production depletion rate, as it reflects the
expected pattern of consumption of future economic benefits by the Group.
Significant estimates and assumptions: oil and gas reserves
The Group uses internal estimates to assess the oil and gas reserves of its fields.
The reserves estimates are made in accordance with the methodology of the
Society of Petroleum Engineers (the \u201cSPE\u201d) and are confirmed or audited by
independent reserve engineers. All reserve estimates involve some degree of
uncertainty, which depends mainly on the amount of reliable geological and
engineering data available at the time of the estimate and the interpretation of
this data, as well as long-term hydrocarbon pricing, which may affect
classification of reserves.
The relative degree of uncertainty can be conveyed by placing reserves into one
of two principal classifications, either proved or unproved. Proved reserves are
more certain to be recovered than unproved reserves and may be further sub
classified as developed and undeveloped to denote progressively increasing
uncertainty in their recoverability.
Reserves estimates are reviewed and revised annually. Revisions occur due to
the evaluation or re-evaluation of already available geological, reservoir or
production data; availability of new data; or changes to underlying price
assumptions. Reserve estimates may also be revised due to improved recovery
projects, changes in production capacity or changes in development strategy.
Management\u2019s estimates of the Chinarevskoye 2P (Proved plus Probable)
volume as at 31 December 2025 was 11.8 mmboe requiring 7 capital
interventions (2024: 18.0 mmboe requiring 13 interventions). The reduction
was principally driven by 2025 production of 2.6 mmboe and revision of the
proved and probable reserves estimates. The Probable Undeveloped reserves
have decreased by 2.5 mmboe mainly due to reduced expectations for Biyski
gas-condensate resulting from increased water ingress and cancelled
Ardatovski NE drilling activities (see pages 15-18 for more details).
Downward revision of the proved developed reserves estimates by 5% would
lead to additional DD&A expense of $1,289 thousand in 2025.
Estimates of economically recoverable oil and gas reserves and related future
net cash flows also impact the impairment assessment of the Group (see
Impairment related significant judgements, estimates and assumptions for
further details).
Details on carrying values of oil and gas properties and related depreciation,
depletion and amortization are shown in Note 5.
In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
Impairment of property, plant and equipment, exploration and evaluation assets
At the end of each reporting period the Group assesses whether events or
changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the Group\u2019s business plans,
significant decreases in the market commodity prices, low plant utilisation,
evidence of physical damage or, for oil and gas assets, significant downward
revisions of estimated reserves or increases in estimated future development
expenditure or decommissioning costs. If any such indication of impairment
exists, the Group makes an estimate of the asset\u2019s recoverable amount.
Individual assets are grouped into a CGU for impairment assessment purposes at
the lowest level at which there are identifiable cash flows that are largely
independent of the cash flows of other groups of assets. A CGU\u2019s recoverable
amount is the higher of its fair value less costs of disposal and its value in use.
Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired, and an impairment loss is recognised for the excess of
carrying amount over recoverable amount.
The business internal cash flow model, which is approved on an annual basis by
senior management, is the primary source of information for the determination
of the recoverable amount. It contains forecasts for oil and gas production, sales
volumes for various types of products, revenues, costs and capital expenditure.
As an initial step in the preparation of this model, various assumptions are set by
senior management. These assumptions take account of commodity prices,
global supply-demand equilibrium for oil and natural gas, other macroeconomic
factors and historical trends and variability. In assessing the recoverable amount,
the estimated future cash flows are adjusted for the risks specific to the asset
group and are discounted to their present value using a discount rate.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tYears\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBuildings and constructions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7-50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicles \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMachinery and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-10\n\t\t\t\t\t\t\t\t\t
Significant accounting judgment: identification of cash-generating unit
Judgement is required to identify cash-generating units for the purpose of
testing the assets for impairment. Management has determined that a single
cash-generating unit within the Group\u2019s non-current assets consists of all Group\u2019s
assets related to its Chinarevskoye field and facilities. This is mainly based on the
fact that hydrocarbons extracted from the Chinarevskoye field are processed and
passed through a combination of various facilities.
Significant estimates and assumptions: impairment of property, plant and
equipment, exploration and evaluation assets
Determination as to whether, and by how much, the CGU is impaired involves
management\u2019s best estimates on highly uncertain matters such as future
commodity prices, operating expenses and capital expenditures estimates,
discount rate, fiscal regimes, proved and probable reserves, contingent
resources and respective future production profiles.
Based on the management assessment the recoverable amount was determined
by the fair value less costs of disposal (FVLCD) of the CGU, which was higher than
its value-in-use. FVLCD was based on the discounted cash flow model as no
recent third-party transactions existed on which a reliable market-based fair
value could be established.
The discounted cash flow model takes into consideration cash flows, which are
expected to arise until 2031, i.e. during the licence term of the Chinarevskoye
field, and is considered a level 3 valuation under the fair value hierarchy, because
the valuation methods is represented by discounted cash flow model using mix
of observable and unobservable inputs. The period exceeding five years is
believed to be appropriate based on the proved and probable reserves audited
by independent engineers. The model also takes into account risked-value cash
flows from contingent resources on the basis a market participant would place
value on these resources.
The key assumptions used in the Group\u2019s discounted cash flow model reflecting
past experience historic data and taking into account external factors are subject
to periodic review. These assumptions are:
\u2022 Oil prices (in real terms): US$70/bbl throughout 2026-2031 (2024: US$70/bbl
throughout 2025-2031);
\u2022 Proved and probable hydrocarbon reserves as well as production profiles
based on Group\u2019s internal estimates prepared by management;
\u2022 All cash flows are projected in real terms on the basis of stable prices;
\u2022 Cost profiles for the development of the fields and subsequent operating
costs consistent with reserves estimates and production profiles; and
\u2022 Ural O&G processing \u2013 new terms under extended the processing agreement
until 2031
\u2022 Stepnoy Leopard fields \u2013 risk-weighted value consistent with the CPR
valuation;
\u2022 Gas treatment unit (GTU) spare capacity utilisation \u2013 risk-weighted option
value from processing fee structure consistent with Ural O&G processing
agreement;
\u2022 Post-tax discount rate of 10.53%, estimated to be equivalent to pre-tax
discount rate of 11.20% (2024: 10.53% and 15.1%, respectively).
The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
Leases
The 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 underlying assets.
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. Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the
lease term, the recognised right-of-use assets are depreciated on a straight-line
basis over the shorter of its estimated useful life and the lease term. Right-of-
use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities
measured at the present value of lease payments to be made over the lease
term. The lease payments include fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that
depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating a lease, if the lease term reflects the Group
exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are
recognised as expense in the period on which the event or condition that
triggers the payment occurs. FINANCIAL REPORT
In calculating the present value of lease payments, the Group uses the
incremental borrowing rate at the lease commencement date if the interest
rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in
the lease term, a change in the in-substance fixed lease payments or a change
in the assessment to purchase the underlying asset.
Separation of lease and non-lease components
When contracts for a lease (such as like lease of drilling rigs and rail-tank cars)
include various additional services like personnel cost, maintenance, drilling
related activities, and other items, the Group splits such non-lease components
and recognises them separately. Where the additional services are not
separately priced, the consideration paid is allocated based on the relative
stand-alone prices of the lease and non-lease components.
Distinguishing fixed and variable lease payment elements
Certain lease contracts include fixed rates for when the asset is in operation,
and various alternative rates (like \u201ccold-stack rates\u201d for leases of drilling rigs) for
periods where the asset is engaged in specified activities or idle, but still under
contract. In general, variability in lease payments under these contracts has its
basis in different use and activity levels, and the variable elements have been
determined to relate to non-lease components only. Consequently, the lease
components of these contractual payments are considered fixed for the
purposes of IFRS 16.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition 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 of low value (i.e.,
below US$ 5,000). Lease payments on short-term leases and leases of low-
value assets are recognised as expense on a straight-line basis over the lease
term.
Business combinations and goodwill
Business 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 (\u201cNCI\u201d) in the acquiree. For each business combination,
the Group elects whether to measure NCI 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.
When the Group acquires a business, it assesses the assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree. Those acquired petroleum reserves and resources
that can be reliably measured are recognised separately in the assessment of
fair values on acquisition. Other potential reserves, resources and rights are
included in goodwill.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for NCI over the fair
value of the identifiable net assets acquired and liabilities assumed. If the fair
value of the identifiable net assets acquired is in excess of the aggregate
consideration transferred (bargain purchase), before recognising a gain, the
Group reassesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the reassessment still
results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the statement of profit
or loss and other comprehensive income. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s CGUs that are expected to
benefit from the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Where goodwill forms part of a Cash Generating Unit (\u201cCGU\u201d) and part of the
operation in that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
Taxation
Uncertainties exist with respect to the interpretation of complex tax
regulations, changes in tax laws, and the amount and timing of future taxable
income. Given the wide range of international business relationships and the
long-term nature and complexity of existing contractual agreements,
differences arising between the actual results and the assumptions made, or
future changes to such assumptions, could necessitate future adjustments to
tax bases of income and expense already recorded. The Group establishes
provisions, based on reasonable estimates, for possible consequences of audits
by the tax authorities of the respective counties in which it operates. The
amount of such provisions is based on various factors, such as experience of
previous tax audits and differing interpretations of tax regulations by the Group
and the responsible tax authority. Such differences in interpretation may arise
for a wide variety of issues depending on the conditions prevailing in the
respective domicile of the Group companies.
Current income tax
Current income tax assets and liabilities are measured at the amount expected
to be recovered from or paid to the taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted or substantively
enacted at the reporting date in the countries where the Group operates and
generates taxable income. The tax rates and tax laws used to compute the
amount are those that apply to the relevant taxable income.
Current income tax relating to items recognised directly in equity is recognised
in equity and not in the statement of profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred income tax
Deferred tax assets and liabilities are calculated in respect of temporary
differences using the liability method. Deferred income taxes are provided for
all temporary differences arising between the tax bases of assets and liabilities
and their carrying values for financial reporting purposes, except where the
deferred income tax arises from the initial recognition of goodwill or of an asset
or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recorded only to the extent that it is probable that
taxable profit will be available against which the deductible temporary
differences can be utilised. Deferred tax assets and liabilities are measured at
tax rates that are expected to apply to the period when the asset is realised or
the liability is settled, based on tax rates that have been enacted or
substantively enacted at the reporting date.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable
right exists to set off current tax assets against current tax liabilities and the
deferred taxes relate to the same taxable entity and the same taxation
authority.
For more detailed information in current and deferred income tax disclosure as
at 31 December 2025 and 2024, please see Notes 27 and 30. Significant accounting judgment: taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing changes and
varying interpretations. Instances of inconsistent opinions between local,
regional and national tax authorities are not unusual. Because of the
uncertainties associated with Kazakhstan\u2019s tax system, the ultimate amount of
taxes, penalties and interest, if any, may be in excess of the amount expensed
to date and accrued at 31 December 2025.
The Group is regularly subject to tax audits and engages in ongoing discussions
with tax authorities to agree on tax computations. Whilst the ultimate outcome
of such tax audits and discussions cannot be determined with certainty, and
hence requires management judgement, the level of provisions are estimated
by management as required for taxes for which it is considered probable will be
payable, based on professional advice and consideration of the nature of
current discussions with the tax authority.
As at 31 December 2025 management believes that its interpretation of the
relevant legislation is appropriate and that it is probable that the Group\u2019s tax
position will be sustained. To the extent that actual outcomes differ from
management\u2019s estimates, income tax charges or credits, and changes in current
and deferred tax assets or liabilities, may arise in future periods. For more
information, see Notes 27 and 30.
Foreign currency translation
The functional currency is the currency of the primary economic environment
in which an entity operates and is normally the currency in which the entity
primarily generates and expends cash.
The functional currency of the Company is the United States dollar (the \u201cUS
dollar\u201d or \u201cUS$\u201d). The functional currencies of the Group\u2019s subsidiaries are as
follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany Functional currency\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Associated Investments LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Co\u00f6peratief U.A. US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Finance BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Holding Ltd US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services Central Asia LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMidstream Energy Company LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services N.V. Euro\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tZhaikmunai LLPUS dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPositiv Invest LLPTenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransactions in foreign currencies are initially recorded by the Group\u2019s subsidiaries at their respective functional currency spot rates at the date the transaction first qualifies for recognition.\n\t\t\t\t\t\t\t\t\t
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the reporting
date. All differences are taken to the profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as 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.
In the consolidated financial statements, the assets and liabilities of non-US
dollar functional currency subsidiaries are translated into US dollars at the spot
exchange rate on the balance sheet date. The results and cash flows of non-US
dollar functional currency subsidiaries are translated into US dollars using
average rates of exchange, and resulting exchange differences are accumulated
foreign currency translation reserve within equity, and are reclassified to the
profit or loss on the disposal of the subsidiary. In the consolidated financial
statements, exchange adjustments arising when the opening net assets and the
profits for the year retained by non-US dollar functional currency subsidiaries
are translated into US dollars are reported in the other comprehensive income.
Borrowing costs
The Group capitalises borrowing costs on qualifying assets. Assets qualifying for
borrowing costs capitalisation include all assets under construction that are not
being depreciated, depleted, or amortised, provided that work is in progress at
that time. Qualifying assets mostly include wells and other operations field
infrastructure under construction. Capitalised borrowing costs are calculated by
applying the capitalisation rate to the expenditures on qualifying assets. The
capitalisation rate is the weighted average of the borrowing costs applicable to
the Group\u2019s borrowings that are outstanding during the period. All other
borrowing costs are recognised in the profit or loss in the period in which they
are incurred.
For more detailed information in relation to capitalisation of borrowing costs,
please refer to Note 5.
Advances for non-current assets
Advances paid for capital investments/acquisition of non-current assets are
qualified as advances for non-current assets regardless of the period of supplies
of relevant assets or the supply of work or services to close advances. Advances
paid for the purchase of non-current assets are recognised by the Group as
non-current assets and are not discounted.
For more detailed information in relation to advances for non-current assets,
please refer to Note 6.
Inventories
Inventories are stated at the lower of cost or net realisable value (\u201cNRV\u201d). Cost
of oil, gas condensate and liquefied petroleum gas (\u201cLPG\u201d) is determined on the
weighted-average method based on the production cost including the relevant
expenses on depreciation, depletion and impairment and overhead costs based
on production volume. Net realisable value is the estimated selling price in the
ordinary course of business, less selling expenses.
The Company assesses inventories at each reporting date for indicators of
obsolescence, slow movement or damage. Where such indicators exist, the
carrying amount of inventory is written down to its net realisable value, being
the estimated selling price in the ordinary course of business less the estimated
costs of completion and costs necessary to make the sale. Write-downs are
recognised in profit or loss in the period in which they arise. Where the
circumstances that previously caused inventories to be written down no longer
exist, the write-down is reversed, with the reversal recognised in profit or loss.
For more information in relation to the breakdown of inventories as at
31 December 2025 and 2024, please see Note 7.
Other current liabilities
The Group makes accruals for liabilities related to the underperformance
and/or adjustments of work programs under subsoil use agreements (SUA) on
a regular basis. When evaluating the adequacy of an accrual, management
bases its estimates on the latest work program included in the SUA, and
relevant signed supplements and potential future changes in payment terms
(including the currency in which these liabilities are to be settled).
Future changes in the work programs may require adjustments to the accrual
recorded in the consolidated financial statements. FINANCIAL REPORT
Provisions and contingencies
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and a reliable estimate of the amount of the obligation can be made. Provisions
are reviewed by the Group at each reporting date and adjusted to reflect the
current best estimate. If it is no longer probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, the
provision is reversed.
The Group classifies as contingent liabilities those possible obligations that arise
from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the
control of the enterprise and the present obligations that arise from past events
but are not recognised because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation or the
amount of the obligation cannot be measured with sufficient reliability.
The Group does not recognise contingent liabilities but discloses contingent
liabilities in Note 30, unless the possibility of an outflow of resources embodying
economic benefits is remote.
Significant accounting judgment: provisions and contingencies
Provisions and liabilities are recognized in the period when it becomes probable
that there will be a future outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require the application of
judgment to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and
adjusted to take account of changing facts and circumstances.
Significant management judgment is required to evaluate any claims and
actions to determine whether a provision relating to a specific litigation should
be recognized or revised, or a contingent liability is required to be disclosed,
since the outcome of litigation is difficult to predict.
No provision has been made in respect of the outstanding claims involving the
Group, as the likelihood of a material outflow of economic benefits in respect of
those claims is considered to be possible but not probable and therefore only
disclosure is required.
For disclosure on provisions and contingencies, please refer to Note 30.
Decommissioning
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund in accordance with the subsoil use
agreement, and when a reasonable estimate of that provision can be made.
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund to the state authorities, depending
on the applicable decisions of the authorities at the end of the licence period.
The Group estimates future dismantlement and site restoration costs for oil
and gas properties with reference to the estimates provided from either
internal or external engineers after taking into consideration the anticipated
method of dismantlement and the extent of site restoration required in
accordance with current legislation and industry practice. The amount of the
provision is the present value of the estimated expenditures expected to be
required to settle the obligation at current year prices discounted at pre-tax
rate that reflects current market assessment of the time value of money and
the risks specific to liability.
The unwinding of the discount related to the obligation is recorded in finance
costs. A corresponding amount equivalent to the provision is also recognised as
part of the cost of the related oil and gas properties. This asset is subsequently
depreciated as part of the capital costs of the oil and gas properties on a unit-
of-production basis.
The Group reviews site restoration provisions at each financial reporting date
and adjusts them to reflect current best estimates in accordance with IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities.
Changes in the measurement of an existing decommissioning liability that
result from changes in the estimated timing or amount of the outflow of
resources embodying economic benefits required to settle the obligation, or
changes to the discount rate:
\u2022 are added to, or deducted from, the cost of the related asset in the current
period. If deducted from the cost of the asset the amount deducted shall not
exceed its carrying amount. If a decrease in the provision exceeds the
carrying amount of the asset, the excess is recognised immediately in the
profit or loss; and
\u2022 if the adjustment results in an addition to the cost of an asset, the Group
considers whether this is an indication that the new carrying amount of the
asset may not be fully recoverable. If it is such an indication, the Group tests
the asset for impairment by estimating its recoverable amount, and
accounts for any impairment loss in accordance with IAS 36.
Movements in the abandonment and site restoration provision are disclosed in
Note 14.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured
at amortised cost and fair value through profit or loss. The Group determines
the classification of its financial assets at initial recognition.
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 component 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 profit or loss,
transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are
measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or
fair value through OCI, it needs to give rise to cash flows that are \u2018solely
payments of principal and interest (SPPI)\u2019 on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it
manages its financial assets in order to generate cash flows. The business
model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group
commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four
categories:
\u2022 Financial assets at amortised cost (debt instruments);
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains
and losses (debt instruments);
\u2022 Financial assets designated at fair value through OCI with no recycling of
cumulative gains and losses upon derecognition;
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial
assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold
financial assets in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Financial assets at amortised cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or
impaired.
The Group\u2019s financial assets at amortised cost include cash, long-term and
short-term deposits, trade and other receivables.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a
group of similar financial assets) is primarily derecognised (i.e., removed from
the Group\u2019s consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and
either (a) the Group has transferred substantially all the risks and rewards of
the asset, or (b) the Group has neither transferred nor retained substantially
all the risks and rewards of the asset, but has transferred control of the
asset.
When the Group has transferred its rights to receive cash flows from an asset
or has entered into a pass-through arrangement, it evaluates if, and to what
extent, it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. 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 contractual terms.
Significant estimates and assumptions: recoverability of receivables
Significant judgement is required when determining the recoverability of
Group\u2019s receivables.
The Group defines default periods based on a period of 90 days to 12 months
past due, dependent on the counterparty and the commercial terms
negotiated in relation to individual transactions. Where a significant increase in
credit risk occurs since recognition, the financial asset is deemed to be in stage
2. In these circumstances, the Group recognises a lifetime expected credit loss,
with any interest income continuing to be recognised on a gross basis. Stage 3
is where the financial asset is credit impaired. For financial assets in stage 3, the
Group continues to recognise a lifetime expected credit loss, but any interest
income is recognised on a net basis. This means that interest income will be
calculated based on the gross carrying amount of the financial asset less ECL.
Financial liabilities
Initial recognition, measurement and derecognition
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in
two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition,
interest-bearing borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
This category generally applies to interest-bearing borrowings. For more
information, refer to Note 13. Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position if, and only if, there is a currently
enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities
simultaneously.
Cash and cash equivalents
Cash 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 at inception.
Restricted cash and cash equivalent balances are those which meet the
definition of cash and cash equivalents but are not available for use by the
Group and therefore is not considered highly liquid \u2013 for example, cash set
aside to cover decommissioning obligations or as required by the forbearance
agreement.
Money Market Funds (MMFs) are included within cash and cash equivalents if
they are short-term in nature, highly liquid, and readily convertible to known
amounts of cash, and subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents, as defined above, net of
outstanding bank overdrafts.
For more detailed information in relation to cash and cash equivalents as at 31
December 2025 and 2024, please see Note 10.
Significant estimates and assumptions: classification of MMFs
The classification of MMFs as cash equivalents involves significant judgement.
These instruments legally represent equity instruments and do not have
contractual maturity dates.
Management applies judgement in classifying these investments as cash and
cash equivalents, as they meet the \u201cin-substance\u201d criteria, considering their
high liquidity, short-term nature and insignificant risk of changes in value.
Revenue recognition
The Group recognises revenue in accordance with IFRS 15 using the five-step
model, reflecting the below:
1) Identify the contract. A contract exists when there is an agreement with a
customer that creates enforceable rights and obligations, has commercial
substance, and collection of consideration is probable. Contracts arise from
the sale of crude oil, gas, condensate and LPG, and may include long-term
off-take agreements or shorter-term sales.
2) Identify performance obligations. For hydrocarbon sales, the performance
obligation is the delivery of crude oil, gas, condensate or LPG to the
customer, typically representing a single performance obligation. However,
in some cases multiple performance obligations exist (if transportation
services are included to the contract). For third-party gas processing (tolling)
arrangements, the performance obligation is to provide processing services.
These services are generally distinct, as customers benefit from the
processing independently of other goods or services.
3) Determine the transaction price. For crude oil, condensate and LPG, the
transaction price is based on observable market indices (e.g. Platts and/or
Argus), adjusted for quality and transportation differentials, representing
variable consideration that is resolved at or near the point of delivery. Gas
sales are typically based on contractual Brent-based prices. For gas
processing and tolling arrangements, the transaction price comprises
processing fees per unit of throughput volumes.
4) Allocate the transaction price. Where contracts contain a single
performance obligation, the transaction price is fully allocated to that
obligation. Where multiple performance obligations exist (e.g. bundled
processing and transportation services), the transaction price is allocated
based on relative standalone selling prices. Any discounts and variable
consideration are allocated to one or more performance obligations where
they relate specifically to those obligations; otherwise, they are allocated on
a relative standalone selling price basis.
5) Recognise revenue. Revenue from the sale of hydrocarbons is recognised at
a point in time when control passes to the customer, typically upon delivery
into a pipeline, vessel, railcar or truck in accordance with contractual terms.
Revenue from gas processing services is recognised as the services are
rendered, reflecting the transfer of control to the customer. This is generally
over time, as customers simultaneously receive and consume the benefits of
processing. The Group applies an output method, based on processed
volumes measured through metering systems, which directly reflects the
performance completed to date. In these arrangements where the Group
does not control the underlying hydrocarbons, the Group acts as an agent
and recognises revenue only in the amount of the processing fee to which it
is entitled. The Group\u2019s LPG sales are mostly on advance payment basis,
while payment terms for gas, oil and condensate are normally 15-45 days
after delivery.
The Group assesses whether it acts as principal or agent in each arrangement
and concludes that it acts as principal in hydrocarbon sales and as agent in
certain processing arrangements where it does not control the underlying
commodities.
Treasury shares
Own equity instruments that are reacquired (treasury shares) are recognised at
cost and deducted from equity. No gain or loss is recognised in profit or loss on
the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
Any difference between the carrying amount and the consideration, if reissued,
is recognised in the share premium. Voting rights related to treasury shares are
nullified for the Group and no distributions are accepted in relation to them.
Share options exercised during the reporting period can be satisfied with
treasury shares.
Share-based payments
The cost of equity-settled transactions is measured at fair value at the grant
date. This fair value is expensed over the period until vesting with the
recognition of a corresponding equity element, which is not remeasured
subsequently until the settlement date.
Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and distribution yield and
making assumptions about them. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf301_1": { "value": "Exploration expenditure
Costs directly associated with the acquisition of Positiv Invest LLP and the
subsequent well appraisal costs were capitalised within exploration and
evaluation assets until the reserves appraisal phase is completed and the
commercial viability of field development had been proven.
These costs included employee remuneration, materials, fuel used, rig costs,
payments made to contractors, and asset retirement obligation fees.
If hydrocarbons are discovered and, subject to further appraisal activity (e.g.,
the drilling of additional wells), it is probable that they can be commercially
developed, the costs continue to be carried as an asset while sufficient /
continued progress is made in assessing the commerciality of the
hydrocarbons.
All such carried costs are subject to technical, commercial and management
review at least once a year to confirm the continued intent to develop or
otherwise extract value from the discovery, which is subject to estimation
uncertainties. When this is no longer the case, the costs are written off.
Subsoil use rights acquisition costs are initially capitalised in exploration and
evaluation assets. Subsoil use rights acquisition costs are reviewed at each
reporting date to confirm that there is no indication that the carrying amount
exceeds the recoverable amount. This review includes confirming that
exploration drilling is still under way or firmly planned, or that it has been
determined, or work is under way to determine that the discovery is
economically viable based on a range of technical and commercial
considerations and sufficient progress is being made on establishing
development plans and timing. If no future activity is planned or the subsoil use
rights have been relinquished or have expired, the carrying value of the subsoil
use rights acquisition costs is written off through profit or loss.
Acquisitions of interests in exploration and evaluation assets are accounted for
as asset acquisitions where the acquired set does not meet the definition of a
business. In making this assessment, management applies the concentration
test. Where substantially all of the fair value of the gross assets acquired is
concentrated in a single identifiable asset or group of similar assets, the
transaction is accounted for as an asset acquisition, and the purchase
consideration is allocated to the identifiable assets and liabilities acquired
based on their relative fair values.
Assets in development
Expenditure is transferred from \u201cexploration and evaluation assets\u201d to \u201cassets
in development\u201d which is a subcategory of \u201coil and gas properties\u201d once the
work completed to date supports the future development of the asset and such
development receives appropriate approvals.
After transfer of the exploration and evaluation assets, all subsequent
expenditure on the construction, installation or completion of infrastructure
facilities such as pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u201cassets in
development\u201d.
When a development project moves into the production stage, all assets
included in \u201cassets in development\u201d are then transferred to \u201cproducing assets\u201d
which is also a sub-category of \u201coil and gas properties\u201d. The capitalisation of
certain construction / development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to \u201coil and gas properties\u201d asset additions, improvements
or new developments. Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
Significant estimates and assumptions: impairment of property, plant and
equipment, exploration and evaluation assets
Determination as to whether, and by how much, the CGU is impaired involves
management\u2019s best estimates on highly uncertain matters such as future
commodity prices, operating expenses and capital expenditures estimates,
discount rate, fiscal regimes, proved and probable reserves, contingent
resources and respective future production profiles.
Based on the management assessment the recoverable amount was determined
by the fair value less costs of disposal (FVLCD) of the CGU, which was higher than
its value-in-use. FVLCD was based on the discounted cash flow model as no
recent third-party transactions existed on which a reliable market-based fair
value could be established.
The discounted cash flow model takes into consideration cash flows, which are
expected to arise until 2031, i.e. during the licence term of the Chinarevskoye
field, and is considered a level 3 valuation under the fair value hierarchy, because
the valuation methods is represented by discounted cash flow model using mix
of observable and unobservable inputs. The period exceeding five years is
believed to be appropriate based on the proved and probable reserves audited
by independent engineers. The model also takes into account risked-value cash
flows from contingent resources on the basis a market participant would place
value on these resources.
The key assumptions used in the Group\u2019s discounted cash flow model reflecting
past experience historic data and taking into account external factors are subject
to periodic review. These assumptions are:
\u2022 Oil prices (in real terms): US$70/bbl throughout 2026-2031 (2024: US$70/bbl
throughout 2025-2031);
\u2022 Proved and probable hydrocarbon reserves as well as production profiles
based on Group\u2019s internal estimates prepared by management;
\u2022 All cash flows are projected in real terms on the basis of stable prices;
\u2022 Cost profiles for the development of the fields and subsequent operating
costs consistent with reserves estimates and production profiles; and
\u2022 Ural O&G processing \u2013 new terms under extended the processing agreement
until 2031
\u2022 Stepnoy Leopard fields \u2013 risk-weighted value consistent with the CPR
valuation;
\u2022 Gas treatment unit (GTU) spare capacity utilisation \u2013 risk-weighted option
value from processing fee structure consistent with Ural O&G processing
agreement;
\u2022 Post-tax discount rate of 10.53%, estimated to be equivalent to pre-tax
discount rate of 11.20% (2024: 10.53% and 15.1%, respectively).
The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf302_1": { "value": "Property, plant and equipment
Oil and gas properties
Expenditure on the construction, installation or completion of infrastructure
facilities such as treatment facilities, pipelines and the drilling of development
wells, is capitalised within property, plant and equipment as oil and gas
properties. The initial cost of an asset comprises of its purchase price or
construction cost, any costs directly attributable to bringing the asset into
operation and the initial estimate of decommissioning obligations, if any.
The purchase price or construction cost is the aggregate amount paid and the
fair value of any other consideration given to acquire the asset. When a
development project moves into the production stage, the capitalisation of
certain construction/development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to oil and gas property asset additions, improvements or
new developments.
Capitalised costs of oil and gas properties are depreciated using different
methods depending on the nature and use of the underlying assets.
Assets directly involved in the exploration and production activities of the
Group\u2019s fields are depleted using the unit-of-production method based on
estimated proved developed reserves of the respective field.
Assets related to processing, transportation, and handling of hydrocarbons,
including those used for third-party volumes, are depreciated on a straight-line
basis over their useful lives or the term of the relevant subsoil use rights,
whichever is shorter.
Assets in development
Expenditure is transferred from \u201cexploration and evaluation assets\u201d to \u201cassets
in development\u201d which is a subcategory of \u201coil and gas properties\u201d once the
work completed to date supports the future development of the asset and such
development receives appropriate approvals.
After transfer of the exploration and evaluation assets, all subsequent
expenditure on the construction, installation or completion of infrastructure
facilities such as pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u201cassets in
development\u201d.
When a development project moves into the production stage, all assets
included in \u201cassets in development\u201d are then transferred to \u201cproducing assets\u201d
which is also a sub-category of \u201coil and gas properties\u201d. The capitalisation of
certain construction / development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to \u201coil and gas properties\u201d asset additions, improvements
or new developments. Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
Other properties
All other property, plant and equipment are stated at historical cost less
accumulated depreciation and impairment. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. All other repairs and maintenance are charged
to the profit or loss during the year in which they are incurred.
Depreciation is calculated on a straight-line basis over the estimated useful lives
of the assets as follows:
Land is a non-depreciable asset and therefore is not subject to depreciation. It
is the company\u2019s policy to maintain the original cost of land on the balance
sheet. However, the land\u2019s value may be reviewed periodically to determine if
there is any impairment in value.
For more detailed information in relation to property plant and equipment,
please refer to Note 5.
Significant accounting judgment: oil and gas reserves
Oil and gas reserves are a material factor in the Group\u2019s computation of
depreciation, depletion and amortisation (the \u201cDD&A\u201d). Management used
significant accounting judgement in selecting proved developed hydrocarbon
reserves for calculating the unit-of-production depletion rate, as it reflects the
expected pattern of consumption of future economic benefits by the Group.
Significant estimates and assumptions: oil and gas reserves
The Group uses internal estimates to assess the oil and gas reserves of its fields.
The reserves estimates are made in accordance with the methodology of the
Society of Petroleum Engineers (the \u201cSPE\u201d) and are confirmed or audited by
independent reserve engineers. All reserve estimates involve some degree of
uncertainty, which depends mainly on the amount of reliable geological and
engineering data available at the time of the estimate and the interpretation of
this data, as well as long-term hydrocarbon pricing, which may affect
classification of reserves.
The relative degree of uncertainty can be conveyed by placing reserves into one
of two principal classifications, either proved or unproved. Proved reserves are
more certain to be recovered than unproved reserves and may be further sub
classified as developed and undeveloped to denote progressively increasing
uncertainty in their recoverability.
Reserves estimates are reviewed and revised annually. Revisions occur due to
the evaluation or re-evaluation of already available geological, reservoir or
production data; availability of new data; or changes to underlying price
assumptions. Reserve estimates may also be revised due to improved recovery
projects, changes in production capacity or changes in development strategy.
Management\u2019s estimates of the Chinarevskoye 2P (Proved plus Probable)
volume as at 31 December 2025 was 11.8 mmboe requiring 7 capital
interventions (2024: 18.0 mmboe requiring 13 interventions). The reduction
was principally driven by 2025 production of 2.6 mmboe and revision of the
proved and probable reserves estimates. The Probable Undeveloped reserves
have decreased by 2.5 mmboe mainly due to reduced expectations for Biyski
gas-condensate resulting from increased water ingress and cancelled
Ardatovski NE drilling activities (see pages 15-18 for more details).
Downward revision of the proved developed reserves estimates by 5% would
lead to additional DD&A expense of $1,289 thousand in 2025.
Estimates of economically recoverable oil and gas reserves and related future
net cash flows also impact the impairment assessment of the Group (see
Impairment related significant judgements, estimates and assumptions for
further details).
Details on carrying values of oil and gas properties and related depreciation,
depletion and amortization are shown in Note 5.
In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tYears\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBuildings and constructions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7-50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicles \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMachinery and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-10\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf303_1": { "value": "Oil and gas properties
Expenditure on the construction, installation or completion of infrastructure
facilities such as treatment facilities, pipelines and the drilling of development
wells, is capitalised within property, plant and equipment as oil and gas
properties. The initial cost of an asset comprises of its purchase price or
construction cost, any costs directly attributable to bringing the asset into
operation and the initial estimate of decommissioning obligations, if any.
The purchase price or construction cost is the aggregate amount paid and the
fair value of any other consideration given to acquire the asset. When a
development project moves into the production stage, the capitalisation of
certain construction/development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to oil and gas property asset additions, improvements or
new developments.
Capitalised costs of oil and gas properties are depreciated using different
methods depending on the nature and use of the underlying assets.
Assets directly involved in the exploration and production activities of the
Group\u2019s fields are depleted using the unit-of-production method based on
estimated proved developed reserves of the respective field.
Assets related to processing, transportation, and handling of hydrocarbons,
including those used for third-party volumes, are depreciated on a straight-line
basis over their useful lives or the term of the relevant subsoil use rights,
whichever is shorter.
Assets in development
Expenditure is transferred from \u201cexploration and evaluation assets\u201d to \u201cassets
in development\u201d which is a subcategory of \u201coil and gas properties\u201d once the
work completed to date supports the future development of the asset and such
development receives appropriate approvals.
After transfer of the exploration and evaluation assets, all subsequent
expenditure on the construction, installation or completion of infrastructure
facilities such as pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u201cassets in
development\u201d.
When a development project moves into the production stage, all assets
included in \u201cassets in development\u201d are then transferred to \u201cproducing assets\u201d
which is also a sub-category of \u201coil and gas properties\u201d. The capitalisation of
certain construction / development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to \u201coil and gas properties\u201d asset additions, improvements
or new developments. Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
Significant accounting judgment: oil and gas reserves
Oil and gas reserves are a material factor in the Group\u2019s computation of
depreciation, depletion and amortisation (the \u201cDD&A\u201d). Management used
significant accounting judgement in selecting proved developed hydrocarbon
reserves for calculating the unit-of-production depletion rate, as it reflects the
expected pattern of consumption of future economic benefits by the Group.
Significant estimates and assumptions: oil and gas reserves
The Group uses internal estimates to assess the oil and gas reserves of its fields.
The reserves estimates are made in accordance with the methodology of the
Society of Petroleum Engineers (the \u201cSPE\u201d) and are confirmed or audited by
independent reserve engineers. All reserve estimates involve some degree of
uncertainty, which depends mainly on the amount of reliable geological and
engineering data available at the time of the estimate and the interpretation of
this data, as well as long-term hydrocarbon pricing, which may affect
classification of reserves.
The relative degree of uncertainty can be conveyed by placing reserves into one
of two principal classifications, either proved or unproved. Proved reserves are
more certain to be recovered than unproved reserves and may be further sub
classified as developed and undeveloped to denote progressively increasing
uncertainty in their recoverability.
Reserves estimates are reviewed and revised annually. Revisions occur due to
the evaluation or re-evaluation of already available geological, reservoir or
production data; availability of new data; or changes to underlying price
assumptions. Reserve estimates may also be revised due to improved recovery
projects, changes in production capacity or changes in development strategy.
Management\u2019s estimates of the Chinarevskoye 2P (Proved plus Probable)
volume as at 31 December 2025 was 11.8 mmboe requiring 7 capital
interventions (2024: 18.0 mmboe requiring 13 interventions). The reduction
was principally driven by 2025 production of 2.6 mmboe and revision of the
proved and probable reserves estimates. The Probable Undeveloped reserves
have decreased by 2.5 mmboe mainly due to reduced expectations for Biyski
gas-condensate resulting from increased water ingress and cancelled
Ardatovski NE drilling activities (see pages 15-18 for more details).
Downward revision of the proved developed reserves estimates by 5% would
lead to additional DD&A expense of $1,289 thousand in 2025.
Estimates of economically recoverable oil and gas reserves and related future
net cash flows also impact the impairment assessment of the Group (see
Impairment related significant judgements, estimates and assumptions for
further details).
Details on carrying values of oil and gas properties and related depreciation,
depletion and amortization are shown in Note 5.
In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf304_1": { "value": "The purchase price or construction cost is the aggregate amount paid and the
fair value of any other consideration given to acquire the asset. When a
development project moves into the production stage, the capitalisation of
certain construction/development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to oil and gas property asset additions, improvements or
new developments.
Capitalised costs of oil and gas properties are depreciated using different
methods depending on the nature and use of the underlying assets.
Assets directly involved in the exploration and production activities of the
Group\u2019s fields are depleted using the unit-of-production method based on
estimated proved developed reserves of the respective field.
Assets related to processing, transportation, and handling of hydrocarbons,
including those used for third-party volumes, are depreciated on a straight-line
basis over their useful lives or the term of the relevant subsoil use rights,
whichever is shorter.
Assets in development
Expenditure is transferred from \u201cexploration and evaluation assets\u201d to \u201cassets
in development\u201d which is a subcategory of \u201coil and gas properties\u201d once the
work completed to date supports the future development of the asset and such
development receives appropriate approvals.
After transfer of the exploration and evaluation assets, all subsequent
expenditure on the construction, installation or completion of infrastructure
facilities such as pipelines and the drilling of development wells, including
unsuccessful development or delineation wells, is capitalised within \u201cassets in
development\u201d.
When a development project moves into the production stage, all assets
included in \u201cassets in development\u201d are then transferred to \u201cproducing assets\u201d
which is also a sub-category of \u201coil and gas properties\u201d. The capitalisation of
certain construction / development costs ceases, and costs are either regarded
as part of the cost of inventory or expensed, except for costs which qualify for
capitalisation relating to \u201coil and gas properties\u201d asset additions, improvements
or new developments. Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf305_1": { "value": "Significant accounting judgment: transfer of expenditures from exploration
and evaluation assets to assets in development
Management used judgment when considering the transfer of exploration and
evaluation assets associated with Stepnoy Leopard fields to assets in the
development category within oil & gas assets. When making conclusions on
such a transfer of assets, the management considered the following factors in
line with accounting policies and IFRS requirements:
\u2022 Technical Feasibility and Future Economic Benefits - this is based on the
Competent Person's Report of the Stepnoy Leopard Fields (the \"SL CPR\"), an
independent third-party evaluation of the reserves and resources as at 1
January 2024. The report was released in July 2024 and confirmed 138
mmboe of proved plus probable (2P) gross reserves and US$220 million of
after-tax net NPV10 at 34% IRR. The SL CPR provides evidence that the
exploration and appraisal activities have identified reserves that are
technically feasible and commercially viable for extraction, and it is probable
that future economic benefits associated with the asset will flow to the
entity.
\u2022 Intention to Develop and Availability of Funding - prior to the SL CPR, in
March 2024, the Group made a final investment decision (the \"FID\") for the
initial field development phase of the Stepnoy Leopard Fields. The FID
provides evidence for the approvals and intention to proceed with the
development of the identified reserves and there is a reasonable expectation
that the necessary funding to develop the reserves will be available.
Significant accounting judgment: oil and gas reserves
Oil and gas reserves are a material factor in the Group\u2019s computation of
depreciation, depletion and amortisation (the \u201cDD&A\u201d). Management used
significant accounting judgement in selecting proved developed hydrocarbon
reserves for calculating the unit-of-production depletion rate, as it reflects the
expected pattern of consumption of future economic benefits by the Group.
Significant estimates and assumptions: oil and gas reserves
The Group uses internal estimates to assess the oil and gas reserves of its fields.
The reserves estimates are made in accordance with the methodology of the
Society of Petroleum Engineers (the \u201cSPE\u201d) and are confirmed or audited by
independent reserve engineers. All reserve estimates involve some degree of
uncertainty, which depends mainly on the amount of reliable geological and
engineering data available at the time of the estimate and the interpretation of
this data, as well as long-term hydrocarbon pricing, which may affect
classification of reserves.
The relative degree of uncertainty can be conveyed by placing reserves into one
of two principal classifications, either proved or unproved. Proved reserves are
more certain to be recovered than unproved reserves and may be further sub
classified as developed and undeveloped to denote progressively increasing
uncertainty in their recoverability.
Reserves estimates are reviewed and revised annually. Revisions occur due to
the evaluation or re-evaluation of already available geological, reservoir or
production data; availability of new data; or changes to underlying price
assumptions. Reserve estimates may also be revised due to improved recovery
projects, changes in production capacity or changes in development strategy.
Management\u2019s estimates of the Chinarevskoye 2P (Proved plus Probable)
volume as at 31 December 2025 was 11.8 mmboe requiring 7 capital
interventions (2024: 18.0 mmboe requiring 13 interventions). The reduction
was principally driven by 2025 production of 2.6 mmboe and revision of the
proved and probable reserves estimates. The Probable Undeveloped reserves
have decreased by 2.5 mmboe mainly due to reduced expectations for Biyski
gas-condensate resulting from increased water ingress and cancelled
Ardatovski NE drilling activities (see pages 15-18 for more details).
Downward revision of the proved developed reserves estimates by 5% would
lead to additional DD&A expense of $1,289 thousand in 2025.
Estimates of economically recoverable oil and gas reserves and related future
net cash flows also impact the impairment assessment of the Group (see
Impairment related significant judgements, estimates and assumptions for
further details).
Details on carrying values of oil and gas properties and related depreciation,
depletion and amortization are shown in Note 5.
In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
Significant accounting judgment: identification of cash-generating unit
Judgement is required to identify cash-generating units for the purpose of
testing the assets for impairment. Management has determined that a single
cash-generating unit within the Group\u2019s non-current assets consists of all Group\u2019s
assets related to its Chinarevskoye field and facilities. This is mainly based on the
fact that hydrocarbons extracted from the Chinarevskoye field are processed and
passed through a combination of various facilities.
Significant estimates and assumptions: impairment of property, plant and
equipment, exploration and evaluation assets
Determination as to whether, and by how much, the CGU is impaired involves
management\u2019s best estimates on highly uncertain matters such as future
commodity prices, operating expenses and capital expenditures estimates,
discount rate, fiscal regimes, proved and probable reserves, contingent
resources and respective future production profiles.
Based on the management assessment the recoverable amount was determined
by the fair value less costs of disposal (FVLCD) of the CGU, which was higher than
its value-in-use. FVLCD was based on the discounted cash flow model as no
recent third-party transactions existed on which a reliable market-based fair
value could be established.
The discounted cash flow model takes into consideration cash flows, which are
expected to arise until 2031, i.e. during the licence term of the Chinarevskoye
field, and is considered a level 3 valuation under the fair value hierarchy, because
the valuation methods is represented by discounted cash flow model using mix
of observable and unobservable inputs. The period exceeding five years is
believed to be appropriate based on the proved and probable reserves audited
by independent engineers. The model also takes into account risked-value cash
flows from contingent resources on the basis a market participant would place
value on these resources.
The key assumptions used in the Group\u2019s discounted cash flow model reflecting
past experience historic data and taking into account external factors are subject
to periodic review. These assumptions are:
\u2022 Oil prices (in real terms): US$70/bbl throughout 2026-2031 (2024: US$70/bbl
throughout 2025-2031);
\u2022 Proved and probable hydrocarbon reserves as well as production profiles
based on Group\u2019s internal estimates prepared by management;
\u2022 All cash flows are projected in real terms on the basis of stable prices;
\u2022 Cost profiles for the development of the fields and subsequent operating
costs consistent with reserves estimates and production profiles; and
\u2022 Ural O&G processing \u2013 new terms under extended the processing agreement
until 2031
\u2022 Stepnoy Leopard fields \u2013 risk-weighted value consistent with the CPR
valuation;
\u2022 Gas treatment unit (GTU) spare capacity utilisation \u2013 risk-weighted option
value from processing fee structure consistent with Ural O&G processing
agreement;
\u2022 Post-tax discount rate of 10.53%, estimated to be equivalent to pre-tax
discount rate of 11.20% (2024: 10.53% and 15.1%, respectively).
The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
Significant accounting judgment: taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing changes and
varying interpretations. Instances of inconsistent opinions between local,
regional and national tax authorities are not unusual. Because of the
uncertainties associated with Kazakhstan\u2019s tax system, the ultimate amount of
taxes, penalties and interest, if any, may be in excess of the amount expensed
to date and accrued at 31 December 2025.
The Group is regularly subject to tax audits and engages in ongoing discussions
with tax authorities to agree on tax computations. Whilst the ultimate outcome
of such tax audits and discussions cannot be determined with certainty, and
hence requires management judgement, the level of provisions are estimated
by management as required for taxes for which it is considered probable will be
payable, based on professional advice and consideration of the nature of
current discussions with the tax authority.
As at 31 December 2025 management believes that its interpretation of the
relevant legislation is appropriate and that it is probable that the Group\u2019s tax
position will be sustained. To the extent that actual outcomes differ from
management\u2019s estimates, income tax charges or credits, and changes in current
and deferred tax assets or liabilities, may arise in future periods. For more
information, see Notes 27 and 30.
Significant accounting judgment: provisions and contingencies
Provisions and liabilities are recognized in the period when it becomes probable
that there will be a future outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require the application of
judgment to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and
adjusted to take account of changing facts and circumstances.
Significant management judgment is required to evaluate any claims and
actions to determine whether a provision relating to a specific litigation should
be recognized or revised, or a contingent liability is required to be disclosed,
since the outcome of litigation is difficult to predict.
No provision has been made in respect of the outstanding claims involving the
Group, as the likelihood of a material outflow of economic benefits in respect of
those claims is considered to be possible but not probable and therefore only
disclosure is required.
For disclosure on provisions and contingencies, please refer to Note 30.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. Significant estimates and assumptions: recoverability of receivables
Significant judgement is required when determining the recoverability of
Group\u2019s receivables.
The Group defines default periods based on a period of 90 days to 12 months
past due, dependent on the counterparty and the commercial terms
negotiated in relation to individual transactions. Where a significant increase in
credit risk occurs since recognition, the financial asset is deemed to be in stage
2. In these circumstances, the Group recognises a lifetime expected credit loss,
with any interest income continuing to be recognised on a gross basis. Stage 3
is where the financial asset is credit impaired. For financial assets in stage 3, the
Group continues to recognise a lifetime expected credit loss, but any interest
income is recognised on a net basis. This means that interest income will be
calculated based on the gross carrying amount of the financial asset less ECL.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf306_1": { "value": "Subsequent costs are included in the asset's carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the
item can be measured reliably. All other repairs and maintenance are charged
to the profit or loss during the year in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf307_1": { "value": "Depreciation is calculated on a straight-line basis over the estimated useful lives
of the assets as follows:
Land is a non-depreciable asset and therefore is not subject to depreciation. It
is the company\u2019s policy to maintain the original cost of land on the balance
sheet. However, the land\u2019s value may be reviewed periodically to determine if
there is any impairment in value.
Significant accounting judgment: oil and gas reserves
Oil and gas reserves are a material factor in the Group\u2019s computation of
depreciation, depletion and amortisation (the \u201cDD&A\u201d). Management used
significant accounting judgement in selecting proved developed hydrocarbon
reserves for calculating the unit-of-production depletion rate, as it reflects the
expected pattern of consumption of future economic benefits by the Group.
Details on carrying values of oil and gas properties and related depreciation,
depletion and amortization are shown in Note 5.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tYears\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBuildings and constructions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7-50\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVehicles \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMachinery and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-13\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-10\n\t\t\t\t\t\t\t\t\t
Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the
lease term, the recognised right-of-use assets are depreciated on a straight-line
basis over the shorter of its estimated useful life and the lease term. Right-of-
use assets are subject to impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf308_1": { "value": "In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
Decommissioning
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund in accordance with the subsoil use
agreement, and when a reasonable estimate of that provision can be made.
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund to the state authorities, depending
on the applicable decisions of the authorities at the end of the licence period.
The Group estimates future dismantlement and site restoration costs for oil
and gas properties with reference to the estimates provided from either
internal or external engineers after taking into consideration the anticipated
method of dismantlement and the extent of site restoration required in
accordance with current legislation and industry practice. The amount of the
provision is the present value of the estimated expenditures expected to be
required to settle the obligation at current year prices discounted at pre-tax
rate that reflects current market assessment of the time value of money and
the risks specific to liability.
The unwinding of the discount related to the obligation is recorded in finance
costs. A corresponding amount equivalent to the provision is also recognised as
part of the cost of the related oil and gas properties. This asset is subsequently
depreciated as part of the capital costs of the oil and gas properties on a unit-
of-production basis.
The Group reviews site restoration provisions at each financial reporting date
and adjusts them to reflect current best estimates in accordance with IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities.
Changes in the measurement of an existing decommissioning liability that
result from changes in the estimated timing or amount of the outflow of
resources embodying economic benefits required to settle the obligation, or
changes to the discount rate:
\u2022 are added to, or deducted from, the cost of the related asset in the current
period. If deducted from the cost of the asset the amount deducted shall not
exceed its carrying amount. If a decrease in the provision exceeds the
carrying amount of the asset, the excess is recognised immediately in the
profit or loss; and
\u2022 if the adjustment results in an addition to the cost of an asset, the Group
considers whether this is an indication that the new carrying amount of the
asset may not be fully recoverable. If it is such an indication, the Group tests
the asset for impairment by estimating its recoverable amount, and
accounts for any impairment loss in accordance with IAS 36.
Movements in the abandonment and site restoration provision are disclosed in
Note 14.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf309_1": { "value": "In addition, provisions for decommissioning may require revision \u2014 where
changes to reserves estimates affect expectations about when such activities
will occur and the associated cost of these activities (see Decommissioning
related significant judgements, estimates and assumptions for further details).
Provisions and contingencies
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and a reliable estimate of the amount of the obligation can be made. Provisions
are reviewed by the Group at each reporting date and adjusted to reflect the
current best estimate. If it is no longer probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, the
provision is reversed.
The Group classifies as contingent liabilities those possible obligations that arise
from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the
control of the enterprise and the present obligations that arise from past events
but are not recognised because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation or the
amount of the obligation cannot be measured with sufficient reliability.
The Group does not recognise contingent liabilities but discloses contingent
liabilities in Note 30, unless the possibility of an outflow of resources embodying
economic benefits is remote.
Significant accounting judgment: provisions and contingencies
Provisions and liabilities are recognized in the period when it becomes probable
that there will be a future outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require the application of
judgment to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and
adjusted to take account of changing facts and circumstances.
Significant management judgment is required to evaluate any claims and
actions to determine whether a provision relating to a specific litigation should
be recognized or revised, or a contingent liability is required to be disclosed,
since the outcome of litigation is difficult to predict.
No provision has been made in respect of the outstanding claims involving the
Group, as the likelihood of a material outflow of economic benefits in respect of
those claims is considered to be possible but not probable and therefore only
disclosure is required.
For disclosure on provisions and contingencies, please refer to Note 30.
Decommissioning
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund in accordance with the subsoil use
agreement, and when a reasonable estimate of that provision can be made.
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund to the state authorities, depending
on the applicable decisions of the authorities at the end of the licence period.
The Group estimates future dismantlement and site restoration costs for oil
and gas properties with reference to the estimates provided from either
internal or external engineers after taking into consideration the anticipated
method of dismantlement and the extent of site restoration required in
accordance with current legislation and industry practice. The amount of the
provision is the present value of the estimated expenditures expected to be
required to settle the obligation at current year prices discounted at pre-tax
rate that reflects current market assessment of the time value of money and
the risks specific to liability.
The unwinding of the discount related to the obligation is recorded in finance
costs. A corresponding amount equivalent to the provision is also recognised as
part of the cost of the related oil and gas properties. This asset is subsequently
depreciated as part of the capital costs of the oil and gas properties on a unit-
of-production basis.
The Group reviews site restoration provisions at each financial reporting date
and adjusts them to reflect current best estimates in accordance with IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities.
Changes in the measurement of an existing decommissioning liability that
result from changes in the estimated timing or amount of the outflow of
resources embodying economic benefits required to settle the obligation, or
changes to the discount rate:
\u2022 are added to, or deducted from, the cost of the related asset in the current
period. If deducted from the cost of the asset the amount deducted shall not
exceed its carrying amount. If a decrease in the provision exceeds the
carrying amount of the asset, the excess is recognised immediately in the
profit or loss; and
\u2022 if the adjustment results in an addition to the cost of an asset, the Group
considers whether this is an indication that the new carrying amount of the
asset may not be fully recoverable. If it is such an indication, the Group tests
the asset for impairment by estimating its recoverable amount, and
accounts for any impairment loss in accordance with IAS 36.
Movements in the abandonment and site restoration provision are disclosed in
Note 14.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf310_1": { "value": "Impairment of property, plant and equipment, exploration and evaluation assets
At the end of each reporting period the Group assesses whether events or
changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the Group\u2019s business plans,
significant decreases in the market commodity prices, low plant utilisation,
evidence of physical damage or, for oil and gas assets, significant downward
revisions of estimated reserves or increases in estimated future development
expenditure or decommissioning costs. If any such indication of impairment
exists, the Group makes an estimate of the asset\u2019s recoverable amount.
Individual assets are grouped into a CGU for impairment assessment purposes at
the lowest level at which there are identifiable cash flows that are largely
independent of the cash flows of other groups of assets. A CGU\u2019s recoverable
amount is the higher of its fair value less costs of disposal and its value in use.
Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired, and an impairment loss is recognised for the excess of
carrying amount over recoverable amount.
The business internal cash flow model, which is approved on an annual basis by
senior management, is the primary source of information for the determination
of the recoverable amount. It contains forecasts for oil and gas production, sales
volumes for various types of products, revenues, costs and capital expenditure.
As an initial step in the preparation of this model, various assumptions are set by
senior management. These assumptions take account of commodity prices,
global supply-demand equilibrium for oil and natural gas, other macroeconomic
factors and historical trends and variability. In assessing the recoverable amount,
the estimated future cash flows are adjusted for the risks specific to the asset
group and are discounted to their present value using a discount rate.
Significant accounting judgment: identification of cash-generating unit
Judgement is required to identify cash-generating units for the purpose of
testing the assets for impairment. Management has determined that a single
cash-generating unit within the Group\u2019s non-current assets consists of all Group\u2019s
assets related to its Chinarevskoye field and facilities. This is mainly based on the
fact that hydrocarbons extracted from the Chinarevskoye field are processed and
passed through a combination of various facilities.
Significant estimates and assumptions: impairment of property, plant and
equipment, exploration and evaluation assets
Determination as to whether, and by how much, the CGU is impaired involves
management\u2019s best estimates on highly uncertain matters such as future
commodity prices, operating expenses and capital expenditures estimates,
discount rate, fiscal regimes, proved and probable reserves, contingent
resources and respective future production profiles.
Based on the management assessment the recoverable amount was determined
by the fair value less costs of disposal (FVLCD) of the CGU, which was higher than
its value-in-use. FVLCD was based on the discounted cash flow model as no
recent third-party transactions existed on which a reliable market-based fair
value could be established.
The discounted cash flow model takes into consideration cash flows, which are
expected to arise until 2031, i.e. during the licence term of the Chinarevskoye
field, and is considered a level 3 valuation under the fair value hierarchy, because
the valuation methods is represented by discounted cash flow model using mix
of observable and unobservable inputs. The period exceeding five years is
believed to be appropriate based on the proved and probable reserves audited
by independent engineers. The model also takes into account risked-value cash
flows from contingent resources on the basis a market participant would place
value on these resources.
The key assumptions used in the Group\u2019s discounted cash flow model reflecting
past experience historic data and taking into account external factors are subject
to periodic review. These assumptions are:
\u2022 Oil prices (in real terms): US$70/bbl throughout 2026-2031 (2024: US$70/bbl
throughout 2025-2031);
\u2022 Proved and probable hydrocarbon reserves as well as production profiles
based on Group\u2019s internal estimates prepared by management;
\u2022 All cash flows are projected in real terms on the basis of stable prices;
\u2022 Cost profiles for the development of the fields and subsequent operating
costs consistent with reserves estimates and production profiles; and
\u2022 Ural O&G processing \u2013 new terms under extended the processing agreement
until 2031
\u2022 Stepnoy Leopard fields \u2013 risk-weighted value consistent with the CPR
valuation;
\u2022 Gas treatment unit (GTU) spare capacity utilisation \u2013 risk-weighted option
value from processing fee structure consistent with Ural O&G processing
agreement;
\u2022 Post-tax discount rate of 10.53%, estimated to be equivalent to pre-tax
discount rate of 11.20% (2024: 10.53% and 15.1%, respectively).
The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf311_1": { "value": "Impairment of property, plant and equipment, exploration and evaluation assets
At the end of each reporting period the Group assesses whether events or
changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the Group\u2019s business plans,
significant decreases in the market commodity prices, low plant utilisation,
evidence of physical damage or, for oil and gas assets, significant downward
revisions of estimated reserves or increases in estimated future development
expenditure or decommissioning costs. If any such indication of impairment
exists, the Group makes an estimate of the asset\u2019s recoverable amount.
Individual assets are grouped into a CGU for impairment assessment purposes at
the lowest level at which there are identifiable cash flows that are largely
independent of the cash flows of other groups of assets. A CGU\u2019s recoverable
amount is the higher of its fair value less costs of disposal and its value in use.
Where the carrying amount of a CGU exceeds its recoverable amount, the CGU is
considered impaired, and an impairment loss is recognised for the excess of
carrying amount over recoverable amount.
The business internal cash flow model, which is approved on an annual basis by
senior management, is the primary source of information for the determination
of the recoverable amount. It contains forecasts for oil and gas production, sales
volumes for various types of products, revenues, costs and capital expenditure.
As an initial step in the preparation of this model, various assumptions are set by
senior management. These assumptions take account of commodity prices,
global supply-demand equilibrium for oil and natural gas, other macroeconomic
factors and historical trends and variability. In assessing the recoverable amount,
the estimated future cash flows are adjusted for the risks specific to the asset
group and are discounted to their present value using a discount rate.
Significant accounting judgment: identification of cash-generating unit
Judgement is required to identify cash-generating units for the purpose of
testing the assets for impairment. Management has determined that a single
cash-generating unit within the Group\u2019s non-current assets consists of all Group\u2019s
assets related to its Chinarevskoye field and facilities. This is mainly based on the
fact that hydrocarbons extracted from the Chinarevskoye field are processed and
passed through a combination of various facilities.
Significant estimates and assumptions: impairment of property, plant and
equipment, exploration and evaluation assets
Determination as to whether, and by how much, the CGU is impaired involves
management\u2019s best estimates on highly uncertain matters such as future
commodity prices, operating expenses and capital expenditures estimates,
discount rate, fiscal regimes, proved and probable reserves, contingent
resources and respective future production profiles.
Based on the management assessment the recoverable amount was determined
by the fair value less costs of disposal (FVLCD) of the CGU, which was higher than
its value-in-use. FVLCD was based on the discounted cash flow model as no
recent third-party transactions existed on which a reliable market-based fair
value could be established.
The discounted cash flow model takes into consideration cash flows, which are
expected to arise until 2031, i.e. during the licence term of the Chinarevskoye
field, and is considered a level 3 valuation under the fair value hierarchy, because
the valuation methods is represented by discounted cash flow model using mix
of observable and unobservable inputs. The period exceeding five years is
believed to be appropriate based on the proved and probable reserves audited
by independent engineers. The model also takes into account risked-value cash
flows from contingent resources on the basis a market participant would place
value on these resources.
The key assumptions used in the Group\u2019s discounted cash flow model reflecting
past experience historic data and taking into account external factors are subject
to periodic review. These assumptions are:
\u2022 Oil prices (in real terms): US$70/bbl throughout 2026-2031 (2024: US$70/bbl
throughout 2025-2031);
\u2022 Proved and probable hydrocarbon reserves as well as production profiles
based on Group\u2019s internal estimates prepared by management;
\u2022 All cash flows are projected in real terms on the basis of stable prices;
\u2022 Cost profiles for the development of the fields and subsequent operating
costs consistent with reserves estimates and production profiles; and
\u2022 Ural O&G processing \u2013 new terms under extended the processing agreement
until 2031
\u2022 Stepnoy Leopard fields \u2013 risk-weighted value consistent with the CPR
valuation;
\u2022 Gas treatment unit (GTU) spare capacity utilisation \u2013 risk-weighted option
value from processing fee structure consistent with Ural O&G processing
agreement;
\u2022 Post-tax discount rate of 10.53%, estimated to be equivalent to pre-tax
discount rate of 11.20% (2024: 10.53% and 15.1%, respectively).
The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. 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 contractual terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf312_1": { "value": "The impairment testing carried out by the Group has resulted in the carrying
amount exceeding the recoverable amount of the Group\u2019s property, plant and
equipment as at 31 December 2025.
This was principally driven by a revision of the Chinarevskoye field proved and
probable reserves estimates (as described in \u201cSignificant estimates and
assumptions: oil and gas reserves\u201d section above). This change resulted in a
decrease in forecast production profiles and associated future cash flows,
leading to a reduction in the recoverable amount of the relevant cash-generating
unit. Consequently, the Group recognised impairment charge in the amount of
US$87,199 thousand for the year ended 31 December 2025.
The impairment charge as at 31 December 2025 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(87,199)\n\t\t\t\t\t\t\t\t\t
As at 31 December 2024, the impairment testing carried out by the Group has
resulted in the recoverable amount exceeding the carrying amount of the
Group\u2019s property, plant and equipment. This was primarily due to an
combination of additional value from the extension of Ural O&G processing
agreement and Stepnoy Leopard opportunity. Consequently, the Group
recognised a reversal of the previously recorded impairment in the amount of
US$86,668 thousand for the year ended 31 December 2024.
The impairment reversal as at 31 December 2024 has been allocated as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWorking oil and gas assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tConstruction in progress \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal impairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,668\n\t\t\t\t\t\t\t\t\t
More detailed information on carrying values of oil and gas properties and
related depreciation, depletion, amortisation and impairment are shown in
Note 5.
The following table summarizes sensitivity of the recoverable amount and
respective potential impairment charges that would result from changes in the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tkey assumptions in 2025: Key assumption \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tSensitivity (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil price decrease by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t$10/bbl \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReserves downgrade by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPost-tax discount rate increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOperating costs increase by \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10.0% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,086\n\t\t\t\t\t\t\t\t\t
On the other hand, certain positive development like increase in utilisation of the
Group\u2019s processing facilities, could have the effect of reversing the impairment.
Any reversal would be limited so that the carrying amount of the CGU does not
exceed the lower of its recoverable amount, or the carrying amount that would
have been determined, net of depreciation, had no impairment charge been
recognised for the CGU in prior years.
Oil and gas properties
The category \u201cOil and gas properties\u201d represents wells, oil and gas
treatment facilities, oil transportation and other related assets. The
movement of oil and gas properties for the years ended 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024 was as follows: In thousands of US Dollars Working assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tConstructi on in progress\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAssets in develop ment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 1 January 2024,net* 191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,296 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,485 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,425\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers from exploration and evaluation assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,893 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,367) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,039) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(918) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,957)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t84,368\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,303) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,303 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2024, net*\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,601 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,850 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,480\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in estimate ARO \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,960 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,151) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(191)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(350) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(365) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(715)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t322 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t332\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(84,476)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(766) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t766 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2025, net *\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2023\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,984,421 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97,886 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,082,307\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,793,182) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(43,779) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,836,961)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,004,571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106,245 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,137,993\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,755,255) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,736) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,774,991)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,024,082 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t102,330 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,159,056\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,851,333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(40,250) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,891,583)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
* Balances, net of accumulated depreciation, depletion and impairment
** Accumulated depreciation, depletion and impairment
The category \u201cConstruction in progress\u201d is represented by employee
remuneration, materials and fuel used, rig costs, payments made to
contractors, and asset retirement obligation fees directly associated
with development of wells until the drilling of the well is complete and
results have been evaluated. The category \u201cAssets in development\u201d
represents exploration and evaluation assets associated with Stepnoy
Leopard fields (see Note 3).
The depletion rate for oil and gas working assets was 21.16% and
22.79% in 2025 and 2024, respectively. In 2025, the Group applied
consistent approach in the estimation of oil & gas reserves adopting
the same methodology with previous periods, however, the Group
decided not to engage independent reserve auditors taking into
account immaterial changes in the reserves estimates, which were in
line with expectations (see pages 15-18 of the Annual Report).
The change in the discount rate used to determine the abandonment
and site restoration provision (Note 14) in the year ended 31
December 2025 resulted in the decrease of the oil and gas properties
by US$1,128 thousand (31 December 2024: an increase of US$4,191
thousand).
The Group incurred borrowing costs including amortisation of
arrangement fees. Capitalisation rate and capitalised borrowing costs
were as follows as at 31 December 2025 and 31 December 2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowing costs including amortisation of arrangement fee\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147,058 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116,111\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalisation rate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalised borrowing costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,921 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,720\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tBuildings\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMachi- nery & equip- ment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tVehicles\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOthers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 1 January 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,711 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,470 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,275\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t562 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t510 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t48 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t157 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(731) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(526)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(98) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(139) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(238)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(215) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(149) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(12) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(262) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(638)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t541 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t781 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers from exploration and evaluation assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t423 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t423\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,061 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,817 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDecember 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t213 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,002 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,247\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t198 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(22) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(208) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(439) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(163) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(355) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(957)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t414 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t141 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t324 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t879\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(355) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(220) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(460) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,037)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,049 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(708) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(359) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,278 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,175 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDecember 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2023\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,493 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,896 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,505 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,864 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t91,758\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(47,782) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,426) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,475) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,800) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(84,483)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,711 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,470 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,275\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,540 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,517 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,527 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,927 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,511\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(47,479) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,700) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,478) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(14,973) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(82,630)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,061 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,817 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,340 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,765 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,521 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19,366 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,992\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(46,371) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,487) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,462) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,191) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(85,511)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,278 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,175 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481\n\t\t\t\t\t\t\t\t\t
* Balances, net of accumulated depreciation, amortisation and impairment
** Accumulated depreciation, amortisation and impairment Based on the assessments made, the
Group concluded that no provision for expected credit losses should
be recognized as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf313_1": { "value": "Leases
The 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 underlying assets.
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. Unless the Group is
reasonably certain to obtain ownership of the leased asset at the end of the
lease term, the recognised right-of-use assets are depreciated on a straight-line
basis over the shorter of its estimated useful life and the lease term. Right-of-
use assets are subject to impairment.
Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities
measured at the present value of lease payments to be made over the lease
term. The lease payments include fixed payments (including in substance fixed
payments) less any lease incentives receivable, variable lease payments that
depend on an index or a rate, and amounts expected to be paid under residual
value guarantees. The lease payments also include the exercise price of a
purchase option reasonably certain to be exercised by the Group and payments
of penalties for terminating a lease, if the lease term reflects the Group
exercising the option to terminate.
Variable lease payments that do not depend on an index or a rate are
recognised as expense in the period on which the event or condition that
triggers the payment occurs. FINANCIAL REPORT
In calculating the present value of lease payments, the Group uses the
incremental borrowing rate at the lease commencement date if the interest
rate implicit in the lease is not readily determinable. After the commencement
date, the amount of lease liabilities is increased to reflect the accretion of
interest and reduced for the lease payments made. In addition, the carrying
amount of lease liabilities is remeasured if there is a modification, a change in
the lease term, a change in the in-substance fixed lease payments or a change
in the assessment to purchase the underlying asset.
Separation of lease and non-lease components
When contracts for a lease (such as like lease of drilling rigs and rail-tank cars)
include various additional services like personnel cost, maintenance, drilling
related activities, and other items, the Group splits such non-lease components
and recognises them separately. Where the additional services are not
separately priced, the consideration paid is allocated based on the relative
stand-alone prices of the lease and non-lease components.
Distinguishing fixed and variable lease payment elements
Certain lease contracts include fixed rates for when the asset is in operation,
and various alternative rates (like \u201ccold-stack rates\u201d for leases of drilling rigs) for
periods where the asset is engaged in specified activities or idle, but still under
contract. In general, variability in lease payments under these contracts has its
basis in different use and activity levels, and the variable elements have been
determined to relate to non-lease components only. Consequently, the lease
components of these contractual payments are considered fixed for the
purposes of IFRS 16.
Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition 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 of low value (i.e.,
below US$ 5,000). Lease payments on short-term leases and leases of low-
value assets are recognised as expense on a straight-line basis over the lease
term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf314_1": { "value": "Business combinations and goodwill
Business 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 (\u201cNCI\u201d) in the acquiree. For each business combination,
the Group elects whether to measure NCI 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.
When the Group acquires a business, it assesses the assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree. Those acquired petroleum reserves and resources
that can be reliably measured are recognised separately in the assessment of
fair values on acquisition. Other potential reserves, resources and rights are
included in goodwill.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for NCI over the fair
value of the identifiable net assets acquired and liabilities assumed. If the fair
value of the identifiable net assets acquired is in excess of the aggregate
consideration transferred (bargain purchase), before recognising a gain, the
Group reassesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the reassessment still
results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the statement of profit
or loss and other comprehensive income. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s CGUs that are expected to
benefit from the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Where goodwill forms part of a Cash Generating Unit (\u201cCGU\u201d) and part of the
operation in that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf315_1": { "value": "Business combinations and goodwill
Business 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 (\u201cNCI\u201d) in the acquiree. For each business combination,
the Group elects whether to measure NCI 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.
When the Group acquires a business, it assesses the assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree. Those acquired petroleum reserves and resources
that can be reliably measured are recognised separately in the assessment of
fair values on acquisition. Other potential reserves, resources and rights are
included in goodwill.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for NCI over the fair
value of the identifiable net assets acquired and liabilities assumed. If the fair
value of the identifiable net assets acquired is in excess of the aggregate
consideration transferred (bargain purchase), before recognising a gain, the
Group reassesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the reassessment still
results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the statement of profit
or loss and other comprehensive income. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s CGUs that are expected to
benefit from the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Where goodwill forms part of a Cash Generating Unit (\u201cCGU\u201d) and part of the
operation in that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf316_1": { "value": "When the Group acquires a business, it assesses the assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree. Those acquired petroleum reserves and resources
that can be reliably measured are recognised separately in the assessment of
fair values on acquisition. Other potential reserves, resources and rights are
included in goodwill.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for NCI over the fair
value of the identifiable net assets acquired and liabilities assumed. If the fair
value of the identifiable net assets acquired is in excess of the aggregate
consideration transferred (bargain purchase), before recognising a gain, the
Group reassesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the reassessment still
results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the statement of profit
or loss and other comprehensive income. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s CGUs that are expected to
benefit from the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Where goodwill forms part of a Cash Generating Unit (\u201cCGU\u201d) and part of the
operation in that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf317_1": { "value": "When the Group acquires a business, it assesses the assets and liabilities
assumed for appropriate classification and designation in accordance with the
contractual terms, economic circumstances and pertinent conditions as at the
acquisition date. This includes the separation of embedded derivatives in host
contracts by the acquiree. Those acquired petroleum reserves and resources
that can be reliably measured are recognised separately in the assessment of
fair values on acquisition. Other potential reserves, resources and rights are
included in goodwill.
Goodwill is initially measured at cost, being the excess of the aggregate of the
consideration transferred and the amount recognised for NCI over the fair
value of the identifiable net assets acquired and liabilities assumed. If the fair
value of the identifiable net assets acquired is in excess of the aggregate
consideration transferred (bargain purchase), before recognising a gain, the
Group reassesses whether it has correctly identified all of the assets acquired
and all of the liabilities assumed and reviews the procedures used to measure
the amounts to be recognised at the acquisition date. If the reassessment still
results in an excess of the fair value of net assets acquired over the aggregate
consideration transferred, then the gain is recognised in the statement of profit
or loss and other comprehensive income. After initial recognition, goodwill is
measured at cost less any accumulated impairment losses. For the purpose of
impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group\u2019s CGUs that are expected to
benefit from the combination, irrespective of whether other assets or liabilities
of the acquiree are assigned to those units.
Where goodwill forms part of a Cash Generating Unit (\u201cCGU\u201d) and part of the
operation in that unit is disposed of, the goodwill associated with the disposed
operation is included in the carrying amount of the operation when
determining the gain or loss on disposal. Goodwill disposed of in these
circumstances is measured based on the relative values of the disposed
operation and the portion of the CGU retained.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf318_1": { "value": "Current income tax
Current income tax assets and liabilities are measured at the amount expected
to be recovered from or paid to the taxation authorities. The tax rates and tax
laws used to compute the amount are those that are enacted or substantively
enacted at the reporting date in the countries where the Group operates and
generates taxable income. The tax rates and tax laws used to compute the
amount are those that apply to the relevant taxable income.
Current income tax relating to items recognised directly in equity is recognised
in equity and not in the statement of profit or loss. Management periodically
evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes
provisions where appropriate.
Deferred income tax
Deferred tax assets and liabilities are calculated in respect of temporary
differences using the liability method. Deferred income taxes are provided for
all temporary differences arising between the tax bases of assets and liabilities
and their carrying values for financial reporting purposes, except where the
deferred income tax arises from the initial recognition of goodwill or of an asset
or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recorded only to the extent that it is probable that
taxable profit will be available against which the deductible temporary
differences can be utilised. Deferred tax assets and liabilities are measured at
tax rates that are expected to apply to the period when the asset is realised or
the liability is settled, based on tax rates that have been enacted or
substantively enacted at the reporting date.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable
right exists to set off current tax assets against current tax liabilities and the
deferred taxes relate to the same taxable entity and the same taxation
authority.
For more detailed information in current and deferred income tax disclosure as
at 31 December 2025 and 2024, please see Notes 27 and 30. Significant accounting judgment: taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing changes and
varying interpretations. Instances of inconsistent opinions between local,
regional and national tax authorities are not unusual. Because of the
uncertainties associated with Kazakhstan\u2019s tax system, the ultimate amount of
taxes, penalties and interest, if any, may be in excess of the amount expensed
to date and accrued at 31 December 2025.
The Group is regularly subject to tax audits and engages in ongoing discussions
with tax authorities to agree on tax computations. Whilst the ultimate outcome
of such tax audits and discussions cannot be determined with certainty, and
hence requires management judgement, the level of provisions are estimated
by management as required for taxes for which it is considered probable will be
payable, based on professional advice and consideration of the nature of
current discussions with the tax authority.
As at 31 December 2025 management believes that its interpretation of the
relevant legislation is appropriate and that it is probable that the Group\u2019s tax
position will be sustained. To the extent that actual outcomes differ from
management\u2019s estimates, income tax charges or credits, and changes in current
and deferred tax assets or liabilities, may arise in future periods. For more
information, see Notes 27 and 30.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf319_1": { "value": "Deferred income tax
Deferred tax assets and liabilities are calculated in respect of temporary
differences using the liability method. Deferred income taxes are provided for
all temporary differences arising between the tax bases of assets and liabilities
and their carrying values for financial reporting purposes, except where the
deferred income tax arises from the initial recognition of goodwill or of an asset
or liability in a transaction that is not a business combination and, at the time of
the transaction, affects neither the accounting profit nor taxable profit or loss.
A deferred tax asset is recorded only to the extent that it is probable that
taxable profit will be available against which the deductible temporary
differences can be utilised. Deferred tax assets and liabilities are measured at
tax rates that are expected to apply to the period when the asset is realised or
the liability is settled, based on tax rates that have been enacted or
substantively enacted at the reporting date.
Deferred income tax is provided on temporary differences arising on
investments in subsidiaries, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that the temporary
difference will not reverse in the foreseeable future.
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable
right exists to set off current tax assets against current tax liabilities and the
deferred taxes relate to the same taxable entity and the same taxation
authority.
For more detailed information in current and deferred income tax disclosure as
at 31 December 2025 and 2024, please see Notes 27 and 30. Significant accounting judgment: taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing changes and
varying interpretations. Instances of inconsistent opinions between local,
regional and national tax authorities are not unusual. Because of the
uncertainties associated with Kazakhstan\u2019s tax system, the ultimate amount of
taxes, penalties and interest, if any, may be in excess of the amount expensed
to date and accrued at 31 December 2025.
The Group is regularly subject to tax audits and engages in ongoing discussions
with tax authorities to agree on tax computations. Whilst the ultimate outcome
of such tax audits and discussions cannot be determined with certainty, and
hence requires management judgement, the level of provisions are estimated
by management as required for taxes for which it is considered probable will be
payable, based on professional advice and consideration of the nature of
current discussions with the tax authority.
As at 31 December 2025 management believes that its interpretation of the
relevant legislation is appropriate and that it is probable that the Group\u2019s tax
position will be sustained. To the extent that actual outcomes differ from
management\u2019s estimates, income tax charges or credits, and changes in current
and deferred tax assets or liabilities, may arise in future periods. For more
information, see Notes 27 and 30.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf320_1": { "value": "Foreign currency translation
The functional currency is the currency of the primary economic environment
in which an entity operates and is normally the currency in which the entity
primarily generates and expends cash.
The functional currency of the Company is the United States dollar (the \u201cUS
dollar\u201d or \u201cUS$\u201d). The functional currencies of the Group\u2019s subsidiaries are as
follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany Functional currency\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Associated Investments LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Co\u00f6peratief U.A. US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Finance BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Holding Ltd US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services Central Asia LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMidstream Energy Company LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services N.V. Euro\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tZhaikmunai LLPUS dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPositiv Invest LLPTenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransactions in foreign currencies are initially recorded by the Group\u2019s subsidiaries at their respective functional currency spot rates at the date the transaction first qualifies for recognition.\n\t\t\t\t\t\t\t\t\t
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the reporting
date. All differences are taken to the profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as 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.
In the consolidated financial statements, the assets and liabilities of non-US
dollar functional currency subsidiaries are translated into US dollars at the spot
exchange rate on the balance sheet date. The results and cash flows of non-US
dollar functional currency subsidiaries are translated into US dollars using
average rates of exchange, and resulting exchange differences are accumulated
foreign currency translation reserve within equity, and are reclassified to the
profit or loss on the disposal of the subsidiary. In the consolidated financial
statements, exchange adjustments arising when the opening net assets and the
profits for the year retained by non-US dollar functional currency subsidiaries
are translated into US dollars are reported in the other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf321_1": { "value": "Foreign currency translation
The functional currency is the currency of the primary economic environment
in which an entity operates and is normally the currency in which the entity
primarily generates and expends cash.
The functional currency of the Company is the United States dollar (the \u201cUS
dollar\u201d or \u201cUS$\u201d). The functional currencies of the Group\u2019s subsidiaries are as
follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompany Functional currency\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Associated Investments LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Co\u00f6peratief U.A. US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Finance BV US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Oil & Gas Holding Ltd US dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services Central Asia LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMidstream Energy Company LLP Tenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNostrum Services N.V. Euro\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tZhaikmunai LLPUS dollar\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPositiv Invest LLPTenge\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransactions in foreign currencies are initially recorded by the Group\u2019s subsidiaries at their respective functional currency spot rates at the date the transaction first qualifies for recognition.\n\t\t\t\t\t\t\t\t\t
Monetary assets and liabilities denominated in foreign currencies are
translated at the functional currency spot rates of exchange at the reporting
date. All differences are taken to the profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rates as 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.
In the consolidated financial statements, the assets and liabilities of non-US
dollar functional currency subsidiaries are translated into US dollars at the spot
exchange rate on the balance sheet date. The results and cash flows of non-US
dollar functional currency subsidiaries are translated into US dollars using
average rates of exchange, and resulting exchange differences are accumulated
foreign currency translation reserve within equity, and are reclassified to the
profit or loss on the disposal of the subsidiary. In the consolidated financial
statements, exchange adjustments arising when the opening net assets and the
profits for the year retained by non-US dollar functional currency subsidiaries
are translated into US dollars are reported in the other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf322_1": { "value": "Borrowing costs
The Group capitalises borrowing costs on qualifying assets. Assets qualifying for
borrowing costs capitalisation include all assets under construction that are not
being depreciated, depleted, or amortised, provided that work is in progress at
that time. Qualifying assets mostly include wells and other operations field
infrastructure under construction. Capitalised borrowing costs are calculated by
applying the capitalisation rate to the expenditures on qualifying assets. The
capitalisation rate is the weighted average of the borrowing costs applicable to
the Group\u2019s borrowings that are outstanding during the period. All other
borrowing costs are recognised in the profit or loss in the period in which they
are incurred.
For more detailed information in relation to capitalisation of borrowing costs,
please refer to Note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf323_1": { "value": "Borrowing costs
The Group capitalises borrowing costs on qualifying assets. Assets qualifying for
borrowing costs capitalisation include all assets under construction that are not
being depreciated, depleted, or amortised, provided that work is in progress at
that time. Qualifying assets mostly include wells and other operations field
infrastructure under construction. Capitalised borrowing costs are calculated by
applying the capitalisation rate to the expenditures on qualifying assets. The
capitalisation rate is the weighted average of the borrowing costs applicable to
the Group\u2019s borrowings that are outstanding during the period. All other
borrowing costs are recognised in the profit or loss in the period in which they
are incurred.
For more detailed information in relation to capitalisation of borrowing costs,
please refer to Note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf324_1": { "value": "Borrowing costs
The Group capitalises borrowing costs on qualifying assets. Assets qualifying for
borrowing costs capitalisation include all assets under construction that are not
being depreciated, depleted, or amortised, provided that work is in progress at
that time. Qualifying assets mostly include wells and other operations field
infrastructure under construction. Capitalised borrowing costs are calculated by
applying the capitalisation rate to the expenditures on qualifying assets. The
capitalisation rate is the weighted average of the borrowing costs applicable to
the Group\u2019s borrowings that are outstanding during the period. All other
borrowing costs are recognised in the profit or loss in the period in which they
are incurred.
For more detailed information in relation to capitalisation of borrowing costs,
please refer to Note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf325_1": { "value": "Borrowing costs
The Group capitalises borrowing costs on qualifying assets. Assets qualifying for
borrowing costs capitalisation include all assets under construction that are not
being depreciated, depleted, or amortised, provided that work is in progress at
that time. Qualifying assets mostly include wells and other operations field
infrastructure under construction. Capitalised borrowing costs are calculated by
applying the capitalisation rate to the expenditures on qualifying assets. The
capitalisation rate is the weighted average of the borrowing costs applicable to
the Group\u2019s borrowings that are outstanding during the period. All other
borrowing costs are recognised in the profit or loss in the period in which they
are incurred.
For more detailed information in relation to capitalisation of borrowing costs,
please refer to Note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf326_1": { "value": "Inventories
Inventories are stated at the lower of cost or net realisable value (\u201cNRV\u201d). Cost
of oil, gas condensate and liquefied petroleum gas (\u201cLPG\u201d) is determined on the
weighted-average method based on the production cost including the relevant
expenses on depreciation, depletion and impairment and overhead costs based
on production volume. Net realisable value is the estimated selling price in the
ordinary course of business, less selling expenses.
The Company assesses inventories at each reporting date for indicators of
obsolescence, slow movement or damage. Where such indicators exist, the
carrying amount of inventory is written down to its net realisable value, being
the estimated selling price in the ordinary course of business less the estimated
costs of completion and costs necessary to make the sale. Write-downs are
recognised in profit or loss in the period in which they arise. Where the
circumstances that previously caused inventories to be written down no longer
exist, the write-down is reversed, with the reversal recognised in profit or loss.
For more information in relation to the breakdown of inventories as at
31 December 2025 and 2024, please see Note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf327_1": { "value": "Provisions and contingencies
Provisions are recognised when the Group has a present obligation (legal or
constructive) as a result of a past event, it is probable that an outflow of
resources embodying economic benefits will be required to settle the obligation
and a reliable estimate of the amount of the obligation can be made. Provisions
are reviewed by the Group at each reporting date and adjusted to reflect the
current best estimate. If it is no longer probable that an outflow of resources
embodying economic benefits will be required to settle the obligation, the
provision is reversed.
The Group classifies as contingent liabilities those possible obligations that arise
from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the
control of the enterprise and the present obligations that arise from past events
but are not recognised because it is not probable that an outflow of resources
embodying economic benefits will be required to settle the obligation or the
amount of the obligation cannot be measured with sufficient reliability.
The Group does not recognise contingent liabilities but discloses contingent
liabilities in Note 30, unless the possibility of an outflow of resources embodying
economic benefits is remote.
Significant accounting judgment: provisions and contingencies
Provisions and liabilities are recognized in the period when it becomes probable
that there will be a future outflow of funds resulting from past operations or
events and the amount of cash outflow can be reliably estimated. The timing of
recognition and quantification of the liability require the application of
judgment to existing facts and circumstances, which can be subject to change.
The carrying amounts of provisions and liabilities are reviewed regularly and
adjusted to take account of changing facts and circumstances.
Significant management judgment is required to evaluate any claims and
actions to determine whether a provision relating to a specific litigation should
be recognized or revised, or a contingent liability is required to be disclosed,
since the outcome of litigation is difficult to predict.
No provision has been made in respect of the outstanding claims involving the
Group, as the likelihood of a material outflow of economic benefits in respect of
those claims is considered to be possible but not probable and therefore only
disclosure is required.
For disclosure on provisions and contingencies, please refer to Note 30.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf328_1": { "value": "Decommissioning
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund in accordance with the subsoil use
agreement, and when a reasonable estimate of that provision can be made.
Provision for decommissioning is recognised in full when the Group has a
present obligation to dismantle and remove a facility or an item of plant and to
restore the site on which it is located, or to settle such obligation through
transfer of the accumulated liquidation fund to the state authorities, depending
on the applicable decisions of the authorities at the end of the licence period.
The Group estimates future dismantlement and site restoration costs for oil
and gas properties with reference to the estimates provided from either
internal or external engineers after taking into consideration the anticipated
method of dismantlement and the extent of site restoration required in
accordance with current legislation and industry practice. The amount of the
provision is the present value of the estimated expenditures expected to be
required to settle the obligation at current year prices discounted at pre-tax
rate that reflects current market assessment of the time value of money and
the risks specific to liability.
The unwinding of the discount related to the obligation is recorded in finance
costs. A corresponding amount equivalent to the provision is also recognised as
part of the cost of the related oil and gas properties. This asset is subsequently
depreciated as part of the capital costs of the oil and gas properties on a unit-
of-production basis.
The Group reviews site restoration provisions at each financial reporting date
and adjusts them to reflect current best estimates in accordance with IFRIC 1
Changes in Existing Decommissioning, Restoration and Similar Liabilities.
Changes in the measurement of an existing decommissioning liability that
result from changes in the estimated timing or amount of the outflow of
resources embodying economic benefits required to settle the obligation, or
changes to the discount rate:
\u2022 are added to, or deducted from, the cost of the related asset in the current
period. If deducted from the cost of the asset the amount deducted shall not
exceed its carrying amount. If a decrease in the provision exceeds the
carrying amount of the asset, the excess is recognised immediately in the
profit or loss; and
\u2022 if the adjustment results in an addition to the cost of an asset, the Group
considers whether this is an indication that the new carrying amount of the
asset may not be fully recoverable. If it is such an indication, the Group tests
the asset for impairment by estimating its recoverable amount, and
accounts for any impairment loss in accordance with IAS 36.
Movements in the abandonment and site restoration provision are disclosed in
Note 14.
Significant estimates and assumptions: provisions and contingencies
The Group holds provisions for the future decommissioning of oil and gas
properties and site restoration. The estimation of the future dismantlement
and site restoration costs involves use of significant estimates and assumptions
by management, specifically for determining the timing of the future cash
outflows and discount rate.
Management made its estimates based on the assumption that cash flow will
take place at the expected end of the subsoil use rights. Therefore, most
decommissioning events are many years in the future and the precise date of
wells abandonment and site restoration may change with the relative impact
on the cash outflows.
At the reporting date, the decommissioning provision primarily reflects the
estimated costs associated with well abandonment activities and restoration of
the areas surrounding the wells. In determining the scope of the provision, the
Group considers the nature, condition and expected future use of its assets. No
provision is recognised in respect of dismantlement of certain surface facilities,
as management\u2019s current assessment is that such facilities are expected to
retain value and are not expected to require dismantlement by the end of the
current subsoil use rights. This assessment may be affected by future
development plans, including any extension of the PSA term, and by changes in
applicable legal or regulatory requirements.
Management of the Group believes that the long-term US Treasury real yield
curve rates adjusted for country risk premium of Kazakhstan provides the best
estimates of applicable real discount rate.
The estimated costs of well abandonment and site restoration are determined
based on technical assessments prepared by the Group\u2019s internal engineers,
with reference to existing contractual rates and recent market benchmarks for
similar services. These estimates include expected costs for activities such as
plugging and abandonment of wells, removal of downhole equipment, site
clearance and restoration of the surrounding areas.
Any changes in the expected future costs are reflected in both the provision
and the asset. Moreover, actual decommissioning costs can differ from
estimates because of constantly changing decommissioning technologies as
well as changes in environmental laws and regulations and public expectations.
As a result, there could be significant adjustments to the provisions established
which would affect future financial results. For example, 10% increase in the
cost of decommissioning may lead to additional US$2,504 thousand liability.
For more details on abandonment and site restoration provision please refer to
Note 14. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf329_1": { "value": "Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured
at amortised cost and fair value through profit or loss. The Group determines
the classification of its financial assets at initial recognition.
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 component 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 profit or loss,
transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are
measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or
fair value through OCI, it needs to give rise to cash flows that are \u2018solely
payments of principal and interest (SPPI)\u2019 on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it
manages its financial assets in order to generate cash flows. The business
model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group
commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four
categories:
\u2022 Financial assets at amortised cost (debt instruments);
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains
and losses (debt instruments);
\u2022 Financial assets designated at fair value through OCI with no recycling of
cumulative gains and losses upon derecognition;
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial
assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold
financial assets in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Financial assets at amortised cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or
impaired.
The Group\u2019s financial assets at amortised cost include cash, long-term and
short-term deposits, trade and other receivables.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a
group of similar financial assets) is primarily derecognised (i.e., removed from
the Group\u2019s consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and
either (a) the Group has transferred substantially all the risks and rewards of
the asset, or (b) the Group has neither transferred nor retained substantially
all the risks and rewards of the asset, but has transferred control of the
asset.
When the Group has transferred its rights to receive cash flows from an asset
or has entered into a pass-through arrangement, it evaluates if, and to what
extent, it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. 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 contractual terms.
Significant estimates and assumptions: recoverability of receivables
Significant judgement is required when determining the recoverability of
Group\u2019s receivables.
The Group defines default periods based on a period of 90 days to 12 months
past due, dependent on the counterparty and the commercial terms
negotiated in relation to individual transactions. Where a significant increase in
credit risk occurs since recognition, the financial asset is deemed to be in stage
2. In these circumstances, the Group recognises a lifetime expected credit loss,
with any interest income continuing to be recognised on a gross basis. Stage 3
is where the financial asset is credit impaired. For financial assets in stage 3, the
Group continues to recognise a lifetime expected credit loss, but any interest
income is recognised on a net basis. This means that interest income will be
calculated based on the gross carrying amount of the financial asset less ECL.
Financial liabilities
Initial recognition, measurement and derecognition
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in
two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition,
interest-bearing borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
This category generally applies to interest-bearing borrowings. For more
information, refer to Note 13. FINANCIAL REPORT
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position if, and only if, there is a currently
enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities
simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf330_1": { "value": "Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured
at amortised cost and fair value through profit or loss. The Group determines
the classification of its financial assets at initial recognition.
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 component 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 profit or loss,
transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are
measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or
fair value through OCI, it needs to give rise to cash flows that are \u2018solely
payments of principal and interest (SPPI)\u2019 on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it
manages its financial assets in order to generate cash flows. The business
model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group
commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four
categories:
\u2022 Financial assets at amortised cost (debt instruments);
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains
and losses (debt instruments);
\u2022 Financial assets designated at fair value through OCI with no recycling of
cumulative gains and losses upon derecognition;
\u2022 Financial assets at fair value through profit or loss.
Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial
assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold
financial assets in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Financial assets at amortised cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or
impaired.
The Group\u2019s financial assets at amortised cost include cash, long-term and
short-term deposits, trade and other receivables.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a
group of similar financial assets) is primarily derecognised (i.e., removed from
the Group\u2019s consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and
either (a) the Group has transferred substantially all the risks and rewards of
the asset, or (b) the Group has neither transferred nor retained substantially
all the risks and rewards of the asset, but has transferred control of the
asset.
When the Group has transferred its rights to receive cash flows from an asset
or has entered into a pass-through arrangement, it evaluates if, and to what
extent, it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. 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 contractual terms.
Significant estimates and assumptions: recoverability of receivables
Significant judgement is required when determining the recoverability of
Group\u2019s receivables.
The Group defines default periods based on a period of 90 days to 12 months
past due, dependent on the counterparty and the commercial terms
negotiated in relation to individual transactions. Where a significant increase in
credit risk occurs since recognition, the financial asset is deemed to be in stage
2. In these circumstances, the Group recognises a lifetime expected credit loss,
with any interest income continuing to be recognised on a gross basis. Stage 3
is where the financial asset is credit impaired. For financial assets in stage 3, the
Group continues to recognise a lifetime expected credit loss, but any interest
income is recognised on a net basis. This means that interest income will be
calculated based on the gross carrying amount of the financial asset less ECL.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf331_1": { "value": "Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured
at amortised cost and fair value through profit or loss. The Group determines
the classification of its financial assets at initial recognition.
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 component 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 profit or loss,
transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are
measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or
fair value through OCI, it needs to give rise to cash flows that are \u2018solely
payments of principal and interest (SPPI)\u2019 on the principal amount outstanding.
This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it
manages its financial assets in order to generate cash flows. The business
model determines whether cash flows will result from collecting contractual
cash flows, selling the financial assets, or both.
Purchases or sales of financial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group
commits to purchase or sell the asset.
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in
two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities are classified, at initial recognition, as financial
liabilities at fair value through profit or loss, long-term borrowings,
payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf332_1": { "value": "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 component 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 profit or loss,
transaction costs. Trade receivables that do not contain a significant financing
component or for which the Group has applied the practical expedient are
measured at the transaction price determined under IFRS 15.
The Group\u2019s financial assets at amortised cost include cash, long-term and
short-term deposits, trade and other receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf333_1": { "value": "Purchases or sales of financial assets that require delivery of assets within a
time frame established by regulation or convention in the market place (regular
way trades) are recognised on the trade date, i.e., the date that the Group
commits to purchase or sell the asset.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in four
categories:
\u2022 Financial assets at amortised cost (debt instruments);
\u2022 Financial assets at fair value through OCI with recycling of cumulative gains
and losses (debt instruments);
\u2022 Financial assets designated at fair value through OCI with no recycling of
cumulative gains and losses upon derecognition;
\u2022 Financial assets at fair value through profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForAvailableforsaleFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf334_1": { "value": "Financial assets at amortised cost (debt instruments)
This category is the most relevant to the Group. The Group measures financial
assets at amortised cost if both of the following conditions are met:
\u2022 The financial asset is held within a business model with the objective to hold
financial assets in order to collect contractual cash flows, and
\u2022 The contractual terms of the financial asset give rise on specified dates to
cash flows that are solely payments of principal and interest on the principal
amount outstanding.
Financial assets at amortised cost are subsequently measured using the
effective interest (EIR) method and are subject to impairment. Gains and losses
are recognised in profit or loss when the asset is derecognised, modified or
impaired.
The Group\u2019s financial assets at amortised cost include cash, long-term and
short-term deposits, trade and other receivables.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition,
interest-bearing borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
This category generally applies to interest-bearing borrowings. For more
information, refer to Note 13. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHeldtomaturityInvestmentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf335_1": { "value": "Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a
group of similar financial assets) is primarily derecognised (i.e., removed from
the Group\u2019s consolidated statement of financial position) when:
\u2022 The rights to receive cash flows from the asset have expired; or
\u2022 The Group has transferred its rights to receive cash flows from the asset or
has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a \u2018pass-through\u2019 arrangement\u037e and
either (a) the Group has transferred substantially all the risks and rewards of
the asset, or (b) the Group has neither transferred nor retained substantially
all the risks and rewards of the asset, but has transferred control of the
asset.
When the Group has transferred its rights to receive cash flows from an asset
or has entered into a pass-through arrangement, it evaluates if, and to what
extent, it has retained the risks and rewards of ownership. When it has neither
transferred nor retained substantially all of the risks and rewards of the asset,
nor transferred control of the asset, the Group continues to recognise the
transferred asset to the extent of its continuing involvement. In that case, the
Group also recognises an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and
obligations that the Group has retained.
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf336_1": { "value": "Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt
instruments not held at fair value through profit or loss. 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 contractual terms.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf337_1": { "value": "Financial liabilities
Initial recognition, measurement and derecognition
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
Subsequent measurement
For purposes of subsequent measurement, financial liabilities are classified in
two categories:
\u2022 Financial liabilities at fair value through profit or loss
\u2022 Financial liabilities at amortised cost (loans and borrowings)
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition,
interest-bearing borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
This category generally applies to interest-bearing borrowings. For more
information, refer to Note 13. FINANCIAL REPORT
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.
Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position if, and only if, there is a currently
enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities
simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf338_1": { "value": "Initial recognition, measurement and derecognition
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition,
interest-bearing borrowings are subsequently measured at amortised cost
using the EIR method. Gains and losses are recognised in profit or loss when the
liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR
amortisation is included as finance costs in the statement of profit or loss.
This category generally applies to interest-bearing borrowings. For more
information, refer to Note 13. FINANCIAL REPORT
Derecognition
A financial liability is derecognised when the obligation under the liability is
discharged or cancelled or expires. When an existing financial liability is
replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the
recognition of a new liability. The difference in the respective carrying amounts
is recognised in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf339_1": { "value": "Initial recognition, measurement and derecognition
Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf340_1": { "value": "Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf341_1": { "value": "Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf342_1": { "value": "Financial liabilities are classified, at initial recognition, as financial liabilities at
fair value through profit or loss, long-term borrowings, payables, or as
derivatives designated as hedging instruments in an effective hedge, as
appropriate.
All financial liabilities are recognised initially at fair value and, in the case of
long-term borrowings and payables, net of directly attributable transaction
costs.
The Group\u2019s financial liabilities include trade and other payables, long-term
borrowings, and derivative financial instruments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf343_1": { "value": "Offsetting of financial instruments
Financial assets and financial liabilities are offset and the net amount reported
in the statement of financial position if, and only if, there is a currently
enforceable legal right to offset the recognised amounts and there is an
intention to settle on a net basis, or to realise the assets and settle the liabilities
simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf344_1": { "value": "Cash and cash equivalents
Cash 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 at inception.
Restricted cash and cash equivalent balances are those which meet the
definition of cash and cash equivalents but are not available for use by the
Group and therefore is not considered highly liquid \u2013 for example, cash set
aside to cover decommissioning obligations or as required by the forbearance
agreement.
Money Market Funds (MMFs) are included within cash and cash equivalents if
they are short-term in nature, highly liquid, and readily convertible to known
amounts of cash, and subject to an insignificant risk of changes in value.
For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents, as defined above, net of
outstanding bank overdrafts.
For more detailed information in relation to cash and cash equivalents as at 31
December 2025 and 2024, please see Note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf345_1": { "value": "Restricted cash and cash equivalent balances are those which meet the
definition of cash and cash equivalents but are not available for use by the
Group and therefore is not considered highly liquid \u2013 for example, cash set
aside to cover decommissioning obligations or as required by the forbearance
agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf346_1": { "value": "For the purpose of the consolidated statement of cash flows, cash and cash
equivalents consist of cash and cash equivalents, as defined above, net of
outstanding bank overdrafts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf347_1": { "value": "Revenue recognition
The Group recognises revenue in accordance with IFRS 15 using the five-step
model, reflecting the below:
1) Identify the contract. A contract exists when there is an agreement with a
customer that creates enforceable rights and obligations, has commercial
substance, and collection of consideration is probable. Contracts arise from
the sale of crude oil, gas, condensate and LPG, and may include long-term
off-take agreements or shorter-term sales.
2) Identify performance obligations. For hydrocarbon sales, the performance
obligation is the delivery of crude oil, gas, condensate or LPG to the
customer, typically representing a single performance obligation. However,
in some cases multiple performance obligations exist (if transportation
services are included to the contract). For third-party gas processing (tolling)
arrangements, the performance obligation is to provide processing services.
These services are generally distinct, as customers benefit from the
processing independently of other goods or services.
3) Determine the transaction price. For crude oil, condensate and LPG, the
transaction price is based on observable market indices (e.g. Platts and/or
Argus), adjusted for quality and transportation differentials, representing
variable consideration that is resolved at or near the point of delivery. Gas
sales are typically based on contractual Brent-based prices. For gas
processing and tolling arrangements, the transaction price comprises
processing fees per unit of throughput volumes.
4) Allocate the transaction price. Where contracts contain a single
performance obligation, the transaction price is fully allocated to that
obligation. Where multiple performance obligations exist (e.g. bundled
processing and transportation services), the transaction price is allocated
based on relative standalone selling prices. Any discounts and variable
consideration are allocated to one or more performance obligations where
they relate specifically to those obligations; otherwise, they are allocated on
a relative standalone selling price basis.
5) Recognise revenue. Revenue from the sale of hydrocarbons is recognised at
a point in time when control passes to the customer, typically upon delivery
into a pipeline, vessel, railcar or truck in accordance with contractual terms.
Revenue from gas processing services is recognised as the services are
rendered, reflecting the transfer of control to the customer. This is generally
over time, as customers simultaneously receive and consume the benefits of
processing. The Group applies an output method, based on processed
volumes measured through metering systems, which directly reflects the
performance completed to date. In these arrangements where the Group
does not control the underlying hydrocarbons, the Group acts as an agent
and recognises revenue only in the amount of the processing fee to which it
is entitled. The Group\u2019s LPG sales are mostly on advance payment basis,
while payment terms for gas, oil and condensate are normally 15-45 days
after delivery.
The Group assesses whether it acts as principal or agent in each arrangement
and concludes that it acts as principal in hydrocarbon sales and as agent in
certain processing arrangements where it does not control the underlying
commodities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf348_1": { "value": "Treasury shares
Own equity instruments that are reacquired (treasury shares) are recognised at
cost and deducted from equity. No gain or loss is recognised in profit or loss on
the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.
Any difference between the carrying amount and the consideration, if reissued,
is recognised in the share premium. Voting rights related to treasury shares are
nullified for the Group and no distributions are accepted in relation to them.
Share options exercised during the reporting period can be satisfied with
treasury shares.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf349_1": { "value": "Share-based payments
The cost of equity-settled transactions is measured at fair value at the grant
date. This fair value is expensed over the period until vesting with the
recognition of a corresponding equity element, which is not remeasured
subsequently until the settlement date.
Estimating fair value for share-based payment transactions requires
determination of the most appropriate valuation model, which is dependent on
the terms and conditions of the grant. This estimate also requires
determination of the most appropriate inputs to the valuation model including
the expected life of the share option, volatility and distribution yield and
making assumptions about them. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf350_1": { "value": "5. Property, plant and equipment
As at 31 December 2025 and 31 December 2024 property, plant and
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tequipment comprised the following: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil and gas properties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t372,883\n\t\t\t\t\t\t\t\t\t
Oil and gas properties
The category \u201cOil and gas properties\u201d represents wells, oil and gas
treatment facilities, oil transportation and other related assets. The
movement of oil and gas properties for the years ended 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024 was as follows: In thousands of US Dollars Working assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tConstructi on in progress\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAssets in develop ment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 1 January 2024,net* 191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,296 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,485 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,425\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers from exploration and evaluation assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,893 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,367) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,039) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(918) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,957)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t84,368\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,303) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,303 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2024, net*\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,601 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,850 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,480\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in estimate ARO \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,960 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,151) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(191)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(350) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(365) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(715)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t322 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t332\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(84,476)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(766) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t766 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2025, net *\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2023\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,984,421 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97,886 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,082,307\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,793,182) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(43,779) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,836,961)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,004,571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106,245 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,137,993\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,755,255) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,736) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,774,991)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,024,082 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t102,330 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,159,056\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,851,333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(40,250) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,891,583)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
* Balances, net of accumulated depreciation, depletion and impairment
** Accumulated depreciation, depletion and impairment
The category \u201cConstruction in progress\u201d is represented by employee
remuneration, materials and fuel used, rig costs, payments made to
contractors, and asset retirement obligation fees directly associated
with development of wells until the drilling of the well is complete and
results have been evaluated. The category \u201cAssets in development\u201d
represents exploration and evaluation assets associated with Stepnoy
Leopard fields (see Note 3).
The depletion rate for oil and gas working assets was 21.16% and
22.79% in 2025 and 2024, respectively. In 2025, the Group applied
consistent approach in the estimation of oil & gas reserves adopting
the same methodology with previous periods, however, the Group
decided not to engage independent reserve auditors taking into
account immaterial changes in the reserves estimates, which were in
line with expectations (see pages 15-18 of the Annual Report).
The change in the discount rate used to determine the abandonment
and site restoration provision (Note 14) in the year ended 31
December 2025 resulted in the decrease of the oil and gas properties
by US$1,128 thousand (31 December 2024: an increase of US$4,191
thousand).
The Group incurred borrowing costs including amortisation of
arrangement fees. Capitalisation rate and capitalised borrowing costs
were as follows as at 31 December 2025 and 31 December 2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowing costs including amortisation of arrangement fee\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147,058 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116,111\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalisation rate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalised borrowing costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,921 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,720\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tBuildings\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMachi- nery & equip- ment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tVehicles\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOthers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 1 January 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,711 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,470 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,275\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t562 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t510 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t48 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t157 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(731) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(526)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(98) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(139) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(238)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(215) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(149) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(12) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(262) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(638)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t541 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t781 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,300\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers from exploration and evaluation assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t423 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t423\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t23 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,061 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,817 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDecember 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t213 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,002 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,247\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t223 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t198 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(22) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(208) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(439) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(163) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(355) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(957)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t414 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t141 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t324 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t879\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(355) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(220) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(460) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,037)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,723)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,049 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(708) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(359) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,278 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,175 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDecember 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2023\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,493 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,896 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,505 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,864 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t91,758\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(47,782) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,426) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,475) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,800) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(84,483)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,711 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,470 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,275\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,540 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,517 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,527 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,927 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,511\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(47,479) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,700) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,478) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(14,973) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(82,630)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,061 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,817 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t49,340 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,765 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,521 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19,366 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92,992\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation**\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(46,371) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,487) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,462) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,191) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(85,511)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance* \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,969 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,278 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,175 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481\n\t\t\t\t\t\t\t\t\t
* Balances, net of accumulated depreciation, amortisation and impairment
** Accumulated depreciation, amortisation and impairment ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf351_1": { "value": "5. Property, plant and equipment
As at 31 December 2025 and 31 December 2024 property, plant and
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tequipment comprised the following: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOil and gas properties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther property, plant and equipment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,481 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,881\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,954 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t372,883\n\t\t\t\t\t\t\t\t\t
Oil and gas properties
The category \u201cOil and gas properties\u201d represents wells, oil and gas
treatment facilities, oil transportation and other related assets. The
movement of oil and gas properties for the years ended 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024 was as follows: In thousands of US Dollars Working assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tConstructi on in progress\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tAssets in develop ment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 1 January 2024,net* 191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,296 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,485 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t34,425\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers from exploration and evaluation assets\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,155\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,893 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,367) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,039) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(918) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,957)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(25,045)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment reversal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,628 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21,740 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t84,368\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,303) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,303 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,463)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2024, net*\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdditions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,601 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,850 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,480\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in estimate ARO \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransfers \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,960 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,151) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(191)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(350) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(365) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(715)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDisposals depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t322 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t332\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and depletion charge\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(32,448)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment charge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(62,874) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(21,602) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(84,476)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tImpairment transfer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(766) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t766 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTranslation difference \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t617\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance at 31 December 2025, net *\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2023\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,984,421 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t97,886 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,082,307\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,793,182) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(43,779) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,836,961)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t191,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t54,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t245,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,004,571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t106,245 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,137,993\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,755,255) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(19,736) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,774,991)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t249,316 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86,509 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,177 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t363,002\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCost \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,024,082 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t102,330 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,159,056\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccumulated depreciation ** \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,851,333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(40,250) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,891,583)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance * \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t172,749 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t267,473\n\t\t\t\t\t\t\t\t\t
* Balances, net of accumulated depreciation, depletion and impairment
** Accumulated depreciation, depletion and impairment
The category \u201cConstruction in progress\u201d is represented by employee
remuneration, materials and fuel used, rig costs, payments made to
contractors, and asset retirement obligation fees directly associated
with development of wells until the drilling of the well is complete and
results have been evaluated. The category \u201cAssets in development\u201d
represents exploration and evaluation assets associated with Stepnoy
Leopard fields (see Note 3).
The depletion rate for oil and gas working assets was 21.16% and
22.79% in 2025 and 2024, respectively. In 2025, the Group applied
consistent approach in the estimation of oil & gas reserves adopting
the same methodology with previous periods, however, the Group
decided not to engage independent reserve auditors taking into
account immaterial changes in the reserves estimates, which were in
line with expectations (see pages 15-18 of the Annual Report).
The change in the discount rate used to determine the abandonment
and site restoration provision (Note 14) in the year ended 31
December 2025 resulted in the decrease of the oil and gas properties
by US$1,128 thousand (31 December 2024: an increase of US$4,191
thousand).
The Group incurred borrowing costs including amortisation of
arrangement fees. Capitalisation rate and capitalised borrowing costs
were as follows as at 31 December 2025 and 31 December 2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowing costs including amortisation of arrangement fee\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147,058 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116,111\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalisation rate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalised borrowing costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,921 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,720\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf352_1": { "value": "The Group incurred borrowing costs including amortisation of
arrangement fees. Capitalisation rate and capitalised borrowing costs
were as follows as at 31 December 2025 and 31 December 2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowing costs including amortisation of arrangement fee\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147,058 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116,111\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalisation rate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5.78%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCapitalised borrowing costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,921 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,720\n\t\t\t\t\t\t\t\t\t
24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf353_1": { "value": "6. Non-current advances and other assets
As at 31 December 2025 and 2024 non-current advances and other
assets comprised the following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVAT receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,983 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,115\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances for construction materials \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,493 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,991\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances for construction services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t173 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t193\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances for other non-current assets \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t87 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t89\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,736 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,388\n\t\t\t\t\t\t\t\t\t
8. Other current assets
As at 31 December 2025 and 2024 other current assets comprised the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tfollowing: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVAT receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,228 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,680\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t974\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeposits with Euroclear Bank \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances paid \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,671 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,131\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther trade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t654 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t405 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t350\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t616 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,975 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,515\n\t\t\t\t\t\t\t\t\t
Prior year comparative were updated to align with \u0441urrent year
presentation.
Advances paid consist primarily of prepayments made to service
providers. As at 31 December 2025 the impaired VAT receivable
amounted to US$578 thousand (31 December 2024: the impaired
VAT receivable: US$555).
There were no other movements in the provision for impairment of
advances paid during the years ended 31 December 2025 and 2024.
17. Advances received
The advances received as at 31 December 2025 include prepayments
of
US$84 thousand for \u0441ondensate (2024: nil), US$18 thousand for crude
oil (2024: US$1,135 thousand), US$571 thousand for LPG (2024:
US$407 thousand), and US$45 thousand for other advances (2024:
US$27 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf354_1": { "value": "7. Inventories
As at 31 December 2025 and 2024 inventories comprised the
following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSpare parts and other inventories \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,856 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,182\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGas condensate \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,167 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,381\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCrude oil \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t527 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t960\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLPG \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t130 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t86\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDry gas \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSulphur \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t94 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31,846 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30,637\n\t\t\t\t\t\t\t\t\t
As at 31 December 2025 and 31 December 2024 inventories are
carried at cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf355_1": { "value": "8. Other current assets
As at 31 December 2025 and 2024 other current assets comprised the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tfollowing: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVAT receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,228 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,680\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t974\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeposits with Euroclear Bank \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances paid \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,671 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,131\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther trade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t654 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t405 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t350\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t616 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,975 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,515\n\t\t\t\t\t\t\t\t\t
Prior year comparative were updated to align with \u0441urrent year
presentation.
Advances paid consist primarily of prepayments made to service
providers. As at 31 December 2025 the impaired VAT receivable
amounted to US$578 thousand (31 December 2024: the impaired
VAT receivable: US$555).
There were no other movements in the provision for impairment of
advances paid during the years ended 31 December 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf356_1": { "value": "8. Other current assets
As at 31 December 2025 and 2024 other current assets comprised the
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tfollowing: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tVAT receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,228 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,680\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,334 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t974\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeposits with Euroclear Bank \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,067 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t100\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdvances paid \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,671 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,131\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther trade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t654 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest receivable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t405 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t350\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t616 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t136\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,975 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,515\n\t\t\t\t\t\t\t\t\t
Prior year comparative were updated to align with \u0441urrent year
presentation.
Advances paid consist primarily of prepayments made to service
providers. As at 31 December 2025 the impaired VAT receivable
amounted to US$578 thousand (31 December 2024: the impaired
VAT receivable: US$555).
There were no other movements in the provision for impairment of
advances paid during the years ended 31 December 2025 and 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf357_1": { "value": "9. Trade receivables
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables comprised the following: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from oil and gas condensate sales\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,358\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from gas and LPG sales\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,979 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,787\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from third-party hydrocarbon tolling\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t35 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,204\n\t\t\t\t\t\t\t\t\t
As at 31 December 2025 and 31 December 2024 trade receivables
were not interest-bearing and were mainly denominated in US dollars
and Tenge. Their average collection period is not more than 45 days.
As at 31 December 2025 there were no past due but not impaired
trade receivables (31 December 2024: there were past due but not
impaired trade receivables). Based on the assessments made, the
Group concluded that no provision for expected credit losses should
be recognized as at 31 December 2025 and 31 December 2024.
10. Cash and cash equivalents
As at 31 December 2025 and 31 December 2024 cash and cash
equivalents comprised the following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments in Money Market Funds in US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t136,000 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,762 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t67,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in Tenge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,892 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,215\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in Euro \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t125\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in other currencies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPetty cash \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t150,419\n\t\t\t\t\t\t\t\t\t
Money Market Funds included investments in money market funds of
JPMorgan Asset Management (Europe) S.a\u0300 r.l, BlackRock Investment
Management (UK) Limited, Goldman Sachs Funds plc and Morgan
Stanley Investment Management, Inc. These investments are
classified as cash equivalents as they are readily convertible into cash,
have credit ratings of AAA and above, and their fair values are subject
to minimal fluctuations.
In addition to the cash and cash equivalents, including: in the table
above, as at 31 December 2025 the Group had restricted cash
accounts comprising a liquidation fund deposit of US$9,577 thousand
with Halyk bank, and US$21 thousand with Jusan bank (31 December
2024: US$9,115 thousand with Halyk bank, and US$16 thousand with
Jusan bank), which are maintained as required by the subsoil use
rights for abandonment and site restoration liabilities of the Group.
The Group maintains a debt service retention account (DSRA) funded
to meet the forthcoming two interest instalments on SUNs and SSNs.
As at 31 December 2025, the DSRA contained US$17,023 thousand,
(31 December 2024: US$16,792 thousand on in the escrow account
established per the FBA terms).
16. Trade payables
Trade payables comprise the following as at 31 December 2025 and
2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTenge denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,707 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,771\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUS Dollar denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t453 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,165\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEuro denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t333 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t211\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables denominated in other currencies\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t894 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t91\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,387 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,238\n\t\t\t\t\t\t\t\t\t
Fair values of financial instruments
Management assessed that the fair value of cash and cash
equivalents, trade receivables, trade payables and other current
liabilities approximate their carrying amounts at 31 December 2025
and 2024.
Set out below, is a comparison by class of the carrying amounts and
fair value of the Group\u2019s financial instruments, other than those with
carrying amounts reasonably approximating their fair values:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFair value\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest bearing borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
The fair value of the financial assets and liabilities represents the
amount at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or
liquidation sale. Fair value of the quoted notes is based on price
quotations at the reporting date and respectively categorised as Level
1 within the fair value hierarchy.
During the years ended 31 December 2025 and 2024 there were no
transfers between the levels of fair value hierarchy of the Group\u2019s
financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf358_1": { "value": "9. Trade receivables
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables comprised the following: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from oil and gas condensate sales\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,358\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from gas and LPG sales\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,979 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,787\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables from third-party hydrocarbon tolling\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t35 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t59\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,204\n\t\t\t\t\t\t\t\t\t
As at 31 December 2025 and 31 December 2024 trade receivables
were not interest-bearing and were mainly denominated in US dollars
and Tenge. Their average collection period is not more than 45 days.
As at 31 December 2025 there were no past due but not impaired
trade receivables (31 December 2024: there were past due but not
impaired trade receivables). Based on the assessments made, the
Group concluded that no provision for expected credit losses should
be recognized as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf359_1": { "value": "Based on the assessments made, the
Group concluded that no provision for expected credit losses should
be recognized as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf360_1": { "value": "10. Cash and cash equivalents
As at 31 December 2025 and 31 December 2024 cash and cash
equivalents comprised the following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInvestments in Money Market Funds in US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t136,000 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t82,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,762 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t67,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in Tenge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,892 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,215\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in Euro \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t125\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent accounts in other currencies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t162 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPetty cash \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t150,419\n\t\t\t\t\t\t\t\t\t
Money Market Funds included investments in money market funds of
JPMorgan Asset Management (Europe) S.a\u0300 r.l, BlackRock Investment
Management (UK) Limited, Goldman Sachs Funds plc and Morgan
Stanley Investment Management, Inc. These investments are
classified as cash equivalents as they are readily convertible into cash,
have credit ratings of AAA and above, and their fair values are subject
to minimal fluctuations.
In addition to the cash and cash equivalents, including: in the table
above, as at 31 December 2025 the Group had restricted cash
accounts comprising a liquidation fund deposit of US$9,577 thousand
with Halyk bank, and US$21 thousand with Jusan bank (31 December
2024: US$9,115 thousand with Halyk bank, and US$16 thousand with
Jusan bank), which are maintained as required by the subsoil use
rights for abandonment and site restoration liabilities of the Group.
The Group maintains a debt service retention account (DSRA) funded
to meet the forthcoming two interest instalments on SUNs and SSNs.
As at 31 December 2025, the DSRA contained US$17,023 thousand,
(31 December 2024: US$16,792 thousand on in the escrow account
established per the FBA terms).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf361_1": { "value": "In addition to the cash and cash equivalents, including: in the table
above, as at 31 December 2025 the Group had restricted cash
accounts comprising a liquidation fund deposit of US$9,577 thousand
with Halyk bank, and US$21 thousand with Jusan bank (31 December
2024: US$9,115 thousand with Halyk bank, and US$16 thousand with
Jusan bank), which are maintained as required by the subsoil use
rights for abandonment and site restoration liabilities of the Group.
The Group maintains a debt service retention account (DSRA) funded
to meet the forthcoming two interest instalments on SUNs and SSNs.
As at 31 December 2025, the DSRA contained US$17,023 thousand,
(31 December 2024: US$16,792 thousand on in the escrow account
established per the FBA terms).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf362_1": { "value": "11. Share capital and reserves
As at 31 December 2025 the ordinary share capital of the Parent
consists of 165,244,983 issued and fully paid ordinary shares, which
are listed on the London Stock Exchange. The ordinary shares have a
nominal value of GB\u00a3 0.01. The table below represents movements in
the number of ordinary shares during the year ended 31 December
2025. The movements in the number of shares during the year ended
31 December 2024 was as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNumber of shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tIn circulation\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTreasury capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,244,344,036 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,413,725,597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,381,561\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCancellation of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164,950,135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165,244,983\n\t\t\t\t\t\t\t\t\t
Treasury shares were issued to support the Group\u2019s obligations to
employees under the Employee Share Option Plan (\u201cESOP\u201d) and the
Long-Term Incentive Plan (\u201cLTIP\u201d) and are held by Intertrust Employee
Benefit Trustee Limited as trustee for the Nostrum Oil & Gas Benefit
Trust.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf363_1": { "value": "11. Share capital and reserves
As at 31 December 2025 the ordinary share capital of the Parent
consists of 165,244,983 issued and fully paid ordinary shares, which
are listed on the London Stock Exchange. The ordinary shares have a
nominal value of GB\u00a3 0.01. The table below represents movements in
the number of ordinary shares during the year ended 31 December
2025. The movements in the number of shares during the year ended
31 December 2024 was as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNumber of shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tIn circulation\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTreasury capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,244,344,036 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,413,725,597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,381,561\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCancellation of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164,950,135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165,244,983\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf364_1": { "value": "11. Share capital and reserves
As at 31 December 2025 the ordinary share capital of the Parent
consists of 165,244,983 issued and fully paid ordinary shares, which
are listed on the London Stock Exchange. The ordinary shares have a
nominal value of GB\u00a3 0.01. The table below represents movements in
the number of ordinary shares during the year ended 31 December
2025. The movements in the number of shares during the year ended
31 December 2024 was as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNumber of shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tIn circulation\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTreasury capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,244,344,036 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,413,725,597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,381,561\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCancellation of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164,950,135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165,244,983\n\t\t\t\t\t\t\t\t\t
Treasury shares were issued to support the Group\u2019s obligations to
employees under the Employee Share Option Plan (\u201cESOP\u201d) and the
Long-Term Incentive Plan (\u201cLTIP\u201d) and are held by Intertrust Employee
Benefit Trustee Limited as trustee for the Nostrum Oil & Gas Benefit
Trust.
On 9 February 2023, the Company completed restructuring of its notes
on the key terms as agreed under the lock-up agreement signed with
an informal ad hoc group of noteholders and its largest shareholder ICU
Holdings Limited on 22 August 2022 (the \u201cLock-up Agreement), and
pursuant to the terms of the Scheme sanctioned by the Court on 26
August 2022. This led to the sub-division and consolidation of the
Company's share capital. As part of the Restructuring, on 9 February
2023 the Company issued 1,505,633,046 new shares in connection
with the repayment of the remaining face value of the Group\u2019s US$725
million 8.0% Senior Notes due July 2022 (\u201c2022 Notes\u201d) and its US$400
million 7.0% Senior Notes due February 2025 (\u201c2025 Notes\u201d) (together,
the \u201cOld Notes\u201d) following the issue of the SSNs and SUNs (see Note 12
below), together with accrued but unpaid interest (the \u201cDebt for Equity
Swap\u201d). Given the number of new shares issued, at the close of
business on
9 February 2023 the Company also performed a share consolidation, so
as to achieve an appropriate share price following closing of the
Restructuring (Note 1). As a result, the number of ordinary shares in
issue was reduced from 1,693,816,004 (following the issue of the new
shares) to 169,381,561 ordinary shares, on the basis of a 10:1
consolidation (the \u201cShare Consolidation\u201d). In order to give effect to the
Share Consolidation, the Company initially reduced the nominal value
of the ordinary shares (the \u201cSub-Division\u201d) after the issue of the new
shares, through sub-division of each ordinary share at a ratio of 1:10
into one ordinary share of nominal value of \u00a30.001 each together with
nine deferred shares of nominal value \u00a30.001 each (the \u201cDeferred
Shares\u201d). The resulting 15,244,344,036 Deferred Shares carried no
economic or voting rights in the capital of the Company and were
subsequently acquired by the Company for nil consideration and
cancelled on 2 December 2024.
The nominal value of the ordinary shares following the Share
Consolidation was \u00a30.01 each. Fractions of new ordinary shares were
not issued in connection with the Share Consolidation and any
fractional entitlements were rounded down to the nearest whole
ordinary share.
In February 2023, as part of the restructuring of the Company\u2019s Notes ,
the Debt for Equity swap was recorded by the Company in accordance
with the requirements of IFRS 9 Financial Instruments and IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments. As part of the
restructuring of the Notes, the share premium of US$792,744 thousand
was recognised, which included:
\u2022 US$23,133 thousand recognised as part of the shares issued with their
estimated fair value of US$42,356 thousand.
\u2022 US$769,611 thousand recognised as a difference between Old Notes
balance of US$814,181 thousand and the fair value of the shares issued
in the amount of US$42,356 thousand as described above after
deduction of the relevant proportion of lock-up fees of US$2,213
thousand.
On 7 April 2025 the Company cancelled 4,136,578 ordinary shares in
circulation, thereby reducing the number of issued ordinary shares
from 169,381,561 to 165,244,983. The cancelled shares represented
deferred shares created as part of the restructuring, share sub-division
and share consolidation completed in February 2023. In accordance
with the Company\u2019s articles of association, all such deferred shares
were purchased by the Company for an aggregate consideration of
\u00a31.00 and subsequently cancelled. The nominal value of each share
remained unchanged at \u00a30.01.
Other reserves
The movements in the Group\u2019s other reserves is presented as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tReorgani- sation and resructurin g reserve\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tForeign currency translation reserves\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare- option reserve s \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255,688 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,674 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262,123\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepurchase and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,443\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,395\n\t\t\t\t\t\t\t\t\t
Reorganisation and restructuring reserve in the amount of US$255,688
thousand as at 1 January 2024 represents the difference between the
partnership capital, treasury capital and additional paid-in capital of
Nostrum Oil & Gas LP, the share capital of Nostrum Oil & Gas PLC, that
arose during the reorganisation of the Group in 2014.
The movements in reorganisation and resructuring reserve during the
year ended 31 December 2024 and 2025 result from the
Restructuring and represent recognition of the warrants and
cancellation of the deferred shares, respectively.
There were no distributions made during the year ended
31 December 2024 and year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf365_1": { "value": "11. Share capital and reserves
As at 31 December 2025 the ordinary share capital of the Parent
consists of 165,244,983 issued and fully paid ordinary shares, which
are listed on the London Stock Exchange. The ordinary shares have a
nominal value of GB\u00a3 0.01. The table below represents movements in
the number of ordinary shares during the year ended 31 December
2025. The movements in the number of shares during the year ended
31 December 2024 was as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNumber of shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tIn circulation\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTreasury capital\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tDeferred shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,244,344,036 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,413,725,597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAcquisition and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(15,244,344,036)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,381,561\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCancellation of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(4,136,578)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t164,950,135 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t294,848 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t165,244,983\n\t\t\t\t\t\t\t\t\t
Treasury shares were issued to support the Group\u2019s obligations to
employees under the Employee Share Option Plan (\u201cESOP\u201d) and the
Long-Term Incentive Plan (\u201cLTIP\u201d) and are held by Intertrust Employee
Benefit Trustee Limited as trustee for the Nostrum Oil & Gas Benefit
Trust.
On 9 February 2023, the Company completed restructuring of its notes
on the key terms as agreed under the lock-up agreement signed with
an informal ad hoc group of noteholders and its largest shareholder ICU
Holdings Limited on 22 August 2022 (the \u201cLock-up Agreement), and
pursuant to the terms of the Scheme sanctioned by the Court on 26
August 2022. This led to the sub-division and consolidation of the
Company's share capital. As part of the Restructuring, on 9 February
2023 the Company issued 1,505,633,046 new shares in connection
with the repayment of the remaining face value of the Group\u2019s US$725
million 8.0% Senior Notes due July 2022 (\u201c2022 Notes\u201d) and its US$400
million 7.0% Senior Notes due February 2025 (\u201c2025 Notes\u201d) (together,
the \u201cOld Notes\u201d) following the issue of the SSNs and SUNs (see Note 12
below), together with accrued but unpaid interest (the \u201cDebt for Equity
Swap\u201d). Given the number of new shares issued, at the close of
business on
9 February 2023 the Company also performed a share consolidation, so
as to achieve an appropriate share price following closing of the
Restructuring (Note 1). As a result, the number of ordinary shares in
issue was reduced from 1,693,816,004 (following the issue of the new
shares) to 169,381,561 ordinary shares, on the basis of a 10:1
consolidation (the \u201cShare Consolidation\u201d). In order to give effect to the
Share Consolidation, the Company initially reduced the nominal value
of the ordinary shares (the \u201cSub-Division\u201d) after the issue of the new
shares, through sub-division of each ordinary share at a ratio of 1:10
into one ordinary share of nominal value of \u00a30.001 each together with
nine deferred shares of nominal value \u00a30.001 each (the \u201cDeferred
Shares\u201d). The resulting 15,244,344,036 Deferred Shares carried no
economic or voting rights in the capital of the Company and were
subsequently acquired by the Company for nil consideration and
cancelled on 2 December 2024.
The nominal value of the ordinary shares following the Share
Consolidation was \u00a30.01 each. Fractions of new ordinary shares were
not issued in connection with the Share Consolidation and any
fractional entitlements were rounded down to the nearest whole
ordinary share.
In February 2023, as part of the restructuring of the Company\u2019s Notes ,
the Debt for Equity swap was recorded by the Company in accordance
with the requirements of IFRS 9 Financial Instruments and IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments. As part of the
restructuring of the Notes, the share premium of US$792,744 thousand
was recognised, which included:
\u2022 US$23,133 thousand recognised as part of the shares issued with their
estimated fair value of US$42,356 thousand.
\u2022 US$769,611 thousand recognised as a difference between Old Notes
balance of US$814,181 thousand and the fair value of the shares issued
in the amount of US$42,356 thousand as described above after
deduction of the relevant proportion of lock-up fees of US$2,213
thousand.
On 7 April 2025 the Company cancelled 4,136,578 ordinary shares in
circulation, thereby reducing the number of issued ordinary shares
from 169,381,561 to 165,244,983. The cancelled shares represented
deferred shares created as part of the restructuring, share sub-division
and share consolidation completed in February 2023. In accordance
with the Company\u2019s articles of association, all such deferred shares
were purchased by the Company for an aggregate consideration of
\u00a31.00 and subsequently cancelled. The nominal value of each share
remained unchanged at \u00a30.01.
Other reserves
The movements in the Group\u2019s other reserves is presented as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tReorgani- sation and resructurin g reserve\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tForeign currency translation reserves\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare- option reserve s \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255,688 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,674 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262,123\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepurchase and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,443\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,395\n\t\t\t\t\t\t\t\t\t
Reorganisation and restructuring reserve in the amount of US$255,688
thousand as at 1 January 2024 represents the difference between the
partnership capital, treasury capital and additional paid-in capital of
Nostrum Oil & Gas LP, the share capital of Nostrum Oil & Gas PLC, that
arose during the reorganisation of the Group in 2014.
The movements in reorganisation and resructuring reserve during the
year ended 31 December 2024 and 2025 result from the
Restructuring and represent recognition of the warrants and
cancellation of the deferred shares, respectively.
There were no distributions made during the year ended
31 December 2024 and year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf366_1": { "value": "In February 2023, as part of the restructuring of the Company\u2019s Notes the Debt for Equity swap was recorded by the Company in accordance
with the requirements of IFRS 9 Financial Instruments and IFRIC 19
Extinguishing Financial Liabilities with Equity Instruments. As part of the
restructuring of the Notes, the share premium of US$792,744 thousand
was recognised, which included:
\u2022 US$23,133 thousand recognised as part of the shares issued with their
estimated fair value of US$42,356 thousand.
\u2022 US$769,611 thousand recognised as a difference between Old Notes
balance of US$814,181 thousand and the fair value of the shares issued
in the amount of US$42,356 thousand as described above after
deduction of the relevant proportion of lock-up fees of US$2,213
thousand.
Other reserves
The movements in the Group\u2019s other reserves is presented as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tReorgani- sation and resructurin g reserve\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tForeign currency translation reserves\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tShare- option reserve s \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 1 January 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t255,688 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,674 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t262,123\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(231)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepurchase and cancellation of deferred shares\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,551\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,443\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency translation difference\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(48)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274,239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,395 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,761 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t280,395\n\t\t\t\t\t\t\t\t\t
Reorganisation and restructuring reserve in the amount of US$255,688
thousand as at 1 January 2024 represents the difference between the
partnership capital, treasury capital and additional paid-in capital of
Nostrum Oil & Gas LP, the share capital of Nostrum Oil & Gas PLC, that
arose during the reorganisation of the Group in 2014.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf367_1": { "value": "There were no distributions made during the year ended
31 December 2024 and year ended 31 December 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf368_1": { "value": "12. Earnings per share
As at 31 December 2025 the ordinary share capital of the Parent
consists of 165,244,983 issued and fully paid ordinary shares, which
are listed on the London Stock Exchange. The ordinary shares have a
nominal value of GB\u00a30.01. For the purpose of calculations of earnings
per share the number of shares for the year ended 31 December
2025: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoss for the period attributable to the shareholders \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(213,699) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(26,130)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWeighted average number of shares \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t166,049,445 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169,086,713\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBasic and dilutedearnings per share (in US dollars) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1.29) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(0.15)\n\t\t\t\t\t\t\t\t\t
The weighted average number of ordinary shares is 166,049,445
based on all issued shares excluding treasury shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf369_1": { "value": "13. Notes payable and accumulated interest
Notes payable and accumulated interest are comprised of the
following as at 31 December 2025 and 2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPrincipal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t244,372 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t250,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustments for fair value and arrangement fees\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,458) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(27,263)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccrued interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,253 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t35\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSubtotal Senior Secured Notes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t247,167 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t222,772\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPrincipal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t428,431 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t438,061\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustments for fair value and arrangement fees\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(35,860) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(89,604)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPIK coupon payable \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t57,506 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccrued interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,565 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t142\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSubtotal Senior Unsecured Notes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t454,642 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t348,599\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNotes payable and accumulated interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess amounts due within 12 months \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(701,809) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(177)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAmounts due after 12 months \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,194\n\t\t\t\t\t\t\t\t\t
FINANCIAL REPORT
Senior Secured Notes (SSNs)
Following the Restructuring of the 2017 and 2018 Notes, Nostrum Oil &
Gas Finance BV, issued US$250,000,000 senior secured notes due 30
June 2026. The SSNs bear cash-pay interest at a rate of 5.0% per year,
payable semi-annually. Pursuant to the Lock-up Agreement, the Group
has agreed that the 5.0% cash interest will accrue from 1 January 2022
and such accrued amount was paid in cash after the issue of the SSNs.
Senior Unsecured Notes (SUNs)
Following the Restructuring of the 2025 and 2022 Notes, Nostrum Oil &
Gas Finance BV issued US$300,000,000 senior notes due 30 June 2026.
The SUNs bear interest at a rate of 1.0% cash-pay and 13.0% payment-
in-kind (PIK) per year, payable semi-annually. Pursuant to the Lock-up
Agreement, the Company agreed that the 1.0% cash interest and 13.0%
PIK coupon would accrue from 1 January 2022. Accordingly, Nostrum
Oil & Gas Finance issued a principal amount of US$45,078,172
additional SUNs representing the PIK coupon which has been agreed to
be payable with effect from 1 January 2022 until 9 February 2022 upon
the issue of the SUNs. For more information, please refer to Note 1 for
Restructuring terms.
Exchange of debt instruments
Taking into account significant differences in the terms of the Old Notes
and the terms of SSNs and SUNs issued in exchange, the Group
accounted for the exchange transaction in accordance with the
requirements of IFRS 9 Financial Instruments for a substantial
modification, i.e. extinguishment of the Old Notes and recognition of
the New Notes at their fair value.
Such fair values have been determined by discounting future cash flows
at the relevant implied yields of the instruments on issue date (13.25%
for SSNs and 31.04% for SUNs). The resulting gains on initial recognition
of SSNs and SUNs in the amount of $40.294 thousand and $134.132
thousand, respectively, were recorded in the income statements under
separate line item. These adjustments will be amortised over the life of
the instruments and reflected as part of finance costs in the income
statement.
More detailed information for restructuring is disclosed in the Note 1.
SSNs and SUNs covenants
The SSNs and SUNs contained consistent covenants that, among other
things, sets following requirements, subject to certain exceptions and
qualifications, the Issuer, the Guarantors, and certain other members
of the Group:
\u2022 Produce reports to holders, including quarterly and annual financial
statements and certain other reports and documents upon request
from bondholders;
\u2022 Limitations on Indebtedness;
\u2022 Limitations on restricted payments;
\u2022 Limitations on restrictions on distributions from Group entities;
\u2022 Limitations on sales of assets and equity interests in Group
subsidiaries;
\u2022 Limitations on affiliate transactions;
\u2022 Limitation on line of business;
\u2022 Listing of the bonds on international stock exchange;
\u2022 Change of Control;
\u2022 Limitation on Liens;
\u2022 Limitation on issuances of guarantees of Indebtedness;
\u2022 Payments for Consents;
\u2022 Additional Amounts;
\u2022 Compliance Certificates; Default Notices;
\u2022 Registration with the National Bank of Kazakhstan;
\u2022 Merger and Consolidation;
\u2022 Cash flow Arrangements.
In addition, the indentures imposed certain requirements as to future
subsidiary guarantors, and certain customary information covenants
and events of default.
Cancellation of unclaimed SSNs and SUNs
In the second quarter of 2025, approximately 2.25% of the principal
amount of the SSNs and approximately 2.20% of the total principal
amount of the SUNs and PIK was cancelled due to non-claim by former
noteholders. As a result, the Group recognised US$5,6 million and
US$9.6 million respective income within other income in the
consolidated statement of profit or loss.
Payment of coupon for 2025 and onwards
The Group was required by 30 June 2025 to have paid accrued interest
in accordance with the terms and conditions of the Notes. The due
interest has not been paid, and as of 30 July 2025 such default has
become an \"Event of Default\" (as defined in the conditions of the
Notes) relating to the unpaid interest on the Notes due by 30 June
2025 (the \u201cInterest EOD\u201d). The delay was a result of a payment
administration issue which did not permit the Group to make payment
on the Notes, including payment-in-kind interest, through the clearing
systems without additional regulatory licenses related to sanctioned
bondholders and/or custodians. The Group has applied for the
applicable regulatory licences to make the interest payments.
On 6 October 2025, at the adjourned meeting of the senior unsecured
noteholders, the required quorum was reached and 75% of votes were
cast in favour of the extraordinary resolution, thereby waiving the
Event of Default related to the delayed interest payment. The Group
made relevant payment of consent fees to participating noteholders.
As at 31 December 2025, the accrued interest on the Notes due for
payment by 30 June 2025 and by 31 December, 2025 remained unpaid
due to the continuing of the continuing payment administration issue.
The Group, accordingly transferred a consent fee in the amount of
US$1,967 thousand to the Trustee, which were distributed to the
relevant notehodlers in early January 2026.
Reclassification to current liabilities
SSNs and SUNs have maturity date of 30 June 2026, which falls within
12 months after the reporting date. Considering this fact, as at 31
December 2025 the Group classifies the carrying amounts of the SSNs
and SUNs into current liabilities and presents them as the current
portion of long-term borrowings.
The management and the Board have been actively engaging in
discussions with noteholders concerning the potential restructuring of
the Notes, and on 30 March 2026, the Group announced that it has
reached an in principle agreement with an ad hoc group of beneficial
owners of the SSNs and the SUNs regarding the key commercial terms
for a proposed extension of the maturity date of the SSNs and the SUNs
to 31 December 2030. For more details please see Note 1.
Changes in liabilities arising from financing activities
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1 January\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCash (outflows)/inflows\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tBorrowing costs including amortisation of arrangement fees\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCancellation of the Notes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNotes payable and accumulated interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,060 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t143,116 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(13,738) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNotes payable and accumulated interest \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t471,747 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(16,487) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t116,111 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf370_1": { "value": "14. Abandonment and site restoration provision
The summary of changes in abandonment and site restoration
provision during years ended 31 December 2025 and 2024 is as
follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision as at 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,344 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t22,147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in estimates \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,128) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,191\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProvision as at 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,398 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t27,344\n\t\t\t\t\t\t\t\t\t
Management has estimated the provision on the basis that the
relevant cash outflows will occur at the expected end of the current
subsoil use rights. Accordingly, most decommissioning activities are
expected to take place many years in the future, and the timing of
well abandonment and site restoration may change, with a
corresponding effect on the estimated cash outflows. The provision
primarily reflects estimated well abandonment and related site
restoration costs and excludes dismantlement of certain above-
ground or surface facilities, based on management\u2019s current
assessment that such facilities are expected to remain in usable
condition, retain significant value and not require dismantlement at
the end of the current subsoil use rights. There are inherent
uncertainties in estimating future costs, including as Kazakh laws and
regulations relating to site restoration and decommissioning continue
to evolve.
The discount rate used to determine the abandonment and site
restoration provision at 31 December 2025 was 3.84%, respectively
(31 December 2024: 4.32%).
The change in the estimated cost of well liquidation and the discount
rate in the year ended 31 December 2025 resulted in the decrease of
the abandonment and site restoration provision by US$1,128
thousand (31 December 2024: increase by US$4,191 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf371_1": { "value": "15. Due to Government of Kazakhstan
The amount due to the Government of the Republic of Kazakhstan
reflects the present value of a liability in relation to the expenditures
made by the Government in the time period prior to signing the
Contract that were related to exploration of the Contract territory and
the construction of surface facilities in fields discovered therein and
that are reimbursable by the Group to the Government during the
production period. The total liability amount due to the Government
as stipulated by the Contract is US$ 25,000 thousand.
Repayment of this liability commenced in 2008 with the first payment
of US$1,030 thousand in March 2008 and with further payments by
equal quarterly instalments of US$258 thousand until 26 May 2031.
The liability was discounted at 13%, determined at the time of
recognition of the liability.
The summary of the changes in the amounts due to the Government
of Kazakhstan during the years ended 31 December 2025 and 2024 is
as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as at 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,231 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,656\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPaid during the year \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,031) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,031)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalan\u0441e as at 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,750 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,231\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLess: current portion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,031) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,031)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-current portion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,719 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,200\n\t\t\t\t\t\t\t\t\t
18. Other current liabilities
Other current liabilities comprise the following as at 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,163 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,751\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining obligations accrual \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,597 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to employees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTaxes payable, including corporate income tax\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,455 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,403\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,895 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,041\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,747 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,613\n\t\t\t\t\t\t\t\t\t
Other accruals include various amounts accrued according to
management best estimates and assessment of probabilities of cash
outflows, such as penalties related to tax audit payments and other
similar items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf372_1": { "value": "16. Trade payables
Trade payables comprise the following as at 31 December 2025 and
2024:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTenge denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,707 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,771\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUS Dollar denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t453 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,165\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEuro denominated trade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t333 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t211\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables denominated in other currencies\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t894 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t91\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,387 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,238\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf373_1": { "value": "18. Other current liabilities
Other current liabilities comprise the following as at 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,163 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,751\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining obligations accrual \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,597 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to employees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTaxes payable, including corporate income tax\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,455 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,403\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,895 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,041\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,747 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,613\n\t\t\t\t\t\t\t\t\t
Other accruals include various amounts accrued according to
management best estimates and assessment of probabilities of cash
outflows, such as penalties related to tax audit payments and other
similar items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf374_1": { "value": "18. Other current liabilities
Other current liabilities comprise the following as at 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,163 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,751\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining obligations accrual \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,597 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to employees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTaxes payable, including corporate income tax\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,455 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,403\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,895 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,041\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,747 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,613\n\t\t\t\t\t\t\t\t\t
Other accruals include various amounts accrued according to
management best estimates and assessment of probabilities of cash
outflows, such as penalties related to tax audit payments and other
similar items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf375_1": { "value": "18. Other current liabilities
Other current liabilities comprise the following as at 31 December
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 and 2024: In thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,163 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,751\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining obligations accrual \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,597 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,598\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to employees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,637 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,820\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTaxes payable, including corporate income tax\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,455 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,403\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,895 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,041\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,747 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,613\n\t\t\t\t\t\t\t\t\t
Other accruals include various amounts accrued according to
management best estimates and assessment of probabilities of cash
outflows, such as penalties related to tax audit payments and other
similar items. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf376_1": { "value": "19. Revenue
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue from oil and gas condensate sales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t67,998 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t89,335\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue from gas and LPG sales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,354 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,405\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThird-party hydrocarbon tolling fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t16,535 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,336\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRevenue from sulphur sales \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t133 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t118,020 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t137,076\n\t\t\t\t\t\t\t\t\t
The pricing for all of the Group\u2019s crude oil, condensate and LPG sales
is, directly or indirectly, related to the price of Brent crude oil. The
average Brent crude oil price the year ended 31 December 2025 was
US$69.1/bbl (year ended
31 December 2024: US$80.6/bbl).
The operations of the Group are located in only one geographic
location, Kazakhstan.
During the year ended 31 December 2025 the revenue from sales to
three major customers amounted to US$50,689 thousand, US$18,475
thousand and US$16,535 thousand respectively (year ended
31 December 2024: US$43,137 thousand, US$38,797 thousand and
US$16,210 thousand respectively). For further details of product sales
desitnations see page 13 of the Annual Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf377_1": { "value": "20. Cost of sales
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation, depletion and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,121 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,489\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,317 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,918\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepair, maintenance and other services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,476\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWell repair and maintenance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,764 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,667\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,568\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental levies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t163\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in stock \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(535) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t758 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t782\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79,262 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,002\n\t\t\t\t\t\t\t\t\t
For the year ended 31 December 2025, the depreciation,
depletion and amortisation increased mainly due to the
impairment reversal as of
1 January 2025.
Materials and supplies in 2025 include purchases of the raw gas in
the amount of US$5,852 thousand (2024: US$4,124 thousand).
21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
22. Selling and transportation expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,261 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,268\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,844\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoading and storage costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,520\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,905 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,924\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,556\n\t\t\t\t\t\t\t\t\t
Decrease in transportation costs and loading & storage costs is driven
by the change in condensate delivery terms to FCA Beles with
incremental increase in price discount starting from 1 January 2025.
23. Taxes other than income tax
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExport customs duty \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,383 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,069\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRoyalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,235 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,464\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe RoK share \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t765 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,106\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t542\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,181\n\t\t\t\t\t\t\t\t\t
Export customs duty is comprised of customs duties for export of
crude oil and customs fees for services such as processing of
declarations and temporary warehousing.
24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
\u201cOther finance costs\u201d represent bank charges, advisor and other fees
related to financing activities of the Group.
25. Employees\u2019 remuneration
The average monthly number of employees (including Executive
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDirectors) employed was as follows: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement and administrative \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t178 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t166\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTechnical and operational \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t439\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t621 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t605\n\t\t\t\t\t\t\t\t\t
Their aggregate remuneration comprised: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWages and salaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,569 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,416\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial security costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,729\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement Incentive Plan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,144\n\t\t\t\t\t\t\t\t\t
The amount reflected in the income statement was US$44,961
thousand (2024: US$31,794 thousand). In 2024, Nostrum adopted the Management Incentive Plan (the
\u201cMIP\u201d), details of which can be found on pages 119 \u2013121 of the
Company\u2019s 2024 Annual Report. The performance conditions for MIP
Award 1 were met in July 2024, with vesting and payments in eight
quarterly instalments commencing in August 2024. MIP Award 1 was
awarded to 14 members of the key management personnel and
directors. The performance conditions for MIP Award 2 were met in
April 2025, with payments made during 2025. MIP Award 2 was
awarded to 14 members of the key management personnel and
directors.
Key management personnel remuneration
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,084 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t269\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,362 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,200 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,554\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,646 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,823\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-Executive Directors\u2019 remuneration\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,925 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,062\n\t\t\t\t\t\t\t\t\t
The following payments were made to the Directors under the MIP in
2025:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 2\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tStephen Whyte \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChairman, Non-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,897\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tArfan Khan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChief Executive Officer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t424 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiona Paulus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChris Hopkinson \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMartin Gudgeon \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t992 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,858\n\t\t\t\t\t\t\t\t\t
Employee share option plan (ESOP)
The Group\u2019s Phantom Option Plan was adopted by the board of
directors of the Company on 20 June 2014 to allow for the
continuation of the option plan previously maintained by Nostrum Oil
& Gas LP. The rights and obligations in relation to this option plan
were transferred to Nostrum Oil & Gas PLC from Nostrum Oil & Gas
LP following the reorganisation.
Employees (including senior executives and executive directors) of
members of the Group received remuneration in the form of equity-
based payment transactions, whereby employees render services as
consideration for share appreciation rights, which can only be settled
in cash (\u201ccash-settled transactions\u201d).
2017 Long-term incentive plan
In 2017 the Group started operating a Long-term incentive plan (\u201cthe
LTIP\u201d), that was approved by the shareholders of the Company on 26
June 2017 and adopted by the board of directors of the Company on
24 August 2017. The LTIP is a discretionary benefit offered by the
Company for the benefit of selected employees. Its main purpose is to
increase the interest of the employees in the Company's long-term
business goals and performance through share ownership. The LTIP is
an incentive for the employees' future performance and commitment
to the goals of the Company. The remuneration committee of the
board of the Company has the right to decide, in its sole discretion,
whether or not further awards will be granted in the future and to
which employees those awards will be granted.
Employees (including senior executives and executive directors) of
members of the Group may receive an award, which is a \"nominal
cost option\" over a specified number of ordinary shares in the capital
of the Company. The option has an exercise price of 1p per share (but
the Company has the discretion to waive this prior to exercise). In
addition, under the Rules of the LTIP the Company has discretion to
settle awards other than by transfer of shares such as by way of cash
settlement. Generally, the awards are classified as equity-settled
transactions. The share options are treated as equity-settled since
there are no legal limitations expected on issue of shares for these
upon vesting, the Group h\u0447\u0451as a choice of settlement and the
intention is to settle them in equity. However, in certain jurisdictions
due to regulatory requirements the Company may not be able to
settle the awards other than by transfer of cash, in which case the
awards are classified as cash-settled transactions, and accounted for
similar to SARs.
26. Other income and other expenses
For the years ended 31 December 2025 and 2024 other income
comprise the following: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIncome from cancellation of SSNs and\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,738 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSUNs\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensation for railway expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals of training accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,027 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t652\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals of other accruals and other items\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,572 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,481\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency conversion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t64 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCatering and accommodation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t242 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t80\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,896 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,425\n\t\t\t\t\t\t\t\t\t
Compensation for railway expenses represents LPG transportation
and loading fees, which are reimbursed by the customers.
For the years ended 31 December 2025 and 2024 other expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tcomprise the following: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement Incentive Plan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness development costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,333 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,358\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAgent expenses on transportation and loading\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,469 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPenalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,580 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,441\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes and penalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t537 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,614\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t523 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial program \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t380 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t307\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency conversion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t89 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t311\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoss on disposal of property, plant and equipment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t402\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial contribution \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,605 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,076\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,527 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,404\n\t\t\t\t\t\t\t\t\t
Prior year comparative were updated to align with \u0441urrent year
presentation.
In 2024, Nostrum adopted the Management Incentive Plan (the
\u201cMIP\u201d), details of which can be found on pages 119 \u2013121 of the
Company\u2019s 2025 Annual Report.
The performance conditions for MIP Award 1 were met in 2024 and
2025, with vesting and payments in quarterly instalments. MIP Award
1 was awarded to 14 members of the key management personnel and
directors.
The performance conditions for MIP Award 2 were met in April 2025,
with payments in the amount of US$14,350 thousand made during
2025. MIP Award 2 was awarded to 14 members of the key
management personnel and directors.
Other taxes and penalties mainly include additional taxes and
penalties assessed in relation to prior periods considering new
information, which was not available at the time of preparation of
respective financial information, and relevant interpretations by the
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf378_1": { "value": "20. Cost of sales
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation, depletion and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,121 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,489\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,317 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,918\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepair, maintenance and other services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,476\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWell repair and maintenance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,764 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,667\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,568\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental levies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t163\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in stock \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(535) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t758 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t782\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79,262 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,002\n\t\t\t\t\t\t\t\t\t
For the year ended 31 December 2025, the depreciation,
depletion and amortisation increased mainly due to the
impairment reversal as of
1 January 2025.
Materials and supplies in 2025 include purchases of the raw gas in
the amount of US$5,852 thousand (2024: US$4,124 thousand).
21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
22. Selling and transportation expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,261 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,268\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,844\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoading and storage costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,520\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,905 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,924\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,556\n\t\t\t\t\t\t\t\t\t
Decrease in transportation costs and loading & storage costs is driven
by the change in condensate delivery terms to FCA Beles with
incremental increase in price discount starting from 1 January 2025.
23. Taxes other than income tax
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExport customs duty \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,383 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,069\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRoyalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,235 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,464\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe RoK share \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t765 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,106\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t875 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t542\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,181\n\t\t\t\t\t\t\t\t\t
Export customs duty is comprised of customs duties for export of
crude oil and customs fees for services such as processing of
declarations and temporary warehousing.
24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
\u201cOther finance costs\u201d represent bank charges, advisor and other fees
related to financing activities of the Group.
25. Employees\u2019 remuneration
The average monthly number of employees (including Executive
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDirectors) employed was as follows: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement and administrative \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t178 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t166\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTechnical and operational \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t439\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t621 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t605\n\t\t\t\t\t\t\t\t\t
Their aggregate remuneration comprised: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWages and salaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,569 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,416\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial security costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,729\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement Incentive Plan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,144\n\t\t\t\t\t\t\t\t\t
The amount reflected in the income statement was US$44,961
thousand (2024: US$31,794 thousand). In 2024, Nostrum adopted the Management Incentive Plan (the
\u201cMIP\u201d), details of which can be found on pages 119 \u2013121 of the
Company\u2019s 2024 Annual Report. The performance conditions for MIP
Award 1 were met in July 2024, with vesting and payments in eight
quarterly instalments commencing in August 2024. MIP Award 1 was
awarded to 14 members of the key management personnel and
directors. The performance conditions for MIP Award 2 were met in
April 2025, with payments made during 2025. MIP Award 2 was
awarded to 14 members of the key management personnel and
directors.
Key management personnel remuneration
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,084 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t269\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,362 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,200 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,554\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,646 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,823\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-Executive Directors\u2019 remuneration\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,925 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,062\n\t\t\t\t\t\t\t\t\t
The following payments were made to the Directors under the MIP in
2025:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 2\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tStephen Whyte \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChairman, Non-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,897\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tArfan Khan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChief Executive Officer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t424 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiona Paulus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChris Hopkinson \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMartin Gudgeon \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t992 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,858\n\t\t\t\t\t\t\t\t\t
Employee share option plan (ESOP)
The Group\u2019s Phantom Option Plan was adopted by the board of
directors of the Company on 20 June 2014 to allow for the
continuation of the option plan previously maintained by Nostrum Oil
& Gas LP. The rights and obligations in relation to this option plan
were transferred to Nostrum Oil & Gas PLC from Nostrum Oil & Gas
LP following the reorganisation.
Employees (including senior executives and executive directors) of
members of the Group received remuneration in the form of equity-
based payment transactions, whereby employees render services as
consideration for share appreciation rights, which can only be settled
in cash (\u201ccash-settled transactions\u201d).
2017 Long-term incentive plan
In 2017 the Group started operating a Long-term incentive plan (\u201cthe
LTIP\u201d), that was approved by the shareholders of the Company on 26
June 2017 and adopted by the board of directors of the Company on
24 August 2017. The LTIP is a discretionary benefit offered by the
Company for the benefit of selected employees. Its main purpose is to
increase the interest of the employees in the Company's long-term
business goals and performance through share ownership. The LTIP is
an incentive for the employees' future performance and commitment
to the goals of the Company. The remuneration committee of the
board of the Company has the right to decide, in its sole discretion,
whether or not further awards will be granted in the future and to
which employees those awards will be granted.
Employees (including senior executives and executive directors) of
members of the Group may receive an award, which is a \"nominal
cost option\" over a specified number of ordinary shares in the capital
of the Company. The option has an exercise price of 1p per share (but
the Company has the discretion to waive this prior to exercise). In
addition, under the Rules of the LTIP the Company has discretion to
settle awards other than by transfer of shares such as by way of cash
settlement. Generally, the awards are classified as equity-settled
transactions. The share options are treated as equity-settled since
there are no legal limitations expected on issue of shares for these
upon vesting, the Group h\u0447\u0451as a choice of settlement and the
intention is to settle them in equity. However, in certain jurisdictions
due to regulatory requirements the Company may not be able to
settle the awards other than by transfer of cash, in which case the
awards are classified as cash-settled transactions, and accounted for
similar to SARs.
26. Other income and other expenses
For the years ended 31 December 2025 and 2024 other income
comprise the following: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIncome from cancellation of SSNs and\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,738 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSUNs\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCompensation for railway expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals of training accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,027 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t652\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversals of other accruals and other items\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,572 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,481\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency conversion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t64 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t120\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCatering and accommodation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t92\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t242 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t80\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t20,896 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,425\n\t\t\t\t\t\t\t\t\t
Compensation for railway expenses represents LPG transportation
and loading fees, which are reimbursed by the customers.
For the years ended 31 December 2025 and 2024 other expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tcomprise the following: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement Incentive Plan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness development costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,333 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,358\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAgent expenses on transportation and loading\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,469 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPenalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,580 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,441\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther taxes and penalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t537 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,614\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTraining accruals \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t523 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t597\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial program \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t380 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t307\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrency conversion \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t89 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t311\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoss on disposal of property, plant and equipment\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t402\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial contribution \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,298\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,605 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,076\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t29,527 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,404\n\t\t\t\t\t\t\t\t\t
Prior year comparative were updated to align with \u0441urrent year
presentation.
In 2024, Nostrum adopted the Management Incentive Plan (the
\u201cMIP\u201d), details of which can be found on pages 119 \u2013121 of the
Company\u2019s 2025 Annual Report.
The performance conditions for MIP Award 1 were met in 2024 and
2025, with vesting and payments in quarterly instalments. MIP Award
1 was awarded to 14 members of the key management personnel and
directors.
The performance conditions for MIP Award 2 were met in April 2025,
with payments in the amount of US$14,350 thousand made during
2025. MIP Award 2 was awarded to 14 members of the key
management personnel and directors.
Other taxes and penalties mainly include additional taxes and
penalties assessed in relation to prior periods considering new
information, which was not available at the time of preparation of
respective financial information, and relevant interpretations by the
management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf379_1": { "value": "20. Cost of sales
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation, depletion and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,121 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,489\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,317 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,918\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepair, maintenance and other services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,476\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWell repair and maintenance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,764 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,667\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,568\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental levies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t163\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in stock \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(535) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t758 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t782\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79,262 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,002\n\t\t\t\t\t\t\t\t\t
For the year ended 31 December 2025, the depreciation,
depletion and amortisation increased mainly due to the
impairment reversal as of
1 January 2025.
Materials and supplies in 2025 include purchases of the raw gas in
the amount of US$5,852 thousand (2024: US$4,124 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf380_1": { "value": "20. Cost of sales
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation, depletion and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,121 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,489\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,317 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,918\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepair, maintenance and other services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,476\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWell repair and maintenance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,764 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,667\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,568\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental levies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t163\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in stock \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(535) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t758 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t782\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79,262 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,002\n\t\t\t\t\t\t\t\t\t
For the year ended 31 December 2025, the depreciation,
depletion and amortisation increased mainly due to the
impairment reversal as of
1 January 2025.
21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
22. Selling and transportation expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,261 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,268\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,844\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoading and storage costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,520\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,905 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,924\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,556\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf381_1": { "value": "20. Cost of sales
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation, depletion and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t33,121 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,489\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,317 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,647\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,197 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,918\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRepair, maintenance and other services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,240 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,476\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWell repair and maintenance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,764 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,667\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,108 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,568\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental levies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t163\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChange in stock \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(535) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t292\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t758 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t782\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t79,262 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t72,002\n\t\t\t\t\t\t\t\t\t
21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
22. Selling and transportation expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,261 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,268\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,844\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoading and storage costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,520\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,905 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,924\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,556\n\t\t\t\t\t\t\t\t\t
25. Employees\u2019 remuneration
The average monthly number of employees (including Executive
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDirectors) employed was as follows: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December 2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement and administrative \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t178 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t166\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTechnical and operational \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t443 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t439\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t621 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t605\n\t\t\t\t\t\t\t\t\t
Their aggregate remuneration comprised: \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWages and salaries \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t25,569 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t26,416\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tSocial security costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,363 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,729\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tManagement Incentive Plan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,966 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,000\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,898 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t32,144\n\t\t\t\t\t\t\t\t\t
The amount reflected in the income statement was US$44,961
thousand (2024: US$31,794 thousand). In 2024, Nostrum adopted the Management Incentive Plan (the
\u201cMIP\u201d), details of which can be found on pages 119 \u2013121 of the
Company\u2019s 2024 Annual Report. The performance conditions for MIP
Award 1 were met in July 2024, with vesting and payments in eight
quarterly instalments commencing in August 2024. MIP Award 1 was
awarded to 14 members of the key management personnel and
directors. The performance conditions for MIP Award 2 were met in
April 2025, with payments made during 2025. MIP Award 2 was
awarded to 14 members of the key management personnel and
directors.
Key management personnel remuneration
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,084 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t269\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,362 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,200 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,554\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,646 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,823\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-Executive Directors\u2019 remuneration\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,925 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,062\n\t\t\t\t\t\t\t\t\t
The following payments were made to the Directors under the MIP in
2025:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 2\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tStephen Whyte \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChairman, Non-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,897\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tArfan Khan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChief Executive Officer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t424 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiona Paulus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChris Hopkinson \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMartin Gudgeon \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t992 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,858\n\t\t\t\t\t\t\t\t\t
Employee share option plan (ESOP)
The Group\u2019s Phantom Option Plan was adopted by the board of
directors of the Company on 20 June 2014 to allow for the
continuation of the option plan previously maintained by Nostrum Oil
& Gas LP. The rights and obligations in relation to this option plan
were transferred to Nostrum Oil & Gas PLC from Nostrum Oil & Gas
LP following the reorganisation.
Employees (including senior executives and executive directors) of
members of the Group received remuneration in the form of equity-
based payment transactions, whereby employees render services as
consideration for share appreciation rights, which can only be settled
in cash (\u201ccash-settled transactions\u201d).
2017 Long-term incentive plan
In 2017 the Group started operating a Long-term incentive plan (\u201cthe
LTIP\u201d), that was approved by the shareholders of the Company on 26
June 2017 and adopted by the board of directors of the Company on
24 August 2017. The LTIP is a discretionary benefit offered by the
Company for the benefit of selected employees. Its main purpose is to
increase the interest of the employees in the Company's long-term
business goals and performance through share ownership. The LTIP is
an incentive for the employees' future performance and commitment
to the goals of the Company. The remuneration committee of the
board of the Company has the right to decide, in its sole discretion,
whether or not further awards will be granted in the future and to
which employees those awards will be granted.
Employees (including senior executives and executive directors) of
members of the Group may receive an award, which is a \"nominal
cost option\" over a specified number of ordinary shares in the capital
of the Company. The option has an exercise price of 1p per share (but
the Company has the discretion to waive this prior to exercise). In
addition, under the Rules of the LTIP the Company has discretion to
settle awards other than by transfer of shares such as by way of cash
settlement. Generally, the awards are classified as equity-settled
transactions. The share options are treated as equity-settled since
there are no legal limitations expected on issue of shares for these
upon vesting, the Group h\u0447\u0451as a choice of settlement and the
intention is to settle them in equity. However, in certain jurisdictions
due to regulatory requirements the Company may not be able to
settle the awards other than by transfer of cash, in which case the
awards are classified as cash-settled transactions, and accounted for
similar to SARs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf382_1": { "value": "21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
22. Selling and transportation expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTransportation costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,261 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,268\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,844\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoading and storage costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,094 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,520\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,905 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,924\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,107 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t14,556\n\t\t\t\t\t\t\t\t\t
24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf383_1": { "value": "21. General and administrative expenses
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tPayroll and related taxes \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,636 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,550\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProfessional services \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,080 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,556\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness travel \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t497\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInsurance fees \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t533 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t457\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDepreciation and amortisation \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t364 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t66\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tShort-term leases \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t159 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t129\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCommunication \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t156 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t160\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMaterials and supplies \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t147\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBank charges \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t36 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t390 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t362\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t15,072 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t13,952\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf384_1": { "value": "24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
\u201cOther finance costs\u201d represent bank charges, advisor and other fees
related to financing activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf385_1": { "value": "24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
\u201cOther finance costs\u201d represent bank charges, advisor and other fees
related to financing activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf386_1": { "value": "24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
\u201cOther finance costs\u201d represent bank charges, advisor and other fees
related to financing activities of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf387_1": { "value": "24. Finance costs
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest expense on borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t144,137 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t114,391\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on abandonment and site restoration provision\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,006\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tUnwinding of discount on amounts due to Government of Kazakhstan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t550 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t606\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther finance costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t775 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,226\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t146,644 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t117,229\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf388_1": { "value": "Key management personnel remuneration
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,084 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t269\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,362 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,200 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,554\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t12,646 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,823\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-Executive Directors\u2019 remuneration\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 1 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t284\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAward 2 under the MIP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,925 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGross pay and other benefits \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t744 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,236 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,062\n\t\t\t\t\t\t\t\t\t
The following payments were made to the Directors under the MIP in
2025:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 1 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMIP Award 2\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tStephen Whyte \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChairman, Non-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t274 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,897\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tArfan Khan \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChief Executive Officer \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t424 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,933\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tFiona Paulus \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tChris Hopkinson \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMartin Gudgeon \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tNon-Executive Director \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t98 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t676\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTotal \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t992 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,858\n\t\t\t\t\t\t\t\t\t
Employee share option plan (ESOP)
The Group\u2019s Phantom Option Plan was adopted by the board of
directors of the Company on 20 June 2014 to allow for the
continuation of the option plan previously maintained by Nostrum Oil
& Gas LP. The rights and obligations in relation to this option plan
were transferred to Nostrum Oil & Gas PLC from Nostrum Oil & Gas
LP following the reorganisation.
Employees (including senior executives and executive directors) of
members of the Group received remuneration in the form of equity-
based payment transactions, whereby employees render services as
consideration for share appreciation rights, which can only be settled
in cash (\u201ccash-settled transactions\u201d).
2017 Long-term incentive plan
In 2017 the Group started operating a Long-term incentive plan (\u201cthe
LTIP\u201d), that was approved by the shareholders of the Company on 26
June 2017 and adopted by the board of directors of the Company on
24 August 2017. The LTIP is a discretionary benefit offered by the
Company for the benefit of selected employees. Its main purpose is to
increase the interest of the employees in the Company's long-term
business goals and performance through share ownership. The LTIP is
an incentive for the employees' future performance and commitment
to the goals of the Company. The remuneration committee of the
board of the Company has the right to decide, in its sole discretion,
whether or not further awards will be granted in the future and to
which employees those awards will be granted.
Employees (including senior executives and executive directors) of
members of the Group may receive an award, which is a \"nominal
cost option\" over a specified number of ordinary shares in the capital
of the Company. The option has an exercise price of 1p per share (but
the Company has the discretion to waive this prior to exercise). In
addition, under the Rules of the LTIP the Company has discretion to
settle awards other than by transfer of shares such as by way of cash
settlement. Generally, the awards are classified as equity-settled
transactions. The share options are treated as equity-settled since
there are no legal limitations expected on issue of shares for these
upon vesting, the Group h\u0447\u0451as a choice of settlement and the
intention is to settle them in equity. However, in certain jurisdictions
due to regulatory requirements the Company may not be able to
settle the awards other than by transfer of cash, in which case the
awards are classified as cash-settled transactions, and accounted for
similar to SARs.
Remuneration (represented by short-term employee benefits) of key
management personnel amounted to US$12,646 thousand for the
year ended 31 December 2025 (year ended 31 December 2024:
US$4,926 thousand). Remuneration (represented by short-term
employee benefits) of the directors amounted to US$5,236 thousand
for the year ended 31 December 2025 (year ended 31 December
2024: US$1,062 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf389_1": { "value": "Employee share option plan (ESOP)
The Group\u2019s Phantom Option Plan was adopted by the board of
directors of the Company on 20 June 2014 to allow for the
continuation of the option plan previously maintained by Nostrum Oil
& Gas LP. The rights and obligations in relation to this option plan
were transferred to Nostrum Oil & Gas PLC from Nostrum Oil & Gas
LP following the reorganisation.
Employees (including senior executives and executive directors) of
members of the Group received remuneration in the form of equity-
based payment transactions, whereby employees render services as
consideration for share appreciation rights, which can only be settled
in cash (\u201ccash-settled transactions\u201d).
2017 Long-term incentive plan
In 2017 the Group started operating a Long-term incentive plan (\u201cthe
LTIP\u201d), that was approved by the shareholders of the Company on 26
June 2017 and adopted by the board of directors of the Company on
24 August 2017. The LTIP is a discretionary benefit offered by the
Company for the benefit of selected employees. Its main purpose is to
increase the interest of the employees in the Company's long-term
business goals and performance through share ownership. The LTIP is
an incentive for the employees' future performance and commitment
to the goals of the Company. The remuneration committee of the
board of the Company has the right to decide, in its sole discretion,
whether or not further awards will be granted in the future and to
which employees those awards will be granted.
Employees (including senior executives and executive directors) of
members of the Group may receive an award, which is a \"nominal
cost option\" over a specified number of ordinary shares in the capital
of the Company. The option has an exercise price of 1p per share (but
the Company has the discretion to waive this prior to exercise). In
addition, under the Rules of the LTIP the Company has discretion to
settle awards other than by transfer of shares such as by way of cash
settlement. Generally, the awards are classified as equity-settled
transactions. The share options are treated as equity-settled since
there are no legal limitations expected on issue of shares for these
upon vesting, the Group h\u0447\u0451as a choice of settlement and the
intention is to settle them in equity. However, in certain jurisdictions
due to regulatory requirements the Company may not be able to
settle the awards other than by transfer of cash, in which case the
awards are classified as cash-settled transactions, and accounted for
similar to SARs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf390_1": { "value": "27. Income tax
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCorporate income tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,011 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,779\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred income tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23,401) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24,541\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWithholding tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t952 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustment in respect of the deferred income tax for the prior periods\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t445\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustment in respect of the current income tax for the prior periods\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(187) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,139)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,625) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,404\n\t\t\t\t\t\t\t\t\t
The Group\u2019s profits are assessed for income taxes mainly in the
Republic of Kazakhstan. A reconciliation between tax expense and the
product of accounting profit multiplied by the Kazakhstani tax rate
applicable to the Chinarevskoye subsoil use rights is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoss before income tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(232,852) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,827\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax rate applicable to the subsoil use rights \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected tax provision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(69,856) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t548\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible interest expense on borrowings and other financial expenses\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38,567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,929\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible taxes and penalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,327)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffect of exchange rate on the tax base \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,522) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,722\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustments in respect of current income tax of previous years\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(187) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,139)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffect of income taxed at different rate\u00b9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,535 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(7,118)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness development costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,607\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet foreign exchange gain \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(75) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(253)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversal of training provisions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(451) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(17)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental reserve \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t514 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible unwinding of discount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t520 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t484\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther non-deductible expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,594 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,968\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIncome tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,625) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,404\n\t\t\t\t\t\t\t\t\t
Jurisdictions which contribute significantly to this item are Republic of
Kazakhstan with an applicable statutory tax rate of 20% (for activities
not related to the Contract), and the Netherlands with an applicable
statutory tax rate of 25%.
Certain revisions to previous period tax assessments were made
considering new information, which was not available at the time of
preparation of respective financial information, and relevant
interpretations by the management.
The Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting
(BEPS) addresses the tax challenges arising from the digitalisation of
the global economy. The Global Anti-Base Erosion Model Rules (Pillar
Two model rules) apply to multinational enterprises (MNEs) with
annual revenue in excess of EUR 750 million per their consolidated
financial statements. As the Group\u2019s consolidated revenues are less
than EUR 750 million, it is not in the scope of the Pillar Two model
rules.
In management\u2019s view, as at 31 December 2025 there were no
significant uncertain tax positions requiring disclosure in accordance
with IFRIC 23 \u2013 Uncertainty over Income Tax Treatments.
The Group\u2019s effective tax rate for the year ended 31 December 2025 is
negative 8.0% (2024: 875.2% %). The Group\u2019s effective tax rate,
excluding effect of movements in exchange rates, non-deductible
interest expense on borrowings, effect of income taxed at different
rates and other one-off items, for the year ended 31 December 2025
is 24.1% (2024: 39.6%).
As at 31 December 2025, the corporate income tax prepayment of
US$109 thousand represents the difference between the preliminary
estimates base on which the advance payments have been made and
the final assessment of the income tax by companies.
As at 31 December 2025 the Group has tax losses of US$150,363
thousand (2024: US$147,229 thousand) that are available to offset
against future taxable profits in the companies in which the losses
arose within 9 years after generation and will expire in the period
2023-2029. On 21 May 2021, a Royal Decree was issued in the
Netherlands, which dictates that the tax losses can now be carried
forward indefinitely from 1 January 2022, subject to annual limit on
carry back loss utilization. Deferred tax assets have not been
recognised in respect of these losses as they may not be used to offset
taxable profits elsewhere in the Group.
Deferred tax liability is primarily attributable to operations in
Kazakhstan, hence calculated by applying the Kazakhstani statutory
tax rate applicable to the Chinarevskoye subsoil use rights to the
temporary differences between the tax amounts and the amounts
reported in the consolidated financial statements and are comprised
of the following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax asset\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccounts payable and provisions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,974 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,714\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liability\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProperty, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(44,644) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(68,369)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInventories \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,993) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,409)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet deferred tax liability \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(45,663) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(69,064)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe movements in the deferred tax liability were as follows:\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as at 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t44,523\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent period (benefit) / charge to statement of comprehensive income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23,401) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24,541\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as at 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,663 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69,064\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf391_1": { "value": "27. Income tax
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCorporate income tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,011 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,779\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred income tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23,401) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24,541\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tWithholding tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t952 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t778\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustment in respect of the deferred income tax for the prior periods\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t445\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustment in respect of the current income tax for the prior periods\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(187) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,139)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,625) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,404\n\t\t\t\t\t\t\t\t\t
The Group\u2019s profits are assessed for income taxes mainly in the
Republic of Kazakhstan. A reconciliation between tax expense and the
product of accounting profit multiplied by the Kazakhstani tax rate
applicable to the Chinarevskoye subsoil use rights is as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tLoss before income tax \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(232,852) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,827\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTax rate applicable to the subsoil use rights \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t30%\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tExpected tax provision \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(69,856) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t548\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible interest expense on borrowings and other financial expenses\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t38,567 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,929\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible taxes and penalties \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t436 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,327)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffect of exchange rate on the tax base \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,522) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,722\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAdjustments in respect of current income tax of previous years\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(187) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,139)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEffect of income taxed at different rate\u00b9 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,535 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(7,118)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBusiness development costs \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,300 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,607\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet foreign exchange gain \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(75) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(253)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tReversal of training provisions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(451) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(17)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tEnvironmental reserve \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t514 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNon-deductible unwinding of discount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t520 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t484\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther non-deductible expenses \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,594 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,968\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIncome tax expense \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(18,625) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t28,404\n\t\t\t\t\t\t\t\t\t
Jurisdictions which contribute significantly to this item are Republic of
Kazakhstan with an applicable statutory tax rate of 20% (for activities
not related to the Contract), and the Netherlands with an applicable
statutory tax rate of 25%.
Certain revisions to previous period tax assessments were made
considering new information, which was not available at the time of
preparation of respective financial information, and relevant
interpretations by the management.
The Organisation for Economic Co-operation and Development
(OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting
(BEPS) addresses the tax challenges arising from the digitalisation of
the global economy. The Global Anti-Base Erosion Model Rules (Pillar
Two model rules) apply to multinational enterprises (MNEs) with
annual revenue in excess of EUR 750 million per their consolidated
financial statements. As the Group\u2019s consolidated revenues are less
than EUR 750 million, it is not in the scope of the Pillar Two model
rules.
In management\u2019s view, as at 31 December 2025 there were no
significant uncertain tax positions requiring disclosure in accordance
with IFRIC 23 \u2013 Uncertainty over Income Tax Treatments.
The Group\u2019s effective tax rate for the year ended 31 December 2025 is
negative 8.0% (2024: 875.2% %). The Group\u2019s effective tax rate,
excluding effect of movements in exchange rates, non-deductible
interest expense on borrowings, effect of income taxed at different
rates and other one-off items, for the year ended 31 December 2025
is 24.1% (2024: 39.6%).
As at 31 December 2025, the corporate income tax prepayment of
US$109 thousand represents the difference between the preliminary
estimates base on which the advance payments have been made and
the final assessment of the income tax by companies.
As at 31 December 2025 the Group has tax losses of US$150,363
thousand (2024: US$147,229 thousand) that are available to offset
against future taxable profits in the companies in which the losses
arose within 9 years after generation and will expire in the period
2023-2029. On 21 May 2021, a Royal Decree was issued in the
Netherlands, which dictates that the tax losses can now be carried
forward indefinitely from 1 January 2022, subject to annual limit on
carry back loss utilization. Deferred tax assets have not been
recognised in respect of these losses as they may not be used to offset
taxable profits elsewhere in the Group.
Deferred tax liability is primarily attributable to operations in
Kazakhstan, hence calculated by applying the Kazakhstani statutory
tax rate applicable to the Chinarevskoye subsoil use rights to the
temporary differences between the tax amounts and the amounts
reported in the consolidated financial statements and are comprised
of the following:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax asset\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAccounts payable and provisions \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,974 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,714\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDeferred tax liability\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tProperty, plant and equipment \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(44,644) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(68,369)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInventories \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,993) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(3,409)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tNet deferred tax liability \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(45,663) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(69,064)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tThe movements in the deferred tax liability were as follows:\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as at 1 January \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69,064 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t44,523\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCurrent period (benefit) / charge to statement of comprehensive income \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(23,401) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t24,541\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBalance as at 31 December \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t45,663 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t69,064\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf392_1": { "value": "28. Related party transactions
For the purpose of these consolidated financial statements
transactions with related parties mainly comprise transactions
between subsidiaries of the Company and the key management
and/or directors. It should be noted that intercompany balances and
transactions are offset on consolidation.
Remuneration (represented by short-term employee benefits) of key
management personnel amounted to US$12,646 thousand for the
year ended 31 December 2025 (year ended 31 December 2024:
US$4,926 thousand). Remuneration (represented by short-term
employee benefits) of the directors amounted to US$5,236 thousand
for the year ended 31 December 2025 (year ended 31 December
2024: US$1,062 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf393_1": { "value": "29. Audit and non-audit fees
During the years ended 31 December 2025 and 2024 audit and non-
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\taudit fees comprise the following: \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFor the year ended 31 December\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAudit services:\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tRPG Crouch Chapman LLP \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t442 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tGrant Thornton \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t239 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tErnst & Young \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t433\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tMHA & Baker Tilly \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t62 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t804\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t743 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,237\n\t\t\t\t\t\t\t\t\t
The audit fees for the year ended 31 December 2025 in the table
above include the audit fees of US$13 thousand in relation to the
Parent (2024: US$10 thousand).
The audit fees for the year ended 31 December 2025 include US$nil
related to the audit of the 2024 financial statements (2024: related to
the audit of the 2023, overruns US$113 thousand and additional audit
scope of US$57 thousand). Also, MHA Audit Services LLP provided
interim audit services in 2025 in the amount of US$49 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf394_1": { "value": "30. Contingent liabilities and commitments
Taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing
changes and varying interpretations. Instances of inconsistent
opinions between local, regional and national tax authorities are not
unusual. The current regime of administrative fines and interest
penalties related to discovered violations of Kazakhstan\u2019s tax laws are
severe and where the tax authorities disagree with the positions
taken by the Group the financial outcomes could be material.
Administrative fines are generally 50 - 80% of the taxes additionally
assessed and interest penalty is assessed at the refinancing rate
established by the National Bank of Kazakhstan multiplied by 1.25. As
a result, fines and penalties can be significant. For oil and gas
producing companies, fiscal periods remain open to review by tax
authorities for five calendar years from the date of the tax obligation.
Under certain circumstances reviews may cover longer periods.
Because of the uncertainties associated with Kazakhstan\u2019s tax system,
the ultimate amount of taxes, fines and penalties, if any, may be in
excess of the amount expensed to date and accrued at 31 December
2025.
As at 31 December 2025 management believes that its interpretation
of the relevant legislation is appropriate and that the Group\u2019s tax
position will be sustained.
Pending tax disputes
In late 2023 and late 2024 the Kazakhstan tax authorities conducted
repeat withholding tax of Zhaikmunai LLP for the financial years 2018
and 2019, and issued additional withholding tax assessments
equivalent to US$27.25 million and related interest penalties
equivalent to US$29.37 million, resulting in a total reassessment for
2018 and 2019 of $56.62 million, including interest and penalties. In
addition, in October 2025 the Kazakhstan tax authorities launched a
repeat withholding tax audit of Zhaikmunai LLP for the financial year
2020. See Note 32 \u201cEvents after the reporting date\u201d for the results of
this additional tax audit.
Zhaikmunai LLP initially succeeded in challenging the repeat tax audit
of 2018 before the lower courts. However, in May 2025, the Supreme
Court of Kazakhstan overturned these decisions and ruled in favour of
the tax authorities. On 12 November 2025, the Company filed a
petition with the managing panel of the Supreme Court seeking
review of that decision. The Company's petition was denied on
procedural grounds and the petition was subsequently resubmitted.
Zhaikmunai LLP also challenged the legality of the repeat withholding
tax audit for 2019. The courts of first instance and appellate ruled in
favour of the tax authorities. In July 2025 Zhaikmunai LLP submitted a
final appeal to the Supreme Court of Kazakhstan.
In parallel, Zhaikmunai LLP appealed the results of the 2018 and 2019
tax audits to the Appeals Board of the Ministry of Finance of the
Republic of Kazakhstan. As at 31 December 2025, the Appeals Board
had not issued its decisions on those appeals. See Note 32 \u201cEvents
after the reporting date\u201d for further developments.
Having considered the status of the proceedings, the nature of the
underlying claims, the professional advice received, and the fact that
tax legislation and practice in Kazakhstan can be subject to differing
interpretations by tax authorities and courts, management has
assessed the risk of an unfavourable outcome in respect of these
pending matters as possible. Accordingly, no provision has been
recognised in respect of these matters at 31 December 2025, and the
matters have instead been disclosed as contingent liabilities.
Management intends to continue to defend the Group\u2019s position in
these matters through the available administrative, judicial and other
legal processes.
In forming this assessment, management has considered the
professional advice received, the applicable investment treaty
protections and tax laws in the relevant jurisdictions, and the specific
facts and circumstances of each matter.
Abandonment and site restoration (decommissioning)
As Kazakh laws and regulations concerning site restoration and clean-
up evolve, the Group may incur future costs, the amount of which is
currently indeterminable. Such costs, when known, will be provided
for as new information, legislation and estimates evolve.
Environmental obligations
The Group may also be subject to loss contingencies relating to
regional environmental claims that may arise from the past
operations of the related fields in which it operates. Kazakhstan\u2019s
environmental legislation and regulations are subject to ongoing
changes and varying interpretations. As Kazakh laws and regulations
evolve concerning environmental assessments and site restoration,
the Group may incur future costs, the amount of which is currently
indeterminable due to such factors as the ultimate determination of
responsible parties associated with these costs and the Government\u2019s
assessment of respective parties\u2019 ability to pay for the costs related to
environmental reclamation. However, depending on any
unfavourable court decisions with respect to any claims or penalties
assessed by the Kazakh regulatory agencies, it is possible that the FINANCIAL REPORT
Group\u2019s future results of operations or cash flow could be materially
affected in a particular period.
Capital commitments
As at 31 December 2025, the Group had contractual capital
commitments in the amount of US$ 2,333 thousand (31 December
2024: US$11,288 thousand), mainly in respect to the Group\u2019s oil field
development activities.
Social and education commitments
As required by the Contract (after its amendment on 2 September
2019), the Group is obliged to:
\u2022 spend US$ 300 thousand per annum to finance social infrastructure;
\u2022 make an accrual of one percent per annum of the actual investments
for the Chinarevskoye field for the purposes of educating Kazakh
citizens.
Domestic oil sales
In accordance with Supplement # 7 to the Contract, Zhaikmunai LLP is
required to deliver at least 15% of produced oil to the domestic
market on a monthly basis for which prices are materially lower than
export prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf395_1": { "value": "30. Contingent liabilities and commitments
Taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing
changes and varying interpretations. Instances of inconsistent
opinions between local, regional and national tax authorities are not
unusual. The current regime of administrative fines and interest
penalties related to discovered violations of Kazakhstan\u2019s tax laws are
severe and where the tax authorities disagree with the positions
taken by the Group the financial outcomes could be material.
Administrative fines are generally 50 - 80% of the taxes additionally
assessed and interest penalty is assessed at the refinancing rate
established by the National Bank of Kazakhstan multiplied by 1.25. As
a result, fines and penalties can be significant. For oil and gas
producing companies, fiscal periods remain open to review by tax
authorities for five calendar years from the date of the tax obligation.
Under certain circumstances reviews may cover longer periods.
Because of the uncertainties associated with Kazakhstan\u2019s tax system,
the ultimate amount of taxes, fines and penalties, if any, may be in
excess of the amount expensed to date and accrued at 31 December
2025.
As at 31 December 2025 management believes that its interpretation
of the relevant legislation is appropriate and that the Group\u2019s tax
position will be sustained.
Pending tax disputes
In late 2023 and late 2024 the Kazakhstan tax authorities conducted
repeat withholding tax of Zhaikmunai LLP for the financial years 2018
and 2019, and issued additional withholding tax assessments
equivalent to US$27.25 million and related interest penalties
equivalent to US$29.37 million, resulting in a total reassessment for
2018 and 2019 of $56.62 million, including interest and penalties. In
addition, in October 2025 the Kazakhstan tax authorities launched a
repeat withholding tax audit of Zhaikmunai LLP for the financial year
2020. See Note 32 \u201cEvents after the reporting date\u201d for the results of
this additional tax audit.
Zhaikmunai LLP initially succeeded in challenging the repeat tax audit
of 2018 before the lower courts. However, in May 2025, the Supreme
Court of Kazakhstan overturned these decisions and ruled in favour of
the tax authorities. On 12 November 2025, the Company filed a
petition with the managing panel of the Supreme Court seeking
review of that decision. The Company's petition was denied on
procedural grounds and the petition was subsequently resubmitted.
Zhaikmunai LLP also challenged the legality of the repeat withholding
tax audit for 2019. The courts of first instance and appellate ruled in
favour of the tax authorities. In July 2025 Zhaikmunai LLP submitted a
final appeal to the Supreme Court of Kazakhstan.
In parallel, Zhaikmunai LLP appealed the results of the 2018 and 2019
tax audits to the Appeals Board of the Ministry of Finance of the
Republic of Kazakhstan. As at 31 December 2025, the Appeals Board
had not issued its decisions on those appeals. See Note 32 \u201cEvents
after the reporting date\u201d for further developments.
Having considered the status of the proceedings, the nature of the
underlying claims, the professional advice received, and the fact that
tax legislation and practice in Kazakhstan can be subject to differing
interpretations by tax authorities and courts, management has
assessed the risk of an unfavourable outcome in respect of these
pending matters as possible. Accordingly, no provision has been
recognised in respect of these matters at 31 December 2025, and the
matters have instead been disclosed as contingent liabilities.
Management intends to continue to defend the Group\u2019s position in
these matters through the available administrative, judicial and other
legal processes.
In forming this assessment, management has considered the
professional advice received, the applicable investment treaty
protections and tax laws in the relevant jurisdictions, and the specific
facts and circumstances of each matter.
Abandonment and site restoration (decommissioning)
As Kazakh laws and regulations concerning site restoration and clean-
up evolve, the Group may incur future costs, the amount of which is
currently indeterminable. Such costs, when known, will be provided
for as new information, legislation and estimates evolve.
Environmental obligations
The Group may also be subject to loss contingencies relating to
regional environmental claims that may arise from the past
operations of the related fields in which it operates. Kazakhstan\u2019s
environmental legislation and regulations are subject to ongoing
changes and varying interpretations. As Kazakh laws and regulations
evolve concerning environmental assessments and site restoration,
the Group may incur future costs, the amount of which is currently
indeterminable due to such factors as the ultimate determination of
responsible parties associated with these costs and the Government\u2019s
assessment of respective parties\u2019 ability to pay for the costs related to
environmental reclamation. However, depending on any
unfavourable court decisions with respect to any claims or penalties
assessed by the Kazakh regulatory agencies, it is possible that the FINANCIAL REPORT
Group\u2019s future results of operations or cash flow could be materially
affected in a particular period.
Capital commitments
As at 31 December 2025, the Group had contractual capital
commitments in the amount of US$ 2,333 thousand (31 December
2024: US$11,288 thousand), mainly in respect to the Group\u2019s oil field
development activities.
Social and education commitments
As required by the Contract (after its amendment on 2 September
2019), the Group is obliged to:
\u2022 spend US$ 300 thousand per annum to finance social infrastructure;
\u2022 make an accrual of one percent per annum of the actual investments
for the Chinarevskoye field for the purposes of educating Kazakh
citizens.
Domestic oil sales
In accordance with Supplement # 7 to the Contract, Zhaikmunai LLP is
required to deliver at least 15% of produced oil to the domestic
market on a monthly basis for which prices are materially lower than
export prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf396_1": { "value": "30. Contingent liabilities and commitments
Taxation
Kazakhstan\u2019s tax legislation and regulations are subject to ongoing
changes and varying interpretations. Instances of inconsistent
opinions between local, regional and national tax authorities are not
unusual. The current regime of administrative fines and interest
penalties related to discovered violations of Kazakhstan\u2019s tax laws are
severe and where the tax authorities disagree with the positions
taken by the Group the financial outcomes could be material.
Administrative fines are generally 50 - 80% of the taxes additionally
assessed and interest penalty is assessed at the refinancing rate
established by the National Bank of Kazakhstan multiplied by 1.25. As
a result, fines and penalties can be significant. For oil and gas
producing companies, fiscal periods remain open to review by tax
authorities for five calendar years from the date of the tax obligation.
Under certain circumstances reviews may cover longer periods.
Because of the uncertainties associated with Kazakhstan\u2019s tax system,
the ultimate amount of taxes, fines and penalties, if any, may be in
excess of the amount expensed to date and accrued at 31 December
2025.
As at 31 December 2025 management believes that its interpretation
of the relevant legislation is appropriate and that the Group\u2019s tax
position will be sustained.
Pending tax disputes
In late 2023 and late 2024 the Kazakhstan tax authorities conducted
repeat withholding tax of Zhaikmunai LLP for the financial years 2018
and 2019, and issued additional withholding tax assessments
equivalent to US$27.25 million and related interest penalties
equivalent to US$29.37 million, resulting in a total reassessment for
2018 and 2019 of $56.62 million, including interest and penalties. In
addition, in October 2025 the Kazakhstan tax authorities launched a
repeat withholding tax audit of Zhaikmunai LLP for the financial year
2020. See Note 32 \u201cEvents after the reporting date\u201d for the results of
this additional tax audit.
Zhaikmunai LLP initially succeeded in challenging the repeat tax audit
of 2018 before the lower courts. However, in May 2025, the Supreme
Court of Kazakhstan overturned these decisions and ruled in favour of
the tax authorities. On 12 November 2025, the Company filed a
petition with the managing panel of the Supreme Court seeking
review of that decision. The Company's petition was denied on
procedural grounds and the petition was subsequently resubmitted.
Zhaikmunai LLP also challenged the legality of the repeat withholding
tax audit for 2019. The courts of first instance and appellate ruled in
favour of the tax authorities. In July 2025 Zhaikmunai LLP submitted a
final appeal to the Supreme Court of Kazakhstan.
In parallel, Zhaikmunai LLP appealed the results of the 2018 and 2019
tax audits to the Appeals Board of the Ministry of Finance of the
Republic of Kazakhstan. As at 31 December 2025, the Appeals Board
had not issued its decisions on those appeals. See Note 32 \u201cEvents
after the reporting date\u201d for further developments.
Having considered the status of the proceedings, the nature of the
underlying claims, the professional advice received, and the fact that
tax legislation and practice in Kazakhstan can be subject to differing
interpretations by tax authorities and courts, management has
assessed the risk of an unfavourable outcome in respect of these
pending matters as possible. Accordingly, no provision has been
recognised in respect of these matters at 31 December 2025, and the
matters have instead been disclosed as contingent liabilities.
Management intends to continue to defend the Group\u2019s position in
these matters through the available administrative, judicial and other
legal processes.
In forming this assessment, management has considered the
professional advice received, the applicable investment treaty
protections and tax laws in the relevant jurisdictions, and the specific
facts and circumstances of each matter.
Abandonment and site restoration (decommissioning)
As Kazakh laws and regulations concerning site restoration and clean-
up evolve, the Group may incur future costs, the amount of which is
currently indeterminable. Such costs, when known, will be provided
for as new information, legislation and estimates evolve.
Environmental obligations
The Group may also be subject to loss contingencies relating to
regional environmental claims that may arise from the past
operations of the related fields in which it operates. Kazakhstan\u2019s
environmental legislation and regulations are subject to ongoing
changes and varying interpretations. As Kazakh laws and regulations
evolve concerning environmental assessments and site restoration,
the Group may incur future costs, the amount of which is currently
indeterminable due to such factors as the ultimate determination of
responsible parties associated with these costs and the Government\u2019s
assessment of respective parties\u2019 ability to pay for the costs related to
environmental reclamation. However, depending on any
unfavourable court decisions with respect to any claims or penalties
assessed by the Kazakh regulatory agencies, it is possible that the FINANCIAL REPORT
Group\u2019s future results of operations or cash flow could be materially
affected in a particular period.
Capital commitments
As at 31 December 2025, the Group had contractual capital
commitments in the amount of US$ 2,333 thousand (31 December
2024: US$11,288 thousand), mainly in respect to the Group\u2019s oil field
development activities.
Social and education commitments
As required by the Contract (after its amendment on 2 September
2019), the Group is obliged to:
\u2022 spend US$ 300 thousand per annum to finance social infrastructure;
\u2022 make an accrual of one percent per annum of the actual investments
for the Chinarevskoye field for the purposes of educating Kazakh
citizens.
Domestic oil sales
In accordance with Supplement # 7 to the Contract, Zhaikmunai LLP is
required to deliver at least 15% of produced oil to the domestic
market on a monthly basis for which prices are materially lower than
export prices.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf397_1": { "value": "Environmental obligations
The Group may also be subject to loss contingencies relating to
regional environmental claims that may arise from the past
operations of the related fields in which it operates. Kazakhstan\u2019s
environmental legislation and regulations are subject to ongoing
changes and varying interpretations. As Kazakh laws and regulations
evolve concerning environmental assessments and site restoration,
the Group may incur future costs, the amount of which is currently
indeterminable due to such factors as the ultimate determination of
responsible parties associated with these costs and the Government\u2019s
assessment of respective parties\u2019 ability to pay for the costs related to
environmental reclamation. However, depending on any
unfavourable court decisions with respect to any claims or penalties
assessed by the Kazakh regulatory agencies, it is possible that the FINANCIAL REPORT
Group\u2019s future results of operations or cash flow could be materially
affected in a particular period.
Climate change
Management has considered how the Group\u2019s identified climate risks
and climate related goals (as discussed in Climate Change and GHG
Emissions in the Group\u2019s 2025 Annual Report) may impact the
estimation of the recoverable value of cash-generating unit tested for
impairment. The anticipated extent and nature of the future impact of
climate on the Group\u2019s operations and future investment depends on
the development of new technologies and production processes
employed and the level of emissions, energy efficiency and use of
renewable energy. The sensitivity of the Group\u2019s impairment
assessment to these factors is also impacted by the extent that
estimated recoverable value exceeds the carrying value of an
individual cash-generating unit \u2013 where this is lower there is an
increased risk of a future impact. The Group is in the process of
identifying a range of actions and initiatives to progress towards the
Group\u2019s goals, including reduction of greenhouse gas emissions,
wastewater discharges and increase of waste utilisation. In certain
cases, the costs of such actions have been quantified and are included
in the Group\u2019s forecasts which are used to estimate recoverable value
for the Group\u2019s cash-generating unit. Other actions and initiatives
continue to be explored by the Group but are not sufficiently certain
to be reflected in the Group\u2019s forecasts of estimated recoverable
value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf398_1": { "value": "31. Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise borrowings,
payables to the Government of Kazakhstan, trade payables and other
current liabilities. The main purpose of these financial liabilities is to
finance the Group\u2019s operations. The Group's financial assets consist of
trade and other receivables and cash and cash equivalents that derive
directly from its operations.
The Group is exposed to commodity price risk, foreign currency risk,
liquidity risk and credit risk. The Group\u2019s senior management oversees
the management of these risks. The Group\u2019s senior management
ensures that the Group\u2019s financial risk activities are governed by
appropriate policies and procedures and that financial risks are
identified, measured and managed in accordance with the Group\u2019s
policies and risk objectives. The Board of Directors reviews and agrees
policies for managing each of these risks, which are summarised
below.
Climate change
Management has considered how the Group\u2019s identified climate risks
and climate related goals (as discussed in Climate Change and GHG
Emissions in the Group\u2019s 2025 Annual Report) may impact the
estimation of the recoverable value of cash-generating unit tested for
impairment. The anticipated extent and nature of the future impact of
climate on the Group\u2019s operations and future investment depends on
the development of new technologies and production processes
employed and the level of emissions, energy efficiency and use of
renewable energy. The sensitivity of the Group\u2019s impairment
assessment to these factors is also impacted by the extent that
estimated recoverable value exceeds the carrying value of an
individual cash-generating unit \u2013 where this is lower there is an
increased risk of a future impact. The Group is in the process of
identifying a range of actions and initiatives to progress towards the
Group\u2019s goals, including reduction of greenhouse gas emissions,
wastewater discharges and increase of waste utilisation. In certain
cases, the costs of such actions have been quantified and are included
in the Group\u2019s forecasts which are used to estimate recoverable value
for the Group\u2019s cash-generating unit. Other actions and initiatives
continue to be explored by the Group but are not sufficiently certain
to be reflected in the Group\u2019s forecasts of estimated recoverable
value.
Commodity price risk
The Group is exposed to the effect of fluctuations in price of crude oil,
which is quoted in US dollar on the international markets. The Group
prepares annual budgets and periodic forecasts including sensitivity
analyses in respect of various levels of crude oil prices in the future.
Interest rate risk
The Group is not exposed to interest rate risk in 2025 and 2024 as the
Group had no financial instruments with floating rates as at years
ended 31 December 2025 and 2024.
Foreign currency risk
As a significant portion of the Group\u2019s operation is Tenge
denominated, the Group\u2019s statement of financial position can be
affected by movements in the US dollar / Tenge exchange rates. The
Group mitigates the effect of its structural currency exposure by
borrowing in US dollars and denominating sales in US dollars.
The following table demonstrates the sensitivity to a reasonably
possible change in the US dollar exchange rate, with all other variables
held constant.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange in Tenge to US dollar exchange rate\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect on profit before tax (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,769\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,709)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,810)\n\t\t\t\t\t\t\t\t\t
A devaluation of Tenge against US dollar by 21% would lead to
decrease in the net Tenge liability position by US$2,131 thousand as
at 31 December 2025 and respective reduction of the loss before
income tax for the year ended 31 December 2025. The impact on
equity is the same as the impact on profit before tax.
The Group\u2019s foreign currency denominated monetary assets and
liabilities were as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTenge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEuro \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,892 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,707) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(894) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,934)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,389) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,997)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,191) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,329) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(872) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(12,392)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,215 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t125 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t73 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,413\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,771) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(211) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(91) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(7,073)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,100) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,708)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,809) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,547) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(165) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,521)\n\t\t\t\t\t\t\t\t\t
Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in
raising funds to meet commitments associated with its financial
liabilities. The Group monitors its risk to a shortage of funds using a
liquidity planning tool. The tool allows selecting severe stress test
scenarios (for more details see Viability statement on pages 27-28 of
the Annual Report). To ensure an adequate level of liquidity a
minimum cash balance has been defined as a cushion of liquid assets.
The Group\u2019s objective is to maintain a balance between continuity
and diversity of funding and flexibility through the use of notes, export
financing and leases. For more information on analysis of the Group\u2019s ability to meet its
liabilities on repayment of the Notes please see \u201cViability statement\u201d
section on the Annual report on pages 27-28.
The table below summarizes the maturity profile of the Group's
financial liabilities at 31 December 2025 and 31 December 2024 based
on contractual undiscounted payments:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOn deman d\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tLess than 3 months\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-12 months\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-5 years\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMore than 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t739,858 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t739,858\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,171 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,387\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,689 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,689\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to Government of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t773 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t257 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,412\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t759,718 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t989 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t257 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t765,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,023 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t787,890 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t804,913\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,016 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,238\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,821 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,821\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to Government of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t773 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,443\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19,837 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t792,014 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t831,415\n\t\t\t\t\t\t\t\t\t
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions and foreign
exchange transactions.
The Group places its investments in money market funds of JPMorgan
Asset Management (Europe) S.a\u0300 r.l, BlackRock Investment
Management (UK) Limited, Goldman Sachs Funds plc and Morgan
Stanley Investment Management, Inc. These investments are
classified as cash equivalents as they are readily convertible into cash,
have credit ratings of AAA and above, and their fair values are subject
to minimal fluctuations.
The Group places its cash and deposits primarily with Citibank, N.A.,
and Halyk bank JSC with most recent credit ratings from Moody's
rating agency of Aa3 (Stable), and Baa1 (Stable), respectively.
The Group sells its products and makes advance payments only to
recognised, creditworthy third parties. In addition, receivable balances
are monitored on an ongoing basis with the result that the Group\u2019s
exposure to bad debts and recoverability of prepayments made is not
significant and thus risk of credit default is low. Also, the Group\u2019s
policy is to mitigate the payment risk on its off-takers by requiring all
purchases to be prepaid or secured by a letter of credit from an
international bank.
The Group considers a financial asset in default when contractual
payments are 90 days past due, however certain exceptions can be
made depending on the particular circumstances and discussions with
the counterparty. Also, 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 unlikely 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.
An impairment analysis is performed at each reporting date on an
individual basis for major clients. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial
assets. The Group does not hold collateral as security. The Group
evaluates the concentration of risk with respect to trade receivables
as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets. The Group\u2019s
maximum exposure to credit risks is represented by its balances of
cash and cash equivalents and restricted cash (Note 10).
Fair values of financial instruments
Management assessed that the fair value of cash and cash
equivalents, trade receivables, trade payables and other current
liabilities approximate their carrying amounts at 31 December 2025
and 2024.
Set out below, is a comparison by class of the carrying amounts and
fair value of the Group\u2019s financial instruments, other than those with
carrying amounts reasonably approximating their fair values:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFair value\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest bearing borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
The fair value of the financial assets and liabilities represents the
amount at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or
liquidation sale. Fair value of the quoted notes is based on price
quotations at the reporting date and respectively categorised as Level
1 within the fair value hierarchy.
During the years ended 31 December 2025 and 2024 there were no
transfers between the levels of fair value hierarchy of the Group\u2019s
financial instruments.
Capital management
For the purpose of the Group\u2019s capital management, capital includes
issued capital, additional paid-in capital and all other equity reserves
attributable to the equity holders of the additional regulatory licences
related to sanctioned noteholders. The primary objective of the
Group\u2019s capital management is to maximise the shareholder value.
The Group manages its capital structure by considering changes to the
economic environment and the risk characteristics of the Group\u2019s
assets. To effectively manage the entity\u2019s capital requirements, the
Group has in place a planning, budgeting and forecasting process to
help determine the funds required to ensure the Group has the
appropriate liquidity to meet its operating and growth objectives, as
well as to provide shareholder returns.
Most recently, the Group\u2019s focus has been on maintaining short-term
liquidity and preserving cash through cost optimisation programme,
improving product netbacks and managing the capital expenditure
programme. After successful implementation of the Proposed
Transaction, the Group will once again revisit its capital management
policy in line with new requirements of SSN and SUN trust deeds and
shareholder expectations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf399_1": { "value": "Commodity price risk
The Group is exposed to the effect of fluctuations in price of crude oil,
which is quoted in US dollar on the international markets. The Group
prepares annual budgets and periodic forecasts including sensitivity
analyses in respect of various levels of crude oil prices in the future.
Interest rate risk
The Group is not exposed to interest rate risk in 2025 and 2024 as the
Group had no financial instruments with floating rates as at years
ended 31 December 2025 and 2024.
Foreign currency risk
As a significant portion of the Group\u2019s operation is Tenge
denominated, the Group\u2019s statement of financial position can be
affected by movements in the US dollar / Tenge exchange rates. The
Group mitigates the effect of its structural currency exposure by
borrowing in US dollars and denominating sales in US dollars.
The following table demonstrates the sensitivity to a reasonably
possible change in the US dollar exchange rate, with all other variables
held constant.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange in Tenge to US dollar exchange rate\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect on profit before tax (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,769\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,709)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,810)\n\t\t\t\t\t\t\t\t\t
A devaluation of Tenge against US dollar by 21% would lead to
decrease in the net Tenge liability position by US$2,131 thousand as
at 31 December 2025 and respective reduction of the loss before
income tax for the year ended 31 December 2025. The impact on
equity is the same as the impact on profit before tax.
The Group\u2019s foreign currency denominated monetary assets and
liabilities were as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTenge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEuro \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,892 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,707) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(894) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,934)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,389) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,997)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,191) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,329) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(872) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(12,392)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,215 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t125 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t73 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,413\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,771) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(211) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(91) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(7,073)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,100) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,708)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,809) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,547) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(165) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,521)\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf400_1": { "value": "Foreign currency risk
As a significant portion of the Group\u2019s operation is Tenge
denominated, the Group\u2019s statement of financial position can be
affected by movements in the US dollar / Tenge exchange rates. The
Group mitigates the effect of its structural currency exposure by
borrowing in US dollars and denominating sales in US dollars.
The following table demonstrates the sensitivity to a reasonably
possible change in the US dollar exchange rate, with all other variables
held constant.
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tChange in Tenge to US dollar exchange rate\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEffect on profit before tax (In thousands of US Dollars)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2025 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,769\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(2,709)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\t2024 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,182\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t-21% \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,810)\n\t\t\t\t\t\t\t\t\t
A devaluation of Tenge against US dollar by 21% would lead to
decrease in the net Tenge liability position by US$2,131 thousand as
at 31 December 2025 and respective reduction of the loss before
income tax for the year ended 31 December 2025. The impact on
equity is the same as the impact on profit before tax.
The Group\u2019s foreign currency denominated monetary assets and
liabilities were as follows:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTenge \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tEuro \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOther \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t2,892 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t465 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t169 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3,526\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,013\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,707) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(333) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(894) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,934)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,389) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,997)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,191) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,329) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(872) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(12,392)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tCash and cash equivalents \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,215 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t125 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t73 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,413\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade receivables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t7,847\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,771) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(211) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(91) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(7,073)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(9,100) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,461) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(147) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(10,708)\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(6,809) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(1,547) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(165) \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t(8,521)\n\t\t\t\t\t\t\t\t\t
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf401_1": { "value": "Liquidity and funding risk
Liquidity risk is the risk that the Group will encounter difficulty in
raising funds to meet commitments associated with its financial
liabilities. The Group monitors its risk to a shortage of funds using a
liquidity planning tool. The tool allows selecting severe stress test
scenarios (for more details see Viability statement on pages 27-28 of
the Annual Report). To ensure an adequate level of liquidity a
minimum cash balance has been defined as a cushion of liquid assets.
The Group\u2019s objective is to maintain a balance between continuity
and diversity of funding and flexibility through the use of notes, export
financing and leases. For more information on analysis of the Group\u2019s ability to meet its
liabilities on repayment of the Notes please see \u201cViability statement\u201d
section on the Annual report on pages 27-28.
The table below summarizes the maturity profile of the Group's
financial liabilities at 31 December 2025 and 31 December 2024 based
on contractual undiscounted payments:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tOn deman d\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tLess than 3 months\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t3-12 months\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1-5 years\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tMore than 5 years \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tTotal\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t739,858 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t739,858\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,171 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t216 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t10,387\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,689 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t9,689\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to Government of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t773 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t257 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t5,412\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t759,718 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t989 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t257 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t765,346\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tAs at 31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tBorrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t17,023 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t787,890 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t804,913\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tTrade payables \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,016 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t222 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t8,238\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tOther current liabilities\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,821 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t11,821\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tDue to Government of Kazakhstan\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\u2013 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t773 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t4,124 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t6,443\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t19,837 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t258 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t18,018 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t792,014 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t1,288 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t831,415\n\t\t\t\t\t\t\t\t\t
to meet commitments associated with its financial
liabilities. The Company is part of the Group\u2019s monitoring process of
its risk to a shortage of funds using a liquidity planning tool. The tool
allows selecting severe stress test scenarios. To ensure an adequate
level of liquidity a minimum cash balance has been defined as a
cushion of liquid assets. The Group\u2019s objective is to maintain a balance
between continuity
In thousands of
US Dollars
On
dema
nd
Less
than 3
months
3-12
months 1-5 years ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf402_1": { "value": "Credit risk
Credit risk is the risk that a counterparty will not meet its obligations
under a financial instrument or customer contract, leading to a
financial loss. The Group is exposed to credit risk from its operating
activities (primarily trade receivables) and from its financing activities,
including deposits with banks and financial institutions and foreign
exchange transactions.
The Group places its investments in money market funds of JPMorgan
Asset Management (Europe) S.a\u0300 r.l, BlackRock Investment
Management (UK) Limited, Goldman Sachs Funds plc and Morgan
Stanley Investment Management, Inc. These investments are
classified as cash equivalents as they are readily convertible into cash,
have credit ratings of AAA and above, and their fair values are subject
to minimal fluctuations.
The Group places its cash and deposits primarily with Citibank, N.A.,
and Halyk bank JSC with most recent credit ratings from Moody's
rating agency of Aa3 (Stable), and Baa1 (Stable), respectively.
The Group sells its products and makes advance payments only to
recognised, creditworthy third parties. In addition, receivable balances
are monitored on an ongoing basis with the result that the Group\u2019s
exposure to bad debts and recoverability of prepayments made is not
significant and thus risk of credit default is low. Also, the Group\u2019s
policy is to mitigate the payment risk on its off-takers by requiring all
purchases to be prepaid or secured by a letter of credit from an
international bank.
The Group considers a financial asset in default when contractual
payments are 90 days past due, however certain exceptions can be
made depending on the particular circumstances and discussions with
the counterparty. Also, 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 unlikely 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.
An impairment analysis is performed at each reporting date on an
individual basis for major clients. The maximum exposure to credit risk
at the reporting date is the carrying value of each class of financial
assets. The Group does not hold collateral as security. The Group
evaluates the concentration of risk with respect to trade receivables
as low, as its customers are located in several jurisdictions and
industries and operate in largely independent markets. The Group\u2019s
maximum exposure to credit risks is represented by its balances of
cash and cash equivalents and restricted cash (Note 10).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf403_1": { "value": "The Group does not hold collateral as security", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf404_1": { "value": "Fair values of financial instruments
Management assessed that the fair value of cash and cash
equivalents, trade receivables, trade payables and other current
liabilities approximate their carrying amounts at 31 December 2025
and 2024.
Set out below, is a comparison by class of the carrying amounts and
fair value of the Group\u2019s financial instruments, other than those with
carrying amounts reasonably approximating their fair values:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFair value\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest bearing borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
The fair value of the financial assets and liabilities represents the
amount at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or
liquidation sale. Fair value of the quoted notes is based on price
quotations at the reporting date and respectively categorised as Level
1 within the fair value hierarchy.
During the years ended 31 December 2025 and 2024 there were no
transfers between the levels of fair value hierarchy of the Group\u2019s
financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf405_1": { "value": "Fair values of financial instruments
Management assessed that the fair value of cash and cash
equivalents, trade receivables, trade payables and other current
liabilities approximate their carrying amounts at 31 December 2025
and 2024.
Set out below, is a comparison by class of the carrying amounts and
fair value of the Group\u2019s financial instruments, other than those with
carrying amounts reasonably approximating their fair values:
\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tCarrying amount \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\tFair value\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tIn thousands of US Dollars\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2025\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t31 December 2024\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\tInterest bearing borrowings \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t701,809 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t571,371 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t208,146 \n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t186,660\n\t\t\t\t\t\t\t\t\t
The fair value of the financial assets and liabilities represents the
amount at which the instruments could be exchanged in a current
transaction between willing parties, other than in a forced or
liquidation sale. Fair value of the quoted notes is based on price
quotations at the reporting date and respectively categorised as Level
1 within the fair value hierarchy.
During the years ended 31 December 2025 and 2024 there were no
transfers between the levels of fair value hierarchy of the Group\u2019s
financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf406_1": { "value": "Capital management
For the purpose of the Group\u2019s capital management, capital includes
issued capital, additional paid-in capital and all other equity reserves
attributable to the equity holders of the additional regulatory licences
related to sanctioned noteholders. The primary objective of the
Group\u2019s capital management is to maximise the shareholder value.
The Group manages its capital structure by considering changes to the
economic environment and the risk characteristics of the Group\u2019s
assets. To effectively manage the entity\u2019s capital requirements, the
Group has in place a planning, budgeting and forecasting process to
help determine the funds required to ensure the Group has the
appropriate liquidity to meet its operating and growth objectives, as
well as to provide shareholder returns.
Most recently, the Group\u2019s focus has been on maintaining short-term
liquidity and preserving cash through cost optimisation programme,
improving product netbacks and managing the capital expenditure
programme. After successful implementation of the Proposed
Transaction, the Group will once again revisit its capital management
policy in line with new requirements of SSN and SUN trust deeds and
shareholder expectations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "annf407_1": { "value": "32. Events after the reporting date
Pending tax disputes
On 17 February 2026, Zhaikmunai LLP received notifications that based on
the results of the meeting of the RoK Ministry of Finance Appeal Board
held on 13 February 2026, the Appeal Board rejected Company's appeal of
the results of 2018 and 2019 tax re-audits.
Zhaikmunai LLP submitted further appeals to the court of first instance on
these tax audit assessments and preliminary hearings continue as of 16
April 2026. Zhaikmunai LLP and the Nostrum Group are also considering
treaty based remedial alternatives to defend its positions.
On 11 February 2026 Zhaikmunai LLP received the tax audit report for the
repeat 2020 withholding tax audit, the assessment was equivalent of $11.54 million in tax and an additional $10.44 million in interest penalties,
for a total of $21.98 million. On 17 March 2026, Zhaikmunai LLP submitted
an appeal on the tax re-audit assesments to the Kazakhstan Ministry of
Finance Appeal Board. As of the date of publication of these consolidated
financial statements, there have been no hearings held by the Appeal
Board.
The Company believes that these tax claims are without merit. The
Company continues to monitor developments closely and will continue to
defend its interests and to assess all available legal and treaty-based
remedies.
Second consent fee payment
On 2 January 2026, the Group announced that Nostrum Oil & Gas Finance
B.V. has made the second consent fee payment as set out in the terms of
the previously consummated consent solicitation which shall mean that no
default or event of default is caused by the failure to make the interest
payment on the Notes at this time.
Extention of the maturity of the Notes
On 30 March 2026, the Group announced that it has reached an in
principle agreement with an ad hoc group of significant beneficial owners
of the SSNs and the SUNs regarding the key commercial terms for a
proposed extension of the maturity date of the SSNs and the SUNs to 31
December 2030. For more details please see Note 1.
Geopolitical Security and Oil price Developments
The armed conflict involving Iran, Israel, and the United States escalated in
early 2026 following the outbreak of wider hostilities on 28 February 2026.
These developments have increased volatility in global energy markets and
disrupted a significant portion of global oil and LNG transit through the
straight of Hormuz. These disruptions did not affect the Group\u2019s sales and
logistics of its hydrocarbons.
Accordingly, international oil markets have remained volatile. Benchmark
crude oil prices, including Brent crude oil, experienced fluctuations driven
by ongoing geopolitical tensions, OPEC+ production decisions, and
uncertainty in the global economic outlook. Benchmark crude oil prices,
including Brent crude oil, have fluctuated between US$73/bbl to
US$120/bbl during the period from 1 January 2026 to the date of approval
of these consolidated financial statements. These in turn, had a positive
impact on the Group\u2019s revenues from products which are sold with Brent-
based pricing.
Effect on the Financial Statements
In accordance with IAS 10 Events after the Reporting Period, management
has assessed the developments described above and concluded that all of
them represent non-adjusting events, as they relate to conditions arising
after the reporting date. Accordingly, no adjustments have been made to
the recognition or measurement of items in these consolidated financial
statements as at 31 December 2025, including assets, liabilities, equity,
income, expenses, and cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138007VWEP4MM3J8B29", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }