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The \ufb01nancial statements were approved by the Board of Directors and authorised for issue on 24 March 2026 and signed on its
behalf by:
Jonathan Copus
Chief Financial Of\ufb01cer", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupStatementOfCashFlows_Label_002": { "value": "497819000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_001": { "value": "685946000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_007": { "value": "9075000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsOperatingActivities", "entity": 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"-669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00370": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00364": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, 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"unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "1. Corporate information
EnQuest PLC (\u2018EnQuest\u2019 or the \u2018Company\u2019) is a public company limited by shares incorporated in the United Kingdom under the
Companies Act and is registered in England and Wales and listed on the London Stock Exchange. The address of the Company\u2019s
registered of\ufb01ce is shown on the inside back cover of the Group Annual Report and Accounts.
EnQuest PLC is the ultimate controlling party. The principal activities of the Company and its subsidiaries (together the \u2018Group\u2019)
are to responsibly optimise production, leverage existing infrastructure, deliver a strong decommissioning performance and
explore new energy and decarbonisation opportunities.
The Group\u2019s \ufb01nancial statements for the year ended 31 December 2025 were authorised for issue in accordance with a resolution
of the Board of Directors on 24 March 2026.
A listing of the Group\u2019s companies is contained in note 28 to these Group \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "EnQuest PLC ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "EnQuest PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "public company limited by shares ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "EnQuest PLC", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "responsibly optimise production, leverage existing infrastructure, deliver a strong decommissioning performance and explore new energy and decarbonisation opportunities.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "2. Basis of preparation
The consolidated \ufb01nancial statements have been prepared in accordance with United Kingdom international accounting
standards (\u2018IFRS\u2019) in conformity with the requirements of the Companies Act 2006. The accounting policies which follow set out
those policies which apply in preparing the \ufb01nancial statements for the year ended 31 December 2025.
The Group continues to present various Alternative Performance Measures (\u2018APMs\u2019) when assessing and discussing the Group\u2019s
\ufb01nancial performance, balance sheet and cash \ufb02ows that are not de\ufb01ned or speci\ufb01ed under IFRS but consistent with the
measurement basis applied to the \ufb01nancial statements. The Group uses these APMs, which are not considered to be a substitute
for, or superior to, IFRS measures, to provide stakeholders with additional useful information to aid the understanding of the
Group\u2019s underlying \ufb01nancial performance, balance sheet and cash \ufb02ows by adjusting for certain items which impact upon IFRS
measures or, by de\ufb01ning new measures. See the Glossary \u2013 Non-GAAP Measures on page 192 for more information.
The Group \ufb01nancial information has been prepared on a historical cost basis, except for the fair value remeasurement of certain
\ufb01nancial instruments, including derivatives and contingent consideration, as set out in the accounting policies. The presentation
currency of the Group \ufb01nancial information is US Dollars (\u2018$\u2019) and all values in the Group \ufb01nancial information are rounded to the
nearest thousand ($\u2019000) except where otherwise stated.
Going concern
The \ufb01nancial statements have been prepared on the going concern basis.
During 2025, EnQuest has continued to focus on optimisation of its capital structure and the maximisation of its available
transactional capacity.
In November, EnQuest signed a new six-year senior secured reserve-based lending facility which replaced the previous RBL,
providing the Group with an enhanced capital structure that is simple, \ufb02exible and aligned with its growth ambitions. Details of
the amended facility are provided in note 17. In February 2026, the Group made \ufb01nal settlement for the Magnus pro\ufb01t share
contingent consideration, securing 100% of future Magnus cash \ufb02ows while maintaining its limited exposure to future
decommissioning expenditure at the asset. This credit-enhancing settlement, simpli\ufb01es the Group\u2019s balance sheet, unlocks the
full upside of one of EnQuest\u2019s core assets, and further secures longer term capacity under its RBL.
EnQuest closely monitors and manages its funding position and liquidity requirements throughout the year, including forecast
covenant results. Cash forecasts are regularly produced and discussed, with sensitivities considered for, but not limited to,
changes in crude oil prices (adjusted for hedging undertaken by the Group), production rates and costs. These forecasts and
sensitivity analyses allow management to mitigate liquidity or covenant compliance risks in a timely manner. Management
have considered the impact of the situation in the Middle East, particularly on future oil prices. Re\ufb02ecting the uncertainty as to
how long the con\ufb02ict and the period of elevated oil prices will last, management have assumed in the Base Case that the
average oil price for the going concern period will be $70.0/bbl. Although this is slightly higher than that used in its impairment
assessment (see note 2) to re\ufb02ect post year-end pricing trends, it is considerably below current spot prices.
The Group\u2019s latest approved budget and long term plan underpins management\u2019s base case (\u2018Base Case\u2019), upon which a
reverse stress test has been performed. This indicates that an oil price of c.$45.0/bbl is required to maintain covenant
compliance over the going concern period. The low level of this required price re\ufb02ects the Group\u2019s strong liquidity position.
The Base Case has also been subjected to further testing through a scenario that explores the impact of the following plausible
downside risks (the \u2018Downside Case\u2019):
\u2022
10% discount to Base Case prices resulting in Downside Case prices of $63.0/bbl for 2026 and 2027;
\u2022
Production risking of 5.0%; and
\u2022
2.5% increase in operating costs.
The Base Case and Downside Case indicate that the Group is able to operate as a going concern and remain covenant
compliant for 12 months from the date of publication of its full-year results (the \u2018going concern period\u2019).
After making appropriate enquiries and assessing the progress against the forecast, the Directors have a reasonable
expectation that the Group will continue in operation and meet its commitments as they fall due over the going concern period.
Accordingly, the Directors continue to adopt the going concern basis in preparing these \ufb01nancial statements.
New standards and interpretations
The following new standards became applicable for the current reporting period. No material impact was recognised
upon application:
\u2022
Lack of Exchangeability (Amendments to IAS 21)
Standards issued but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective:
IFRS 9 and IFRS 7
Amendments to the Classi\ufb01cation and Measurement of Financial Instruments
IFRS 18
Presentation and disclosure in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
\n
Other than IFRS 18, the Directors do not expect that the adoption of the Standards listed above will have a material impact on the
\ufb01nancial statements of the Group in future periods. The Directors noted IFRS 18 may change the presentation and disclosure
information in the \ufb01nancial statements when effective, which is for periods commencing on or after 1 January 2027.
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of EnQuest PLC and entities controlled by the
Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company:
\u2022
has power over the investee;
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022
has the ability to use its power to affect its returns.
The Company reassesses 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 listed above. Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of subsidiaries
acquired or disposed of during the year are included in pro\ufb01t or loss from the date the Company gains control until the date the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used into
line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating
to transactions between the members of the Group are eliminated on consolidation.
Joint arrangements
Oil and gas operations are usually conducted by the Group as co-licensees in unincorporated joint operations with other
companies. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the consent of the relevant parties sharing control. The joint operating agreement is the
underlying contractual framework to the joint arrangement, which is historically referred to as the joint venture. The Annual
Report and Accounts therefore refers to \u2018joint ventures\u2019 as a standard term used in the oil and gas industry, which is used
interchangeably with joint operations.
Most of the Group\u2019s activities are conducted through joint operations, whereby the parties that have joint control of the
arrangement have the rights to the assets, and obligations for the liabilities relating to the arrangement. The Group recognises
its share of assets, liabilities, income and expenses of the joint operation in the consolidated \ufb01nancial statements on a line-by-
line basis. During 2025, the Group did not have any material interests in joint ventures or in associates as de\ufb01ned in IAS 28.
Foreign currencies
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the entity operates (\u2018functional currency\u2019). The Group\u2019s \ufb01nancial statements are presented in US
Dollars, the currency which the Group has elected to use as its presentation currency.
In the \ufb01nancial statements of the Company and its individual subsidiaries, transactions in currencies other than a company\u2019s
functional currency are recorded at the prevailing rate of exchange on the date of the transaction. At the year end, monetary
assets and liabilities denominated in foreign currencies are retranslated at the rates of exchange prevailing at the balance
sheet date. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using
the rate of exchange at the dates of the initial transactions. Non-monetary assets and liabilities measured at fair value in a
foreign currency are translated using the rate of exchange at the date the fair value was determined. All foreign exchange gains
and losses are taken to pro\ufb01t and loss in the Group income statement.
Emissions liabilities
The Group operates in an energy intensive industry and is therefore required to partake in emission trading schemes (\u2018ETS\u2019). The
Group recognises an emission liability in line with the production of emissions that give rise to the obligation. To the extent the
liability is covered by allowances held, the liability is recognised at the cost of these allowances held and if insuf\ufb01cient
allowances are held, the remaining uncovered portion is measured at the spot market price of allowances at the balance sheet
date. The expense is presented within \u2018production costs\u2019 under \u2018cost of sales\u2019 and the accrual is presented in \u2018trade and other
payables\u2019. Any allowance purchased to settle the Group\u2019s liability is recognised on the balance sheet as an intangible asset.
Both the emission allowances and the emission liability are derecognised upon settling the liability with the respective regulator.
Use of judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated \ufb01nancial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
at the date of the consolidated \ufb01nancial statements. Estimates and assumptions are continuously evaluated and are based on
management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.
The accounting judgements and estimates that have a signi\ufb01cant impact on the results of the Group are set out below and
should be read in conjunction with the information provided in the Notes to the \ufb01nancial statements. The Group does not
consider deferred taxation (including EPL) to represent a signi\ufb01cant estimate or judgement as the estimates and assumptions
relating to projected earnings and cash \ufb02ows used to assess deferred taxation are the same as those applied in the Group
impairment process as described below in Recoverability of asset carrying values. Judgements and estimates, not all of which
are signi\ufb01cant, made in assessing the impact of climate change and the transition to a lower carbon economy on the
consolidated \ufb01nancial statements are also set out below. Where an estimate has a signi\ufb01cant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, this is speci\ufb01cally noted.
Climate change and energy transition
As covered in the Group\u2019s principal risks on Price and Foreign Exchange Risk on page 70, the Group recognises that the energy
transition is likely to impact the demand, and hence the future prices, of commodities such as oil and natural gas. This in turn
may affect the recoverable amount of property, plant and equipment and goodwill and deferred tax, as well as an acceleration
of cessation of production and subsequent decommissioning expenditure, in the oil and gas industry. The Group acknowledges
that there are a range of possible energy transition scenarios that may indicate different outcomes for oil prices. There are
inherent limitations with scenario analysis and it is dif\ufb01cult to predict which, if any, of the scenarios might eventuate.
The Group has assessed the potential impacts of climate change and the transition to a lower carbon economy in preparing
the consolidated \ufb01nancial statements, including the Group\u2019s current assumptions relating to demand for oil and natural gas
and their impact on the Group\u2019s long-term price assumptions. See Recoverability of asset carrying values: Oil prices.
While the pace of transition to a lower carbon economy is uncertain, oil and natural gas demand is expected to remain a key
element of the energy mix for many years based on stated policies, commitments and announced pledges to reduce
emissions. Therefore, given the useful lives of the Group\u2019s current portfolio of oil and gas assets, a material adverse change is
not expected to the carrying values of EnQuest\u2019s assets and liabilities within the next \ufb01nancial year as a result of climate change
and the transition to a lower carbon economy.
Management will continue to review price assumptions as the energy transition progresses and this may result in impairment
charges or reversals in the future.
Critical accounting judgements and key sources of estimation uncertainty
The Group has considered its critical accounting judgements and key sources of estimation uncertainty, and these are set
out below.
Recoverability of asset carrying values
Judgements:
The Group assesses each asset or cash-generating unit (\u2018CGU\u2019) (excluding goodwill, which is assessed annually
regardless of indicators) in each reporting period to determine whether any indication of impairment or impairment reversal
exists. Assessment of indicators of impairment or impairment reversal and the determination of the appropriate grouping of
assets into a CGU or the appropriate grouping of CGUs for impairment purposes require signi\ufb01cant management judgement.
For example, individual oil and gas properties may form separate CGUs, whilst certain oil and gas properties with shared
infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different
outcome from impairment testing. See note 10 for details on how these groupings have been determined in relation to the
impairment testing of goodwill.
Estimates:
Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered
to be the higher of the fair value less costs to dispose (\u2018FVLCD\u2019) and value in use (\u2018VIU\u2019). The assessments require the use of
estimates and assumptions, such as the effects of in\ufb02ation and de\ufb02ation on operating expenses, cost pro\ufb01le changes including
those related to emission reduction initiatives such as alternative fuel provision at Kraken, discount rates, capital expenditure,
production pro\ufb01les, reserves and resources, and future commodity prices, including the outlook for global or regional market
supply-and-demand conditions for crude oil and natural gas. Such estimates re\ufb02ect management\u2019s best estimate of the
related cash \ufb02ows based on management\u2019s plans for the assets and their future development.
As described above, the recoverable amount of an asset is the higher of its VIU and its FVLCD. When the recoverable amount is
measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made
regarding the present value of future post-tax cash \ufb02ows. These estimates are made from the perspective of a market
participant and include prices, life of \ufb01eld production pro\ufb01les based on reserves and resources to which it is considered
probable that a market participant would attribute value to them, operating costs, capital expenditure, decommissioning costs,
tax attributes, risking factors applied to cash \ufb02ows, and discount rates.
Details of impairment charges and reversals recognised in the income statement and details on the carrying amounts of assets
are shown in note 9, note 10 and note 11.
The estimates for assumptions made in impairment tests in 2025 relating to discount rates and oil prices are discussed below.
Changes in the economic environment or other facts and circumstances may necessitate revisions to these assumptions and
could result in a material change to the carrying values of the Group\u2019s assets within the next \ufb01nancial year.
Discount rates
For discounted cash \ufb02ow calculations, future cash \ufb02ows are adjusted for risks speci\ufb01c to the CGU. FVLCD discounted cash \ufb02ow
calculations use the post-tax discount rate. The discount rate is derived using the weighted average cost of capital
methodology. The discount rates applied in impairment tests are reassessed each half-year and, in 2025, the post-tax discount
rate was estimated at 9.0% (2024: 10.0%) re\ufb02ecting the impact from the Group\u2019s reduced debt position and clarity over the UK
\ufb01scal system.
Oil prices
The price assumptions used for FVLCD impairment testing were based on latest internal forecasts as at 31 December 2025. These
price forecasts re\ufb02ect EnQuest\u2019s views of global supply and demand, including the potential \ufb01nancial impacts on the Group of
climate change and the transition to a low carbon economy as outlined in the Basis of Preparation, and are benchmarked with
external sources of information such as analyst forecasts. The Group\u2019s price forecasts are reviewed and approved by
management, the Audit Committee and the Board of Directors.
EnQuest revised its oil price assumptions for FVLCD impairment testing compared to those used in 2024, with nearer-term prices
re\ufb02ecting current market dynamics and external forecasts. A summary of the Group\u2019s revised price assumptions is provided
below. These assumptions, which represent management\u2019s best estimate of future prices, sit within the range of external
forecasts. Discounts or premiums are applied to price assumptions based on the characteristics of the oil produced and the
terms of the relevant sales contracts.
When compared to the latest available Paris-consistent climate scenario modelling data released by the World Business
Council of Sustainable Development (\u2018WBCSD\u2019) in May 2024, EnQuest\u2019s assumption is broadly aligned with the top end of a range
of Paris-consistent scenario\u2019s. When compared to the International Energy Agency\u2019s (\u2018IEA\u2019) forecast prices under its Net Zero
Emissions by 2050 Scenario (\u2018NZE\u2019) ,published in November 2025, which is also considered a Paris-consistent scenario and maps
out a pragmatic but ambitious global pathway for the energy sector to achieve net zero CO2 emissions by 2050 and is
consistent with a long-term goal of limiting the rise in global average temperatures to 1.5\u00b0C (with a 50% probability), EnQuest\u2019s
short-term assumptions are below those assumed under the NZE, while its medium and longer-term prices are signi\ufb01cantly
higher. As further considered later in this note, management believes a 10% reduction in crude oil price assumptions to be a
reasonably possible change and has provided an impairment sensitivity on this basis. However, the potential impact of applying
the IEA NZE Scenario, which is just one view of the possible impact of climate change, would result in a materially higher
impairment charge.
An in\ufb02ation rate of 2% (2024: 2%) is applied from 2030 onwards to determine the price assumptions in nominal terms
(see table below).
The price assumptions used in 2024 were $75.0/bbl (2025), $75.0/bbl (2026), $75.0/bbl (2027) and $76.5/bbl real thereafter, in\ufb02ated
at 2.0% per annum from 2028.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Note
2026
2027
2028
2029>
(i)
Brent oil ($/bbl)
65.0
67.5
72.5
75.0
\n
(i) In\ufb02ated at 2% from 2030
Oil and natural gas reserves
Hydrocarbon reserves are estimates of the amount of hydrocarbons that can be economically and legally extracted from the
Group\u2019s oil and gas properties. The business of the Group is to responsibly optimise production, leverage existing infrastructure,
deliver a strong decommissioning performance and explore new energy and decarbonisation opportunities. Factors such as
the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, and drilling
of new wells all impact on the determination of the Group\u2019s estimates of its oil and gas reserves and result in different future
production pro\ufb01les affecting prospectively the discounted cash \ufb02ows used in impairment testing, the anticipated date of
decommissioning and the depletion charges in accordance with the unit of production method, as well as the going concern
assessment. Economic assumptions used to estimate reserves change from period to period as additional technical and
operational data is generated. This process may require complex and dif\ufb01cult geological judgements to interpret the data.
The Group uses proven and probable (\u20182P\u2019) reserves (see page 34) and, for the Kraken CGU, 2C resources associated with the
Bressay gas well as an alternative fuel provision for the Kraken FPSO as the basis for calculations of expected future cash
\ufb02ows from underlying assets because this represents the reserves and resources management intends to develop and it is
probable that a market participant would attribute value to them. Third-party audits of EnQuest\u2019s reserves and resources are
conducted annually.
Sensitivity analyses
Changes in price and its consequential impact on impairment and deferred tax along with the discount rate impact on
impairment and decommissioning are considered to be the only key sources of estimation uncertainty, although other
sensitivities that the Group believes are useful for users of these accounts but are not considered to have a signi\ufb01cant risk of
resulting in material changes to carrying amounts in the next 12 months, may also be provided.
Management tested the impact of a change in cash \ufb02ows in FVLCD impairment testing arising from a 10% reduction in crude
price assumptions, which it believes to be a reasonably possible change given the prevailing macroeconomic environment.
Price reductions of this magnitude in isolation could indicatively lead to a further reduction in the carrying amount of EnQuest\u2019s
oil and gas properties by approximately $198.7 million, which is approximately 8% of the net book value of property, plant and
equipment as at 31 December 2025.
The oil price sensitivity analysis above does not, however, represent management\u2019s best estimate of any impairments that
might be recognised as it does not fully incorporate consequential changes that may arise, such as reductions in costs and
changes to business plans, phasing of development, levels of reserves and resources, and production volumes. As the extent of
a price reduction increases, the more likely it is that costs would decrease across the industry. The oil price sensitivity analysis
therefore does not re\ufb02ect a linear relationship between price and value that can be extrapolated.
Management also tested the impact of a one percentage point change in the discount rate of 9.0% used for FVLCD impairment
testing of oil and gas properties, which is considered a reasonably possible change given the prevailing macroeconomic
environment. If the discount rate was one percentage point higher across all tests performed, the net impairment charge in
2025 would have been approximately $51.9 million higher. If the discount rate was one percentage point lower, the net
impairment reversal would have been approximately $24.3 million higher.
Goodwill
Irrespective of whether there is any indication of impairment, EnQuest is required to test annually for impairment of goodwill
acquired in business combinations. The Group carries goodwill of approximately $139.5 million on its balance sheet (2024: $134.4
million), principally relating to the acquisitions of the Magnus oil \ufb01eld (acquired in 2018) in the UK and Block 12W in Vietnam
(acquired in 2025). Sensitivities and additional information relating to impairment testing of goodwill are provided in note 10.
Deferred tax
The Group assesses the recoverability of its deferred tax assets at each period end. Sensitivities and additional information
relating to deferred tax assets/liabilities are provided in note 6(d).
75% Magnus acquisition contingent consideration
Judgement:
During 2025, management commenced discussions with bp to settle the 75% Magnus contingent consideration
arrangement. Management assessed that the agreement to settle the Magnus contingent consideration, signed and
concluded in February 2026, was substantially agreed with bp at 31 December 2025. Therefore the agreement price of $60.0
million was deemed to be a reasonable fair value in line with IFRS 13, for the contingent consideration as at 31 December 2025,
resulting in a pre-tax gain of $391.3 million. If management had concluded the agreement was not substantially complete at
year end, the contingent consideration would have continued to be valued based on the present value of the future expected
cash \ufb02ows from the Magnus \ufb01eld, which at 30 June 2025 resulted in a provision of $432.9 million being recorded.
Provisions
Estimates:
Decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s oil and
gas production facilities and pipelines. The Group assesses its decommissioning provision at each reporting date. The ultimate
decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant
legal requirements, estimates of the extent and costs of decommissioning activities, the emergence of new restoration
techniques and experience at other production sites. The expected timing, extent and amount of expenditure may also change,
for example, in response to changes in oil and gas reserves or changes in laws and regulations or their interpretation. Therefore,
signi\ufb01cant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be
signi\ufb01cant adjustments to the provisions established which would affect future \ufb01nancial results.
The timing and amount of future expenditures relating to decommissioning and environmental liabilities are reviewed annually.
The rate used in discounting the cash \ufb02ows is reviewed half-yearly. The Group assesses discount rates in each geography in
which it operates using an appropriate benchmark, usually government bonds. As such, the nominal discount rate used to
determine the balance sheet obligations ranged from 3.1% to 4.5% (2024: 3.1% to 4.5%). Costs at future prices are determined by
applying in\ufb02ation rates. The in\ufb02ation rates applied are usually management\u2019s estimate based on relevant in-country
benchmarking, but in certain circumstances in\ufb02ation is applied in accordance with the relevant operating agreement. As such,
where in\ufb02ation has been applied to decommissioning costs, it has ranged between 1.0% and 2.0% per annum thereafter (2024:
1.0% to 2.0%). The weighted average period over which North Sea decommissioning costs are generally expected to be incurred
is estimated to be approximately 12 years.
Further information about the Group\u2019s provisions is provided in note 22. Changes in assumptions could result in a material
change in their carrying amounts within the next \ufb01nancial year. A sensitivity has only been run for the UK North Sea segment
given its materiality compared to Malaysia and Vietnam. A one percentage point decrease in the nominal discount rate applied,
which is considered a reasonably possible change given the prevailing macroeconomic environment, could increase the
Group\u2019s provision balances by approximately $58.6 million (2024: $59.4 million). The pre-tax impact on the Group income
statement would be a charge of approximately $57.5 million (2024: $58.7 million).
Business combination
Judgement:
The Group determined that the acquisition of Block 12W in Vietnam during the year was the acquisition of a
business, due to the acquired set of activities and assets including inputs and processes critical to the ability to continue
producing outputs.
Estimates:
While the risk that the acquisition fair value of Block 12W in Vietnam materially changes in the next 12 months is low
and so is not considered a key source of estimation uncertainty, for business combinations the Group determines the fair value
of property, plant and equipment acquired based on the discounted cash \ufb02ows at the time of acquisition from the proven and
probable reserves. In assessing the discounted cash \ufb02ows, the estimated future cash \ufb02ows attributable to the asset are
discounted to their present value using a discount rate that re\ufb02ects the market assessments of the time value of money and the
risks speci\ufb01c to the asset at the time of the acquisition. In calculating the asset fair value, the Group will apply oil price
assumptions representing management\u2019s view of the long-term oil price.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "2. Basis of preparation
The consolidated \ufb01nancial statements have been prepared in accordance with United Kingdom international accounting
standards (\u2018IFRS\u2019) in conformity with the requirements of the Companies Act 2006. The accounting policies which follow set out
those policies which apply in preparing the \ufb01nancial statements for the year ended 31 December 2025.
The Group continues to present various Alternative Performance Measures (\u2018APMs\u2019) when assessing and discussing the Group\u2019s
\ufb01nancial performance, balance sheet and cash \ufb02ows that are not de\ufb01ned or speci\ufb01ed under IFRS but consistent with the
measurement basis applied to the \ufb01nancial statements. The Group uses these APMs, which are not considered to be a substitute
for, or superior to, IFRS measures, to provide stakeholders with additional useful information to aid the understanding of the
Group\u2019s underlying \ufb01nancial performance, balance sheet and cash \ufb02ows by adjusting for certain items which impact upon IFRS
measures or, by de\ufb01ning new measures. See the Glossary \u2013 Non-GAAP Measures on page 192 for more information.
The Group \ufb01nancial information has been prepared on a historical cost basis, except for the fair value remeasurement of certain
\ufb01nancial instruments, including derivatives and contingent consideration, as set out in the accounting policies. The presentation
currency of the Group \ufb01nancial information is US Dollars (\u2018$\u2019) and all values in the Group \ufb01nancial information are rounded to the
nearest thousand ($\u2019000) except where otherwise stated.
Going concern
The \ufb01nancial statements have been prepared on the going concern basis.
During 2025, EnQuest has continued to focus on optimisation of its capital structure and the maximisation of its available
transactional capacity.
In November, EnQuest signed a new six-year senior secured reserve-based lending facility which replaced the previous RBL,
providing the Group with an enhanced capital structure that is simple, \ufb02exible and aligned with its growth ambitions. Details of
the amended facility are provided in note 17. In February 2026, the Group made \ufb01nal settlement for the Magnus pro\ufb01t share
contingent consideration, securing 100% of future Magnus cash \ufb02ows while maintaining its limited exposure to future
decommissioning expenditure at the asset. This credit-enhancing settlement, simpli\ufb01es the Group\u2019s balance sheet, unlocks the
full upside of one of EnQuest\u2019s core assets, and further secures longer term capacity under its RBL.
EnQuest closely monitors and manages its funding position and liquidity requirements throughout the year, including forecast
covenant results. Cash forecasts are regularly produced and discussed, with sensitivities considered for, but not limited to,
changes in crude oil prices (adjusted for hedging undertaken by the Group), production rates and costs. These forecasts and
sensitivity analyses allow management to mitigate liquidity or covenant compliance risks in a timely manner. Management
have considered the impact of the situation in the Middle East, particularly on future oil prices. Re\ufb02ecting the uncertainty as to
how long the con\ufb02ict and the period of elevated oil prices will last, management have assumed in the Base Case that the
average oil price for the going concern period will be $70.0/bbl. Although this is slightly higher than that used in its impairment
assessment (see note 2) to re\ufb02ect post year-end pricing trends, it is considerably below current spot prices.
The Group\u2019s latest approved budget and long term plan underpins management\u2019s base case (\u2018Base Case\u2019), upon which a
reverse stress test has been performed. This indicates that an oil price of c.$45.0/bbl is required to maintain covenant
compliance over the going concern period. The low level of this required price re\ufb02ects the Group\u2019s strong liquidity position.
The Base Case has also been subjected to further testing through a scenario that explores the impact of the following plausible
downside risks (the \u2018Downside Case\u2019):
\u2022
10% discount to Base Case prices resulting in Downside Case prices of $63.0/bbl for 2026 and 2027;
\u2022
Production risking of 5.0%; and
\u2022
2.5% increase in operating costs.
The Base Case and Downside Case indicate that the Group is able to operate as a going concern and remain covenant
compliant for 12 months from the date of publication of its full-year results (the \u2018going concern period\u2019).
After making appropriate enquiries and assessing the progress against the forecast, the Directors have a reasonable
expectation that the Group will continue in operation and meet its commitments as they fall due over the going concern period.
Accordingly, the Directors continue to adopt the going concern basis in preparing these \ufb01nancial statements.
New standards and interpretations
The following new standards became applicable for the current reporting period. No material impact was recognised
upon application:
\u2022
Lack of Exchangeability (Amendments to IAS 21)
Standards issued but not yet effective
At the date of authorisation of these \ufb01nancial statements, the Group has not applied the following new and revised IFRS
Standards that have been issued but are not yet effective:
IFRS 9 and IFRS 7
Amendments to the Classi\ufb01cation and Measurement of Financial Instruments
IFRS 18
Presentation and disclosure in Financial Statements
IFRS 19
Subsidiaries without Public Accountability: Disclosures
\n
Other than IFRS 18, the Directors do not expect that the adoption of the Standards listed above will have a material impact on the
\ufb01nancial statements of the Group in future periods. The Directors noted IFRS 18 may change the presentation and disclosure
information in the \ufb01nancial statements when effective, which is for periods commencing on or after 1 January 2027.
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of EnQuest PLC and entities controlled by the
Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company:
\u2022
has power over the investee;
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022
has the ability to use its power to affect its returns.
The Company reassesses 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 listed above. Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of subsidiaries
acquired or disposed of during the year are included in pro\ufb01t or loss from the date the Company gains control until the date the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used into
line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating
to transactions between the members of the Group are eliminated on consolidation.
Joint arrangements
Oil and gas operations are usually conducted by the Group as co-licensees in unincorporated joint operations with other
companies. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the consent of the relevant parties sharing control. The joint operating agreement is the
underlying contractual framework to the joint arrangement, which is historically referred to as the joint venture. The Annual
Report and Accounts therefore refers to \u2018joint ventures\u2019 as a standard term used in the oil and gas industry, which is used
interchangeably with joint operations.
Most of the Group\u2019s activities are conducted through joint operations, whereby the parties that have joint control of the
arrangement have the rights to the assets, and obligations for the liabilities relating to the arrangement. The Group recognises
its share of assets, liabilities, income and expenses of the joint operation in the consolidated \ufb01nancial statements on a line-by-
line basis. During 2025, the Group did not have any material interests in joint ventures or in associates as de\ufb01ned in IAS 28.
Foreign currencies
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the entity operates (\u2018functional currency\u2019). The Group\u2019s \ufb01nancial statements are presented in US
Dollars, the currency which the Group has elected to use as its presentation currency.
In the \ufb01nancial statements of the Company and its individual subsidiaries, transactions in currencies other than a company\u2019s
functional currency are recorded at the prevailing rate of exchange on the date of the transaction. At the year end, monetary
assets and liabilities denominated in foreign currencies are retranslated at the rates of exchange prevailing at the balance
sheet date. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using
the rate of exchange at the dates of the initial transactions. Non-monetary assets and liabilities measured at fair value in a
foreign currency are translated using the rate of exchange at the date the fair value was determined. All foreign exchange gains
and losses are taken to pro\ufb01t and loss in the Group income statement.
Emissions liabilities
The Group operates in an energy intensive industry and is therefore required to partake in emission trading schemes (\u2018ETS\u2019). The
Group recognises an emission liability in line with the production of emissions that give rise to the obligation. To the extent the
liability is covered by allowances held, the liability is recognised at the cost of these allowances held and if insuf\ufb01cient
allowances are held, the remaining uncovered portion is measured at the spot market price of allowances at the balance sheet
date. The expense is presented within \u2018production costs\u2019 under \u2018cost of sales\u2019 and the accrual is presented in \u2018trade and other
payables\u2019. Any allowance purchased to settle the Group\u2019s liability is recognised on the balance sheet as an intangible asset.
Both the emission allowances and the emission liability are derecognised upon settling the liability with the respective regulator.
Use of judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated \ufb01nancial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
at the date of the consolidated \ufb01nancial statements. Estimates and assumptions are continuously evaluated and are based on
management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.
The accounting judgements and estimates that have a signi\ufb01cant impact on the results of the Group are set out below and
should be read in conjunction with the information provided in the Notes to the \ufb01nancial statements. The Group does not
consider deferred taxation (including EPL) to represent a signi\ufb01cant estimate or judgement as the estimates and assumptions
relating to projected earnings and cash \ufb02ows used to assess deferred taxation are the same as those applied in the Group
impairment process as described below in Recoverability of asset carrying values. Judgements and estimates, not all of which
are signi\ufb01cant, made in assessing the impact of climate change and the transition to a lower carbon economy on the
consolidated \ufb01nancial statements are also set out below. Where an estimate has a signi\ufb01cant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, this is speci\ufb01cally noted.
Climate change and energy transition
As covered in the Group\u2019s principal risks on Price and Foreign Exchange Risk on page 70, the Group recognises that the energy
transition is likely to impact the demand, and hence the future prices, of commodities such as oil and natural gas. This in turn
may affect the recoverable amount of property, plant and equipment and goodwill and deferred tax, as well as an acceleration
of cessation of production and subsequent decommissioning expenditure, in the oil and gas industry. The Group acknowledges
that there are a range of possible energy transition scenarios that may indicate different outcomes for oil prices. There are
inherent limitations with scenario analysis and it is dif\ufb01cult to predict which, if any, of the scenarios might eventuate.
The Group has assessed the potential impacts of climate change and the transition to a lower carbon economy in preparing
the consolidated \ufb01nancial statements, including the Group\u2019s current assumptions relating to demand for oil and natural gas
and their impact on the Group\u2019s long-term price assumptions. See Recoverability of asset carrying values: Oil prices.
While the pace of transition to a lower carbon economy is uncertain, oil and natural gas demand is expected to remain a key
element of the energy mix for many years based on stated policies, commitments and announced pledges to reduce
emissions. Therefore, given the useful lives of the Group\u2019s current portfolio of oil and gas assets, a material adverse change is
not expected to the carrying values of EnQuest\u2019s assets and liabilities within the next \ufb01nancial year as a result of climate change
and the transition to a lower carbon economy.
Management will continue to review price assumptions as the energy transition progresses and this may result in impairment
charges or reversals in the future.
Critical accounting judgements and key sources of estimation uncertainty
The Group has considered its critical accounting judgements and key sources of estimation uncertainty, and these are set
out below.
Recoverability of asset carrying values
Judgements:
The Group assesses each asset or cash-generating unit (\u2018CGU\u2019) (excluding goodwill, which is assessed annually
regardless of indicators) in each reporting period to determine whether any indication of impairment or impairment reversal
exists. Assessment of indicators of impairment or impairment reversal and the determination of the appropriate grouping of
assets into a CGU or the appropriate grouping of CGUs for impairment purposes require signi\ufb01cant management judgement.
For example, individual oil and gas properties may form separate CGUs, whilst certain oil and gas properties with shared
infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different
outcome from impairment testing. See note 10 for details on how these groupings have been determined in relation to the
impairment testing of goodwill.
Estimates:
Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered
to be the higher of the fair value less costs to dispose (\u2018FVLCD\u2019) and value in use (\u2018VIU\u2019). The assessments require the use of
estimates and assumptions, such as the effects of in\ufb02ation and de\ufb02ation on operating expenses, cost pro\ufb01le changes including
those related to emission reduction initiatives such as alternative fuel provision at Kraken, discount rates, capital expenditure,
production pro\ufb01les, reserves and resources, and future commodity prices, including the outlook for global or regional market
supply-and-demand conditions for crude oil and natural gas. Such estimates re\ufb02ect management\u2019s best estimate of the
related cash \ufb02ows based on management\u2019s plans for the assets and their future development.
As described above, the recoverable amount of an asset is the higher of its VIU and its FVLCD. When the recoverable amount is
measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made
regarding the present value of future post-tax cash \ufb02ows. These estimates are made from the perspective of a market
participant and include prices, life of \ufb01eld production pro\ufb01les based on reserves and resources to which it is considered
probable that a market participant would attribute value to them, operating costs, capital expenditure, decommissioning costs,
tax attributes, risking factors applied to cash \ufb02ows, and discount rates.
Details of impairment charges and reversals recognised in the income statement and details on the carrying amounts of assets
are shown in note 9, note 10 and note 11.
The estimates for assumptions made in impairment tests in 2025 relating to discount rates and oil prices are discussed below.
Changes in the economic environment or other facts and circumstances may necessitate revisions to these assumptions and
could result in a material change to the carrying values of the Group\u2019s assets within the next \ufb01nancial year.
Discount rates
For discounted cash \ufb02ow calculations, future cash \ufb02ows are adjusted for risks speci\ufb01c to the CGU. FVLCD discounted cash \ufb02ow
calculations use the post-tax discount rate. The discount rate is derived using the weighted average cost of capital
methodology. The discount rates applied in impairment tests are reassessed each half-year and, in 2025, the post-tax discount
rate was estimated at 9.0% (2024: 10.0%) re\ufb02ecting the impact from the Group\u2019s reduced debt position and clarity over the UK
\ufb01scal system.
Oil prices
The price assumptions used for FVLCD impairment testing were based on latest internal forecasts as at 31 December 2025. These
price forecasts re\ufb02ect EnQuest\u2019s views of global supply and demand, including the potential \ufb01nancial impacts on the Group of
climate change and the transition to a low carbon economy as outlined in the Basis of Preparation, and are benchmarked with
external sources of information such as analyst forecasts. The Group\u2019s price forecasts are reviewed and approved by
management, the Audit Committee and the Board of Directors.
EnQuest revised its oil price assumptions for FVLCD impairment testing compared to those used in 2024, with nearer-term prices
re\ufb02ecting current market dynamics and external forecasts. A summary of the Group\u2019s revised price assumptions is provided
below. These assumptions, which represent management\u2019s best estimate of future prices, sit within the range of external
forecasts. Discounts or premiums are applied to price assumptions based on the characteristics of the oil produced and the
terms of the relevant sales contracts.
When compared to the latest available Paris-consistent climate scenario modelling data released by the World Business
Council of Sustainable Development (\u2018WBCSD\u2019) in May 2024, EnQuest\u2019s assumption is broadly aligned with the top end of a range
of Paris-consistent scenario\u2019s. When compared to the International Energy Agency\u2019s (\u2018IEA\u2019) forecast prices under its Net Zero
Emissions by 2050 Scenario (\u2018NZE\u2019) ,published in November 2025, which is also considered a Paris-consistent scenario and maps
out a pragmatic but ambitious global pathway for the energy sector to achieve net zero CO2 emissions by 2050 and is
consistent with a long-term goal of limiting the rise in global average temperatures to 1.5\u00b0C (with a 50% probability), EnQuest\u2019s
short-term assumptions are below those assumed under the NZE, while its medium and longer-term prices are signi\ufb01cantly
higher. As further considered later in this note, management believes a 10% reduction in crude oil price assumptions to be a
reasonably possible change and has provided an impairment sensitivity on this basis. However, the potential impact of applying
the IEA NZE Scenario, which is just one view of the possible impact of climate change, would result in a materially higher
impairment charge.
An in\ufb02ation rate of 2% (2024: 2%) is applied from 2030 onwards to determine the price assumptions in nominal terms
(see table below).
The price assumptions used in 2024 were $75.0/bbl (2025), $75.0/bbl (2026), $75.0/bbl (2027) and $76.5/bbl real thereafter, in\ufb02ated
at 2.0% per annum from 2028.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Note
2026
2027
2028
2029>
(i)
Brent oil ($/bbl)
65.0
67.5
72.5
75.0
\n
(i) In\ufb02ated at 2% from 2030
Oil and natural gas reserves
Hydrocarbon reserves are estimates of the amount of hydrocarbons that can be economically and legally extracted from the
Group\u2019s oil and gas properties. The business of the Group is to responsibly optimise production, leverage existing infrastructure,
deliver a strong decommissioning performance and explore new energy and decarbonisation opportunities. Factors such as
the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, and drilling
of new wells all impact on the determination of the Group\u2019s estimates of its oil and gas reserves and result in different future
production pro\ufb01les affecting prospectively the discounted cash \ufb02ows used in impairment testing, the anticipated date of
decommissioning and the depletion charges in accordance with the unit of production method, as well as the going concern
assessment. Economic assumptions used to estimate reserves change from period to period as additional technical and
operational data is generated. This process may require complex and dif\ufb01cult geological judgements to interpret the data.
The Group uses proven and probable (\u20182P\u2019) reserves (see page 34) and, for the Kraken CGU, 2C resources associated with the
Bressay gas well as an alternative fuel provision for the Kraken FPSO as the basis for calculations of expected future cash
\ufb02ows from underlying assets because this represents the reserves and resources management intends to develop and it is
probable that a market participant would attribute value to them. Third-party audits of EnQuest\u2019s reserves and resources are
conducted annually.
Sensitivity analyses
Changes in price and its consequential impact on impairment and deferred tax along with the discount rate impact on
impairment and decommissioning are considered to be the only key sources of estimation uncertainty, although other
sensitivities that the Group believes are useful for users of these accounts but are not considered to have a signi\ufb01cant risk of
resulting in material changes to carrying amounts in the next 12 months, may also be provided.
Management tested the impact of a change in cash \ufb02ows in FVLCD impairment testing arising from a 10% reduction in crude
price assumptions, which it believes to be a reasonably possible change given the prevailing macroeconomic environment.
Price reductions of this magnitude in isolation could indicatively lead to a further reduction in the carrying amount of EnQuest\u2019s
oil and gas properties by approximately $198.7 million, which is approximately 8% of the net book value of property, plant and
equipment as at 31 December 2025.
The oil price sensitivity analysis above does not, however, represent management\u2019s best estimate of any impairments that
might be recognised as it does not fully incorporate consequential changes that may arise, such as reductions in costs and
changes to business plans, phasing of development, levels of reserves and resources, and production volumes. As the extent of
a price reduction increases, the more likely it is that costs would decrease across the industry. The oil price sensitivity analysis
therefore does not re\ufb02ect a linear relationship between price and value that can be extrapolated.
Management also tested the impact of a one percentage point change in the discount rate of 9.0% used for FVLCD impairment
testing of oil and gas properties, which is considered a reasonably possible change given the prevailing macroeconomic
environment. If the discount rate was one percentage point higher across all tests performed, the net impairment charge in
2025 would have been approximately $51.9 million higher. If the discount rate was one percentage point lower, the net
impairment reversal would have been approximately $24.3 million higher.
Goodwill
Irrespective of whether there is any indication of impairment, EnQuest is required to test annually for impairment of goodwill
acquired in business combinations. The Group carries goodwill of approximately $139.5 million on its balance sheet (2024: $134.4
million), principally relating to the acquisitions of the Magnus oil \ufb01eld (acquired in 2018) in the UK and Block 12W in Vietnam
(acquired in 2025). Sensitivities and additional information relating to impairment testing of goodwill are provided in note 10.
Deferred tax
The Group assesses the recoverability of its deferred tax assets at each period end. Sensitivities and additional information
relating to deferred tax assets/liabilities are provided in note 6(d).
75% Magnus acquisition contingent consideration
Judgement:
During 2025, management commenced discussions with bp to settle the 75% Magnus contingent consideration
arrangement. Management assessed that the agreement to settle the Magnus contingent consideration, signed and
concluded in February 2026, was substantially agreed with bp at 31 December 2025. Therefore the agreement price of $60.0
million was deemed to be a reasonable fair value in line with IFRS 13, for the contingent consideration as at 31 December 2025,
resulting in a pre-tax gain of $391.3 million. If management had concluded the agreement was not substantially complete at
year end, the contingent consideration would have continued to be valued based on the present value of the future expected
cash \ufb02ows from the Magnus \ufb01eld, which at 30 June 2025 resulted in a provision of $432.9 million being recorded.
Provisions
Estimates:
Decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s oil and
gas production facilities and pipelines. The Group assesses its decommissioning provision at each reporting date. The ultimate
decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant
legal requirements, estimates of the extent and costs of decommissioning activities, the emergence of new restoration
techniques and experience at other production sites. The expected timing, extent and amount of expenditure may also change,
for example, in response to changes in oil and gas reserves or changes in laws and regulations or their interpretation. Therefore,
signi\ufb01cant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be
signi\ufb01cant adjustments to the provisions established which would affect future \ufb01nancial results.
The timing and amount of future expenditures relating to decommissioning and environmental liabilities are reviewed annually.
The rate used in discounting the cash \ufb02ows is reviewed half-yearly. The Group assesses discount rates in each geography in
which it operates using an appropriate benchmark, usually government bonds. As such, the nominal discount rate used to
determine the balance sheet obligations ranged from 3.1% to 4.5% (2024: 3.1% to 4.5%). Costs at future prices are determined by
applying in\ufb02ation rates. The in\ufb02ation rates applied are usually management\u2019s estimate based on relevant in-country
benchmarking, but in certain circumstances in\ufb02ation is applied in accordance with the relevant operating agreement. As such,
where in\ufb02ation has been applied to decommissioning costs, it has ranged between 1.0% and 2.0% per annum thereafter (2024:
1.0% to 2.0%). The weighted average period over which North Sea decommissioning costs are generally expected to be incurred
is estimated to be approximately 12 years.
Further information about the Group\u2019s provisions is provided in note 22. Changes in assumptions could result in a material
change in their carrying amounts within the next \ufb01nancial year. A sensitivity has only been run for the UK North Sea segment
given its materiality compared to Malaysia and Vietnam. A one percentage point decrease in the nominal discount rate applied,
which is considered a reasonably possible change given the prevailing macroeconomic environment, could increase the
Group\u2019s provision balances by approximately $58.6 million (2024: $59.4 million). The pre-tax impact on the Group income
statement would be a charge of approximately $57.5 million (2024: $58.7 million).
Business combination
Judgement:
The Group determined that the acquisition of Block 12W in Vietnam during the year was the acquisition of a
business, due to the acquired set of activities and assets including inputs and processes critical to the ability to continue
producing outputs.
Estimates:
While the risk that the acquisition fair value of Block 12W in Vietnam materially changes in the next 12 months is low
and so is not considered a key source of estimation uncertainty, for business combinations the Group determines the fair value
of property, plant and equipment acquired based on the discounted cash \ufb02ows at the time of acquisition from the proven and
probable reserves. In assessing the discounted cash \ufb02ows, the estimated future cash \ufb02ows attributable to the asset are
discounted to their present value using a discount rate that re\ufb02ects the market assessments of the time value of money and the
risks speci\ufb01c to the asset at the time of the acquisition. In calculating the asset fair value, the Group will apply oil price
assumptions representing management\u2019s view of the long-term oil price.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "Going concern
The \ufb01nancial statements have been prepared on the going concern basis.
During 2025, EnQuest has continued to focus on optimisation of its capital structure and the maximisation of its available
transactional capacity.
In November, EnQuest signed a new six-year senior secured reserve-based lending facility which replaced the previous RBL,
providing the Group with an enhanced capital structure that is simple, \ufb02exible and aligned with its growth ambitions. Details of
the amended facility are provided in note 17. In February 2026, the Group made \ufb01nal settlement for the Magnus pro\ufb01t share
contingent consideration, securing 100% of future Magnus cash \ufb02ows while maintaining its limited exposure to future
decommissioning expenditure at the asset. This credit-enhancing settlement, simpli\ufb01es the Group\u2019s balance sheet, unlocks the
full upside of one of EnQuest\u2019s core assets, and further secures longer term capacity under its RBL.
EnQuest closely monitors and manages its funding position and liquidity requirements throughout the year, including forecast
covenant results. Cash forecasts are regularly produced and discussed, with sensitivities considered for, but not limited to,
changes in crude oil prices (adjusted for hedging undertaken by the Group), production rates and costs. These forecasts and
sensitivity analyses allow management to mitigate liquidity or covenant compliance risks in a timely manner. Management
have considered the impact of the situation in the Middle East, particularly on future oil prices. Re\ufb02ecting the uncertainty as to
how long the con\ufb02ict and the period of elevated oil prices will last, management have assumed in the Base Case that the
average oil price for the going concern period will be $70.0/bbl. Although this is slightly higher than that used in its impairment
assessment (see note 2) to re\ufb02ect post year-end pricing trends, it is considerably below current spot prices.
The Group\u2019s latest approved budget and long term plan underpins management\u2019s base case (\u2018Base Case\u2019), upon which a
reverse stress test has been performed. This indicates that an oil price of c.$45.0/bbl is required to maintain covenant
compliance over the going concern period. The low level of this required price re\ufb02ects the Group\u2019s strong liquidity position.
The Base Case has also been subjected to further testing through a scenario that explores the impact of the following plausible
downside risks (the \u2018Downside Case\u2019):
\u2022
10% discount to Base Case prices resulting in Downside Case prices of $63.0/bbl for 2026 and 2027;
\u2022
Production risking of 5.0%; and
\u2022
2.5% increase in operating costs.
The Base Case and Downside Case indicate that the Group is able to operate as a going concern and remain covenant
compliant for 12 months from the date of publication of its full-year results (the \u2018going concern period\u2019).
After making appropriate enquiries and assessing the progress against the forecast, the Directors have a reasonable
expectation that the Group will continue in operation and meet its commitments as they fall due over the going concern period.
Accordingly, the Directors continue to adopt the going concern basis in preparing these \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial statements of EnQuest PLC and entities controlled by the
Company (its subsidiaries) made up to 31 December each year. Control is achieved when the Company:
\u2022
has power over the investee;
\u2022
is exposed, or has rights, to variable returns from its involvement with the investee; and
\u2022
has the ability to use its power to affect its returns.
The Company reassesses 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 listed above. Consolidation of a subsidiary begins when the Company obtains
control over the subsidiary and ceases when the Company loses control of the subsidiary. Speci\ufb01cally, the results of subsidiaries
acquired or disposed of during the year are included in pro\ufb01t or loss from the date the Company gains control until the date the
Company ceases to control the subsidiary.
Where necessary, adjustments are made to the \ufb01nancial statements of subsidiaries to bring the accounting policies used into
line with the Group\u2019s accounting policies. All intra-Group assets and liabilities, equity, income, expenses and cash \ufb02ows relating
to transactions between the members of the Group are eliminated on consolidation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "Joint arrangements
Oil and gas operations are usually conducted by the Group as co-licensees in unincorporated joint operations with other
companies. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions
about the relevant activities require the consent of the relevant parties sharing control. The joint operating agreement is the
underlying contractual framework to the joint arrangement, which is historically referred to as the joint venture. The Annual
Report and Accounts therefore refers to \u2018joint ventures\u2019 as a standard term used in the oil and gas industry, which is used
interchangeably with joint operations.
Most of the Group\u2019s activities are conducted through joint operations, whereby the parties that have joint control of the
arrangement have the rights to the assets, and obligations for the liabilities relating to the arrangement. The Group recognises
its share of assets, liabilities, income and expenses of the joint operation in the consolidated \ufb01nancial statements on a line-by-
line basis. During 2025, the Group did not have any material interests in joint ventures or in associates as de\ufb01ned in IAS 28.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "Foreign currencies
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the entity operates (\u2018functional currency\u2019). The Group\u2019s \ufb01nancial statements are presented in US
Dollars, the currency which the Group has elected to use as its presentation currency.
In the \ufb01nancial statements of the Company and its individual subsidiaries, transactions in currencies other than a company\u2019s
functional currency are recorded at the prevailing rate of exchange on the date of the transaction. At the year end, monetary
assets and liabilities denominated in foreign currencies are retranslated at the rates of exchange prevailing at the balance
sheet date. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using
the rate of exchange at the dates of the initial transactions. Non-monetary assets and liabilities measured at fair value in a
foreign currency are translated using the rate of exchange at the date the fair value was determined. All foreign exchange gains
and losses are taken to pro\ufb01t and loss in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "Foreign currencies
Items included in the \ufb01nancial statements of each of the Group\u2019s entities are measured using the currency of the primary
economic environment in which the entity operates (\u2018functional currency\u2019). The Group\u2019s \ufb01nancial statements are presented in US
Dollars, the currency which the Group has elected to use as its presentation currency.
In the \ufb01nancial statements of the Company and its individual subsidiaries, transactions in currencies other than a company\u2019s
functional currency are recorded at the prevailing rate of exchange on the date of the transaction. At the year end, monetary
assets and liabilities denominated in foreign currencies are retranslated at the rates of exchange prevailing at the balance
sheet date. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using
the rate of exchange at the dates of the initial transactions. Non-monetary assets and liabilities measured at fair value in a
foreign currency are translated using the rate of exchange at the date the fair value was determined. All foreign exchange gains
and losses are taken to pro\ufb01t and loss in the Group income statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "Emissions liabilities
The Group operates in an energy intensive industry and is therefore required to partake in emission trading schemes (\u2018ETS\u2019). The
Group recognises an emission liability in line with the production of emissions that give rise to the obligation. To the extent the
liability is covered by allowances held, the liability is recognised at the cost of these allowances held and if insuf\ufb01cient
allowances are held, the remaining uncovered portion is measured at the spot market price of allowances at the balance sheet
date. The expense is presented within \u2018production costs\u2019 under \u2018cost of sales\u2019 and the accrual is presented in \u2018trade and other
payables\u2019. Any allowance purchased to settle the Group\u2019s liability is recognised on the balance sheet as an intangible asset.
Both the emission allowances and the emission liability are derecognised upon settling the liability with the respective regulator.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "Use of judgements, estimates and assumptions
The preparation of the Group\u2019s consolidated \ufb01nancial statements requires management to make judgements, estimates and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures,
at the date of the consolidated \ufb01nancial statements. Estimates and assumptions are continuously evaluated and are based on
management\u2019s experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances. Uncertainty about these assumptions and estimates could result in outcomes that require a material
adjustment to the carrying amount of assets or liabilities affected in future periods.
The accounting judgements and estimates that have a signi\ufb01cant impact on the results of the Group are set out below and
should be read in conjunction with the information provided in the Notes to the \ufb01nancial statements. The Group does not
consider deferred taxation (including EPL) to represent a signi\ufb01cant estimate or judgement as the estimates and assumptions
relating to projected earnings and cash \ufb02ows used to assess deferred taxation are the same as those applied in the Group
impairment process as described below in Recoverability of asset carrying values. Judgements and estimates, not all of which
are signi\ufb01cant, made in assessing the impact of climate change and the transition to a lower carbon economy on the
consolidated \ufb01nancial statements are also set out below. Where an estimate has a signi\ufb01cant risk of resulting in a material
adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, this is speci\ufb01cally noted. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "Critical accounting judgements and key sources of estimation uncertainty The Group has considered its critical accounting judgements and key sources of estimation uncertainty, and these are set out below. Recoverability of asset carrying values Judgements: The Group assesses each asset or cash-generating unit (\u2018CGU\u2019) (excluding goodwill, which is assessed annually regardless of indicators) in each reporting period to determine whether any indication of impairment or impairment reversal exists. Assessment of indicators of impairment or impairment reversal and the determination of the appropriate grouping of assets into a CGU or the appropriate grouping of CGUs for impairment purposes require signi\ufb01cant management judgement. For example, individual oil and gas properties may form separate CGUs, whilst certain oil and gas properties with shared infrastructure may be grouped together to form a single CGU. Alternative groupings of assets or CGUs may result in a different outcome from impairment testing. See note 10 for details on how these groupings have been determined in relation to the impairment testing of goodwill. Estimates: Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered to be the higher of the fair value less costs to dispose (\u2018FVLCD\u2019) and value in use (\u2018VIU\u2019). The assessments require the use of estimates and assumptions, such as the effects of in\ufb02ation and de\ufb02ation on operating expenses, cost pro\ufb01le changes including those related to emission reduction initiatives such as alternative fuel provision at Kraken, discount rates, capital expenditure, production pro\ufb01les, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand conditions for crude oil and natural gas. Such estimates re\ufb02ect management\u2019s best estimate of the related cash \ufb02ows based on management\u2019s plans for the assets and their future development. As described above, the recoverable amount of an asset is the higher of its VIU and its FVLCD. When the recoverable amount is measured by reference to FVLCD, in the absence of quoted market prices or binding sale agreement, estimates are made regarding the present value of future post-tax cash \ufb02ows. These estimates are made from the perspective of a market participant and include prices, life of \ufb01eld production pro\ufb01les based on reserves and resources to which it is considered probable that a market participant would attribute value to them, operating costs, capital expenditure, decommissioning costs, tax attributes, risking factors applied to cash \ufb02ows, and discount rates. Details of impairment charges and reversals recognised in the income statement and details on the carrying amounts of assets are shown in note 9, note 10 and note 11. The estimates for assumptions made in impairment tests in 2025 relating to discount rates and oil prices are discussed below. Changes in the economic environment or other facts and circumstances may necessitate revisions to these assumptions and could result in a material change to the carrying values of the Group\u2019s assets within the next \ufb01nancial year. Discount rates For discounted cash \ufb02ow calculations, future cash \ufb02ows are adjusted for risks speci\ufb01c to the CGU. FVLCD discounted cash \ufb02ow calculations use the post-tax discount rate. The discount rate is derived using the weighted average cost of capital methodology. The discount rates applied in impairment tests are reassessed each half-year and, in 2025, the post-tax discount rate was estimated at 9.0% (2024: 10.0%) re\ufb02ecting the impact from the Group\u2019s reduced debt position and clarity over the UK \ufb01scal system. Oil prices The price assumptions used for FVLCD impairment testing were based on latest internal forecasts as at 31 December 2025. These price forecasts re\ufb02ect EnQuest\u2019s views of global supply and demand, including the potential \ufb01nancial impacts on the Group of climate change and the transition to a low carbon economy as outlined in the Basis of Preparation, and are benchmarked with external sources of information such as analyst forecasts. The Group\u2019s price forecasts are reviewed and approved by management, the Audit Committee and the Board of Directors. EnQuest revised its oil price assumptions for FVLCD impairment testing compared to those used in 2024, with nearer-term prices re\ufb02ecting current market dynamics and external forecasts. A summary of the Group\u2019s revised price assumptions is provided below. These assumptions, which represent management\u2019s best estimate of future prices, sit within the range of external forecasts. Discounts or premiums are applied to price assumptions based on the characteristics of the oil produced and the terms of the relevant sales contracts. When compared to the latest available Paris-consistent climate scenario modelling data released by the World Business Council of Sustainable Development (\u2018WBCSD\u2019) in May 2024, EnQuest\u2019s assumption is broadly aligned with the top end of a range of Paris-consistent scenario\u2019s. When compared to the International Energy Agency\u2019s (\u2018IEA\u2019) forecast prices under its Net Zero Emissions by 2050 Scenario (\u2018NZE\u2019) ,published in November 2025, which is also considered a Paris-consistent scenario and maps out a pragmatic but ambitious global pathway for the energy sector to achieve net zero CO2 emissions by 2050 and is consistent with a long-term goal of limiting the rise in global average temperatures to 1.5\u00b0C (with a 50% probability), EnQuest\u2019s short-term assumptions are below those assumed under the NZE, while its medium and longer-term prices are signi\ufb01cantly higher. As further considered later in this note, management believes a 10% reduction in crude oil price assumptions to be a reasonably possible change and has provided an impairment sensitivity on this basis. However, the potential impact of applying the IEA NZE Scenario, which is just one view of the possible impact of climate change, would result in a materially higher impairment charge. An in\ufb02ation rate of 2% (2024: 2%) is applied from 2030 onwards to determine the price assumptions in nominal terms (see table below). The price assumptions used in 2024 were $75.0/bbl (2025), $75.0/bbl (2026), $75.0/bbl (2027) and $76.5/bbl real thereafter, in\ufb02ated at 2.0% per annum from 2028. \n\n\n \n\t\t\n\t\t\tNote \n\t\t\t2026 \n\t\t\t2027 \n\t\t\t2028 \n\t\t\t2029> (i) \n\t\t\n\t\t\n\t\t\tBrent oil ($/bbl) \n\t\t\t65.0 \n\t\t\t67.5 \n\t\t\t72.5 \n\t\t\t75.0 \n\t\t\n\t\n \n(i) In\ufb02ated at 2% from 2030 Oil and natural gas reserves Hydrocarbon reserves are estimates of the amount of hydrocarbons that can be economically and legally extracted from the Group\u2019s oil and gas properties. The business of the Group is to responsibly optimise production, leverage existing infrastructure, deliver a strong decommissioning performance and explore new energy and decarbonisation opportunities. Factors such as the availability of geological and engineering data, reservoir performance data, acquisition and divestment activity, and drilling of new wells all impact on the determination of the Group\u2019s estimates of its oil and gas reserves and result in different future production pro\ufb01les affecting prospectively the discounted cash \ufb02ows used in impairment testing, the anticipated date of decommissioning and the depletion charges in accordance with the unit of production method, as well as the going concern assessment. Economic assumptions used to estimate reserves change from period to period as additional technical and operational data is generated. This process may require complex and dif\ufb01cult geological judgements to interpret the data. The Group uses proven and probable (\u20182P\u2019) reserves (see page 34) and, for the Kraken CGU, 2C resources associated with the Bressay gas well as an alternative fuel provision for the Kraken FPSO as the basis for calculations of expected future cash \ufb02ows from underlying assets because this represents the reserves and resources management intends to develop and it is probable that a market participant would attribute value to them. Third-party audits of EnQuest\u2019s reserves and resources are conducted annually. Sensitivity analyses Changes in price and its consequential impact on impairment and deferred tax along with the discount rate impact on impairment and decommissioning are considered to be the only key sources of estimation uncertainty, although other sensitivities that the Group believes are useful for users of these accounts but are not considered to have a signi\ufb01cant risk of resulting in material changes to carrying amounts in the next 12 months, may also be provided. Management tested the impact of a change in cash \ufb02ows in FVLCD impairment testing arising from a 10% reduction in crude price assumptions, which it believes to be a reasonably possible change given the prevailing macroeconomic environment. Price reductions of this magnitude in isolation could indicatively lead to a further reduction in the carrying amount of EnQuest\u2019s oil and gas properties by approximately $198.7 million, which is approximately 8% of the net book value of property, plant and equipment as at 31 December 2025. The oil price sensitivity analysis above does not, however, represent management\u2019s best estimate of any impairments that might be recognised as it does not fully incorporate consequential changes that may arise, such as reductions in costs and changes to business plans, phasing of development, levels of reserves and resources, and production volumes. As the extent of a price reduction increases, the more likely it is that costs would decrease across the industry. The oil price sensitivity analysis therefore does not re\ufb02ect a linear relationship between price and value that can be extrapolated. Management also tested the impact of a one percentage point change in the discount rate of 9.0% used for FVLCD impairment testing of oil and gas properties, which is considered a reasonably possible change given the prevailing macroeconomic environment. If the discount rate was one percentage point higher across all tests performed, the net impairment charge in 2025 would have been approximately $51.9 million higher. If the discount rate was one percentage point lower, the net impairment reversal would have been approximately $24.3 million higher. Goodwill Irrespective of whether there is any indication of impairment, EnQuest is required to test annually for impairment of goodwill acquired in business combinations. The Group carries goodwill of approximately $139.5 million on its balance sheet (2024: $134.4 million), principally relating to the acquisitions of the Magnus oil \ufb01eld (acquired in 2018) in the UK and Block 12W in Vietnam (acquired in 2025). Sensitivities and additional information relating to impairment testing of goodwill are provided in note 10. Deferred tax The Group assesses the recoverability of its deferred tax assets at each period end. Sensitivities and additional information relating to deferred tax assets/liabilities are provided in note 6(d). 75% Magnus acquisition contingent consideration Judgement: During 2025, management commenced discussions with bp to settle the 75% Magnus contingent consideration arrangement. Management assessed that the agreement to settle the Magnus contingent consideration, signed and concluded in February 2026, was substantially agreed with bp at 31 December 2025. Therefore the agreement price of $60.0 million was deemed to be a reasonable fair value in line with IFRS 13, for the contingent consideration as at 31 December 2025, resulting in a pre-tax gain of $391.3 million. If management had concluded the agreement was not substantially complete at year end, the contingent consideration would have continued to be valued based on the present value of the future expected cash \ufb02ows from the Magnus \ufb01eld, which at 30 June 2025 resulted in a provision of $432.9 million being recorded. Provisions Estimates: Decommissioning costs will be incurred by the Group at the end of the operating life of some of the Group\u2019s oil and gas production facilities and pipelines. The Group assesses its decommissioning provision at each reporting date. The ultimate decommissioning costs are uncertain and cost estimates can vary in response to many factors, including changes to relevant legal requirements, estimates of the extent and costs of decommissioning activities, the emergence of new restoration techniques and experience at other production sites. The expected timing, extent and amount of expenditure may also change, for example, in response to changes in oil and gas reserves or changes in laws and regulations or their interpretation. Therefore, signi\ufb01cant estimates and assumptions are made in determining the provision for decommissioning. As a result, there could be signi\ufb01cant adjustments to the provisions established which would affect future \ufb01nancial results. The timing and amount of future expenditures relating to decommissioning and environmental liabilities are reviewed annually. The rate used in discounting the cash \ufb02ows is reviewed half-yearly. The Group assesses discount rates in each geography in which it operates using an appropriate benchmark, usually government bonds. As such, the nominal discount rate used to determine the balance sheet obligations ranged from 3.1% to 4.5% (2024: 3.1% to 4.5%). Costs at future prices are determined by applying in\ufb02ation rates. The in\ufb02ation rates applied are usually management\u2019s estimate based on relevant in-country benchmarking, but in certain circumstances in\ufb02ation is applied in accordance with the relevant operating agreement. As such, where in\ufb02ation has been applied to decommissioning costs, it has ranged between 1.0% and 2.0% per annum thereafter (2024: 1.0% to 2.0%). The weighted average period over which North Sea decommissioning costs are generally expected to be incurred is estimated to be approximately 12 years. Further information about the Group\u2019s provisions is provided in note 22. Changes in assumptions could result in a material change in their carrying amounts within the next \ufb01nancial year. A sensitivity has only been run for the UK North Sea segment given its materiality compared to Malaysia and Vietnam. A one percentage point decrease in the nominal discount rate applied, which is considered a reasonably possible change given the prevailing macroeconomic environment, could increase the Group\u2019s provision balances by approximately $58.6 million (2024: $59.4 million). The pre-tax impact on the Group income statement would be a charge of approximately $57.5 million (2024: $58.7 million). Business combination Judgement: The Group determined that the acquisition of Block 12W in Vietnam during the year was the acquisition of a business, due to the acquired set of activities and assets including inputs and processes critical to the ability to continue producing outputs. Estimates: While the risk that the acquisition fair value of Block 12W in Vietnam materially changes in the next 12 months is low and so is not considered a key source of estimation uncertainty, for business combinations the Group determines the fair value of property, plant and equipment acquired based on the discounted cash \ufb02ows at the time of acquisition from the proven and probable reserves. In assessing the discounted cash \ufb02ows, the estimated future cash \ufb02ows attributable to the asset are discounted to their present value using a discount rate that re\ufb02ects the market assessments of the time value of money and the risks speci\ufb01c to the asset at the time of the acquisition. In calculating the asset fair value, the Group will apply oil price assumptions representing management\u2019s view of the long-term oil price.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Deferred tax
The Group assesses the recoverability of its deferred tax assets at each period end. Sensitivities and additional information
relating to deferred tax assets/liabilities are provided in note 6(d). (c) Deferred income tax
Deferred income tax relates to the following:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
Charge/(credit) for the year
\u00a0
Group balance sheet
recognised in pro\ufb01t or loss
\u00a0
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Deferred tax liability
\u00a0\u00a0\u00a0\u00a0
Accelerated capital allowances
1,039,396
911,501
126,945
33,701
\u00a0
1,039,396
911,501
\u00a0\u00a0
Deferred tax asset
\u00a0\u00a0\u00a0\u00a0
Losses
(627,124)
(717,900)
90,777
(22,012)
Decommissioning liability
(296,069)
(263,705)
(33,047)
2,095
Other temporary differences
(i)
(137,214)
(331,679)
190,034
46,912
\u00a0
(1,060,407)
(1,313,284)
374,709
60,696
Net deferred tax (assets)
(ii)
(21,011)
(401,783)
\u00a0\u00a0
Re\ufb02ected in the balance sheet as follows:
\u00a0\u00a0\u00a0\u00a0
Deferred tax assets
(271,375)
(506,481)
\u00a0\u00a0
Deferred tax liabilities
250,364
104,698
\u00a0\u00a0
Net deferred tax (assets)
(21,011)
(401,783)
\u00a0\u00a0
\n
(i)
Predominantly includes $107.7 million on deferred income in note 24 and $17.5 million Petroleum Revenue Tax refunds
(ii)
The total amounts for EPL included in net deferred assets are $276.3 million for accelerated capital allowances offset by $56.7 million for other items, which
predominantly includes $52.5 million related to deferred income (note 24)
Reconciliation of net deferred tax assets/(liabilities)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
At 1 January
401,783
462,479
Tax expense during the period recognised in pro\ufb01t or loss
(374,709)
(60,696)
Deferred taxes acquired in business combinations (see note 30)
(6,063)
\u2013
At 31 December
21,011
401,783
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "3. Segment information
The Group\u2019s organisational structure re\ufb02ects the various activities in which EnQuest is engaged. Management has considered
the requirements of IFRS 8 Operating Segments in regard to the determination of operating segments and concluded that at
31 December 2025, the Group had two signi\ufb01cant operating segments: the North Sea and Malaysia. The Vietnam, Indonesia and
Brunei operations, which are new for 2025, are not yet deemed signi\ufb01cant in accordance with the quantitative thresholds for
separate disclosure under IFRS 8, and so these operations have been aggregated into one reporting group, alongside other
Corporate activities. Operations are managed by location and all information is presented per geographical segment. The
Group\u2019s segmental reporting structure remained in place throughout 2025. The North Sea\u2019s activities include Upstream,
Midstream, Decommissioning and Veri Energy. Veri Energy is not considered a separate operating segment as it does not yet
earn revenues and is not yet a material part of the Group from a capital and human resources allocation perspective.
Malaysia\u2019s activities include Upstream and Decommissioning. The Group\u2019s reportable segments may change in the future
depending on the way that resources may be allocated and performance assessed by the Chief Operating Decision Maker, who
for EnQuest is the Chief Executive. The information reported to the Chief Operating Decision Maker does not include an analysis
of assets and liabilities, and accordingly this information is not presented, in line with IFRS 8 paragraph 23.
\n\n\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0 \u00a0\u00a0
Adjustments
\u00a0
Year ended 31 December 2025
\u00a0\u00a0
All other
Total
and
\u00a0
$\u2019000
North Sea
Malaysia
segments
segments
eliminations
(i), (iii)
Consolidated
Revenue and other operating income:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from contracts with customers
895,313
114,110
52,842
1,062,265
\u2013
1,062,265
Other operating income/(expense)
1,770
\u2013
343
2,113
53,922
56,035
Total revenue and other operating income/(expense)
897,083
114,110
53,185
1,064,378
53,922
1,118,300
Income/(expenses) line items:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Depreciation and depletion
(244,937)
(18,183)
(9,308)
(272,428)
\u2013
(272,428)
Net impairment reversal/(charge) to oil and gas assets
5,819
\u2013
\u2013
5,819
\u2013
5,819
Exploration write-off and impairments
(173)
\u2013
\u2013
(173)
\u2013
(173)
Segment pro\ufb01t/(loss)
(ii), (iii)
489,959
43,770
9,090
542,819
105,975
648,794
Other disclosures:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Capital expenditure
(iv)
148,814
63,214
1,328
213,356
\u2013
213,356
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0 \u00a0
Adjustments
\u00a0
Year ended 31 December 2024
\u00a0\u00a0
All other
Total
and
\u00a0
$\u2019000
North Sea
Malaysia
segments
segments
eliminations
(i), (iii)
Consolidated
Revenue and other operating income:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from contracts with customers
1,063,829
123,728
\u2013
1,187,557
\u2013
1,187,557
Other operating income/(expense)
2,709
\u2013
260
2,969
(9,817)
(6,848)
Total revenue and other operating income/(expense)
1,066,538
123,728
260
1,190,526
(9,817)
1,180,709
Income/(expenses) line items:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Depreciation and depletion
(252,208)
(17,042)
(41)
(269,291)
\u2013
(269,291)
Net impairment (charge)/reversal to oil and gas assets
(71,414)
\u2013
\u2013
(71,414)
\u2013
(71,414)
Exploration write-off and impairments
\u2013
(183)
\u2013
(183)
\u2013
(183)
Segment pro\ufb01t/(loss)
(ii), (iii)
274,354
45,536
9,013
328,903
(17,375)
311,528
Other disclosures:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Capital expenditure
(iv)
313,557
32,774
15
346,346
\u2013
346,346
\n
(i)
Finance income and costs and gains and losses on derivatives are not allocated to individual segments as the underlying instruments are managed on a Group basis
(ii)
The consolidated pro\ufb01t/(loss) \ufb01gure reconciles with Pro\ufb01t/(loss) from operations before tax and \ufb01nance income/(costs) in the income statement. Tax is not included as
this is not disclosed to the Chief Operating Decision Maker within the segment pro\ufb01t/(loss)
(iii)
Inter-segment revenues are eliminated on consolidation. All other adjustments are part of the reconciliations presented further below
(iv)
Capital expenditure consists of property, plant and equipment and intangible exploration and appraisal assets
Reconciliation of pro\ufb01t/(loss):
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Segment pro\ufb01t/(loss) before tax and \ufb01nance income/(costs)
542,819
328,903
Finance costs
(164,591)
(159,422)
Finance income
9,224
14,508
Gain/(loss) on derivatives
(i)
105,975
(17,375)
Pro\ufb01t/(loss) before tax
493,427
166,614
\n
(i)
Includes $28.5 million realised gains on derivatives (2024: $17.6 million realised losses) and $77.5 million unrealised gains on derivatives (2024: $0.3 million). See note
18(b) for further detail
Revenue from three customers each exceeds 10% of the Group\u2019s consolidated revenue arising from sales of crude oil, with
amounts of $414.3 million, $103.6 million and $93.0 million per each single customer (2024: three customers; $394.8 million, $156.0
million, and $115.7 million per each single customer).", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "4. Revenue and expenses
(a) Revenue and other operating income
Accounting policy
Revenue from contracts with customers
The Group generates revenue through the sale of crude oil, gas and condensate to third parties, and through the provision of
infrastructure to its customers for tariff income. Revenue from contracts with customers is recognised when control of the goods
or services is transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled
in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it
typically controls the goods or services before transferring them to the customer. The normal credit term is 30 days or less upon
performance of the obligation.
Sale of crude oil, gas and condensate
The Group sells crude oil, gas and condensate directly to customers. The sale represents a single performance obligation, being
the sale of barrels equivalent to the customer on taking physical possession or on delivery of the commodity into an
infrastructure. At this point the title passes to the customer and revenue is recognised. The Group principally satis\ufb01es its
performance obligations at a point in time; the amounts of revenue recognised relating to performance obligations satis\ufb01ed
over time are not signi\ufb01cant. Transaction prices are referenced to quoted prices, plus or minus an agreed \ufb01xed premium or
discount rate to an appropriate benchmark, if applicable.
Tariff revenue for the use of Group infrastructure
Tariffs are charged to customers for the use of infrastructure owned by the Group. The revenue represents the performance of
an obligation for the use of Group assets over the life of the contract. The use of the assets is not separable as they are
interdependent in order to ful\ufb01l the contract and no one item of infrastructure can be individually isolated. Revenue is
recognised as the performance obligations are satis\ufb01ed over the period of the contract, generally a period of 12 months or less,
on a monthly basis based on throughput at the agreed contracted rates.
Other operating income
Other operating revenue is recognised to the extent that it is probable economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can be reliably measured.
The Group enters into commodity derivative trading transactions which can be settled net in cash. Accordingly, any gains or
losses are not considered to constitute revenue from contracts with customers in accordance with the requirements of IFRS 15,
rather are accounted for in line with IFRS 9 and included within other operating income (see note 18).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Revenue from contracts with customers:
\u00a0\u00a0
Revenue from crude oil sales
858,166
1,020,266
Revenue from gas and condensate sales
(i)
200,526
164,647
Tariff revenue
3,573
2,644
Total revenue from contracts with customers
1,062,265
1,187,557
Realised gains/(losses) on commodity derivative contracts (see note 18)
8,744
(12,907)
Unrealised gains/(losses) on commodity derivative contracts (see note 18)
45,178
3,090
Other
2,113
2,969
Total revenue and other operating income
1,118,300
1,180,709
\n
(i)
Includes onward sale of third-party gas purchases not required for injection activities at Magnus (see note 4(b))
Disaggregation of revenue from contracts with customers
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December 2025
31 December 2024
\u00a0
$\u2019000
$\u2019000
\u00a0
North Sea
Malaysia
Vietnam
Total
North Sea
Malaysia
Vietnam
Total
Revenue from contracts with customers:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from crude oil sales
703,071
103,299
51,796
858,166
900,310
119,956
\u2013
1,020,266
Revenue from gas and condensate sales
(i)
192,074
7,406
1,046
200,526
162,951
1,696
\u2013
164,647
Tariff revenue
168
3,405
\u2013
3,573
568
2,076
\u2013
2,644
Total revenue from contracts with customers
895,313
114,110
52,842
1,062,265
1,063,829
123,728
\u2013
1,187,557
\n
(i)
Includes onward sale of third-party gas purchases not required for injection activities at Magnus (see note 4(b))
(b) Cost of sales
Accounting policy
Production imbalances, movements in under/over-lift and movements in inventory are included in cost of sales. The over-lift
liability is recorded at the cost of the production imbalance to represent a provision for production costs attributable to the
volumes sold in excess of entitlement. The under-lift asset is recorded at the lower of cost and net realisable value (\u2018NRV\u2019),
consistent with IAS 2, to represent a right to additional physical inventory. An under-lift of production from a \ufb01eld is included in
current receivables and an over-lift of production from a \ufb01eld is included in current liabilities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Production costs
344,580
307,634
Tariff and transportation expenses
69,189
70,449
Realised (gain)/loss on derivative contracts related to operating costs (see note 18)
(19,711)
4,735
Unrealised (gains)/losses on derivative contracts related to operating costs (see note 18)
(32,342)
2,823
Other non-cash UKA losses
11,490
1,335
Change in lifting position
3,350
3,528
Crude oil inventory movement
14,057
(1,356)
Depletion of oil and gas assets
(i)
267,299
263,251
Other cost of operations
(ii)
179,628
134,984
Total cost of sales
837,540
787,383
\n
(i)
Includes $29.2 million (2024: $27.9 million) Kraken and Vietnam FPSO right-of-use asset depreciation charge and $26.3 million (2024: $23.5 million) of other right-of-use
assets depreciation charge
(ii)
Includes $166.2 million (2024: $125.7 million) of purchases and associated costs of third-party gas not required for injection activities at Magnus, which is sold on
(c) General and administration expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Staff costs (see note 4(e))
73,634
75,833
Depreciation
(i)
5,129
6,040
Other general and administration costs
26,359
26,748
Recharge of costs to operations and joint venture partners
(97,640)
(102,919)
Total general and administration expenses
7,482
5,702
\n
(i)
Includes $3.7 million (2024: $3.4 million) right-of-use assets depreciation charge on buildings
(d) Other income/(expenses)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Net foreign exchange (losses)/gains
(28,330)
9,975
Rental income from of\ufb01ce sublease
1,893
2,201
Fair value changes in contingent consideration (see note 21)
387,145
(15,904)
Change in decommissioning provisions (see note 22)
(9,727)
(6,666)
Change in Thistle decommissioning provision (see note 22)
(4,772)
(412)
Drilling rig contract cancellation costs
(i)
\u2013
(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)
(173)
(183)
Insurance income
(53)
1,663
Reversal of provisions
4,685
\u2013
Other
19,029
19,273
Total other income/(expenses)
369,697
(4,682)
\n
(i) In 2024, drilling rig contract at Kraken was terminated due to a deferral of in\ufb01ll drilling
(e) Staff costs
Accounting policy
Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.
The Group\u2019s pension obligations consist of de\ufb01ned contribution plans. The Group pays \ufb01xed contributions with no further
payment obligations once the contributions have been paid. The amount charged to the Group income statement in respect of
pension costs re\ufb02ects the contributions payable in the year. Differences between contributions payable during the year and
contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.
\n\n\u00a0\n \n
Year ended
Year ended
31 December
31 December
2025
2024
$\u2019000
$\u2019000
Wages and salaries
62,286
66,700
Social security costs
6,202
5,899
De\ufb01ned contribution pension costs
5,932
5,265
(Credit)/expense of share-based payments (see note 20)
(669)
983
Other staff costs
13,969
12,300
Total employee costs
87,720
91,147
Contractor costs
46,529
37,493
Total staff costs
134,249
128,640
General and administration staff costs (see note 4(c))
73,634
75,833
Non-general and administration costs
60,615
52,807
Total staff costs
134,249
128,640
\n
The monthly average number of persons, excluding contractors, employed by the Group during the year was 694, with 359 in the
general and administration staff costs and 335 directly attributable to assets (2024: 673 of which 336 in general and
administration and 337 directly attributable to assets). Compensation of key management personnel is disclosed in note 26.
(f) Auditor\u2019s remuneration
The following amounts for the year ended 31 December 2025 and for the comparative year ended 31 December 2024 were
payable by the Group to Deloitte:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the parent company and Group \ufb01nancial statements
1,476
1,367
The audit of the Company\u2019s subsidiaries
303
173
Total audit
1,779
1,540
Audit-related assurance services
(i)
694
589
Total audit and audit-related assurance services
2,473
2,129
Total auditor\u2019s remuneration
2,473
2,129
\n
(i)
Audit-related assurance services in both years primarily include the review of the Group\u2019s interim results, G&A assurance review and the provision of customary
comfort letters in respect of the Group\u2019s re\ufb01nancing activities. Included within 2025 is \u00a330,000 (2024: nil) related to other services that are not assurance related", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "4. Revenue and expenses
(a) Revenue and other operating income
Accounting policy
Revenue from contracts with customers
The Group generates revenue through the sale of crude oil, gas and condensate to third parties, and through the provision of
infrastructure to its customers for tariff income. Revenue from contracts with customers is recognised when control of the goods
or services is transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled
in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it
typically controls the goods or services before transferring them to the customer. The normal credit term is 30 days or less upon
performance of the obligation.
Sale of crude oil, gas and condensate
The Group sells crude oil, gas and condensate directly to customers. The sale represents a single performance obligation, being
the sale of barrels equivalent to the customer on taking physical possession or on delivery of the commodity into an
infrastructure. At this point the title passes to the customer and revenue is recognised. The Group principally satis\ufb01es its
performance obligations at a point in time; the amounts of revenue recognised relating to performance obligations satis\ufb01ed
over time are not signi\ufb01cant. Transaction prices are referenced to quoted prices, plus or minus an agreed \ufb01xed premium or
discount rate to an appropriate benchmark, if applicable.
Tariff revenue for the use of Group infrastructure
Tariffs are charged to customers for the use of infrastructure owned by the Group. The revenue represents the performance of
an obligation for the use of Group assets over the life of the contract. The use of the assets is not separable as they are
interdependent in order to ful\ufb01l the contract and no one item of infrastructure can be individually isolated. Revenue is
recognised as the performance obligations are satis\ufb01ed over the period of the contract, generally a period of 12 months or less,
on a monthly basis based on throughput at the agreed contracted rates.
Other operating income
Other operating revenue is recognised to the extent that it is probable economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can be reliably measured.
The Group enters into commodity derivative trading transactions which can be settled net in cash. Accordingly, any gains or
losses are not considered to constitute revenue from contracts with customers in accordance with the requirements of IFRS 15,
rather are accounted for in line with IFRS 9 and included within other operating income (see note 18).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Revenue from contracts with customers:
\u00a0\u00a0
Revenue from crude oil sales
858,166
1,020,266
Revenue from gas and condensate sales
(i)
200,526
164,647
Tariff revenue
3,573
2,644
Total revenue from contracts with customers
1,062,265
1,187,557
Realised gains/(losses) on commodity derivative contracts (see note 18)
8,744
(12,907)
Unrealised gains/(losses) on commodity derivative contracts (see note 18)
45,178
3,090
Other
2,113
2,969
Total revenue and other operating income
1,118,300
1,180,709
\n
(i)
Includes onward sale of third-party gas purchases not required for injection activities at Magnus (see note 4(b))
Disaggregation of revenue from contracts with customers
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December 2025
31 December 2024
\u00a0
$\u2019000
$\u2019000
\u00a0
North Sea
Malaysia
Vietnam
Total
North Sea
Malaysia
Vietnam
Total
Revenue from contracts with customers:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Revenue from crude oil sales
703,071
103,299
51,796
858,166
900,310
119,956
\u2013
1,020,266
Revenue from gas and condensate sales
(i)
192,074
7,406
1,046
200,526
162,951
1,696
\u2013
164,647
Tariff revenue
168
3,405
\u2013
3,573
568
2,076
\u2013
2,644
Total revenue from contracts with customers
895,313
114,110
52,842
1,062,265
1,063,829
123,728
\u2013
1,187,557
\n
(i)
Includes onward sale of third-party gas purchases not required for injection activities at Magnus (see note 4(b))
(b) Cost of sales
Accounting policy
Production imbalances, movements in under/over-lift and movements in inventory are included in cost of sales. The over-lift
liability is recorded at the cost of the production imbalance to represent a provision for production costs attributable to the
volumes sold in excess of entitlement. The under-lift asset is recorded at the lower of cost and net realisable value (\u2018NRV\u2019),
consistent with IAS 2, to represent a right to additional physical inventory. An under-lift of production from a \ufb01eld is included in
current receivables and an over-lift of production from a \ufb01eld is included in current liabilities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Production costs
344,580
307,634
Tariff and transportation expenses
69,189
70,449
Realised (gain)/loss on derivative contracts related to operating costs (see note 18)
(19,711)
4,735
Unrealised (gains)/losses on derivative contracts related to operating costs (see note 18)
(32,342)
2,823
Other non-cash UKA losses
11,490
1,335
Change in lifting position
3,350
3,528
Crude oil inventory movement
14,057
(1,356)
Depletion of oil and gas assets
(i)
267,299
263,251
Other cost of operations
(ii)
179,628
134,984
Total cost of sales
837,540
787,383
\n
(i)
Includes $29.2 million (2024: $27.9 million) Kraken and Vietnam FPSO right-of-use asset depreciation charge and $26.3 million (2024: $23.5 million) of other right-of-use
assets depreciation charge
(ii)
Includes $166.2 million (2024: $125.7 million) of purchases and associated costs of third-party gas not required for injection activities at Magnus, which is sold on
(c) General and administration expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Staff costs (see note 4(e))
73,634
75,833
Depreciation
(i)
5,129
6,040
Other general and administration costs
26,359
26,748
Recharge of costs to operations and joint venture partners
(97,640)
(102,919)
Total general and administration expenses
7,482
5,702
\n
(i)
Includes $3.7 million (2024: $3.4 million) right-of-use assets depreciation charge on buildings
(d) Other income/(expenses)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Net foreign exchange (losses)/gains
(28,330)
9,975
Rental income from of\ufb01ce sublease
1,893
2,201
Fair value changes in contingent consideration (see note 21)
387,145
(15,904)
Change in decommissioning provisions (see note 22)
(9,727)
(6,666)
Change in Thistle decommissioning provision (see note 22)
(4,772)
(412)
Drilling rig contract cancellation costs
(i)
\u2013
(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)
(173)
(183)
Insurance income
(53)
1,663
Reversal of provisions
4,685
\u2013
Other
19,029
19,273
Total other income/(expenses)
369,697
(4,682)
\n
(i) In 2024, drilling rig contract at Kraken was terminated due to a deferral of in\ufb01ll drilling
(e) Staff costs
Accounting policy
Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.
The Group\u2019s pension obligations consist of de\ufb01ned contribution plans. The Group pays \ufb01xed contributions with no further
payment obligations once the contributions have been paid. The amount charged to the Group income statement in respect of
pension costs re\ufb02ects the contributions payable in the year. Differences between contributions payable during the year and
contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.
\n\n\u00a0\n \n
Year ended
Year ended
31 December
31 December
2025
2024
$\u2019000
$\u2019000
Wages and salaries
62,286
66,700
Social security costs
6,202
5,899
De\ufb01ned contribution pension costs
5,932
5,265
(Credit)/expense of share-based payments (see note 20)
(669)
983
Other staff costs
13,969
12,300
Total employee costs
87,720
91,147
Contractor costs
46,529
37,493
Total staff costs
134,249
128,640
General and administration staff costs (see note 4(c))
73,634
75,833
Non-general and administration costs
60,615
52,807
Total staff costs
134,249
128,640
\n
The monthly average number of persons, excluding contractors, employed by the Group during the year was 694, with 359 in the
general and administration staff costs and 335 directly attributable to assets (2024: 673 of which 336 in general and
administration and 337 directly attributable to assets). Compensation of key management personnel is disclosed in note 26.
(f) Auditor\u2019s remuneration
The following amounts for the year ended 31 December 2025 and for the comparative year ended 31 December 2024 were
payable by the Group to Deloitte:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the parent company and Group \ufb01nancial statements
1,476
1,367
The audit of the Company\u2019s subsidiaries
303
173
Total audit
1,779
1,540
Audit-related assurance services
(i)
694
589
Total audit and audit-related assurance services
2,473
2,129
Total auditor\u2019s remuneration
2,473
2,129
\n
(i)
Audit-related assurance services in both years primarily include the review of the Group\u2019s interim results, G&A assurance review and the provision of customary
comfort letters in respect of the Group\u2019s re\ufb01nancing activities. Included within 2025 is \u00a330,000 (2024: nil) related to other services that are not assurance related", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "Accounting policy
Revenue from contracts with customers
The Group generates revenue through the sale of crude oil, gas and condensate to third parties, and through the provision of
infrastructure to its customers for tariff income. Revenue from contracts with customers is recognised when control of the goods
or services is transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled
in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it
typically controls the goods or services before transferring them to the customer. The normal credit term is 30 days or less upon
performance of the obligation.
Sale of crude oil, gas and condensate
The Group sells crude oil, gas and condensate directly to customers. The sale represents a single performance obligation, being
the sale of barrels equivalent to the customer on taking physical possession or on delivery of the commodity into an
infrastructure. At this point the title passes to the customer and revenue is recognised. The Group principally satis\ufb01es its
performance obligations at a point in time; the amounts of revenue recognised relating to performance obligations satis\ufb01ed
over time are not signi\ufb01cant. Transaction prices are referenced to quoted prices, plus or minus an agreed \ufb01xed premium or
discount rate to an appropriate benchmark, if applicable.
Tariff revenue for the use of Group infrastructure
Tariffs are charged to customers for the use of infrastructure owned by the Group. The revenue represents the performance of
an obligation for the use of Group assets over the life of the contract. The use of the assets is not separable as they are
interdependent in order to ful\ufb01l the contract and no one item of infrastructure can be individually isolated. Revenue is
recognised as the performance obligations are satis\ufb01ed over the period of the contract, generally a period of 12 months or less,
on a monthly basis based on throughput at the agreed contracted rates.
Other operating income
Other operating revenue is recognised to the extent that it is probable economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can be reliably measured.Accounting policy
Production imbalances, movements in under/over-lift and movements in inventory are included in cost of sales. The over-lift
liability is recorded at the cost of the production imbalance to represent a provision for production costs attributable to the
volumes sold in excess of entitlement. The under-lift asset is recorded at the lower of cost and net realisable value (\u2018NRV\u2019),
consistent with IAS 2, to represent a right to additional physical inventory. An under-lift of production from a \ufb01eld is included in
current receivables and an over-lift of production from a \ufb01eld is included in current liabilities.Accounting policy Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.Accounting policy Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.Accounting policy
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the balance sheet date.
The Group\u2019s operations are subject to a number of speci\ufb01c tax rules which apply to exploration, development and production. In
addition, the tax provision is prepared before the relevant companies have \ufb01led their tax returns with the relevant tax authorities
and, signi\ufb01cantly, before these have been agreed. As a result of these factors, the tax provision process necessarily involves the
use of a number of estimates and judgements, including those required in calculating the effective tax rate.
Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the Group \ufb01nancial statements. However, deferred tax is not accounted for if a temporary difference arises from
initial recognition of other assets or liabilities in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax is measured on an undiscounted basis using tax
rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when
the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and
liabilities are offset only if a legal right exists to offset current tax assets against current tax liabilities, the deferred income taxes
relate to the same taxation authority and that the Group intends to make a single net payment.
The Group has applied the mandatory exception to recognising and disclosing information about the deferred tax assets and
liabilities relating to Pillar Two income taxes in accordance with the amendments to IAS 12 published by the International
Accounting Standards Board (\u2018IASB\u2019) on 23 May 2023.
Production taxes
In addition to corporate income taxes, the Group\u2019s \ufb01nancial statements also include and disclose production taxes on net
income determined from oil and gas production.
Production tax relates to Petroleum Revenue Tax (\u2018PRT\u2019) within the UK and is accounted for under IAS 12 Income Taxes since it has
the characteristics of an income tax as it is imposed under government authority and the amount payable is based on taxable
pro\ufb01ts of the relevant \ufb01elds. Current and deferred PRT is provided on the same basis as described above for income taxes.
Investment allowance
The UK taxation regime provides for a reduction in ring-fence supplementary charge tax where investment in new or existing UK
assets qualify for a relief known as investment allowance. Investment allowance must be activated by commercial production
from the same \ufb01eld before it can be claimed. The Group has both unactivated and activated investment allowances which
could reduce future supplementary charge taxation. The Group\u2019s policy is that investment allowance is recognised as a
reduction in the charge to taxation in the years claimed.Accounting policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.
Cost
Cost comprises the purchase price or cost relating to development, including the construction, installation and completion of
infrastructure facilities such as platforms, pipelines and development wells and any other costs directly attributable to making
that asset capable of operating as intended by management. The purchase price or construction cost is the aggregate amount
paid and the fair value of any other consideration given to acquire the asset.
The carrying amount of an item of property, plant and equipment is derecognised on disposal or when no future economic
bene\ufb01ts are expected from its use. The gain or loss arising from the derecognition of an item of property, plant and equipment is
included in the other operating income or expense line item in the Group income statement when the asset is derecognised.
Development assets
Expenditure relating to development of assets, including the construction, installation and completion of infrastructure facilities
such as platforms, pipelines and development wells, is capitalised within property, plant and equipment.
Carry arrangements
Where amounts are paid on behalf of a carried party, these are capitalised. Where there is an obligation to make payments on
behalf of a carried party and the timing and amount are uncertain, a provision is recognised. Where the payment is a \ufb01xed
monetary amount, a \ufb01nancial liability is recognised.
Borrowing costs
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial
period of time to prepare for their intended use, are capitalised during the development phase of the project until such time as
the assets are substantially ready for their intended use.
Depletion and depreciation
Oil and gas assets are depleted, on a \ufb01eld-by-\ufb01eld basis, using the unit of production method based on entitlement to proven
and probable reserves, taking account of estimated future development expenditure relating to those reserves. Changes in
factors which affect unit of production calculations are dealt with prospectively. Depletion of oil and gas assets is taken through
cost of sales.
Depreciation on other elements of property, plant and equipment is provided on a straight-line basis, and taken through
general and administration expenses, at the following rates:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Of\ufb01ce furniture and equipment
Five years
Fixtures and \ufb01ttings
Ten years
Right-of-use assets
(i)
Lease term
\n
(i)
Excludes Kraken and Vietnam FPSOs which are depleted using the unit of production method in accordance with the related oil and gas assets
Each asset\u2019s estimated useful life, residual value and method of depreciation is reviewed and adjusted if appropriate at each
\ufb01nancial year end. Any changes in estimate are accounted for on a prospective basis.
Impairment of tangible (excluding goodwill)
At each balance sheet date, discounted cash \ufb02ow models comprising asset-by-asset life-of-\ufb01eld projections and risks speci\ufb01c
to assets, using Level 3 inputs (based on IFRS 13 fair value hierarchy), have been used to determine the recoverable amounts for
each CGU. The life of a \ufb01eld depends on the interaction of a number of variables; see note 2 for further details. Estimated
production volumes and cash \ufb02ows up to the date of cessation of production on a \ufb01eld-by-\ufb01eld basis, including operating and
capital expenditure, are derived from the Group\u2019s business plan. Oil price assumptions and discount rate assumptions used
were as disclosed in note 2. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in
the Group income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate
of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an
impairment loss is recognised immediately in the Group income statement.Accounting policy
Cost
Goodwill arising on a business combination is initially measured at cost, being the excess of the cost of the business
combination over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the entity at the date of
acquisition. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
reassesses whether it has correctly identi\ufb01ed 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, the gain is recognised in pro\ufb01t or loss.
Impairment of goodwill
Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. In accordance with IAS 36
Impairment of Assets, goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances
indicate the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates should be assessed.Accounting policy
Exploration and appraisal assets
Exploration and appraisal assets have inde\ufb01nite useful lives and are accounted for using the successful efforts method of
accounting. Pre-licence costs are expensed in the period in which they are incurred. Expenditure directly associated with
exploration, evaluation or appraisal activities is initially capitalised as an intangible asset. Such costs include the costs of
acquiring an interest, appraisal well drilling costs, payments to contractors and an appropriate share of directly attributable
overheads incurred during the evaluation phase. For such appraisal activity, which may require drilling of further wells, costs
continue to be carried as an asset, whilst related hydrocarbons are considered capable of commercial development. Such
costs are subject to technical, commercial and management review to con\ufb01rm the continued intent to develop, or otherwise
extract value. When this is no longer the case, the costs are written off as exploration and evaluation expenses in the Group
income statement. When exploration licences are relinquished without further development, any previous impairment loss is
reversed and the carrying costs are written off through the Group income statement. When assets are declared part of a
commercial development, related costs are transferred to property, plant and equipment. All intangible oil and gas assets are
assessed for any impairment prior to transfer and any impairment loss is recognised in the Group income statement.Accounting policy
Inventories of consumable well supplies and inventories of hydrocarbons are stated at the lower of cost and NRV, cost being
determined on an average cost basis.Accounting policy
Cash and cash equivalents includes cash at bank, cash in hand, cash deposited in relation to decommissioning security
arrangements and highly liquid interest-bearing securities with original maturities of three months or fewer.Accounting policy
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
of another entity. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the
\ufb01nancial instrument.
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the Group balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis.
Financial assets
Financial assets are classi\ufb01ed, at initial recognition, as amortised cost, fair value through other comprehensive income (\u2018FVOCI\u2019),
or fair value through pro\ufb01t or loss (\u2018FVPL\u2019). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial
assets\u2019 contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group does not currently
hold any \ufb01nancial assets at FVOCI, i.e. debt \ufb01nancial assets.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire, or when the
\ufb01nancial asset and substantially all the risks and rewards are transferred.
Financial assets at amortised cost
Trade receivables, other receivables and joint operation receivables are measured initially at fair value and subsequently
recorded at amortised cost, using the effective interest rate (\u2018EIR\u2019) method, and are subject to impairment. Gains and losses
are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired and EIR amortisation is included within
\ufb01nance costs.
The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\u2022
The \ufb01nancial asset is held in a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash
\ufb02ows; and
\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
Prepayments, which are not \ufb01nancial assets, are measured at historical cost.
Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit loss (\u2018ECL\u2019), where material, for all \ufb01nancial assets held at the balance
sheet date. ECLs are based on the difference between the contractual cash \ufb02ows due to the Group, and the discounted actual
cash \ufb02ows that are expected to be received. Where there has been no signi\ufb01cant increase in credit risk since initial recognition,
the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered signi\ufb01cant, lifetime
credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material.
The provision rates are based on days past due for groupings of customer segments with similar loss patterns (i.e. by
geographical region, product type, customer type and rating) and are based on historical credit loss experience, adjusted for
forward-looking factors speci\ufb01c to the debtors and the economic environment. The Group evaluates the concentration of risk
with respect to trade receivables and contract assets as low, as its customers are joint venture partners and there are no
indications of change in risk. Generally, trade receivables are written off when they become past due for more than one year
and are not subject to enforcement activity.
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as amortised cost or at FVPL.
Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire. When an existing
\ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modi\ufb01ed, such an exchange or modi\ufb01cation 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 Group income statement.
Financial liabilities at amortised cost
Loans and borrowings, trade payables and other creditors are measured initially at fair value net of directly attributable
transaction costs and subsequently recorded at amortised cost, using the EIR method. Loans and borrowings are interest
bearing. Gains and losses are recognised in pro\ufb01t or loss when the liability is derecognised and EIR amortisation is included
within \ufb01nance costs.
Financial instruments at FVPL
The Group holds derivative \ufb01nancial instruments classi\ufb01ed as held for trading, not designated as effective hedging instruments.
The derivative \ufb01nancial instruments include forward currency contracts and commodity contracts, to address the respective
risks; see note 27. The Group also enters into forward contracts for the purchase of UKAs to manage its exposure to carbon
emission credit prices. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when
the fair value is negative.
Financial instruments at FVPL are carried in the Group balance sheet at fair value, with net changes in fair value recognised in
the Group income statement.
Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at FVPL,
irrespective of the business model. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described
above are measured at FVPL. Financial instruments with embedded derivatives are considered in their entirety when
determining whether their cash \ufb02ows are solely payment of principal and interest.
The Group also holds contingent consideration (see note 21) and a listed equity investment (see note 18). The movements of both
are recognised within the Group income statement.Accounting policy
Share capital and share premium
The balance classi\ufb01ed as equity share capital includes the total net proceeds (both nominal value and share premium) on issue
of registered share capital of the parent company. Share issue costs associated with the issuance of new equity are treated as
a direct reduction of proceeds. The share capital comprises only one class of Ordinary share. Each Ordinary share carries an
equal voting right and right to a dividend.
Treasury shares
Represents amounts transferred following purchase of the Company\u2019s own shares out of distributable pro\ufb01ts, with those shares
available for resale into the market, transfer to the Group\u2019s Employee Bene\ufb01t Trust (\u2018EBT\u2019) where they can be used to satisfy
awards made under the Company\u2019s share-based incentive schemes, or cancelled.
Capital redemption reserve
Represents the par value of shares cancelled following the purchase of the Company\u2019s own shares out of distributable pro\ufb01ts.
Retained earnings
Retained earnings contain the accumulated pro\ufb01ts/(losses) of the Group.
Share-based payments reserve
Equity-settled share-based payment transactions are measured at the fair value of the services received, and the
corresponding increase in equity is recorded. EnQuest PLC shares held by the Group in the EBT are recognised at cost and are
deducted from the share-based payments reserve, as they are held to satisfy awards made under equity-settled share-based
payment transactions. Consideration received for the sale of such shares is also recognised in equity, with any difference
between the proceeds from the sale and the original cost being taken to reserves. No gain or loss is recognised in the Group
income statement on the purchase, sale, issue or cancellation of equity shares.Accounting policy
Eligible employees (including Executive Directors) of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render services in exchange for shares or rights over shares of EnQuest PLC.
Information on these plans for Executive Directors is shown in the Directors\u2019 Remuneration Report on page 116.
The cost of these equity-settled transactions is measured by reference to the fair value at the date on which they are granted.
The fair value of awards is calculated in reference to the scheme rules at the market value, being the average middle market
quotation of a share for the three immediately preceding dealing days as derived from the Daily Of\ufb01cial List of the London Stock
Exchange, provided such dealing days do not fall within any period when dealings in shares are prohibited because of any
dealing restriction.Accounting policy
When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement,
the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred
in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period
adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one
year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent consideration is classi\ufb01ed. Contingent consideration depicted below is
remeasured to fair value at subsequent reporting dates with changes in fair value recognised in pro\ufb01t or loss. Contingent
consideration that is classi\ufb01ed as equity if any, is not remeasured at subsequent reporting dates and its subsequent settlement
is accounted for within equity.
Contingent consideration is discounted at a risk-free rate combined with a risk premium, calculated in alignment with IFRS 13
and the unwinding of the discount is presented as part of the overall fair value charge within other expenses/income.
Any contingent consideration included in the consideration payable for an asset acquisition is recorded at fair value at the date
of acquisition and included in the initial measurement of cost.
Settlement of contingent consideration recorded at fair value through pro\ufb01t or loss is recorded as investing out\ufb02ows in the cash
\ufb02ow statement to the extent cumulative amounts paid do not exceed the amount recognised at the date of acquisition, with
any excess recorded as an operating cash out\ufb02ow. Settlement of contingent consideration relating to an asset acquisition is
recorded as an investing cash out\ufb02ow. Accounting policy
Decommissioning
Provision for future decommissioning costs is made in full when the Group has an obligation: to dismantle and remove a facility
or an item of plant; to restore the site on which it is located; and when a reasonable estimate of that liability can be made. The
Group\u2019s provision primarily relates to the future decommissioning of production facilities and pipelines.
A decommissioning asset and liability are recognised within property, plant and equipment and provisions, respectively, at the
present value of the estimated future decommissioning costs. The decommissioning asset is amortised over the life of the
underlying asset on a unit of production basis over proven and probable reserves, included within depletion in the Group
income statement. Any change in the present value of estimated future decommissioning costs is re\ufb02ected as an adjustment to
the provision and the oil and gas asset for producing assets. For assets that have ceased production, the change in estimate is
re\ufb02ected as an adjustment to the provision and the Group income statement, via other income or expense. The unwinding of the
decommissioning liability is included under \ufb01nance costs in the Group income statement.
These provisions have been created based on internal and third-party estimates. Assumptions based on the current economic
environment have been made which management believes are a reasonable basis upon which to estimate the future liability.
These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual
decommissioning costs will ultimately depend upon future market prices for the necessary decommissioning works required,
which will re\ufb02ect market conditions at the relevant time. Furthermore, the timing of decommissioning liabilities is likely to depend
on the dates when the \ufb01elds cease to be economically viable. This in turn depends on future oil prices, which are inherently
uncertain. See Use of judgements, estimates and assumptions: provisions within note 2.Accounting policy
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease, or, if that rate cannot be readily determined, the Group uses its incremental
borrowing rate.
The incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security,
to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term,
the risk-free rate based on government bond rates and a credit risk adjustment based on EnQuest bond yields.Accounting policy
Income is not recognised in the income statement until it is highly probable that the conditions attached to the income will
be met.Accounting policy
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-
controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling
interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets. Acquisition-related
costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together signi\ufb01cantly contribute
to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing
outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered unique or scarce or
cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue producing outputs. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "Accounting policy
Revenue from contracts with customers
The Group generates revenue through the sale of crude oil, gas and condensate to third parties, and through the provision of
infrastructure to its customers for tariff income. Revenue from contracts with customers is recognised when control of the goods
or services is transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled
in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it
typically controls the goods or services before transferring them to the customer. The normal credit term is 30 days or less upon
performance of the obligation.
Sale of crude oil, gas and condensate
The Group sells crude oil, gas and condensate directly to customers. The sale represents a single performance obligation, being
the sale of barrels equivalent to the customer on taking physical possession or on delivery of the commodity into an
infrastructure. At this point the title passes to the customer and revenue is recognised. The Group principally satis\ufb01es its
performance obligations at a point in time; the amounts of revenue recognised relating to performance obligations satis\ufb01ed
over time are not signi\ufb01cant. Transaction prices are referenced to quoted prices, plus or minus an agreed \ufb01xed premium or
discount rate to an appropriate benchmark, if applicable.
Tariff revenue for the use of Group infrastructure
Tariffs are charged to customers for the use of infrastructure owned by the Group. The revenue represents the performance of
an obligation for the use of Group assets over the life of the contract. The use of the assets is not separable as they are
interdependent in order to ful\ufb01l the contract and no one item of infrastructure can be individually isolated. Revenue is
recognised as the performance obligations are satis\ufb01ed over the period of the contract, generally a period of 12 months or less,
on a monthly basis based on throughput at the agreed contracted rates.
Other operating income
Other operating revenue is recognised to the extent that it is probable economic bene\ufb01ts will \ufb02ow to the Group and the revenue
can be reliably measured.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "Revenue from contracts with customers
The Group generates revenue through the sale of crude oil, gas and condensate to third parties, and through the provision of
infrastructure to its customers for tariff income. Revenue from contracts with customers is recognised when control of the goods
or services is transferred to the customer at an amount that re\ufb02ects the consideration to which the Group expects to be entitled
in exchange for those goods or services. The Group has concluded that it is the principal in its revenue arrangements because it
typically controls the goods or services before transferring them to the customer. The normal credit term is 30 days or less upon
performance of the obligation.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "(b) Cost of sales
Accounting policy
Production imbalances, movements in under/over-lift and movements in inventory are included in cost of sales. The over-lift
liability is recorded at the cost of the production imbalance to represent a provision for production costs attributable to the
volumes sold in excess of entitlement. The under-lift asset is recorded at the lower of cost and net realisable value (\u2018NRV\u2019),
consistent with IAS 2, to represent a right to additional physical inventory. An under-lift of production from a \ufb01eld is included in
current receivables and an over-lift of production from a \ufb01eld is included in current liabilities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Production costs
344,580
307,634
Tariff and transportation expenses
69,189
70,449
Realised (gain)/loss on derivative contracts related to operating costs (see note 18)
(19,711)
4,735
Unrealised (gains)/losses on derivative contracts related to operating costs (see note 18)
(32,342)
2,823
Other non-cash UKA losses
11,490
1,335
Change in lifting position
3,350
3,528
Crude oil inventory movement
14,057
(1,356)
Depletion of oil and gas assets
(i)
267,299
263,251
Other cost of operations
(ii)
179,628
134,984
Total cost of sales
837,540
787,383
\n
(i)
Includes $29.2 million (2024: $27.9 million) Kraken and Vietnam FPSO right-of-use asset depreciation charge and $26.3 million (2024: $23.5 million) of other right-of-use
assets depreciation charge
(ii)
Includes $166.2 million (2024: $125.7 million) of purchases and associated costs of third-party gas not required for injection activities at Magnus, which is sold on ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "(c) General and administration expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Staff costs (see note 4(e))
73,634
75,833
Depreciation
(i)
5,129
6,040
Other general and administration costs
26,359
26,748
Recharge of costs to operations and joint venture partners
(97,640)
(102,919)
Total general and administration expenses
7,482
5,702
\n
(i)
Includes $3.7 million (2024: $3.4 million) right-of-use assets depreciation charge on buildings", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "(c) General and administration expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Staff costs (see note 4(e))
73,634
75,833
Depreciation
(i)
5,129
6,040
Other general and administration costs
26,359
26,748
Recharge of costs to operations and joint venture partners
(97,640)
(102,919)
Total general and administration expenses
7,482
5,702
\n
(i)
Includes $3.7 million (2024: $3.4 million) right-of-use assets depreciation charge on buildings", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "(d) Other income/(expenses) \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Net foreign exchange (losses)/gains
(28,330)
9,975
Rental income from of\ufb01ce sublease
1,893
2,201
Fair value changes in contingent consideration (see note 21)
387,145
(15,904)
Change in decommissioning provisions (see note 22)
(9,727)
(6,666)
Change in Thistle decommissioning provision (see note 22)
(4,772)
(412)
Drilling rig contract cancellation costs
(i)
\u2013
(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)
(173)
(183)
Insurance income
(53)
1,663
Reversal of provisions
4,685
\u2013
Other
19,029
19,273
Total other income/(expenses)
369,697
(4,682)
\n(i) In 2024, drilling rig contract at Kraken was terminated due to a deferral of in\ufb01ll drilling", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "(d) Other income/(expenses) \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Net foreign exchange (losses)/gains
(28,330)
9,975
Rental income from of\ufb01ce sublease
1,893
2,201
Fair value changes in contingent consideration (see note 21)
387,145
(15,904)
Change in decommissioning provisions (see note 22)
(9,727)
(6,666)
Change in Thistle decommissioning provision (see note 22)
(4,772)
(412)
Drilling rig contract cancellation costs
(i)
\u2013
(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)
(173)
(183)
Insurance income
(53)
1,663
Reversal of provisions
4,685
\u2013
Other
19,029
19,273
Total other income/(expenses)
369,697
(4,682)
\n(i) In 2024, drilling rig contract at Kraken was terminated due to a deferral of in\ufb01ll drilling", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "(d) Other income/(expenses) \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Net foreign exchange (losses)/gains
(28,330)
9,975
Rental income from of\ufb01ce sublease
1,893
2,201
Fair value changes in contingent consideration (see note 21)
387,145
(15,904)
Change in decommissioning provisions (see note 22)
(9,727)
(6,666)
Change in Thistle decommissioning provision (see note 22)
(4,772)
(412)
Drilling rig contract cancellation costs
(i)
\u2013
(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)
(173)
(183)
Insurance income
(53)
1,663
Reversal of provisions
4,685
\u2013
Other
19,029
19,273
Total other income/(expenses)
369,697
(4,682)
\n(i) In 2024, drilling rig contract at Kraken was terminated due to a deferral of in\ufb01ll drilling", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "(e) Staff costs
Accounting policy
Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.
The Group\u2019s pension obligations consist of de\ufb01ned contribution plans. The Group pays \ufb01xed contributions with no further
payment obligations once the contributions have been paid. The amount charged to the Group income statement in respect of
pension costs re\ufb02ects the contributions payable in the year. Differences between contributions payable during the year and
contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.
\n\n\u00a0\n \n
Year ended
Year ended
31 December
31 December
2025
2024
$\u2019000
$\u2019000
Wages and salaries
62,286
66,700
Social security costs
6,202
5,899
De\ufb01ned contribution pension costs
5,932
5,265
(Credit)/expense of share-based payments (see note 20)
(669)
983
Other staff costs
13,969
12,300
Total employee costs
87,720
91,147
Contractor costs
46,529
37,493
Total staff costs
134,249
128,640
General and administration staff costs (see note 4(c))
73,634
75,833
Non-general and administration costs
60,615
52,807
Total staff costs
134,249
128,640
\n
The monthly average number of persons, excluding contractors, employed by the Group during the year was 694, with 359 in the
general and administration staff costs and 335 directly attributable to assets (2024: 673 of which 336 in general and
administration and 337 directly attributable to assets). Compensation of key management personnel is disclosed in note 26.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "(e) Staff costs
Accounting policy
Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.
The Group\u2019s pension obligations consist of de\ufb01ned contribution plans. The Group pays \ufb01xed contributions with no further
payment obligations once the contributions have been paid. The amount charged to the Group income statement in respect of
pension costs re\ufb02ects the contributions payable in the year. Differences between contributions payable during the year and
contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.
\n\n\u00a0\n \n
Year ended
Year ended
31 December
31 December
2025
2024
$\u2019000
$\u2019000
Wages and salaries
62,286
66,700
Social security costs
6,202
5,899
De\ufb01ned contribution pension costs
5,932
5,265
(Credit)/expense of share-based payments (see note 20)
(669)
983
Other staff costs
13,969
12,300
Total employee costs
87,720
91,147
Contractor costs
46,529
37,493
Total staff costs
134,249
128,640
General and administration staff costs (see note 4(c))
73,634
75,833
Non-general and administration costs
60,615
52,807
Total staff costs
134,249
128,640
\n
The monthly average number of persons, excluding contractors, employed by the Group during the year was 694, with 359 in the
general and administration staff costs and 335 directly attributable to assets (2024: 673 of which 336 in general and
administration and 337 directly attributable to assets). Compensation of key management personnel is disclosed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "(e) Staff costs
Accounting policy
Short-term employee bene\ufb01ts, such as salaries, social premiums and holiday pay, are expensed when incurred.
The Group\u2019s pension obligations consist of de\ufb01ned contribution plans. The Group pays \ufb01xed contributions with no further
payment obligations once the contributions have been paid. The amount charged to the Group income statement in respect of
pension costs re\ufb02ects the contributions payable in the year. Differences between contributions payable during the year and
contributions actually paid are shown as either accrued liabilities or prepaid assets in the balance sheet.
\n\n\u00a0\n \n
Year ended
Year ended
31 December
31 December
2025
2024
$\u2019000
$\u2019000
Wages and salaries
62,286
66,700
Social security costs
6,202
5,899
De\ufb01ned contribution pension costs
5,932
5,265
(Credit)/expense of share-based payments (see note 20)
(669)
983
Other staff costs
13,969
12,300
Total employee costs
87,720
91,147
Contractor costs
46,529
37,493
Total staff costs
134,249
128,640
General and administration staff costs (see note 4(c))
73,634
75,833
Non-general and administration costs
60,615
52,807
Total staff costs
134,249
128,640
\n
The monthly average number of persons, excluding contractors, employed by the Group during the year was 694, with 359 in the
general and administration staff costs and 335 directly attributable to assets (2024: 673 of which 336 in general and
administration and 337 directly attributable to assets). Compensation of key management personnel is disclosed in note 26.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "(f) Auditor\u2019s remuneration
The following amounts for the year ended 31 December 2025 and for the comparative year ended 31 December 2024 were
payable by the Group to Deloitte:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the parent company and Group \ufb01nancial statements
1,476
1,367
The audit of the Company\u2019s subsidiaries
303
173
Total audit
1,779
1,540
Audit-related assurance services
(i)
694
589
Total audit and audit-related assurance services
2,473
2,129
Total auditor\u2019s remuneration
2,473
2,129
\n
(i)
Audit-related assurance services in both years primarily include the review of the Group\u2019s interim results, G&A assurance review and the provision of customary
comfort letters in respect of the Group\u2019s re\ufb01nancing activities. Included within 2025 is \u00a330,000 (2024: nil) related to other services that are not assurance related", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "5. Finance costs/income
Accounting policy
Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Finance costs:
\u00a0 \u00a0
Loan interest payable
6,027
18,524
Bond interest payable
69,269
54,971
Unwinding of discount on decommissioning provisions (see note 22)
35,912
30,290
Unwinding of discount on other provisions (see note 22)
755
911
Debt re\ufb01nancing fees (see note 17)
\u2013
4,809
Finance charges payable under leases (see note 23)
25,100
27,673
Finance fees on loans and bonds including amortisation of capitalised fees
15,337
14,473
Other \ufb01nancial expenses
12,191
7,771
Total \ufb01nance costs
164,591
159,422
Finance income:
\u00a0 \u00a0
Bank interest receivable
6,535
11,110
RockRose loan interest (see note 18(f))
2,639
3,263
Other \ufb01nancial income
50
135
Total \ufb01nance income
9,224
14,508
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "5. Finance costs/income
Accounting policy
Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Finance costs:
\u00a0 \u00a0
Loan interest payable
6,027
18,524
Bond interest payable
69,269
54,971
Unwinding of discount on decommissioning provisions (see note 22)
35,912
30,290
Unwinding of discount on other provisions (see note 22)
755
911
Debt re\ufb01nancing fees (see note 17)
\u2013
4,809
Finance charges payable under leases (see note 23)
25,100
27,673
Finance fees on loans and bonds including amortisation of capitalised fees
15,337
14,473
Other \ufb01nancial expenses
12,191
7,771
Total \ufb01nance costs
164,591
159,422
Finance income:
\u00a0 \u00a0
Bank interest receivable
6,535
11,110
RockRose loan interest (see note 18(f))
2,639
3,263
Other \ufb01nancial income
50
135
Total \ufb01nance income
9,224
14,508
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "5. Finance costs/income
Accounting policy
Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Finance costs:
\u00a0 \u00a0
Loan interest payable
6,027
18,524
Bond interest payable
69,269
54,971
Unwinding of discount on decommissioning provisions (see note 22)
35,912
30,290
Unwinding of discount on other provisions (see note 22)
755
911
Debt re\ufb01nancing fees (see note 17)
\u2013
4,809
Finance charges payable under leases (see note 23)
25,100
27,673
Finance fees on loans and bonds including amortisation of capitalised fees
15,337
14,473
Other \ufb01nancial expenses
12,191
7,771
Total \ufb01nance costs
164,591
159,422
Finance income:
\u00a0 \u00a0
Bank interest receivable
6,535
11,110
RockRose loan interest (see note 18(f))
2,639
3,263
Other \ufb01nancial income
50
135
Total \ufb01nance income
9,224
14,508
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Accounting policy
Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Finance costs:
\u00a0 \u00a0
Loan interest payable
6,027
18,524
Bond interest payable
69,269
54,971
Unwinding of discount on decommissioning provisions (see note 22)
35,912
30,290
Unwinding of discount on other provisions (see note 22)
755
911
Debt re\ufb01nancing fees (see note 17)
\u2013
4,809
Finance charges payable under leases (see note 23)
25,100
27,673
Finance fees on loans and bonds including amortisation of capitalised fees
15,337
14,473
Other \ufb01nancial expenses
12,191
7,771
Total \ufb01nance costs
164,591
159,422
Finance income:
\u00a0 \u00a0
Bank interest receivable
6,535
11,110
RockRose loan interest (see note 18(f))
2,639
3,263
Other \ufb01nancial income
50
135
Total \ufb01nance income
9,224
14,508
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "Accounting policy
Borrowing costs are recognised as interest payable within \ufb01nance costs at amortised cost using the effective interest method.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Finance costs:
\u00a0 \u00a0
Loan interest payable
6,027
18,524
Bond interest payable
69,269
54,971
Unwinding of discount on decommissioning provisions (see note 22)
35,912
30,290
Unwinding of discount on other provisions (see note 22)
755
911
Debt re\ufb01nancing fees (see note 17)
\u2013
4,809
Finance charges payable under leases (see note 23)
25,100
27,673
Finance fees on loans and bonds including amortisation of capitalised fees
15,337
14,473
Other \ufb01nancial expenses
12,191
7,771
Total \ufb01nance costs
164,591
159,422
Finance income:
\u00a0 \u00a0
Bank interest receivable
6,535
11,110
RockRose loan interest (see note 18(f))
2,639
3,263
Other \ufb01nancial income
50
135
Total \ufb01nance income
9,224
14,508
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "6. Income tax
(a) Income tax
Accounting policy
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the balance sheet date.
The Group\u2019s operations are subject to a number of speci\ufb01c tax rules which apply to exploration, development and production. In
addition, the tax provision is prepared before the relevant companies have \ufb01led their tax returns with the relevant tax authorities
and, signi\ufb01cantly, before these have been agreed. As a result of these factors, the tax provision process necessarily involves the
use of a number of estimates and judgements, including those required in calculating the effective tax rate.
Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the Group \ufb01nancial statements. However, deferred tax is not accounted for if a temporary difference arises from
initial recognition of other assets or liabilities in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax is measured on an undiscounted basis using tax
rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when
the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and
liabilities are offset only if a legal right exists to offset current tax assets against current tax liabilities, the deferred income taxes
relate to the same taxation authority and that the Group intends to make a single net payment.
The Group has applied the mandatory exception to recognising and disclosing information about the deferred tax assets and
liabilities relating to Pillar Two income taxes in accordance with the amendments to IAS 12 published by the International
Accounting Standards Board (\u2018IASB\u2019) on 23 May 2023.
Production taxes
In addition to corporate income taxes, the Group\u2019s \ufb01nancial statements also include and disclose production taxes on net
income determined from oil and gas production.
Production tax relates to Petroleum Revenue Tax (\u2018PRT\u2019) within the UK and is accounted for under IAS 12 Income Taxes since it has
the characteristics of an income tax as it is imposed under government authority and the amount payable is based on taxable
pro\ufb01ts of the relevant \ufb01elds. Current and deferred PRT is provided on the same basis as described above for income taxes.
Investment allowance
The UK taxation regime provides for a reduction in ring-fence supplementary charge tax where investment in new or existing UK
assets qualify for a relief known as investment allowance. Investment allowance must be activated by commercial production
from the same \ufb01eld before it can be claimed. The Group has both unactivated and activated investment allowances which
could reduce future supplementary charge taxation. The Group\u2019s policy is that investment allowance is recognised as a
reduction in the charge to taxation in the years claimed.
Energy Pro\ufb01ts Levy
The Energy (Oil & Gas) Pro\ufb01ts Levy Act 2022 (\u2018EPL\u2019) applies an additional tax on the pro\ufb01ts earned by oil and gas companies from
the production of oil and gas on the United Kingdom Continental Shelf until 31 March 2030. This is accounted for under IAS 12
Income Taxes since it has the characteristics of an income tax as it is imposed under government authority and the amount
payable is based on taxable pro\ufb01ts of the relevant UK companies. Current and deferred tax is provided on the same basis as
described above for income taxes.
The major components of income tax expense/(credit) are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Current UK income tax
\u00a0\u00a0
Current income tax charge
1,051
\u2013
Current overseas income tax
\u00a0\u00a0
Current income tax charge
12,351
11,432
Adjustments in respect of current income tax of previous years
307
(746)
UK Energy Pro\ufb01ts Levy
\u00a0\u00a0
Current year charge
84,069
10,262
Adjustments in respect of current charge of previous years
(i)
19,378
(8,803)
Total current income tax
117,156
12,145
Deferred UK income tax
\u00a0\u00a0
Relating to origination and reversal of temporary differences
222,897
42,745
Adjustments in respect of deferred income tax of previous years
(i)
12,209
(9,103)
Deferred overseas income tax
\u00a0\u00a0
Relating to origination and reversal of temporary differences
7,581
7,071
Adjustments in respect of deferred income tax of previous years
(363)
31
Deferred UK Energy Pro\ufb01ts Levy
\u00a0\u00a0
Relating to origination and reversal of temporary differences
134,985
11,156
Adjustments in respect of changes in tax rates
\u2013
6,889
Adjustments in respect of deferred charge of previous years
(2,600)
1,907
Total deferred income tax
374,709
60,696
Income tax expense reported in pro\ufb01t or loss
491,865
72,841
\n
(i)
Adjustments in respect of previous years arose upon \ufb01nalisation of various UK tax returns and include an additional EPL current tax liability of $19.4 million and an
additional deferred tax liability of $7.8 million. These adjustments re\ufb02ect corrections to the amount of tax relief accrued in the 2024 \ufb01nancial year end Group tax
position arising as a result of reclassi\ufb01cations made during that year from inventory to property, plant and equipment as part of a review of well supplies
(b) Reconciliation of total income tax charge
A reconciliation between the income tax charge and the product of accounting pro\ufb01t multiplied by the UK statutory tax rate
is as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Pro\ufb01t/(loss) before tax
493,427
166,614
UK statutory tax rate applying to North Sea oil and gas activities of 40% (2024: 40%)
197,371
66,646
Supplementary corporation tax non-deductible expenditure
4,383
5,809
Non-deductible expenditure
(i)
8,537
26,114
Non-taxable gain on sale of assets
\u2013
505
Petroleum revenue tax (net of income tax bene\ufb01t)
(363)
(8,938)
Tax in respect of non-ring-fence trade
13,776
7,298
Deferred tax asset not recognised in respect of non-ring-fence trade
21,426
12,243
Deferred tax asset recognised on previously unrecognised losses
\u2013
(48,115)
UK Energy Pro\ufb01ts Levy
(ii)
95,179
(13,921)
UK Energy Pro\ufb01ts Levy \u2013 changes in tax rates
(iii)
\u2013
6,889
UK Energy Pro\ufb01ts Levy \u2013 abolishment of Investment Allowance
(iii)
\u2013
35,339
UK Energy Pro\ufb01ts Levy \u2013 extension to March 2030
(iv)
123,875
\u2013
Adjustments in respect of prior years
28,931
(16,713)
Overseas tax rate differences
(1,323)
2,045
Share-based payments
(132)
(1,407)
Other differences
205
(953)
At the effective income tax rate of 100% (2024: 44%)
491,865
72,841
\n
(i)
Predominantly in relation to non-qualifying expenditure relating to the initial recognition exemption utilised under IAS 12 upon acquisition of Golden Eagle given that at
the time of the transaction, it affected neither accounting pro\ufb01t nor taxable pro\ufb01t
(ii)
This consists of an Energy Pro\ufb01ts Levy current tax charge of $84.1 million (2024: $10.30 million) and deferred Energy Pro\ufb01ts Levy charge of $11.1 million (2024: $18.0 million).
The 2025 charge was impacted by the higher rate of 38% which applied from 1 November 2024 (Period to 31 October 2024: 35%) and the removal of investment
allowances
(iii)
Refers to the impact of the increased rate and removal of investment allowances that were substantially enacted in 2024
(iv)
Re\ufb02ects the impact of the substantively enacted two-year extension referred to in part (e) below
(c) Deferred income tax
Deferred income tax relates to the following:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
Charge/(credit) for the year
\u00a0
Group balance sheet
recognised in pro\ufb01t or loss
\u00a0
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Deferred tax liability
\u00a0\u00a0\u00a0\u00a0
Accelerated capital allowances
1,039,396
911,501
126,945
33,701
\u00a0
1,039,396
911,501
\u00a0\u00a0
Deferred tax asset
\u00a0\u00a0\u00a0\u00a0
Losses
(627,124)
(717,900)
90,777
(22,012)
Decommissioning liability
(296,069)
(263,705)
(33,047)
2,095
Other temporary differences
(i)
(137,214)
(331,679)
190,034
46,912
\u00a0
(1,060,407)
(1,313,284)
374,709
60,696
Net deferred tax (assets)
(ii)
(21,011)
(401,783)
\u00a0\u00a0
Re\ufb02ected in the balance sheet as follows:
\u00a0\u00a0\u00a0\u00a0
Deferred tax assets
(271,375)
(506,481)
\u00a0\u00a0
Deferred tax liabilities
250,364
104,698
\u00a0\u00a0
Net deferred tax (assets)
(21,011)
(401,783)
\u00a0\u00a0
\n
(i)
Predominantly includes $107.7 million on deferred income in note 24 and $17.5 million Petroleum Revenue Tax refunds
(ii)
The total amounts for EPL included in net deferred assets are $276.3 million for accelerated capital allowances offset by $56.7 million for other items, which
predominantly includes $52.5 million related to deferred income (note 24)
Reconciliation of net deferred tax assets/(liabilities)
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
At 1 January
401,783
462,479
Tax expense during the period recognised in pro\ufb01t or loss
(374,709)
(60,696)
Deferred taxes acquired in business combinations (see note 30)
(6,063)
\u2013
At 31 December
21,011
401,783
\n
(d) Tax losses
The Group\u2019s deferred tax assets at 31 December 2025 are recognised to the extent that taxable pro\ufb01ts are expected to arise in
the future against which tax losses and allowances in the UK can be utilised. In accordance with IAS 12 Income Taxes, the Group
assesses the recoverability of its deferred tax assets at each period end. Sensitivities have been run on the oil price assumption,
with a 10% change being considered a reasonable possible change for the purposes of sensitivity analysis (see note 2). The
Group is currently recognising all UK tax losses (with the exception of those noted below) and neither a 10% increase or 10%
decrease in oil price would result in any change to the full recognition.
The Group has unused UK mainstream corporation tax losses of $578.4 million (2024: $496.1 million) and ring-fence tax losses of
$1,117.5 million (2024: $1,117.5 million) associated with EnQuest Progress Limited, for which no deferred tax asset has been
recognised at the balance sheet date as recovery of these losses is to be established. In addition, the Group has not recognised
a deferred tax asset for the adjustment to bond valuations on the adoption of IFRS 9. The bene\ufb01t of this deduction is taken over
ten years, with a deduction of $2.2 million being taken in the current period and the remaining bene\ufb01t of $4.2 million (2024: $6.3
million) remaining unrecognised.
The Group has unused Malaysian income tax losses of $16.3 million (2024: $14.7 million) arising in respect of the Tanjong Baram
RSC for which no deferred tax asset has been recognised at the balance sheet date due to uncertainty of recovery of
these losses.
No deferred tax has been provided on unremitted earnings of overseas subsidiaries. The Finance Act 2009 exempted foreign
dividends from the scope of UK corporation tax where certain conditions are satis\ufb01ed.
(e) Changes in legislation
On 29 July 2024, the UK Government announced various changes to the EPL including an extension to 31 March 2030 (previously
31 March 2028) to which the EPL applies. This extension was substantively enacted on 3 March 2025, with the impact on the
current period \ufb01nancial statements tax charge and deferred tax for EPL being $123.9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "Accounting policy
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities,
based on tax rates and laws that are enacted or substantively enacted by the balance sheet date.
The Group\u2019s operations are subject to a number of speci\ufb01c tax rules which apply to exploration, development and production. In
addition, the tax provision is prepared before the relevant companies have \ufb01led their tax returns with the relevant tax authorities
and, signi\ufb01cantly, before these have been agreed. As a result of these factors, the tax provision process necessarily involves the
use of a number of estimates and judgements, including those required in calculating the effective tax rate.
Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the Group \ufb01nancial statements. However, deferred tax is not accounted for if a temporary difference arises from
initial recognition of other assets or liabilities in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax is measured on an undiscounted basis using tax
rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when
the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and
liabilities are offset only if a legal right exists to offset current tax assets against current tax liabilities, the deferred income taxes
relate to the same taxation authority and that the Group intends to make a single net payment.
The Group has applied the mandatory exception to recognising and disclosing information about the deferred tax assets and
liabilities relating to Pillar Two income taxes in accordance with the amendments to IAS 12 published by the International
Accounting Standards Board (\u2018IASB\u2019) on 23 May 2023.
Production taxes
In addition to corporate income taxes, the Group\u2019s \ufb01nancial statements also include and disclose production taxes on net
income determined from oil and gas production.
Production tax relates to Petroleum Revenue Tax (\u2018PRT\u2019) within the UK and is accounted for under IAS 12 Income Taxes since it has
the characteristics of an income tax as it is imposed under government authority and the amount payable is based on taxable
pro\ufb01ts of the relevant \ufb01elds. Current and deferred PRT is provided on the same basis as described above for income taxes.
Investment allowance
The UK taxation regime provides for a reduction in ring-fence supplementary charge tax where investment in new or existing UK
assets qualify for a relief known as investment allowance. Investment allowance must be activated by commercial production
from the same \ufb01eld before it can be claimed. The Group has both unactivated and activated investment allowances which
could reduce future supplementary charge taxation. The Group\u2019s policy is that investment allowance is recognised as a
reduction in the charge to taxation in the years claimed.
Energy Pro\ufb01ts Levy
The Energy (Oil & Gas) Pro\ufb01ts Levy Act 2022 (\u2018EPL\u2019) applies an additional tax on the pro\ufb01ts earned by oil and gas companies from
the production of oil and gas on the United Kingdom Continental Shelf until 31 March 2030. This is accounted for under IAS 12
Income Taxes since it has the characteristics of an income tax as it is imposed under government authority and the amount
payable is based on taxable pro\ufb01ts of the relevant UK companies. Current and deferred tax is provided on the same basis as
described above for income taxes.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "Deferred tax is provided in full on temporary differences arising between the tax bases of assets and liabilities and their carrying
amounts in the Group \ufb01nancial statements. However, deferred tax is not accounted for if a temporary difference arises from
initial recognition of other assets or liabilities in a transaction other than a business combination that at the time of the
transaction affects neither accounting nor taxable pro\ufb01t or loss. Deferred tax is measured on an undiscounted basis using tax
rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when
the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax assets are recognised to the extent
that it is probable that future taxable pro\ufb01ts will be available against which the temporary differences can be utilised.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the
Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse
in the foreseeable future.
The carrying amount of deferred income tax assets is reviewed at each balance sheet date. Deferred income tax assets and
liabilities are offset only if a legal right exists to offset current tax assets against current tax liabilities, the deferred income taxes
relate to the same taxation authority and that the Group intends to make a single net payment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "7. Earnings per share
The calculation of basic earnings per share is based on the pro\ufb01t after tax and on the weighted average number of Ordinary
shares in issue during the period. Diluted earnings per share is adjusted for the effects of Ordinary shares granted under the
share-based payment plans, which are held in the Employee Bene\ufb01t Trust, unless it has the effect of increasing the pro\ufb01t or
decreasing the loss attributable to each share.
At 31 December 2025, the Group held 20,000,000 Ordinary shares (2024: 25,000,000 Ordinary shares) which were classi\ufb01ed in the
balance sheet as Treasury shares. The Treasury shares have been excluded for the purposes of calculating the basic and
diluted earnings per share at 31 December 2025.
Basic and diluted earnings per share are calculated as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Pro\ufb01t/(loss)
Weighted average number of
Earnings
\u00a0
after tax
Ordinary shares
per share
\u00a0
Year ended 31 December
Year ended 31 December
Year ended 31 December
\u00a0
2025
2024
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
million
million
$
$
Basic
1,562
93,773
1,859.9
1,891.9
0.001
0.050
Dilutive potential of Ordinary shares granted under share-
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
based incentive schemes
\u2013
\u2013
24.2
24.3
\u2013
(0.001)
Diluted
1,562
93,773
1,884.1
1,916.2
0.001
0.049
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "8. Distributions paid and proposed
The Company paid dividends of 0.616 pence per share during the year ended 31 December 2025 (2024: none).
Following the successful implementation of its capital discipline strategy, EnQuest remains committed to delivering sustainable
shareholder returns. Building on the inaugural dividend paid last year, the Board is pleased to propose a second \ufb01nal ordinary
dividend of 0.801 pence per share (equivalent to approximately $20.0 million). This proposed dividend is subject to approval by
shareholders at the Annual General Meeting scheduled for 22 May 2026, and accordingly has not been recognised as a liability
as at 31 December 2025. If approved, the dividend will be paid on 5 June 2026 to shareholders on the register at 8 May 2026, with
shares trading ex-dividend from 7 May 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "9. Property, plant and equipment
Accounting policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.
Cost
Cost comprises the purchase price or cost relating to development, including the construction, installation and completion of
infrastructure facilities such as platforms, pipelines and development wells and any other costs directly attributable to making
that asset capable of operating as intended by management. The purchase price or construction cost is the aggregate amount
paid and the fair value of any other consideration given to acquire the asset.
The carrying amount of an item of property, plant and equipment is derecognised on disposal or when no future economic
bene\ufb01ts are expected from its use. The gain or loss arising from the derecognition of an item of property, plant and equipment is
included in the other operating income or expense line item in the Group income statement when the asset is derecognised.
Development assets
Expenditure relating to development of assets, including the construction, installation and completion of infrastructure facilities
such as platforms, pipelines and development wells, is capitalised within property, plant and equipment.
Carry arrangements
Where amounts are paid on behalf of a carried party, these are capitalised. Where there is an obligation to make payments on
behalf of a carried party and the timing and amount are uncertain, a provision is recognised. Where the payment is a \ufb01xed
monetary amount, a \ufb01nancial liability is recognised.
Borrowing costs
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial
period of time to prepare for their intended use, are capitalised during the development phase of the project until such time as
the assets are substantially ready for their intended use.
Depletion and depreciation
Oil and gas assets are depleted, on a \ufb01eld-by-\ufb01eld basis, using the unit of production method based on entitlement to proven
and probable reserves, taking account of estimated future development expenditure relating to those reserves. Changes in
factors which affect unit of production calculations are dealt with prospectively. Depletion of oil and gas assets is taken through
cost of sales.
Depreciation on other elements of property, plant and equipment is provided on a straight-line basis, and taken through
general and administration expenses, at the following rates:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Of\ufb01ce furniture and equipment
Five years
Fixtures and \ufb01ttings
Ten years
Right-of-use assets
(i)
Lease term
\n
(i)
Excludes Kraken and Vietnam FPSOs which are depleted using the unit of production method in accordance with the related oil and gas assets
Each asset\u2019s estimated useful life, residual value and method of depreciation is reviewed and adjusted if appropriate at each
\ufb01nancial year end. Any changes in estimate are accounted for on a prospective basis.
Impairment of tangible (excluding goodwill)
At each balance sheet date, discounted cash \ufb02ow models comprising asset-by-asset life-of-\ufb01eld projections and risks speci\ufb01c
to assets, using Level 3 inputs (based on IFRS 13 fair value hierarchy), have been used to determine the recoverable amounts for
each CGU. The life of a \ufb01eld depends on the interaction of a number of variables; see note 2 for further details. Estimated
production volumes and cash \ufb02ows up to the date of cessation of production on a \ufb01eld-by-\ufb01eld basis, including operating and
capital expenditure, are derived from the Group\u2019s business plan. Oil price assumptions and discount rate assumptions used
were as disclosed in note 2. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in
the Group income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate
of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an
impairment loss is recognised immediately in the Group income statement.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Of\ufb01ce
\u00a0 \u00a0
\u00a0 \u00a0
furniture,
Right-of-
\u00a0
\u00a0
Oil and gas
\ufb01xtures and
use assets
\u00a0
\u00a0
assets
\ufb01ttings
(note 23)
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
9,243,807
68,578
904,994
10,217,379
Additions
325,813
394
16,453
342,660
Change in decommissioning provision
(741)
\u2013
\u2013
(741)
At 1 January 2025
9,568,879
68,972
921,447
10,559,298
Additions
176,552
277
32,302
209,131
Acquisition (see note 30)
24,716
\u2013
33,002
57,718
Disposals
(1,672)
\u2013
(37,881)
(39,553)
Change in decommissioning provision (note 22)
77,862
\u2013
\u2013
77,862
At 31 December 2025
9,846,337
69,249
948,870
10,864,456
Accumulated depreciation, depletion and impairment:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
7,364,063
59,314
497,262
7,920,639
Charge for the year
211,873
2,683
54,735
269,291
Net impairment charge/(reversal) for the year
75,428
\u2013
(4,014)
71,414
At 1 January 2025
7,651,364
61,997
547,983
8,261,344
Charge for the year
211,616
1,628
59,184
272,428
Net impairment (reversal)/charge for the year
23,019
\u2013
(28,838)
(5,819)
Disposal
\u2013
\u2013
(33,628)
(33,628)
At 31 December 2025
7,885,999
63,625
544,701
8,494,325
Net carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
1,960,338
5,624
404,169
2,370,131
At 31 December 2024
1,917,515
6,975
373,464
2,297,954
At 1 January 2024
1,879,744
9,264
407,732
2,296,740
\n
The amount of borrowing costs capitalised during the year ended 31 December 2025 was nil (2024: nil), re\ufb02ecting the short-term
nature of the Group\u2019s capital expenditure programmes.
Impairments
Impairments to the Group\u2019s producing assets and reversals of impairments are set out in the table below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Impairment
Recoverable
\u00a0
reversal/(charge)
amount
(i)
\u00a0
Year ended
Year ended
\u00a0\u00a0
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
North Sea
5,819
(71,414)
1,100,312
1,172,487
Net pre\u2011tax impairment reversal/(charge)
5,819
(71,414)
\u00a0\u00a0
\n
(i)
Recoverable amount has been determined on a fair value less costs of disposal basis (see note 2 for further details of judgements, estimates and assumptions made
in relation to impairments). The amounts disclosed above are in respect of assets where an impairment (or reversal) has been recorded. Assets which did not have
any impairment or reversal are excluded from the amounts disclosed
For information on judgements, estimates and assumptions made in relation to impairments, along with sensitivity analysis, see
Use of judgements, estimates and assumptions: recoverability of asset carrying values within note 2.
The 2025 net impairment reversal of $5.8 million relates to producing assets in the UK North Sea (an impairment reversal of
$94.3 million at Kraken offset by charges of $33.5 million for GKA and Scolty/Crathes CGU, $43.5 million for Golden Eagle and
$11.5 million for Alba). Impairment reversals/charges were primarily driven by a combination of lower discount rate, changes in
production and cost pro\ufb01les, including the impact of weaker USD, and lower near-term oil price assumptions.
The 2024 net impairment charge of $71.4 million related to producing assets in the UK North Sea (charges of $2.0 million for GKA
and Scolty/Crathes CGU, $62.5 million for Golden Eagle and $20.1 million for Alba offset by an impairment reversal of $13.2 million
at Kraken). Impairment charges/reversals were primarily driven by EPL revisions, lower near-term oil price assumptions and
changes in production pro\ufb01les, partially offset by a lower discount rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00267": { "value": "Accounting policy
Property, plant and equipment is stated at cost less accumulated depreciation and accumulated impairment charges.
Cost
Cost comprises the purchase price or cost relating to development, including the construction, installation and completion of
infrastructure facilities such as platforms, pipelines and development wells and any other costs directly attributable to making
that asset capable of operating as intended by management. The purchase price or construction cost is the aggregate amount
paid and the fair value of any other consideration given to acquire the asset.
The carrying amount of an item of property, plant and equipment is derecognised on disposal or when no future economic
bene\ufb01ts are expected from its use. The gain or loss arising from the derecognition of an item of property, plant and equipment is
included in the other operating income or expense line item in the Group income statement when the asset is derecognised.
Development assets
Expenditure relating to development of assets, including the construction, installation and completion of infrastructure facilities
such as platforms, pipelines and development wells, is capitalised within property, plant and equipment.
Carry arrangements
Where amounts are paid on behalf of a carried party, these are capitalised. Where there is an obligation to make payments on
behalf of a carried party and the timing and amount are uncertain, a provision is recognised. Where the payment is a \ufb01xed
monetary amount, a \ufb01nancial liability is recognised.
Borrowing costs
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial
period of time to prepare for their intended use, are capitalised during the development phase of the project until such time as
the assets are substantially ready for their intended use.
Depletion and depreciation
Oil and gas assets are depleted, on a \ufb01eld-by-\ufb01eld basis, using the unit of production method based on entitlement to proven
and probable reserves, taking account of estimated future development expenditure relating to those reserves. Changes in
factors which affect unit of production calculations are dealt with prospectively. Depletion of oil and gas assets is taken through
cost of sales.
Depreciation on other elements of property, plant and equipment is provided on a straight-line basis, and taken through
general and administration expenses, at the following rates:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Of\ufb01ce furniture and equipment
Five years
Fixtures and \ufb01ttings
Ten years
Right-of-use assets
(i)
Lease term
\n
(i)
Excludes Kraken and Vietnam FPSOs which are depleted using the unit of production method in accordance with the related oil and gas assets
Each asset\u2019s estimated useful life, residual value and method of depreciation is reviewed and adjusted if appropriate at each
\ufb01nancial year end. Any changes in estimate are accounted for on a prospective basis.
Impairment of tangible (excluding goodwill)
At each balance sheet date, discounted cash \ufb02ow models comprising asset-by-asset life-of-\ufb01eld projections and risks speci\ufb01c
to assets, using Level 3 inputs (based on IFRS 13 fair value hierarchy), have been used to determine the recoverable amounts for
each CGU. The life of a \ufb01eld depends on the interaction of a number of variables; see note 2 for further details. Estimated
production volumes and cash \ufb02ows up to the date of cessation of production on a \ufb01eld-by-\ufb01eld basis, including operating and
capital expenditure, are derived from the Group\u2019s business plan. Oil price assumptions and discount rate assumptions used
were as disclosed in note 2. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in
the Group income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate
of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an
impairment loss is recognised immediately in the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00268": { "value": "Borrowing costs
Borrowing costs directly attributable to the construction of qualifying assets, which are assets that necessarily take a substantial
period of time to prepare for their intended use, are capitalised during the development phase of the project until such time as
the assets are substantially ready for their intended use.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00269": { "value": "Depletion and depreciation
Oil and gas assets are depleted, on a \ufb01eld-by-\ufb01eld basis, using the unit of production method based on entitlement to proven
and probable reserves, taking account of estimated future development expenditure relating to those reserves. Changes in
factors which affect unit of production calculations are dealt with prospectively. Depletion of oil and gas assets is taken through
cost of sales.
Depreciation on other elements of property, plant and equipment is provided on a straight-line basis, and taken through
general and administration expenses, at the following rates:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Of\ufb01ce furniture and equipment
Five years
Fixtures and \ufb01ttings
Ten years
Right-of-use assets
(i)
Lease term
\n
(i)
Excludes Kraken and Vietnam FPSOs which are depleted using the unit of production method in accordance with the related oil and gas assets
Each asset\u2019s estimated useful life, residual value and method of depreciation is reviewed and adjusted if appropriate at each
\ufb01nancial year end. Any changes in estimate are accounted for on a prospective basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00270": { "value": "Impairment of tangible (excluding goodwill)
At each balance sheet date, discounted cash \ufb02ow models comprising asset-by-asset life-of-\ufb01eld projections and risks speci\ufb01c
to assets, using Level 3 inputs (based on IFRS 13 fair value hierarchy), have been used to determine the recoverable amounts for
each CGU. The life of a \ufb01eld depends on the interaction of a number of variables; see note 2 for further details. Estimated
production volumes and cash \ufb02ows up to the date of cessation of production on a \ufb01eld-by-\ufb01eld basis, including operating and
capital expenditure, are derived from the Group\u2019s business plan. Oil price assumptions and discount rate assumptions used
were as disclosed in note 2. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the
carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognised immediately in
the Group income statement.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate
of its recoverable amount, but only so that the increased carrying amount does not exceed the carrying amount that would
have been determined had no impairment loss been recognised for the asset (or CGU) in prior years. A reversal of an
impairment loss is recognised immediately in the Group income statement.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Of\ufb01ce
\u00a0 \u00a0
\u00a0 \u00a0
furniture,
Right-of-
\u00a0
\u00a0
Oil and gas
\ufb01xtures and
use assets
\u00a0
\u00a0
assets
\ufb01ttings
(note 23)
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
9,243,807
68,578
904,994
10,217,379
Additions
325,813
394
16,453
342,660
Change in decommissioning provision
(741)
\u2013
\u2013
(741)
At 1 January 2025
9,568,879
68,972
921,447
10,559,298
Additions
176,552
277
32,302
209,131
Acquisition (see note 30)
24,716
\u2013
33,002
57,718
Disposals
(1,672)
\u2013
(37,881)
(39,553)
Change in decommissioning provision (note 22)
77,862
\u2013
\u2013
77,862
At 31 December 2025
9,846,337
69,249
948,870
10,864,456
Accumulated depreciation, depletion and impairment:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
7,364,063
59,314
497,262
7,920,639
Charge for the year
211,873
2,683
54,735
269,291
Net impairment charge/(reversal) for the year
75,428
\u2013
(4,014)
71,414
At 1 January 2025
7,651,364
61,997
547,983
8,261,344
Charge for the year
211,616
1,628
59,184
272,428
Net impairment (reversal)/charge for the year
23,019
\u2013
(28,838)
(5,819)
Disposal
\u2013
\u2013
(33,628)
(33,628)
At 31 December 2025
7,885,999
63,625
544,701
8,494,325
Net carrying amount:
\u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
1,960,338
5,624
404,169
2,370,131
At 31 December 2024
1,917,515
6,975
373,464
2,297,954
At 1 January 2024
1,879,744
9,264
407,732
2,296,740
\n
The amount of borrowing costs capitalised during the year ended 31 December 2025 was nil (2024: nil), re\ufb02ecting the short-term
nature of the Group\u2019s capital expenditure programmes.
Impairments
Impairments to the Group\u2019s producing assets and reversals of impairments are set out in the table below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Impairment
Recoverable
\u00a0
reversal/(charge)
amount
(i)
\u00a0
Year ended
Year ended
\u00a0\u00a0
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
North Sea
5,819
(71,414)
1,100,312
1,172,487
Net pre\u2011tax impairment reversal/(charge)
5,819
(71,414)
\u00a0\u00a0
\n
(i)
Recoverable amount has been determined on a fair value less costs of disposal basis (see note 2 for further details of judgements, estimates and assumptions made
in relation to impairments). The amounts disclosed above are in respect of assets where an impairment (or reversal) has been recorded. Assets which did not have
any impairment or reversal are excluded from the amounts disclosed
For information on judgements, estimates and assumptions made in relation to impairments, along with sensitivity analysis, see
Use of judgements, estimates and assumptions: recoverability of asset carrying values within note 2.
The 2025 net impairment reversal of $5.8 million relates to producing assets in the UK North Sea (an impairment reversal of
$94.3 million at Kraken offset by charges of $33.5 million for GKA and Scolty/Crathes CGU, $43.5 million for Golden Eagle and
$11.5 million for Alba). Impairment reversals/charges were primarily driven by a combination of lower discount rate, changes in
production and cost pro\ufb01les, including the impact of weaker USD, and lower near-term oil price assumptions.
The 2024 net impairment charge of $71.4 million related to producing assets in the UK North Sea (charges of $2.0 million for GKA
and Scolty/Crathes CGU, $62.5 million for Golden Eagle and $20.1 million for Alba offset by an impairment reversal of $13.2 million
at Kraken). Impairment charges/reversals were primarily driven by EPL revisions, lower near-term oil price assumptions and
changes in production pro\ufb01les, partially offset by a lower discount rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "Impairments
Impairments to the Group\u2019s producing assets and reversals of impairments are set out in the table below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Impairment
Recoverable
\u00a0
reversal/(charge)
amount
(i)
\u00a0
Year ended
Year ended
\u00a0\u00a0
\u00a0
31 December
31 December
31 December
31 December
\u00a0
2025
2024
2025
2024
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
North Sea
5,819
(71,414)
1,100,312
1,172,487
Net pre\u2011tax impairment reversal/(charge)
5,819
(71,414)
\u00a0\u00a0
\n
(i)
Recoverable amount has been determined on a fair value less costs of disposal basis (see note 2 for further details of judgements, estimates and assumptions made
in relation to impairments). The amounts disclosed above are in respect of assets where an impairment (or reversal) has been recorded. Assets which did not have
any impairment or reversal are excluded from the amounts disclosed
For information on judgements, estimates and assumptions made in relation to impairments, along with sensitivity analysis, see
Use of judgements, estimates and assumptions: recoverability of asset carrying values within note 2.
The 2025 net impairment reversal of $5.8 million relates to producing assets in the UK North Sea (an impairment reversal of
$94.3 million at Kraken offset by charges of $33.5 million for GKA and Scolty/Crathes CGU, $43.5 million for Golden Eagle and
$11.5 million for Alba). Impairment reversals/charges were primarily driven by a combination of lower discount rate, changes in
production and cost pro\ufb01les, including the impact of weaker USD, and lower near-term oil price assumptions.
The 2024 net impairment charge of $71.4 million related to producing assets in the UK North Sea (charges of $2.0 million for GKA
and Scolty/Crathes CGU, $62.5 million for Golden Eagle and $20.1 million for Alba offset by an impairment reversal of $13.2 million
at Kraken). Impairment charges/reversals were primarily driven by EPL revisions, lower near-term oil price assumptions and
changes in production pro\ufb01les, partially offset by a lower discount rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "10. Goodwill
Accounting policy
Cost
Goodwill arising on a business combination is initially measured at cost, being the excess of the cost of the business
combination over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the entity at the date of
acquisition. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
reassesses whether it has correctly identi\ufb01ed 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, the gain is recognised in pro\ufb01t or loss.
Impairment of goodwill
Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. In accordance with IAS 36
Impairment of Assets, goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances
indicate the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates should be assessed.
For the purposes of impairment testing, goodwill acquired is allocated to the CGU (or group of CGUs) that is expected to bene\ufb01t
from the synergies of the combination. Each unit or units to which goodwill is allocated represents the lowest level within the
Group at which the goodwill is monitored for internal management purposes. Impairment is determined by assessing the
recoverable amount of the CGU (or groups of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU
(or groups of CGUs) is less than the carrying amount of the CGU (or group of CGUs) containing goodwill, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be reversed in future periods. For information on signi\ufb01cant estimates
and judgements made in relation to impairments, see Use of judgements, estimates and assumptions: recoverability of asset
carrying values within note 2.
A summary of goodwill is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Cost and net carrying amount
\u00a0\u00a0
At 1 January
134,400
134,400
Acquisition (see note 30)
5,110
\u2013
At 31 December
139,510
134,400
\n
The majority of the goodwill relates to the 75% acquisition of the Magnus oil \ufb01eld and associated interests. The remaining
opening balance relates to the acquisition of the GKA and Scolty Crathes \ufb01elds. During 2025, the Group acquired Block 12W in
Vietnam (see note 30) resulting in goodwill recognised of $5.1 million.
Impairment testing of goodwill
Goodwill, which has been acquired through business combinations, has been allocated as appropriate to the UK North Sea
segment grouping of CGUs and the Vietnam CGU, and these are therefore the lowest level at which goodwill is reviewed. The UK
North Sea is a combination of oil and gas assets, as detailed within property, plant and equipment (note 9), while the Vietnam
CGU relates to the Block 12W asset.
The recoverable amounts of the segment and \ufb01elds have been determined on a fair value less costs of disposal basis. See notes
2 and 9 for further details. An impairment charge of nil was taken in 2025 (2024: nil) based on a fair value less costs to dispose
valuation of the CGUs as described above.
Sensitivity to changes in assumptions
The Group\u2019s recoverable value of assets is highly sensitive, inter alia, to oil price achieved and production volumes. A sensitivity
has been run on the oil price assumptions, with a 10% change being considered to be a reasonably possible change for the
purposes of sensitivity analysis (see note 2). A 10% reduction in oil price would result in an impairment charge of $70.7 million
(2024: 10% reduction would result in an impairment charge of $66.7 million). A 15% reduction in oil price would fully impair goodwill
(2024: 17%), however Management do not consider this to be a reasonably possible change.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00273": { "value": "Accounting policy
Cost
Goodwill arising on a business combination is initially measured at cost, being the excess of the cost of the business
combination over the net fair value of the identi\ufb01able assets, liabilities and contingent liabilities of the entity at the date of
acquisition. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group
reassesses whether it has correctly identi\ufb01ed 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, the gain is recognised in pro\ufb01t or loss.
Impairment of goodwill
Following initial recognition, goodwill is stated at cost less any accumulated impairment losses. In accordance with IAS 36
Impairment of Assets, goodwill is reviewed for impairment annually or more frequently if events or changes in circumstances
indicate the recoverable amount of the CGU (or group of CGUs) to which the goodwill relates should be assessed.
For the purposes of impairment testing, goodwill acquired is allocated to the CGU (or group of CGUs) that is expected to bene\ufb01t
from the synergies of the combination. Each unit or units to which goodwill is allocated represents the lowest level within the
Group at which the goodwill is monitored for internal management purposes. Impairment is determined by assessing the
recoverable amount of the CGU (or groups of CGUs) to which the goodwill relates. Where the recoverable amount of the CGU
(or groups of CGUs) is less than the carrying amount of the CGU (or group of CGUs) containing goodwill, an impairment loss is
recognised. Impairment losses relating to goodwill cannot be reversed in future periods. For information on signi\ufb01cant estimates
and judgements made in relation to impairments, see Use of judgements, estimates and assumptions: recoverability of asset
carrying values within note 2.
A summary of goodwill is presented below:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Cost and net carrying amount
\u00a0\u00a0
At 1 January
134,400
134,400
Acquisition (see note 30)
5,110
\u2013
At 31 December
139,510
134,400
\n
The majority of the goodwill relates to the 75% acquisition of the Magnus oil \ufb01eld and associated interests. The remaining
opening balance relates to the acquisition of the GKA and Scolty Crathes \ufb01elds. During 2025, the Group acquired Block 12W in
Vietnam (see note 30) resulting in goodwill recognised of $5.1 million.
Impairment testing of goodwill
Goodwill, which has been acquired through business combinations, has been allocated as appropriate to the UK North Sea
segment grouping of CGUs and the Vietnam CGU, and these are therefore the lowest level at which goodwill is reviewed. The UK
North Sea is a combination of oil and gas assets, as detailed within property, plant and equipment (note 9), while the Vietnam
CGU relates to the Block 12W asset.
The recoverable amounts of the segment and \ufb01elds have been determined on a fair value less costs of disposal basis. See notes
2 and 9 for further details. An impairment charge of nil was taken in 2025 (2024: nil) based on a fair value less costs to dispose
valuation of the CGUs as described above.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "11. Intangible assets
Accounting policy
Exploration and appraisal assets
Exploration and appraisal assets have inde\ufb01nite useful lives and are accounted for using the successful efforts method of
accounting. Pre-licence costs are expensed in the period in which they are incurred. Expenditure directly associated with
exploration, evaluation or appraisal activities is initially capitalised as an intangible asset. Such costs include the costs of
acquiring an interest, appraisal well drilling costs, payments to contractors and an appropriate share of directly attributable
overheads incurred during the evaluation phase. For such appraisal activity, which may require drilling of further wells, costs
continue to be carried as an asset, whilst related hydrocarbons are considered capable of commercial development. Such
costs are subject to technical, commercial and management review to con\ufb01rm the continued intent to develop, or otherwise
extract value. When this is no longer the case, the costs are written off as exploration and evaluation expenses in the Group
income statement. When exploration licences are relinquished without further development, any previous impairment loss is
reversed and the carrying costs are written off through the Group income statement. When assets are declared part of a
commercial development, related costs are transferred to property, plant and equipment. All intangible oil and gas assets are
assessed for any impairment prior to transfer and any impairment loss is recognised in the Group income statement.
During the year ended 31 December 2025, there was no impairment of historical exploration and appraisal expenditures (2024: nil).
Other intangibles
UK emissions allowances (\u2018UKAs\u2019) purchased to settle the Group\u2019s liability related to emissions are recognised on the balance
sheet as an intangible asset at cost. The UKAs will be derecognised upon settling the liability with the respective regulator.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Exploration
\u00a0 \u00a0
\u00a0
and
\u00a0 \u00a0
\u00a0
appraisal
UK emissions
\u00a0
\u00a0
assets
allowances
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
Cost:
\u00a0 \u00a0 \u00a0
At 1 January 2024
127,476
876
128,352
Additions
3,686
1,138
4,824
Write-off of unsuccessful exploration expenditure
(183)
\u2013
(183)
Disposal
(1,263)
(876)
(2,139)
At 1 January 2025
129,716
1,138
130,854
Additions
4,225
6,472
10,697
Write-off of relinquished licence
(173)
\u2013
(173)
Disposal
\u2013
(6,500)
(6,500)
At 31 December 2025
133,768
1,110
134,878
Accumulated impairment:
\u00a0 \u00a0 \u00a0
At 1 January 2024, 1 January 2025 and 31 December 2025
(109,153)
\u2013
(109,153)
Net carrying amount:
\u00a0 \u00a0 \u00a0
At 31 December 2025
24,615
1,110
25,725
At 31 December 2024
20,563
1,138
21,701
At 1 January 2024
18,323
876
19,199
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00274": { "value": "Accounting policy
Exploration and appraisal assets
Exploration and appraisal assets have inde\ufb01nite useful lives and are accounted for using the successful efforts method of
accounting. Pre-licence costs are expensed in the period in which they are incurred. Expenditure directly associated with
exploration, evaluation or appraisal activities is initially capitalised as an intangible asset. Such costs include the costs of
acquiring an interest, appraisal well drilling costs, payments to contractors and an appropriate share of directly attributable
overheads incurred during the evaluation phase. For such appraisal activity, which may require drilling of further wells, costs
continue to be carried as an asset, whilst related hydrocarbons are considered capable of commercial development. Such
costs are subject to technical, commercial and management review to con\ufb01rm the continued intent to develop, or otherwise
extract value. When this is no longer the case, the costs are written off as exploration and evaluation expenses in the Group
income statement. When exploration licences are relinquished without further development, any previous impairment loss is
reversed and the carrying costs are written off through the Group income statement. When assets are declared part of a
commercial development, related costs are transferred to property, plant and equipment. All intangible oil and gas assets are
assessed for any impairment prior to transfer and any impairment loss is recognised in the Group income statement.
During the year ended 31 December 2025, there was no impairment of historical exploration and appraisal expenditures (2024: nil).
Other intangibles
UK emissions allowances (\u2018UKAs\u2019) purchased to settle the Group\u2019s liability related to emissions are recognised on the balance
sheet as an intangible asset at cost. The UKAs will be derecognised upon settling the liability with the respective regulator.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "12. Inventories
Accounting policy
Inventories of consumable well supplies and inventories of hydrocarbons are stated at the lower of cost and NRV, cost being
determined on an average cost basis.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Hydrocarbon inventories
8,487
22,544
Well supplies
24,272
26,432
\u00a0
32,759
48,976
\n
During 2025, a net charge of $16.9 million was recognised within cost of sales in the Group income statement relating to
inventory, re\ufb02ecting additional sales related to Magnus hydrocarbon stock (2024: net gain of $6.9 million).
The inventory valuation at 31 December 2025 is stated net of a provision of $22.5 million (2024: $28.5 million) to write-down well
supplies to their estimated net realisable value.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "Accounting policy
Inventories of consumable well supplies and inventories of hydrocarbons are stated at the lower of cost and NRV, cost being
determined on an average cost basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "13. Cash and cash equivalents
Accounting policy
Cash and cash equivalents includes cash at bank, cash in hand, cash deposited in relation to decommissioning security
arrangements and highly liquid interest-bearing securities with original maturities of three months or fewer.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Available cash
265,886
226,317
Restricted cash
2,960
53,922
Cash and cash equivalents
268,846
280,239
\n
The carrying value of the Group\u2019s cash and cash equivalents is considered to be a reasonable approximation to their fair value
due to their short-term maturities.
Restricted cash
Restricted cash at 31 December 2025 includes a residual $1.2 million in accounts relating to 2025 decommissioning security
agreement obligations (31 December 2024: $53.4 million). The remaining $1.8 million of restricted cash relates to a Performance
Bond in Indonesia (31 December 2024: $0.5 million related to bank guarantees for the Group\u2019s Malaysian assets).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Accounting policy
Cash and cash equivalents includes cash at bank, cash in hand, cash deposited in relation to decommissioning security
arrangements and highly liquid interest-bearing securities with original maturities of three months or fewer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "Restricted cash
Restricted cash at 31 December 2025 includes a residual $1.2 million in accounts relating to 2025 decommissioning security
agreement obligations (31 December 2024: $53.4 million). The remaining $1.8 million of restricted cash relates to a Performance
Bond in Indonesia (31 December 2024: $0.5 million related to bank guarantees for the Group\u2019s Malaysian assets).", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "14. Financial instruments and fair value measurement
Accounting policy
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
of another entity. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the
\ufb01nancial instrument.
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the Group balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis.
Financial assets
Financial assets are classi\ufb01ed, at initial recognition, as amortised cost, fair value through other comprehensive income (\u2018FVOCI\u2019),
or fair value through pro\ufb01t or loss (\u2018FVPL\u2019). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial
assets\u2019 contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group does not currently
hold any \ufb01nancial assets at FVOCI, i.e. debt \ufb01nancial assets.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire, or when the
\ufb01nancial asset and substantially all the risks and rewards are transferred.
Financial assets at amortised cost
Trade receivables, other receivables and joint operation receivables are measured initially at fair value and subsequently
recorded at amortised cost, using the effective interest rate (\u2018EIR\u2019) method, and are subject to impairment. Gains and losses
are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired and EIR amortisation is included within
\ufb01nance costs.
The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\u2022
The \ufb01nancial asset is held in a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash
\ufb02ows; and
\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
Prepayments, which are not \ufb01nancial assets, are measured at historical cost.
Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit loss (\u2018ECL\u2019), where material, for all \ufb01nancial assets held at the balance
sheet date. ECLs are based on the difference between the contractual cash \ufb02ows due to the Group, and the discounted actual
cash \ufb02ows that are expected to be received. Where there has been no signi\ufb01cant increase in credit risk since initial recognition,
the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered signi\ufb01cant, lifetime
credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material.
The provision rates are based on days past due for groupings of customer segments with similar loss patterns (i.e. by
geographical region, product type, customer type and rating) and are based on historical credit loss experience, adjusted for
forward-looking factors speci\ufb01c to the debtors and the economic environment. The Group evaluates the concentration of risk
with respect to trade receivables and contract assets as low, as its customers are joint venture partners and there are no
indications of change in risk. Generally, trade receivables are written off when they become past due for more than one year
and are not subject to enforcement activity.
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as amortised cost or at FVPL.
Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire. When an existing
\ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modi\ufb01ed, such an exchange or modi\ufb01cation 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 Group income statement.
Financial liabilities at amortised cost
Loans and borrowings, trade payables and other creditors are measured initially at fair value net of directly attributable
transaction costs and subsequently recorded at amortised cost, using the EIR method. Loans and borrowings are interest
bearing. Gains and losses are recognised in pro\ufb01t or loss when the liability is derecognised and EIR amortisation is included
within \ufb01nance costs.
Financial instruments at FVPL
The Group holds derivative \ufb01nancial instruments classi\ufb01ed as held for trading, not designated as effective hedging instruments.
The derivative \ufb01nancial instruments include forward currency contracts and commodity contracts, to address the respective
risks; see note 27. The Group also enters into forward contracts for the purchase of UKAs to manage its exposure to carbon
emission credit prices. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when
the fair value is negative.
Financial instruments at FVPL are carried in the Group balance sheet at fair value, with net changes in fair value recognised in
the Group income statement.
Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at FVPL,
irrespective of the business model. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described
above are measured at FVPL. Financial instruments with embedded derivatives are considered in their entirety when
determining whether their cash \ufb02ows are solely payment of principal and interest.
The Group also holds contingent consideration (see note 21) and a listed equity investment (see note 18). The movements of both
are recognised within the Group income statement.
Fair value measurement
The following table provides the fair values and fair value measurement hierarchy of the Group\u2019s other \ufb01nancial assets and
liabilities:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2025
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
36,754
36,754
\u2013
36,754
\u2013
Forward foreign currency contracts
18(a)
932
932
\u2013
932
\u2013
Forward UKA contracts
18(a)
28,721
28,721
\u2013
28,721
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
66,413
66,413
6
66,407
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
43,896
43,896
\u2013
43,896
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
43,896
43,896
\u2013
43,896
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
1,997
1,997
\u2013
1,997
\u2013
Forward UKA contracts
18(a)
8,394
8,394
\u2013
8,394
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
84,620
84,620
\u2013
\u2013
84,620
Total liabilities measured at fair value
\u00a0
95,011
95,011
\u2013
10,391
84,620
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
60,324
60,324
\u2013
60,324
\u2013
GBP retail bond 9.00%
(ii)
17
181,812
180,892
180,892
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
465,328
470,878
470,878
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
707,464
712,094
651,770
60,324
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
Value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2024
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Gas commodity contracts
18(a)
69
69
\u2013
69
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
75
75
6
69
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
38,453
38,453
\u2013
38,453
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
38,453
38,453
\u2013
38,453
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity derivative contracts
18(a)
10,497
10,497
\u2013
10,497
\u2013
Forward foreign currency contracts
18(a)
2,354
2,354
\u2013
2,354
\u2013
Forward UKA contracts
18(a)
8,729
8,729
\u2013
8,729
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
473,294
473,294
\u2013
\u2013
473,294
Total liabilities measured at fair value
\u00a0
494,874
494,874
\u2013
21,580
473,294
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
33,972
33,972
\u2013
33,972
\u2013
GBP retail bond 9.00%
(ii)
17
169,371
161,461
161,461
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
461,514
466,102
466,102
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
664,857
661,535
627,563
33,972
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
Fair value hierarchy
All \ufb01nancial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on
the lowest level input that is signi\ufb01cant to the fair value measurement as a whole, as follows:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly
(i.e. prices) or indirectly (i.e. derived from prices) observable; and
Level 3: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable.
Derivative \ufb01nancial instruments are valued by counterparties, with the valuations reviewed internally and corroborated with
readily available market data (Level 2). Contingent consideration is measured at FVPL using the Level 3 valuation processes,
details of which and a reconciliation of movements are disclosed in note 21. There have been no transfers between Level 1 and
Level 2 during the period (2024: no transfers).
For the \ufb01nancial assets and liabilities measured at amortised cost but for which fair value disclosures are required, the fair value
of the bonds classi\ufb01ed as Level 1 was derived from quoted prices for that \ufb01nancial instrument, while interest-bearing loans and
borrowings and the vendor \ufb01nancing facility were calculated at amortised cost using the effective interest method to capture
the present value (Level 2). A reconciliation of movements is disclosed in note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "14. Financial instruments and fair value measurement
Accounting policy
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
of another entity. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the
\ufb01nancial instrument.
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the Group balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis.
Financial assets
Financial assets are classi\ufb01ed, at initial recognition, as amortised cost, fair value through other comprehensive income (\u2018FVOCI\u2019),
or fair value through pro\ufb01t or loss (\u2018FVPL\u2019). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial
assets\u2019 contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group does not currently
hold any \ufb01nancial assets at FVOCI, i.e. debt \ufb01nancial assets.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire, or when the
\ufb01nancial asset and substantially all the risks and rewards are transferred.
Financial assets at amortised cost
Trade receivables, other receivables and joint operation receivables are measured initially at fair value and subsequently
recorded at amortised cost, using the effective interest rate (\u2018EIR\u2019) method, and are subject to impairment. Gains and losses
are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired and EIR amortisation is included within
\ufb01nance costs.
The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\u2022
The \ufb01nancial asset is held in a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash
\ufb02ows; and
\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
Prepayments, which are not \ufb01nancial assets, are measured at historical cost.
Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit loss (\u2018ECL\u2019), where material, for all \ufb01nancial assets held at the balance
sheet date. ECLs are based on the difference between the contractual cash \ufb02ows due to the Group, and the discounted actual
cash \ufb02ows that are expected to be received. Where there has been no signi\ufb01cant increase in credit risk since initial recognition,
the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered signi\ufb01cant, lifetime
credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material.
The provision rates are based on days past due for groupings of customer segments with similar loss patterns (i.e. by
geographical region, product type, customer type and rating) and are based on historical credit loss experience, adjusted for
forward-looking factors speci\ufb01c to the debtors and the economic environment. The Group evaluates the concentration of risk
with respect to trade receivables and contract assets as low, as its customers are joint venture partners and there are no
indications of change in risk. Generally, trade receivables are written off when they become past due for more than one year
and are not subject to enforcement activity.
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as amortised cost or at FVPL.
Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire. When an existing
\ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modi\ufb01ed, such an exchange or modi\ufb01cation 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 Group income statement.
Financial liabilities at amortised cost
Loans and borrowings, trade payables and other creditors are measured initially at fair value net of directly attributable
transaction costs and subsequently recorded at amortised cost, using the EIR method. Loans and borrowings are interest
bearing. Gains and losses are recognised in pro\ufb01t or loss when the liability is derecognised and EIR amortisation is included
within \ufb01nance costs.
Financial instruments at FVPL
The Group holds derivative \ufb01nancial instruments classi\ufb01ed as held for trading, not designated as effective hedging instruments.
The derivative \ufb01nancial instruments include forward currency contracts and commodity contracts, to address the respective
risks; see note 27. The Group also enters into forward contracts for the purchase of UKAs to manage its exposure to carbon
emission credit prices. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when
the fair value is negative.
Financial instruments at FVPL are carried in the Group balance sheet at fair value, with net changes in fair value recognised in
the Group income statement.
Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at FVPL,
irrespective of the business model. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described
above are measured at FVPL. Financial instruments with embedded derivatives are considered in their entirety when
determining whether their cash \ufb02ows are solely payment of principal and interest.
The Group also holds contingent consideration (see note 21) and a listed equity investment (see note 18). The movements of both
are recognised within the Group income statement.
Fair value measurement
The following table provides the fair values and fair value measurement hierarchy of the Group\u2019s other \ufb01nancial assets and
liabilities:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2025
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
36,754
36,754
\u2013
36,754
\u2013
Forward foreign currency contracts
18(a)
932
932
\u2013
932
\u2013
Forward UKA contracts
18(a)
28,721
28,721
\u2013
28,721
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
66,413
66,413
6
66,407
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
43,896
43,896
\u2013
43,896
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
43,896
43,896
\u2013
43,896
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
1,997
1,997
\u2013
1,997
\u2013
Forward UKA contracts
18(a)
8,394
8,394
\u2013
8,394
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
84,620
84,620
\u2013
\u2013
84,620
Total liabilities measured at fair value
\u00a0
95,011
95,011
\u2013
10,391
84,620
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
60,324
60,324
\u2013
60,324
\u2013
GBP retail bond 9.00%
(ii)
17
181,812
180,892
180,892
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
465,328
470,878
470,878
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
707,464
712,094
651,770
60,324
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
Value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2024
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Gas commodity contracts
18(a)
69
69
\u2013
69
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
75
75
6
69
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
38,453
38,453
\u2013
38,453
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
38,453
38,453
\u2013
38,453
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity derivative contracts
18(a)
10,497
10,497
\u2013
10,497
\u2013
Forward foreign currency contracts
18(a)
2,354
2,354
\u2013
2,354
\u2013
Forward UKA contracts
18(a)
8,729
8,729
\u2013
8,729
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
473,294
473,294
\u2013
\u2013
473,294
Total liabilities measured at fair value
\u00a0
494,874
494,874
\u2013
21,580
473,294
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
33,972
33,972
\u2013
33,972
\u2013
GBP retail bond 9.00%
(ii)
17
169,371
161,461
161,461
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
461,514
466,102
466,102
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
664,857
661,535
627,563
33,972
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
Fair value hierarchy
All \ufb01nancial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on
the lowest level input that is signi\ufb01cant to the fair value measurement as a whole, as follows:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly
(i.e. prices) or indirectly (i.e. derived from prices) observable; and
Level 3: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable.
Derivative \ufb01nancial instruments are valued by counterparties, with the valuations reviewed internally and corroborated with
readily available market data (Level 2). Contingent consideration is measured at FVPL using the Level 3 valuation processes,
details of which and a reconciliation of movements are disclosed in note 21. There have been no transfers between Level 1 and
Level 2 during the period (2024: no transfers).
For the \ufb01nancial assets and liabilities measured at amortised cost but for which fair value disclosures are required, the fair value
of the bonds classi\ufb01ed as Level 1 was derived from quoted prices for that \ufb01nancial instrument, while interest-bearing loans and
borrowings and the vendor \ufb01nancing facility were calculated at amortised cost using the effective interest method to capture
the present value (Level 2). A reconciliation of movements is disclosed in note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Accounting policy
A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument
of another entity. Financial instruments are recognised when the Group becomes a party to the contractual provisions of the
\ufb01nancial instrument.
Financial assets and \ufb01nancial liabilities are offset and the net amount is reported in the Group balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis.
Financial assets
Financial assets are classi\ufb01ed, at initial recognition, as amortised cost, fair value through other comprehensive income (\u2018FVOCI\u2019),
or fair value through pro\ufb01t or loss (\u2018FVPL\u2019). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial
assets\u2019 contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group does not currently
hold any \ufb01nancial assets at FVOCI, i.e. debt \ufb01nancial assets.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire, or when the
\ufb01nancial asset and substantially all the risks and rewards are transferred.
Financial assets at amortised cost
Trade receivables, other receivables and joint operation receivables are measured initially at fair value and subsequently
recorded at amortised cost, using the effective interest rate (\u2018EIR\u2019) method, and are subject to impairment. Gains and losses
are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired and EIR amortisation is included within
\ufb01nance costs.
The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\u2022
The \ufb01nancial asset is held in a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash
\ufb02ows; and
\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
Prepayments, which are not \ufb01nancial assets, are measured at historical cost.
Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit loss (\u2018ECL\u2019), where material, for all \ufb01nancial assets held at the balance
sheet date. ECLs are based on the difference between the contractual cash \ufb02ows due to the Group, and the discounted actual
cash \ufb02ows that are expected to be received. Where there has been no signi\ufb01cant increase in credit risk since initial recognition,
the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered signi\ufb01cant, lifetime
credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material.
The provision rates are based on days past due for groupings of customer segments with similar loss patterns (i.e. by
geographical region, product type, customer type and rating) and are based on historical credit loss experience, adjusted for
forward-looking factors speci\ufb01c to the debtors and the economic environment. The Group evaluates the concentration of risk
with respect to trade receivables and contract assets as low, as its customers are joint venture partners and there are no
indications of change in risk. Generally, trade receivables are written off when they become past due for more than one year
and are not subject to enforcement activity.
Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as amortised cost or at FVPL.
Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire. When an existing
\ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modi\ufb01ed, such an exchange or modi\ufb01cation 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 Group income statement.
Financial liabilities at amortised cost
Loans and borrowings, trade payables and other creditors are measured initially at fair value net of directly attributable
transaction costs and subsequently recorded at amortised cost, using the EIR method. Loans and borrowings are interest
bearing. Gains and losses are recognised in pro\ufb01t or loss when the liability is derecognised and EIR amortisation is included
within \ufb01nance costs.
Financial instruments at FVPL
The Group holds derivative \ufb01nancial instruments classi\ufb01ed as held for trading, not designated as effective hedging instruments.
The derivative \ufb01nancial instruments include forward currency contracts and commodity contracts, to address the respective
risks; see note 27. The Group also enters into forward contracts for the purchase of UKAs to manage its exposure to carbon
emission credit prices. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when
the fair value is negative.
Financial instruments at FVPL are carried in the Group balance sheet at fair value, with net changes in fair value recognised in
the Group income statement.
Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at FVPL,
irrespective of the business model. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described
above are measured at FVPL. Financial instruments with embedded derivatives are considered in their entirety when
determining whether their cash \ufb02ows are solely payment of principal and interest.
The Group also holds contingent consideration (see note 21) and a listed equity investment (see note 18). The movements of both
are recognised within the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Financial assets
Financial assets are classi\ufb01ed, at initial recognition, as amortised cost, fair value through other comprehensive income (\u2018FVOCI\u2019),
or fair value through pro\ufb01t or loss (\u2018FVPL\u2019). The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial
assets\u2019 contractual cash \ufb02ow characteristics and the Group\u2019s business model for managing them. The Group does not currently
hold any \ufb01nancial assets at FVOCI, i.e. debt \ufb01nancial assets.
Financial assets are derecognised when the contractual rights to the cash \ufb02ows from the \ufb01nancial asset expire, or when the
\ufb01nancial asset and substantially all the risks and rewards are transferred.
Financial assets at amortised cost
Trade receivables, other receivables and joint operation receivables are measured initially at fair value and subsequently
recorded at amortised cost, using the effective interest rate (\u2018EIR\u2019) method, and are subject to impairment. Gains and losses
are recognised in pro\ufb01t or loss when the asset is derecognised, modi\ufb01ed or impaired and EIR amortisation is included within
\ufb01nance costs.
The Group measures \ufb01nancial assets at amortised cost if both of the following conditions are met:
\u2022
The \ufb01nancial asset is held in a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash
\ufb02ows; and
\u2022
The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal
and interest on the principal amount outstanding.
Prepayments, which are not \ufb01nancial assets, are measured at historical cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit loss (\u2018ECL\u2019), where material, for all \ufb01nancial assets held at the balance
sheet date. ECLs are based on the difference between the contractual cash \ufb02ows due to the Group, and the discounted actual
cash \ufb02ows that are expected to be received. Where there has been no signi\ufb01cant increase in credit risk since initial recognition,
the loss allowance is equal to 12-month expected credit losses. Where the increase in credit risk is considered signi\ufb01cant, lifetime
credit losses are provided. For trade receivables, a lifetime credit loss is recognised on initial recognition where material.
The provision rates are based on days past due for groupings of customer segments with similar loss patterns (i.e. by
geographical region, product type, customer type and rating) and are based on historical credit loss experience, adjusted for
forward-looking factors speci\ufb01c to the debtors and the economic environment. The Group evaluates the concentration of risk
with respect to trade receivables and contract assets as low, as its customers are joint venture partners and there are no
indications of change in risk. Generally, trade receivables are written off when they become past due for more than one year
and are not subject to enforcement activity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Financial liabilities
Financial liabilities are classi\ufb01ed, at initial recognition, as amortised cost or at FVPL.
Financial liabilities are derecognised when they are extinguished, discharged, cancelled or they expire. When an existing
\ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability
are substantially modi\ufb01ed, such an exchange or modi\ufb01cation 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 Group income statement.
Financial liabilities at amortised cost
Loans and borrowings, trade payables and other creditors are measured initially at fair value net of directly attributable
transaction costs and subsequently recorded at amortised cost, using the EIR method. Loans and borrowings are interest
bearing. Gains and losses are recognised in pro\ufb01t or loss when the liability is derecognised and EIR amortisation is included
within \ufb01nance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "Financial instruments at FVPL
The Group holds derivative \ufb01nancial instruments classi\ufb01ed as held for trading, not designated as effective hedging instruments.
The derivative \ufb01nancial instruments include forward currency contracts and commodity contracts, to address the respective
risks; see note 27. The Group also enters into forward contracts for the purchase of UKAs to manage its exposure to carbon
emission credit prices. Derivatives are carried as \ufb01nancial assets when the fair value is positive and as \ufb01nancial liabilities when
the fair value is negative.
Financial instruments at FVPL are carried in the Group balance sheet at fair value, with net changes in fair value recognised in
the Group income statement.
Financial assets with cash \ufb02ows that are not solely payments of principal and interest are classi\ufb01ed and measured at FVPL,
irrespective of the business model. All \ufb01nancial assets not classi\ufb01ed as measured at amortised cost or FVOCI as described
above are measured at FVPL. Financial instruments with embedded derivatives are considered in their entirety when
determining whether their cash \ufb02ows are solely payment of principal and interest.
The Group also holds contingent consideration (see note 21) and a listed equity investment (see note 18). The movements of both
are recognised within the Group income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Fair value measurement
The following table provides the fair values and fair value measurement hierarchy of the Group\u2019s other \ufb01nancial assets and
liabilities:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2025
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
36,754
36,754
\u2013
36,754
\u2013
Forward foreign currency contracts
18(a)
932
932
\u2013
932
\u2013
Forward UKA contracts
18(a)
28,721
28,721
\u2013
28,721
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
66,413
66,413
6
66,407
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
43,896
43,896
\u2013
43,896
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
43,896
43,896
\u2013
43,896
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
1,997
1,997
\u2013
1,997
\u2013
Forward UKA contracts
18(a)
8,394
8,394
\u2013
8,394
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
84,620
84,620
\u2013
\u2013
84,620
Total liabilities measured at fair value
\u00a0
95,011
95,011
\u2013
10,391
84,620
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
60,324
60,324
\u2013
60,324
\u2013
GBP retail bond 9.00%
(ii)
17
181,812
180,892
180,892
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
465,328
470,878
470,878
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
707,464
712,094
651,770
60,324
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
Value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2024
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Gas commodity contracts
18(a)
69
69
\u2013
69
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
75
75
6
69
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
38,453
38,453
\u2013
38,453
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
38,453
38,453
\u2013
38,453
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity derivative contracts
18(a)
10,497
10,497
\u2013
10,497
\u2013
Forward foreign currency contracts
18(a)
2,354
2,354
\u2013
2,354
\u2013
Forward UKA contracts
18(a)
8,729
8,729
\u2013
8,729
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
473,294
473,294
\u2013
\u2013
473,294
Total liabilities measured at fair value
\u00a0
494,874
494,874
\u2013
21,580
473,294
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
33,972
33,972
\u2013
33,972
\u2013
GBP retail bond 9.00%
(ii)
17
169,371
161,461
161,461
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
461,514
466,102
466,102
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
664,857
661,535
627,563
33,972
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
Fair value hierarchy
All \ufb01nancial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on
the lowest level input that is signi\ufb01cant to the fair value measurement as a whole, as follows:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly
(i.e. prices) or indirectly (i.e. derived from prices) observable; and
Level 3: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable.
Derivative \ufb01nancial instruments are valued by counterparties, with the valuations reviewed internally and corroborated with
readily available market data (Level 2). Contingent consideration is measured at FVPL using the Level 3 valuation processes,
details of which and a reconciliation of movements are disclosed in note 21. There have been no transfers between Level 1 and
Level 2 during the period (2024: no transfers).
For the \ufb01nancial assets and liabilities measured at amortised cost but for which fair value disclosures are required, the fair value
of the bonds classi\ufb01ed as Level 1 was derived from quoted prices for that \ufb01nancial instrument, while interest-bearing loans and
borrowings and the vendor \ufb01nancing facility were calculated at amortised cost using the effective interest method to capture
the present value (Level 2). A reconciliation of movements is disclosed in note 29.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "Fair value measurement
The following table provides the fair values and fair value measurement hierarchy of the Group\u2019s other \ufb01nancial assets and
liabilities:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2025
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
36,754
36,754
\u2013
36,754
\u2013
Forward foreign currency contracts
18(a)
932
932
\u2013
932
\u2013
Forward UKA contracts
18(a)
28,721
28,721
\u2013
28,721
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
66,413
66,413
6
66,407
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
43,896
43,896
\u2013
43,896
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
43,896
43,896
\u2013
43,896
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity contracts
18(a)
1,997
1,997
\u2013
1,997
\u2013
Forward UKA contracts
18(a)
8,394
8,394
\u2013
8,394
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
84,620
84,620
\u2013
\u2013
84,620
Total liabilities measured at fair value
\u00a0
95,011
95,011
\u2013
10,391
84,620
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
60,324
60,324
\u2013
60,324
\u2013
GBP retail bond 9.00%
(ii)
17
181,812
180,892
180,892
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
465,328
470,878
470,878
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
707,464
712,094
651,770
60,324
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0\u00a0\u00a0
Quoted
\u00a0\u00a0
\u00a0\u00a0\u00a0\u00a0
prices in
Signi\ufb01cant
Signi\ufb01cant
\u00a0\u00a0\u00a0\u00a0
active
observable
unobservable
\u00a0\u00a0
Carrying
\u00a0
markets
inputs
inputs
\u00a0\u00a0
Value
Total
(Level 1)
(Level 2)
(Level 3)
31 December 2024
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Financial assets measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Gas commodity contracts
18(a)
69
69
\u2013
69
\u2013
Other \ufb01nancial assets measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0
\u2013
Quoted equity shares
\u00a0
6
6
6
\u2013
\u2013
Total \ufb01nancial assets measured at fair value
\u00a0
75
75
6
69
\u2013
Financial assets measured at amortised cost:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Vendor \ufb01nancing facility
18(f)
38,453
38,453
\u2013
38,453
\u2013
Total \ufb01nancial assets measured at amortised cost
(i)
\u00a0
38,453
38,453
\u2013
38,453
\u2013
Liabilities measured at fair value:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Derivative \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Commodity derivative contracts
18(a)
10,497
10,497
\u2013
10,497
\u2013
Forward foreign currency contracts
18(a)
2,354
2,354
\u2013
2,354
\u2013
Forward UKA contracts
18(a)
8,729
8,729
\u2013
8,729
\u2013
Other \ufb01nancial liabilities measured at FVPL
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Contingent consideration
21
473,294
473,294
\u2013
\u2013
473,294
Total liabilities measured at fair value
\u00a0
494,874
494,874
\u2013
21,580
473,294
Liabilities measured at amortised cost
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Interest-bearing loans and borrowings
(i)
17
33,972
33,972
\u2013
33,972
\u2013
GBP retail bond 9.00%
(ii)
17
169,371
161,461
161,461
\u2013
\u2013
USD high yield bond 11.625%
(ii)
17
461,514
466,102
466,102
\u2013
\u2013
Total liabilities measured at amortised cost
(iii)
\u00a0
664,857
661,535
627,563
33,972
\u2013
\n
(i)
Amortised cost is a reasonable approximation of the fair value, carrying value includes accrued interest
(ii)
Carrying value includes accrued interest and related fees
(iii)
Amounts included in the Total column, exclude related fees
Fair value hierarchy
All \ufb01nancial instruments for which fair value is recognised or disclosed are categorised within the fair value hierarchy, based on
the lowest level input that is signi\ufb01cant to the fair value measurement as a whole, as follows:
Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is directly
(i.e. prices) or indirectly (i.e. derived from prices) observable; and
Level 3: Valuation techniques for which the lowest level input that is signi\ufb01cant to the fair value measurement is unobservable.
Derivative \ufb01nancial instruments are valued by counterparties, with the valuations reviewed internally and corroborated with
readily available market data (Level 2). Contingent consideration is measured at FVPL using the Level 3 valuation processes,
details of which and a reconciliation of movements are disclosed in note 21. There have been no transfers between Level 1 and
Level 2 during the period (2024: no transfers).
For the \ufb01nancial assets and liabilities measured at amortised cost but for which fair value disclosures are required, the fair value
of the bonds classi\ufb01ed as Level 1 was derived from quoted prices for that \ufb01nancial instrument, while interest-bearing loans and
borrowings and the vendor \ufb01nancing facility were calculated at amortised cost using the effective interest method to capture
the present value (Level 2). A reconciliation of movements is disclosed in note 29.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "15. Trade and other receivables \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Current
\u00a0\u00a0
Trade receivables
15,357
20,151
Joint venture receivables
104,608
106,963
Under-lift position
18,073
16,806
VAT receivable
12,377
7,574
Vietnam lease receivable from joint venture partners
5,122
\u2013
Other receivables
(i)
55,015
25,989
Prepayments
13,821
5,720
Accrued income
21,096
47,768
Total current
245,469
230,971
Non\u2011current
\u00a0\u00a0
Vietnam abandonment fund
92,079
\u2013
Vietnam lease receivable from joint venture partners
19,473
\u2013
Other receivables
16,614
2,102
Total non\u2011current
128,166
2,102
\n
(i)
Predominantly relates to amounts charged to SVT owners and users
The carrying values of the Group\u2019s trade, joint venture and other receivables as stated above are considered to be a reasonable
approximation to their fair value largely due to their short-term maturities. Under-lift is valued at the lower of cost or NRV at the
prevailing balance sheet date (note 4(b)).
Trade receivables are non-interest-bearing and are generally on 15 to 30-day terms. Joint venture receivables relate to amounts
billable to, or recoverable from, joint venture partners. Receivables are reported net of any ECL with no losses recognised as at
31 December 2025 or 2024.
Non-current receivables mainly comprise the Group\u2019s share of cash contributions made into an abandonment fund which was
established to ensure that suf\ufb01cient funds exist to meet future abandonment obligations on Block 12W in Vietnam. The funds are
maintained in a bank account by PetroVietnam and the joint venture partners retain the legal rights and obligations to all
monies contributed to the abandonment funds, pending commencement of abandonment operations.
The lease receivable relates to the Group\u2019s lease of an FPSO used on Block 12W in Vietnam. The related liability is recorded on a
gross basis as EnQuest is the sole signatory to the lease, with joint venture partners providing a parent company guarantee with
respect to their share of the lease liability. The Group\u2019s share of this liability is recorded as a right of use asset (see note 23) with
the remainder, representing the share of future payments to be reimbursed by the other partners in Block 12W in Vietnam,
recorded as an \u2018other receivable\u2019, split between current and non-current based on the expected timing of reimbursement by
the partners.
Other non-current receivables represents capitalised fees associated with the Group\u2019s Reserve Based Lending facility disclosed
within trade and other receivables to better re\ufb02ect the variable nature of drawings under the facility.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "16. Trade and other payables \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Current
\u00a0\u00a0
Trade payables
124,806
138,822
Accrued expenses
287,408
209,225
Over-lift position
8,136
16,849
Joint venture creditors
25,750
46,187
Other payables
8,550
3,307
Total current
454,650
414,390
\n
The carrying value of the Group\u2019s current trade and other payables as stated above is considered to be a reasonable
approximation to their fair value largely due to the short-term maturities. Certain trade and other payables will be settled in
currencies other than the reporting currency of the Group, mainly in Sterling. Trade payables are normally non-interest-bearing
and settled on terms of between ten and 30 days.
Accrued expenses include accruals for capital and operating expenditure in relation to the oil and gas assets and
interest accruals.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "17. Loans and borrowings \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Loans
60,324
33,972
Bonds
647,140
630,885
\u00a0
707,464
664,857
\n
The Group\u2019s borrowings are carried at amortised cost as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Principal
Fees
Total
Principal
Fees
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
SVT working capital facility
36,331
\u2013
36,331
33,972
\u2013
33,972
Vendor loan facility
22,096
\u2013
22,096
\u2013
\u2013
\u2013
USD high yield bond 11.625%
465,000
(6,156)
458,844
465,000
(10,661)
454,339
GBP retail bond 9.00% (GBP 133.3 million)
179,367
\u2013
179,367
167,101
\u2013
167,101
Accrued interest
(i)
10,826
\u2013
10,826
9,445
\u2013
9,445
Total borrowings
713,620
(6,156)
707,464
675,518
(10,661)
664,857
Due within one year
\u00a0\u00a0
69,253
\u00a0\u00a0
43,417
Due after more than one year
\u00a0\u00a0
638,211
\u00a0\u00a0
621,440
Total borrowings
\u00a0\u00a0
707,464
\u00a0\u00a0
664,857
\n
(i)
Accrued interest includes vendor loan facility interest accruals of $1.9 million (2024: $nil) and bond interest accruals of $8.9 million (2024: $9.4 million)
See liquidity risk \u2013 note 27 for the timing of cash out\ufb02ows relating to loans and borrowings.
Reserve Based Lending facility (\u2018RBL\u2019)
In November 2025, the Group agreed a new six-year Senior Secured Reserve Based Lending (\u2018RBL\u2019) facility totalling $800.0 million
comprising a $400.0 million multi-currency revolving loan facility, $400.0 million multi-currency revolving letter of credit facility
and an accordion of up to $800.0 million which, although uncommitted, provides the potential to extend the secured revolving
loan facility and the revolving letter of credit facility by up to $400.0 million each. The maturity of the facility is December 2031.
Funds can only be drawn under the loan facility to a maximum amount of the lesser of: (i) the total commitments; and (ii) the
borrowing base amount. Interest accrues at 4.00%, plus a combination of an agreed credit adjustment spread and the Secured
Overnight Financing Rate (\u2018SOFR\u2019). The facility replaced the Group\u2019s previous reserve based lending facility, which was signed in
October 2022 and accrued interest at 4.50%, plus a combination of an agreed credit adjustment spread and the SOFR.
Fees associated with the new RBL of $20.4 million were capitalised within trade and other receivables (note 15) and are being
amortised over the period of the facility on a straight-line basis. The remaining unamortised fees relating to the previous RBL of
$2.4 million were expensed within \ufb01nance costs.
At 31 December 2025, there were no loan drawdowns under the RBL (2024: $nil), with $400.0 million remaining available for
drawdown (2024: $176.4 million). At 31 December 2025, Letter of Credit utilisation was $381.5 million (2024: $54.1 million). The
increased utilisation of Letters of Credit re\ufb02ected their use in providing security under the Group\u2019s decommissioning security
obligations, replacing the Group\u2019s prior period\u2019s use of surety bonds and cash.
SVT working capital facility
In 2024, EnQuest extended the \u00a342.0 million revolving loan facility with a joint operations partner to fund the short-term working
capital cash requirements of SVT and associated interests until April 2027. The facility is guaranteed by BP EOC Limited (joint
operations partner) until the earlier of: a) the date on which production from Magnus permanently ceases; or b) if the operating
agreements for both SVT and associated infrastructure are amended to allow for cash calling. The facility is able to be drawn
down against, in instalments, and accrues interest at 2.05% per annum plus GBP Sterling Over Night Index Average (\u2018SONIA\u2019).
Vendor Loan facility
In August 2024, the Group entered into a deferred payment facility agreement with a third-party vendor providing capacity
based on certain qualifying invoices that EnQuest has paid up to an amount of \u00a323.7 million, with interest payable monthly at a
rate of 9.50% per annum. At 31 December 2025, $22.1 million had been drawn down on the facility (2024: $nil).
US Dollar high yield bond 11.625%
In October 2022, the Group concluded an offer of $305.0 million for a US Dollar high yield bond. In October 2024, the Group
concluded a tap of an additional $160.0 million of the US Dollar high yield bond on the same terms and conditions as the existing
bond. The notes accrue a \ufb01xed coupon of 11.625% payable semi-annually in arrears with a maturity date of November 2027.
The above carrying value of the bond as at 31 December 2025 is $458.8 million (2024: $454.3 million). This includes bond principal
of $465.0 million (2024: $465.0 million) and unamortised issue premium on the tap of $1.0 million (2024: $1.4 million) less the
unamortised original issue discount of $1.5 million (2024: $2.4 million) and unamortised fees of $5.8 million (2024: $9.7 million). The
fair value of the US Dollar high yield bond is disclosed in note 14.
GBP retail bond 9.00%
On 27 April 2022, the Group issued a new 9.00% GBP retail bond following a successful partial exchange and cash offer. The
principal of the GBP retail bond 9.00% raised by the partial exchange and cash offer totalled \u00a3133.3 million. The notes accrue a
\ufb01xed coupon of 9.00% payable semi-annually in arrears and are due to mature in October 2027.
The above carrying value of the bond as at 31 December 2025 is $179.4 million (2024: $167.1 million). All fees associated with this
offer were recognised in the income statement in 2022. The fair value of the GBP retail bond 9.00% is disclosed in note 14.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "18. Other \ufb01nancial assets and \ufb01nancial liabilities
(a) Summary as at year end
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Fair value through pro\ufb01t or loss:
\u00a0 \u00a0 \u00a0 \u00a0
Derivative commodity contracts
35,009
1,997
69
10,497
Forward foreign currency contracts
932
\u2013
\u2013
2,354
Derivative UKA contracts
23,550
8,394
\u2013
8,729
Total current
59,491
10,391
69
21,580
Fair value through pro\ufb01t or loss:
\u00a0 \u00a0 \u00a0 \u00a0
Derivative commodity contracts
1,745
\u2013
\u2013
\u2013
Derivative UKA contracts
5,171
\u2013
\u2013
\u2013
Quoted equity shares
6
\u2013
6
\u2013
Amortised cost:
\u00a0 \u00a0 \u00a0 \u00a0
Other receivables (Vendor \ufb01nancing facility) (notes 18(f), 24)
43,896
\u2013
38,453
\u2013
Total non\u2011current
50,818
\u2013
38,459
\u2013
Total other \ufb01nancial assets and liabilities
110,309
10,391
38,528
21,580
\n
(b) Income statement impact
The income/(expense) recognised for derivatives are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Revenue and other
Cost of
\u00a0
operating income
sales
\u00a0
Realised
Unrealised
Realised
Unrealised
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity options
(6,561)
7,766
\u2013
\u2013
Commodity swaps
15,567
37,225
\u2013
\u2013
Commodity futures
(262)
187
\u2013
\u2013
Foreign exchange contracts
\u2013
\u2013
20,766
3,286
UKA contracts
\u2013
\u2013
(1,055)
29,056
\u00a0
8,744
45,178
19,711
32,342
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Revenue and other
Cost of
\u00a0
operating income
sales
\u00a0
Realised
Unrealised
Realised
Unrealised
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity options
(19,899)
10,617
\u2013
\u2013
Commodity swaps
7,467
(7,340)
\u2013
\u2013
Commodity futures
(475)
(187)
\u2013
\u2013
Foreign exchange contracts
\u2013
\u2013
2,859
(2,354)
UKA contracts
\u2013
\u2013
(7,594)
(469)
\u00a0
(12,907)
3,090
(4,735)
(2,823)
\n
(c) Commodity contracts
The Group uses derivative \ufb01nancial instruments to manage its exposure to the oil price, including put and call options, swap
contracts and futures.
For the year ended 31 December 2025, gains totalling $53.9 million (2024: losses of $9.8 million) were recognised in respect of
commodity contracts measured as FVPL. This included gains totalling $8.7 million (2024: losses of $12.9 million) realised on
contracts that matured during the year, and mark-to-market unrealised gains totalling $45.2 million (2024: gains of $3.1 million).
The mark-to-market value of the Group\u2019s open commodity contracts as at 31 December 2025 was a net asset of $34.8 million
(2024: net liability of $10.4 million).
(d) Foreign currency contracts
The Group enters into a variety of foreign currency contracts, primarily in relation to Sterling. During the year ended 31 December
2025, gains totalling $24.1 million (2025: gains of $0.5 million) were recognised in the Group income statement. This included
realised gains totalling $20.8 million (2024: gains of $2.9 million) on contracts that matured in the year.
The mark-to-market value of the Group\u2019s open contracts as at 31 December 2025 was a net asset of $0.9 million (2024: net
liability of $2.4 million).
(e) UK emissions allowance forward contracts
The Group enters into forward contracts for the purchase of UKAs to manage its exposure to carbon emission credit prices. During
the year ended 31 December 2025, gains totalling $28.0 million (2024: losses of $8.1 million) were recognised in the Group income
statement. This included realised losses totalling $1.1 million (2024: losses of $7.6 million) on contracts that matured in the year.
The mark-to-market value of the Group\u2019s open contracts as at 31 December 2025 was a net asset of $20.3 million (2024: net liability
of $8.7 million).
(f) Other receivables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Other
Equity
\u00a0
\u00a0
receivables
shares
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
145,103
6
145,109
Interest
3,263
\u2013
3,263
Repayments
(107,518)
\u2013
(107,518)
Foreign Exchange
(2,395)
\u2013
(2,395)
At 31 December 2024
38,453
6
38,459
Interest
2,639
\u2013
2,639
Foreign Exchange
2,804
\u2013
2,804
At 31 December 2025
43,896
6
43,902
Current
\u00a0 \u00a0
\u2013
Non-current
\u00a0 \u00a0
43,902
\u00a0 \u00a0 \u00a0
43,902
\n
Other receivables relate to a vendor \ufb01nancing facility entered into with RockRose Energy Limited on 29 December 2023 following
the farm-down of a 15.0% share in the EnQuest Producer FPSO and capital items associated with the Bressay development.
$107.5 million was repaid in the \ufb01rst quarter of 2024 with the remainder repayable through future net cash \ufb02ows from the Bressay
\ufb01eld. Interest on the outstanding amount accrues at 2.5% plus the Bank of England\u2019s Base Rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "18. Other \ufb01nancial assets and \ufb01nancial liabilities
(a) Summary as at year end
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
2025
2024
\u00a0
Assets
Liabilities
Assets
Liabilities
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Fair value through pro\ufb01t or loss:
\u00a0 \u00a0 \u00a0 \u00a0
Derivative commodity contracts
35,009
1,997
69
10,497
Forward foreign currency contracts
932
\u2013
\u2013
2,354
Derivative UKA contracts
23,550
8,394
\u2013
8,729
Total current
59,491
10,391
69
21,580
Fair value through pro\ufb01t or loss:
\u00a0 \u00a0 \u00a0 \u00a0
Derivative commodity contracts
1,745
\u2013
\u2013
\u2013
Derivative UKA contracts
5,171
\u2013
\u2013
\u2013
Quoted equity shares
6
\u2013
6
\u2013
Amortised cost:
\u00a0 \u00a0 \u00a0 \u00a0
Other receivables (Vendor \ufb01nancing facility) (notes 18(f), 24)
43,896
\u2013
38,453
\u2013
Total non\u2011current
50,818
\u2013
38,459
\u2013
Total other \ufb01nancial assets and liabilities
110,309
10,391
38,528
21,580
\n
(b) Income statement impact
The income/(expense) recognised for derivatives are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Revenue and other
Cost of
\u00a0
operating income
sales
\u00a0
Realised
Unrealised
Realised
Unrealised
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity options
(6,561)
7,766
\u2013
\u2013
Commodity swaps
15,567
37,225
\u2013
\u2013
Commodity futures
(262)
187
\u2013
\u2013
Foreign exchange contracts
\u2013
\u2013
20,766
3,286
UKA contracts
\u2013
\u2013
(1,055)
29,056
\u00a0
8,744
45,178
19,711
32,342
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Revenue and other
Cost of
\u00a0
operating income
sales
\u00a0
Realised
Unrealised
Realised
Unrealised
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity options
(19,899)
10,617
\u2013
\u2013
Commodity swaps
7,467
(7,340)
\u2013
\u2013
Commodity futures
(475)
(187)
\u2013
\u2013
Foreign exchange contracts
\u2013
\u2013
2,859
(2,354)
UKA contracts
\u2013
\u2013
(7,594)
(469)
\u00a0
(12,907)
3,090
(4,735)
(2,823)
\n
(c) Commodity contracts
The Group uses derivative \ufb01nancial instruments to manage its exposure to the oil price, including put and call options, swap
contracts and futures.
For the year ended 31 December 2025, gains totalling $53.9 million (2024: losses of $9.8 million) were recognised in respect of
commodity contracts measured as FVPL. This included gains totalling $8.7 million (2024: losses of $12.9 million) realised on
contracts that matured during the year, and mark-to-market unrealised gains totalling $45.2 million (2024: gains of $3.1 million).
The mark-to-market value of the Group\u2019s open commodity contracts as at 31 December 2025 was a net asset of $34.8 million
(2024: net liability of $10.4 million).
(d) Foreign currency contracts
The Group enters into a variety of foreign currency contracts, primarily in relation to Sterling. During the year ended 31 December
2025, gains totalling $24.1 million (2025: gains of $0.5 million) were recognised in the Group income statement. This included
realised gains totalling $20.8 million (2024: gains of $2.9 million) on contracts that matured in the year.
The mark-to-market value of the Group\u2019s open contracts as at 31 December 2025 was a net asset of $0.9 million (2024: net
liability of $2.4 million).
(e) UK emissions allowance forward contracts
The Group enters into forward contracts for the purchase of UKAs to manage its exposure to carbon emission credit prices. During
the year ended 31 December 2025, gains totalling $28.0 million (2024: losses of $8.1 million) were recognised in the Group income
statement. This included realised losses totalling $1.1 million (2024: losses of $7.6 million) on contracts that matured in the year.
The mark-to-market value of the Group\u2019s open contracts as at 31 December 2025 was a net asset of $20.3 million (2024: net liability
of $8.7 million).
(f) Other receivables
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
Other
Equity
\u00a0
\u00a0
receivables
shares
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
145,103
6
145,109
Interest
3,263
\u2013
3,263
Repayments
(107,518)
\u2013
(107,518)
Foreign Exchange
(2,395)
\u2013
(2,395)
At 31 December 2024
38,453
6
38,459
Interest
2,639
\u2013
2,639
Foreign Exchange
2,804
\u2013
2,804
At 31 December 2025
43,896
6
43,902
Current
\u00a0 \u00a0
\u2013
Non-current
\u00a0 \u00a0
43,902
\u00a0 \u00a0 \u00a0
43,902
\n
Other receivables relate to a vendor \ufb01nancing facility entered into with RockRose Energy Limited on 29 December 2023 following
the farm-down of a 15.0% share in the EnQuest Producer FPSO and capital items associated with the Bressay development.
$107.5 million was repaid in the \ufb01rst quarter of 2024 with the remainder repayable through future net cash \ufb02ows from the Bressay
\ufb01eld. Interest on the outstanding amount accrues at 2.5% plus the Bank of England\u2019s Base Rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "19. Share capital and reserves
Accounting policy
Share capital and share premium
The balance classi\ufb01ed as equity share capital includes the total net proceeds (both nominal value and share premium) on issue
of registered share capital of the parent company. Share issue costs associated with the issuance of new equity are treated as
a direct reduction of proceeds. The share capital comprises only one class of Ordinary share. Each Ordinary share carries an
equal voting right and right to a dividend.
Treasury shares
Represents amounts transferred following purchase of the Company\u2019s own shares out of distributable pro\ufb01ts, with those shares
available for resale into the market, transfer to the Group\u2019s Employee Bene\ufb01t Trust (\u2018EBT\u2019) where they can be used to satisfy
awards made under the Company\u2019s share-based incentive schemes, or cancelled.
Capital redemption reserve
Represents the par value of shares cancelled following the purchase of the Company\u2019s own shares out of distributable pro\ufb01ts.
Retained earnings
Retained earnings contain the accumulated pro\ufb01ts/(losses) of the Group.
Share-based payments reserve
Equity-settled share-based payment transactions are measured at the fair value of the services received, and the
corresponding increase in equity is recorded. EnQuest PLC shares held by the Group in the EBT are recognised at cost and are
deducted from the share-based payments reserve, as they are held to satisfy awards made under equity-settled share-based
payment transactions. Consideration received for the sale of such shares is also recognised in equity, with any difference
between the proceeds from the sale and the original cost being taken to reserves. No gain or loss is recognised in the Group
income statement on the purchase, sale, issue or cancellation of equity shares.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Capital
\u00a0
\u00a0
Ordinary shares of
Share
Share
Treasury
redemption
\u00a0
\u00a0
\u00a30.05 each
capital
premium
shares
reserve
Total
Authorised, issued and fully paid
Number
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2025
1,885,029,503
131,508
260,546
(4,425)
2,006
389,635
Shares transferred to EBT
\u2013
\u2013
\u2013
885
\u2013
885
At 31 December 2025
1,885,029,503
131,508
260,546
(3,540)
2,006
390,520
\n
At 31 December 2025, 20,000,000 (2024: 25,000,000) Ordinary shares were held in Treasury for issue in due course to the
Company\u2019s EBT to satisfy the anticipated future exercise of options and awards made to employees and Executive Directors of
EnQuest PLC pursuant to certain of the Company\u2019s existing share plans. During the year, 5,000,000 shares were transferred to the
Company\u2019s EBT.
At 31 December 2025, there were 3,948,076 shares held by the EBT (2024: 972,269) which are included within the share-based
payment reserve. The movement in the year was 2,975,807 shares used to satisfy awards made under the Company\u2019s share-
based incentive schemes offset by a transfer of shares from Treasury. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "Share capital and share premium
The balance classi\ufb01ed as equity share capital includes the total net proceeds (both nominal value and share premium) on issue
of registered share capital of the parent company. Share issue costs associated with the issuance of new equity are treated as
a direct reduction of proceeds. The share capital comprises only one class of Ordinary share. Each Ordinary share carries an
equal voting right and right to a dividend.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "Share capital and share premium
The balance classi\ufb01ed as equity share capital includes the total net proceeds (both nominal value and share premium) on issue
of registered share capital of the parent company. Share issue costs associated with the issuance of new equity are treated as
a direct reduction of proceeds. The share capital comprises only one class of Ordinary share. Each Ordinary share carries an
equal voting right and right to a dividend.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "Treasury shares
Represents amounts transferred following purchase of the Company\u2019s own shares out of distributable pro\ufb01ts, with those shares
available for resale into the market, transfer to the Group\u2019s Employee Bene\ufb01t Trust (\u2018EBT\u2019) where they can be used to satisfy
awards made under the Company\u2019s share-based incentive schemes, or cancelled.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "20. Share-based payment plans
Accounting policy
Eligible employees (including Executive Directors) of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render services in exchange for shares or rights over shares of EnQuest PLC.
Information on these plans for Executive Directors is shown in the Directors\u2019 Remuneration Report on page 116.
The cost of these equity-settled transactions is measured by reference to the fair value at the date on which they are granted.
The fair value of awards is calculated in reference to the scheme rules at the market value, being the average middle market
quotation of a share for the three immediately preceding dealing days as derived from the Daily Of\ufb01cial List of the London Stock
Exchange, provided such dealing days do not fall within any period when dealings in shares are prohibited because of any
dealing restriction.
The cost of equity-settled transactions is recognised over the vesting period in which the relevant employees become fully
entitled to the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the
vesting date re\ufb02ects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The Group income statement charge or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
In valuing the transactions, no account is taken of any service or performance conditions, other than conditions linked to the
price of the shares of EnQuest PLC (market conditions) or \u2018non-vesting\u2019 conditions, if applicable. No expense is recognised for
awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition,
which are treated as vesting irrespective of whether or not the market or non-vesting condition is satis\ufb01ed, provided that all
other performance conditions are satis\ufb01ed. Equity awards cancelled are treated as vesting immediately on the date of
cancellation, and any expense not previously recognised for the award at that date is recognised in the Group income
statement.
The Group operates a number of equity-settled employee share plans under which share units are granted to the Group\u2019s senior
leaders and certain other employees. These plans typically have a three-year performance or restricted period. Leaving
employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that
leave for qualifying reasons.
The share-based payment (income)/expense recognised for each scheme was as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Performance Share Plan
(806)
511
Other performance share plans
(8)
64
Sharesave Plan
145
408
\u00a0
(669)
983
The following table shows the number of shares potentially issuable under the Group\u2019s various equity-settled employee share
plans, including the number of options outstanding and the number of options exercisable at the end of each year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Share plans
Number
Number
Outstanding at 1 January
88,617,683
87,367,455
Granted during the year
27,138,555
35,353,664
Exercised during the year
(1,493,821)
(7,291,023)
Forfeited during the year
(17,282,431)
(26,812,413)
Outstanding at 31 December
96,979,986
88,617,683
Exercisable at 31 December
15,172,474
9,138,271
\n
Within the Group\u2019s equity-settled employee share plans detailed above, the Group operates an approved savings-related share
option scheme (the \u2018Sharesave Plan\u2019). The plan is based on eligible employees being granted options and their agreement to
opening a Sharesave account with a nominated savings carrier and to save over a speci\ufb01ed period, either three or \ufb01ve years.
The right to exercise the option is at the employee\u2019s discretion at the end of the period previously chosen, for a period of
six months.
The following table shows the number of shares potentially issuable under equity-settled employee share option plans,
including the number of options outstanding, the number of options exercisable at the end of each year and the corresponding
weighted average exercise prices.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Weighted
\u00a0
Weighted
\u00a0 \u00a0
average
\u00a0
average
\u00a0 \u00a0
exercise price
\u00a0
exercise price
Sharesave options
Number
$
Number
$
Outstanding at 1 January
9,956,017
0.15
18,658,144
0.16
Exercised during the year
\u2013
\u2013
(5,478,693)
0.13
Forfeited during the year
(1,575,108)
0.21
(3,223,434)
0.15
Outstanding at 31 December
8,380,909
0.15
9,956,017
0.15
Exercisable at 31 December
155,925
0.28
323,886
0.24
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "Accounting policy
Eligible employees (including Executive Directors) of the Group receive remuneration in the form of share-based payment
transactions, whereby employees render services in exchange for shares or rights over shares of EnQuest PLC.
Information on these plans for Executive Directors is shown in the Directors\u2019 Remuneration Report on page 116.
The cost of these equity-settled transactions is measured by reference to the fair value at the date on which they are granted.
The fair value of awards is calculated in reference to the scheme rules at the market value, being the average middle market
quotation of a share for the three immediately preceding dealing days as derived from the Daily Of\ufb01cial List of the London Stock
Exchange, provided such dealing days do not fall within any period when dealings in shares are prohibited because of any
dealing restriction.
The cost of equity-settled transactions is recognised over the vesting period in which the relevant employees become fully
entitled to the award. The cumulative expense recognised for equity-settled transactions at each reporting date until the
vesting date re\ufb02ects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number of equity
instruments that will ultimately vest. The Group income statement charge or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
In valuing the transactions, no account is taken of any service or performance conditions, other than conditions linked to the
price of the shares of EnQuest PLC (market conditions) or \u2018non-vesting\u2019 conditions, if applicable. No expense is recognised for
awards that do not ultimately vest, except for awards where vesting is conditional upon a market or non-vesting condition,
which are treated as vesting irrespective of whether or not the market or non-vesting condition is satis\ufb01ed, provided that all
other performance conditions are satis\ufb01ed. Equity awards cancelled are treated as vesting immediately on the date of
cancellation, and any expense not previously recognised for the award at that date is recognised in the Group income
statement.
The Group operates a number of equity-settled employee share plans under which share units are granted to the Group\u2019s senior
leaders and certain other employees. These plans typically have a three-year performance or restricted period. Leaving
employment will normally preclude the conversion of units into shares, but special arrangements apply for participants that
leave for qualifying reasons. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "21. Contingent consideration
Accounting policy
When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement,
the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred
in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period
adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one
year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent consideration is classi\ufb01ed. Contingent consideration depicted below is
remeasured to fair value at subsequent reporting dates with changes in fair value recognised in pro\ufb01t or loss. Contingent
consideration that is classi\ufb01ed as equity if any, is not remeasured at subsequent reporting dates and its subsequent settlement
is accounted for within equity.
Contingent consideration is discounted at a risk-free rate combined with a risk premium, calculated in alignment with IFRS 13
and the unwinding of the discount is presented as part of the overall fair value charge within other expenses/income.
Any contingent consideration included in the consideration payable for an asset acquisition is recorded at fair value at the date
of acquisition and included in the initial measurement of cost.
Settlement of contingent consideration recorded at fair value through pro\ufb01t or loss is recorded as investing out\ufb02ows in the cash
\ufb02ow statement to the extent cumulative amounts paid do not exceed the amount recognised at the date of acquisition, with
any excess recorded as an operating cash out\ufb02ow. Settlement of contingent consideration relating to an asset acquisition is
recorded as an investing cash out\ufb02ow.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Magnus
\u00a0
\u00a0 \u00a0
decommissioning-
\u00a0
\u00a0
Magnus 75%
linked liability
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
At 31 December 2024
451,333
21,961
473,294
Unwinding of discount (see note 4(d))
51,002
2,645
53,647
Other change in fair value (see note 4(d))
(442,335)
1,543
(440,792)
Utilisation
\u2013
(1,529)
(1,529)
At 31 December 2025
60,000
24,620
84,620
Classi\ufb01ed as:
\u00a0 \u00a0 \u00a0
Current
60,000
318
60,318
Non-current
\u2013
24,302
24,302
\u00a0
60,000
24,620
84,620
\n
75% Magnus acquisition contingent consideration
On 1 December 2018, EnQuest completed the acquisition of the additional 75% interest in the Magnus oil \ufb01eld (\u2018Magnus\u2019) and
associated interests (collectively the \u2018Transaction assets\u2019) which was part funded through a pro\ufb01t share arrangement with bp
whereby EnQuest and bp share the net cash \ufb02ow generated by the 75% interest on a 50:50 basis, subject to a cap of $1.0 billion
received by bp. This contingent consideration is a \ufb01nancial liability classi\ufb01ed as measured at FVPL.
In February 2026, an agreement was concluded with bp for EnQuest to settle the pro\ufb01t share arrangement for $60.0 million, with
payment made the same month. As the agreement was substantially agreed at 31 December 2025, this value has been used to
fair value the contingent consideration which resulted in a decrease in fair value (excluding the impact of unwind of discount) of
$442.3 million (2024: decrease of $43.4 million). The decrease in 2024 re\ufb02ected a reduction in the Group\u2019s near-term oil price
assumptions and changes in the assets cost and production pro\ufb01le. The overall fair value accounting effect relating to the
contingent consideration, including the unwinding of discount, totalled income of $391.3 million (2024: charge of $11.8 million)
which was recognised in the Group income statement. Within the statement of cash \ufb02ows, the pro\ufb01t share element of the
repayment is disclosed separately under investing activities. There were no pro\ufb01t share payments during the year (2024: $48.5
million). At 31 December 2025, the contingent consideration for Magnus was $60.0 million (31 December 2024: $451.3 million).
Magnus decommissioning-linked contingent consideration
As part of the Magnus and associated interests acquisition, bp retained the decommissioning liability in respect of the existing
wells and infrastructure and EnQuest agreed to pay additional consideration in relation to the management of the physical
decommissioning costs of Magnus. At 31 December 2025, the amount due to bp calculated on an after-tax basis by reference to
30% of bp\u2019s decommissioning costs on Magnus was $24.6 million (2024: $22.0 million). Any reasonably possible change in
assumptions would not have a material impact on the provision.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "Accounting policy
When the consideration transferred by the Group in a business combination includes a contingent consideration arrangement,
the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred
in a business combination. Changes in fair value of the contingent consideration that qualify as measurement period
adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments
are adjustments that arise from additional information obtained during the \u2018measurement period\u2019 (which cannot exceed one
year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement
period adjustments depends on how the contingent consideration is classi\ufb01ed. Contingent consideration depicted below is
remeasured to fair value at subsequent reporting dates with changes in fair value recognised in pro\ufb01t or loss. Contingent
consideration that is classi\ufb01ed as equity if any, is not remeasured at subsequent reporting dates and its subsequent settlement
is accounted for within equity.
Contingent consideration is discounted at a risk-free rate combined with a risk premium, calculated in alignment with IFRS 13
and the unwinding of the discount is presented as part of the overall fair value charge within other expenses/income.
Any contingent consideration included in the consideration payable for an asset acquisition is recorded at fair value at the date
of acquisition and included in the initial measurement of cost.
Settlement of contingent consideration recorded at fair value through pro\ufb01t or loss is recorded as investing out\ufb02ows in the cash
\ufb02ow statement to the extent cumulative amounts paid do not exceed the amount recognised at the date of acquisition, with
any excess recorded as an operating cash out\ufb02ow. Settlement of contingent consideration relating to an asset acquisition is
recorded as an investing cash out\ufb02ow. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "22. Provisions
Accounting policy
Decommissioning
Provision for future decommissioning costs is made in full when the Group has an obligation: to dismantle and remove a facility
or an item of plant; to restore the site on which it is located; and when a reasonable estimate of that liability can be made. The
Group\u2019s provision primarily relates to the future decommissioning of production facilities and pipelines.
A decommissioning asset and liability are recognised within property, plant and equipment and provisions, respectively, at the
present value of the estimated future decommissioning costs. The decommissioning asset is amortised over the life of the
underlying asset on a unit of production basis over proven and probable reserves, included within depletion in the Group
income statement. Any change in the present value of estimated future decommissioning costs is re\ufb02ected as an adjustment to
the provision and the oil and gas asset for producing assets. For assets that have ceased production, the change in estimate is
re\ufb02ected as an adjustment to the provision and the Group income statement, via other income or expense. The unwinding of the
decommissioning liability is included under \ufb01nance costs in the Group income statement.
These provisions have been created based on internal and third-party estimates. Assumptions based on the current economic
environment have been made which management believes are a reasonable basis upon which to estimate the future liability.
These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual
decommissioning costs will ultimately depend upon future market prices for the necessary decommissioning works required,
which will re\ufb02ect market conditions at the relevant time. Furthermore, the timing of decommissioning liabilities is likely to depend
on the dates when the \ufb01elds cease to be economically viable. This in turn depends on future oil prices, which are inherently
uncertain. See Use of judgements, estimates and assumptions: provisions within note 2.
Other
Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable
that an out\ufb02ow of resources will be required to settle the obligation; and a reliable estimate can be made of the amount of
the obligation.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Thistle
\u00a0\u00a0
\u00a0
Decommissioning
decommissioning
Other
\u00a0
\u00a0
provision
provision
provisions
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 31 December 2024
741,565
18,348
6,193
766,106
Acquisition (see note 30)
89,052
\u2013
\u2013
89,052
Additions during the year
(i)
46,721
\u2013
461
47,182
Changes in estimates
(i)
40,868
4,772
(5,083)
40,557
Unwinding of discount
35,912
755
\u2013
36,667
Utilisation
(ii)
(38,486)
(8,589)
(481)
(47,556)
Foreign exchange
\u2013
\u2013
28
28
At 31 December 2025
915,632
15,286
1,118
932,036
Classi\ufb01ed as:
\u00a0\u00a0\u00a0\u00a0
Current
48,853
4,915
314
54,082
Non-current
866,779
10,371
804
877,954
\u00a0
915,632
15,286
1,118
932,036
\n
(i)
Includes $77.9 million related to producing assets disclosed in note 9 and $9.7 million relating to assets in decommissioning disclosed in note 4(d)
(ii)
Utilisation differs to amounts paid in the cash \ufb02ow statement due to movements in accruals recognised within trade and other payables
Decommissioning provision
The Group\u2019s total provision represents the present value of decommissioning costs which are expected to be incurred up to
2050, assuming no further development of the Group\u2019s assets. The Group\u2019s decommissioning provision has increased by
$174.0 million in the period. This primarily re\ufb02ects the discounted decommissioning liability acquired as part of the Vietnam asset
acquisition of $89.1 million (which is largely pre-funded as set out below), additional liability recognised in relation to Seligi
Non-Associated Gas rights in Malaysia of $41.5 million and higher cost estimates of $40.9 million, predominantly due to a weaker
US Dollar, offset partly by the ongoing decommissioning programmes utilisation of $38.5 million.
At 31 December 2025, an estimated $364.3 million is expected to be utilised between one and \ufb01ve years (2024: $281.1 million),
$373.1 million within six to ten years (2024: $280.0 million), and the remainder in later periods. For sensitivity analysis see Use of
judgements, estimates and assumptions within note 2.
The Vietnam PSC requires the expected decommissioning liability to be pre-funded via a quarterly cash payment into an
abandonment cess fund. The balance of amounts previously deposited into the cess fund is held in escrow to be drawn against
when abandonment takes place. As at 31 December 2025, EnQuest\u2019s share of the cess fund was $92.1 million and is disclosed in
non-current trade and other receivables (note 15).
The Group uses Letters of Credit, surety bonds and cash deposits to provide security for its decommissioning obligations.
Following the agreement of a new RBL facility in November 2025, the Group utilised Letters of Credit totalling $381.5 million to
provide security for its decommissioning obligations at 31 December 2025 (2024: surety bonds totalling $277.0 million and cash
deposits of $53.4 million).
Thistle decommissioning provision
In 2018, EnQuest exercised the option to receive $50.0 million from bp in exchange for undertaking the management of the
physical decommissioning activities for Thistle and Deveron and making payments by reference to 7.5% of bp\u2019s share of
decommissioning costs of the Thistle and Deveron \ufb01elds, with the liability recognised within provisions. At 31 December 2025, the
amount due to bp by reference to 7.5% of bp\u2019s decommissioning costs on Thistle and Deveron was $15.3 million (2024: $18.3
million), with the reduction mainly re\ufb02ecting the utilisation in the period. Change in estimates of $4.8 million are included within
other expense (2024: $0.4 million) and unwinding of discount of $0.8 million is included within \ufb01nance costs (2024: $0.9 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Accounting policy
Decommissioning
Provision for future decommissioning costs is made in full when the Group has an obligation: to dismantle and remove a facility
or an item of plant; to restore the site on which it is located; and when a reasonable estimate of that liability can be made. The
Group\u2019s provision primarily relates to the future decommissioning of production facilities and pipelines.
A decommissioning asset and liability are recognised within property, plant and equipment and provisions, respectively, at the
present value of the estimated future decommissioning costs. The decommissioning asset is amortised over the life of the
underlying asset on a unit of production basis over proven and probable reserves, included within depletion in the Group
income statement. Any change in the present value of estimated future decommissioning costs is re\ufb02ected as an adjustment to
the provision and the oil and gas asset for producing assets. For assets that have ceased production, the change in estimate is
re\ufb02ected as an adjustment to the provision and the Group income statement, via other income or expense. The unwinding of the
decommissioning liability is included under \ufb01nance costs in the Group income statement.
These provisions have been created based on internal and third-party estimates. Assumptions based on the current economic
environment have been made which management believes are a reasonable basis upon which to estimate the future liability.
These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual
decommissioning costs will ultimately depend upon future market prices for the necessary decommissioning works required,
which will re\ufb02ect market conditions at the relevant time. Furthermore, the timing of decommissioning liabilities is likely to depend
on the dates when the \ufb01elds cease to be economically viable. This in turn depends on future oil prices, which are inherently
uncertain. See Use of judgements, estimates and assumptions: provisions within note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Decommissioning
Provision for future decommissioning costs is made in full when the Group has an obligation: to dismantle and remove a facility
or an item of plant; to restore the site on which it is located; and when a reasonable estimate of that liability can be made. The
Group\u2019s provision primarily relates to the future decommissioning of production facilities and pipelines.
A decommissioning asset and liability are recognised within property, plant and equipment and provisions, respectively, at the
present value of the estimated future decommissioning costs. The decommissioning asset is amortised over the life of the
underlying asset on a unit of production basis over proven and probable reserves, included within depletion in the Group
income statement. Any change in the present value of estimated future decommissioning costs is re\ufb02ected as an adjustment to
the provision and the oil and gas asset for producing assets. For assets that have ceased production, the change in estimate is
re\ufb02ected as an adjustment to the provision and the Group income statement, via other income or expense. The unwinding of the
decommissioning liability is included under \ufb01nance costs in the Group income statement.
These provisions have been created based on internal and third-party estimates. Assumptions based on the current economic
environment have been made which management believes are a reasonable basis upon which to estimate the future liability.
These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual
decommissioning costs will ultimately depend upon future market prices for the necessary decommissioning works required,
which will re\ufb02ect market conditions at the relevant time. Furthermore, the timing of decommissioning liabilities is likely to depend
on the dates when the \ufb01elds cease to be economically viable. This in turn depends on future oil prices, which are inherently
uncertain. See Use of judgements, estimates and assumptions: provisions within note 2.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "23. Leases
Accounting policy
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease, or, if that rate cannot be readily determined, the Group uses its incremental
borrowing rate.
The incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security,
to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term,
the risk-free rate based on government bond rates and a credit risk adjustment based on EnQuest bond yields.
Lease payments included in the measurement of the lease liability comprise:
\u2022
\ufb01xed lease payments (including in-substance \ufb01xed payments), less any lease incentives;
\u2022
variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
\u2022
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022
payments of penalties for terminating the lease, if the lease term re\ufb02ects the exercise of an option to terminate the lease.
The lease liability is subsequently recorded at amortised cost, using the effective interest rate method. The liability is
remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes
its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in
this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in pro\ufb01t or loss if
the carrying amount of the right-of-use asset has been reduced to zero. The Group did not make any such adjustments during
the periods presented.
The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease
incentives received. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset re\ufb02ects that the Group expects
to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from
the commencement date. It also applies the low-value assets recognition exemption to leases of assets below \u00a35,000. Lease
payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the
lease term.
The Group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and accounts for any
identi\ufb01ed impairment loss as described in the \u2018property, plant and equipment\u2019 policy (see note 9).
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the
right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that
triggers those payments occurs and are included within \u2018cost of sales\u2019 or \u2018general and administration expenses\u2019 in the Group
income statement.
For leases within joint ventures, the Group assesses on a lease-by-lease basis the facts and circumstances. Where all parties to
a joint operation jointly have the right to control the use of the identi\ufb01ed asset and all parties have a legal obligation to make
lease payments to the lessor, the Group\u2019s share of the right-of-use asset and its share of the lease liability will be recognised on
the Group balance sheet. This may arise in cases where the lease is signed by all parties to the joint operation or the joint
operation partners are named within the lease. However, in cases where EnQuest is the sole signatory and the only party with
the legal obligation to make lease payments to the lessor but the joint venture partners provide guarantees in relation to their
share of the liability, the full lease liability will be recognised, along with the Group\u2019s share of the right-of-use asset and a
receivable balance representing amounts owed by joint venture partners. In cases where EnQuest is the only party with the legal
obligation to make lease payments to the lessor, the full lease liability and right-of-use asset will be recognised on the Group
balance sheet. This may be the case if, for example, EnQuest, as operator of the joint operation, is the sole signatory to the lease.
If the underlying asset is used for the performance of the joint operation agreement, EnQuest will recharge the associated costs
in line with the joint operating agreement.
As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a \ufb01nance lease or an operating lease.
Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is
classi\ufb01ed as a \ufb01nance lease. All other leases are classi\ufb01ed as operating leases.
When the Group is an intermediate lessor, it accounts for the head-lease and the sub-lease as two separate contracts. The
sub-lease is classi\ufb01ed as a \ufb01nance or operating lease by reference to the right-of-use asset arising from the head-lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised
on a straight-line basis over the lease term.
Amounts due from lessees under \ufb01nance leases are recognised as receivables at the amount of the Group\u2019s net investment in
the leases. Finance lease income is allocated to reporting periods so as to re\ufb02ect a constant periodic rate of return on the
Group\u2019s net investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the
contract to each component.
Right-of-use assets and lease liabilities
Set out below are the carrying amounts of the Group\u2019s right-of-use assets and lease liabilities and the movements during
the period:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Right-of-use
Lease
\u00a0
assets
liabilities
\u00a0
$\u2019000
$\u2019000
As at 31 December 2023
407,732
422,174
Additions in the period
16,453
16,453
Depreciation expense
(54,735)
\u2013
Impairment reversal
4,014
\u2013
Interest expense
\u2013
27,673
Payments
\u2013
(130,065)
Foreign exchange movements
\u2013
(980)
As at 31 December 2024
373,464
335,255
Acquisition (see note 30)
33,002
60,681
Additions in the period (see note 9)
32,302
32,302
Depreciation expense (see note 9)
(59,184)
\u2013
Impairment reversal (see note 9)
28,838
\u2013
Interest expense
\u2013
25,100
Payments
\u2013
(83,061)
Foreign exchange movements
\u2013
5,818
Disposal
(4,253)
(4,005)
As at 31 December 2025
404,169
372,090
Current
\u00a0
86,323
Non-current
\u00a0
285,767
\u00a0 \u00a0
372,090
\n
The carrying value of the right-of-use assets include $373.9 million (2024: $340.9 million) of oil and gas assets and $30.3 million
(2024: $32.6 million) of buildings.
The Group leases assets, including the Kraken and Vietnam FPSOs, property, and oil and gas vessels, with a weighted average
lease term of three years. The maturity analysis of lease liabilities is disclosed in note 27.
Amounts recognised in pro\ufb01t or loss
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Depreciation expense of right-of-use assets
59,184
54,735
Impairment reversal of right-of-use assets
(28,838)
(4,014)
Interest expense on lease liabilities
25,100
27,673
Rent expense \u2013 short-term leases
9,018
13,860
Rent expense \u2013 leases of low-value assets
297
33
Total amounts recognised in pro\ufb01t or loss
64,761
92,287
\n
Amounts recognised in statement of cash \ufb02ows
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Total cash out\ufb02ow for leases
83,061
130,065
\n
Leases as lessor
The Group sub-leases part of Annan House, the Aberdeen of\ufb01ce. The sub-lease is classi\ufb01ed as an operating lease, as all the risks
and rewards incidental to the ownership of the right-of-use asset are not all substantially transferred to the lessee. Rental
income recognised by the Group during 2025 was $1.9 million (2024: $2.2 million).
The following table sets out a maturity analysis of the lessees lease payments to EnQuest as lessor, showing the undiscounted
lease payments to be received after the reporting date:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Less than one year
1,291
2,029
One to two years
1,293
858
Two to three years
1,310
860
Three to four years
1,317
875
Four to \ufb01ve years
821
882
More than \ufb01ve years
1,326
1,856
Total undiscounted lease payments
7,358
7,360
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "Accounting policy
As a lessee
The Group recognises a right-of-use asset and a lease liability at the lease commencement date.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease, or, if that rate cannot be readily determined, the Group uses its incremental
borrowing rate.
The incremental borrowing rate is the rate that the Group would have to pay for a loan of a similar term, and with similar security,
to obtain an asset of similar value. The incremental borrowing rate is determined based on a series of inputs including: the term,
the risk-free rate based on government bond rates and a credit risk adjustment based on EnQuest bond yields.
Lease payments included in the measurement of the lease liability comprise:
\u2022
\ufb01xed lease payments (including in-substance \ufb01xed payments), less any lease incentives;
\u2022
variable lease payments that depend on an index or rate, initially measured using the index or rate at the
commencement date;
\u2022
the exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and
\u2022
payments of penalties for terminating the lease, if the lease term re\ufb02ects the exercise of an option to terminate the lease.
The lease liability is subsequently recorded at amortised cost, using the effective interest rate method. The liability is
remeasured when there is a change in future lease payments arising from a change in an index or rate or if the Group changes
its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in
this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in pro\ufb01t or loss if
the carrying amount of the right-of-use asset has been reduced to zero. The Group did not make any such adjustments during
the periods presented.
The right-of-use asset is measured at cost, which comprises the initial amount of the lease liability adjusted for any lease
payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to
dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease
incentives received. Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying
asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset re\ufb02ects that the Group expects
to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The
depreciation starts at the commencement date of the lease.
The Group applies the short-term lease recognition exemption to those leases that have a lease term of 12 months or less from
the commencement date. It also applies the low-value assets recognition exemption to leases of assets below \u00a35,000. Lease
payments on short-term leases and leases of low-value assets are recognised as an expense on a straight-line basis over the
lease term.
The Group applies IAS 36 Impairment of Assets to determine whether a right-of-use asset is impaired and accounts for any
identi\ufb01ed impairment loss as described in the \u2018property, plant and equipment\u2019 policy (see note 9).
Variable rents that do not depend on an index or rate are not included in the measurement of the lease liability and the
right-of-use asset. The related payments are recognised as an expense in the period in which the event or condition that
triggers those payments occurs and are included within \u2018cost of sales\u2019 or \u2018general and administration expenses\u2019 in the Group
income statement.
For leases within joint ventures, the Group assesses on a lease-by-lease basis the facts and circumstances. Where all parties to
a joint operation jointly have the right to control the use of the identi\ufb01ed asset and all parties have a legal obligation to make
lease payments to the lessor, the Group\u2019s share of the right-of-use asset and its share of the lease liability will be recognised on
the Group balance sheet. This may arise in cases where the lease is signed by all parties to the joint operation or the joint
operation partners are named within the lease. However, in cases where EnQuest is the sole signatory and the only party with
the legal obligation to make lease payments to the lessor but the joint venture partners provide guarantees in relation to their
share of the liability, the full lease liability will be recognised, along with the Group\u2019s share of the right-of-use asset and a
receivable balance representing amounts owed by joint venture partners. In cases where EnQuest is the only party with the legal
obligation to make lease payments to the lessor, the full lease liability and right-of-use asset will be recognised on the Group
balance sheet. This may be the case if, for example, EnQuest, as operator of the joint operation, is the sole signatory to the lease.
If the underlying asset is used for the performance of the joint operation agreement, EnQuest will recharge the associated costs
in line with the joint operating agreement.
As a lessor
When the Group acts as a lessor, it determines at lease inception whether each lease is a \ufb01nance lease or an operating lease.
Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is
classi\ufb01ed as a \ufb01nance lease. All other leases are classi\ufb01ed as operating leases.
When the Group is an intermediate lessor, it accounts for the head-lease and the sub-lease as two separate contracts. The
sub-lease is classi\ufb01ed as a \ufb01nance or operating lease by reference to the right-of-use asset arising from the head-lease.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs
incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised
on a straight-line basis over the lease term.
Amounts due from lessees under \ufb01nance leases are recognised as receivables at the amount of the Group\u2019s net investment in
the leases. Finance lease income is allocated to reporting periods so as to re\ufb02ect a constant periodic rate of return on the
Group\u2019s net investment outstanding in respect of the leases.
When a contract includes lease and non-lease components, the Group applies IFRS 15 to allocate the consideration under the
contract to each component.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "24. Deferred income
Accounting policy
Income is not recognised in the income statement until it is highly probable that the conditions attached to the income will
be met.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended
Year ended
\u00a0
31 December
31 December
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Deferred income
138,095
138,095
\n
In December 2023 a farm-down of an equity interest in the EnQuest Producer FPSO and certain capital spares related to the
Bressay development was completed and cash received of $141.3 million. The same amount was lent back to the acquirer in
December 2023 as vendor \ufb01nancing (see note 18(f)). Proceeds from the farm-down are reported within deferred income, as
these are contingent upon the Bressay development project achieving regulatory approval. Both parties are committed to
delivering the development, however should the project not achieve regulatory approval there remains the option to deploy the
assets on an alternative project.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "25. Commitments and contingencies
Capital commitments
At 31 December 2025, the Group had commitments for future capital expenditure amounting to $48.4 million (2024: $13.3 million).
The increase primarily relates to commitments for the development of the non-associated gas resources in the PM8/Seligi PSC
contract area under the Seligi 1b gas agreement. The key remaining components of this relate to minimum work commitments
in Indonesia and Brunei. Where the commitment relates to a joint venture, the amount represents the Group\u2019s net share of the
commitment. Where the Group is not the operator of the joint venture then the amounts are based on the Group\u2019s net share of
committed future work programmes.
Other commitments
In the normal course of business, the Group will obtain surety bonds, Letters of Credit and guarantees. At 31 December 2025, the
Group utilised Letters of Credit totalling $381.5 million under its new RBL facility to provide security for its decommissioning
obligations, having held surety bonds totalling $277.0 million in 2024. See note 22 for further details.
Contingencies
The Group becomes involved from time to time in various claims and lawsuits arising in the ordinary course of its business. For
example, in 2025, the NSTA engaged with EnQuest with regards to the timing/scheduling of certain plug and abandon
obligations, which remain under discussion. Regardless, the Group is not, nor has been during the past 12 months, involved in
any governmental, legal or arbitration proceedings which, either individually or in the aggregate, have had, or are expected to
have, a material adverse effect on the Group balance sheet or pro\ufb01tability. Nor, so far as the Group is aware, are any such
proceedings pending or threatened.
A contingent payment of $15.0 million to Equinor is due upon regulatory approval of a Bressay \ufb01eld development plan.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "25. Commitments and contingencies
Capital commitments
At 31 December 2025, the Group had commitments for future capital expenditure amounting to $48.4 million (2024: $13.3 million).
The increase primarily relates to commitments for the development of the non-associated gas resources in the PM8/Seligi PSC
contract area under the Seligi 1b gas agreement. The key remaining components of this relate to minimum work commitments
in Indonesia and Brunei. Where the commitment relates to a joint venture, the amount represents the Group\u2019s net share of the
commitment. Where the Group is not the operator of the joint venture then the amounts are based on the Group\u2019s net share of
committed future work programmes.
Other commitments
In the normal course of business, the Group will obtain surety bonds, Letters of Credit and guarantees. At 31 December 2025, the
Group utilised Letters of Credit totalling $381.5 million under its new RBL facility to provide security for its decommissioning
obligations, having held surety bonds totalling $277.0 million in 2024. See note 22 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "26. Related party transactions
The Group \ufb01nancial statements include the \ufb01nancial statements of EnQuest PLC and its subsidiaries. A list of the Group\u2019s
principal subsidiaries is contained in note 28 to these Group \ufb01nancial statements.
Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on
consolidation and are not disclosed in this note.
All sales to and purchases from related parties are made at normal market prices and the pricing policies and terms of these
transactions are approved by the Group\u2019s management. With the exception of the transactions disclosed below, there have
been no transactions with related parties who are not members of the Group during the year ended 31 December 2025
(2024: none).
Compensation of key management personnel
The following table details remuneration of key management personnel of the Group. Key management personnel comprise
Executive and Non-Executive Directors of the Company and the Executive Committee.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Short-term employee bene\ufb01ts
5,206
5,138
Share-based payments
30
124
Post-employment pension bene\ufb01ts
278
226
Termination payments
133
947
\u00a0
5,647
6,435
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "Compensation of key management personnel
The following table details remuneration of key management personnel of the Group. Key management personnel comprise
Executive and Non-Executive Directors of the Company and the Executive Committee.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Short-term employee bene\ufb01ts
5,206
5,138
Share-based payments
30
124
Post-employment pension bene\ufb01ts
278
226
Termination payments
133
947
\u00a0
5,647
6,435
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "27. Risk management and \ufb01nancial instruments
Risk management objectives and policies
The Group\u2019s principal \ufb01nancial assets and liabilities comprise trade and other receivables, cash and cash equivalents, interest-
bearing loans, borrowings and leases, derivative \ufb01nancial instruments and trade and other payables. The main purpose of the
\ufb01nancial instruments is to manage cash \ufb02ow and to provide liquidity for organic and inorganic growth initiatives.
The Group\u2019s activities expose it to various \ufb01nancial risks particularly associated with \ufb02uctuations in oil price, foreign currency risk,
liquidity risk and credit risk. The Group is also exposed to interest rate risks related to SOFR on cash balances and the RBL. As the
RBL was undrawn at 31 December 2025, no sensitivities have been provided. Management reviews and agrees policies for
managing each of these risks, which are summarised below. Also presented below is a sensitivity analysis to indicate sensitivity
to changes in market variables on the Group\u2019s \ufb01nancial instruments and to show the impact on pro\ufb01t and shareholders\u2019 equity,
where applicable. The sensitivity has been prepared for periods ended 31 December 2025 and 2024, using the amounts of debt
and other \ufb01nancial assets and liabilities held at those reporting dates.
Commodity price risk \u2013 oil prices
The Group is exposed to the impact of changes in Brent oil prices on its revenues and pro\ufb01ts generated from sales of crude oil.
The Group\u2019s policy is to have the ability to hedge oil prices up to a maximum of 75% of the next 12 months\u2019 production on a rolling
annual basis, up to 60% in the following 12-month period and 50% in the subsequent 12-month period. On a rolling quarterly
basis, under the RBL facility, the Group is required to hedge production based on the proportion of the loan facility utilised. Where
the relevant amounts utilised are 10% or less of the amounts available, the Group is required to hedge a minimum of 10% of
volumes of net entitlement production expected in the next 12 months and the following 12 months. Where the relevant amounts
utilised are more than 10% but less than 50% of the amounts available, the Group is required to hedge a minimum of 30% of
volumes of net entitlement production expected in the next 12 months and a minimum of 15% of volumes of net entitlement
production expected in the following 12 months. Where the relevant amounts utilised are 50% or more of the amounts available,
the Group is required to hedge a minimum of 45% of volumes of net entitlement production expected in the next 12 months and
a minimum of 30% of volumes of net entitlement production expected in the following 12 months.
Details of the commodity derivative contracts entered into during and open at the end of 2025 are disclosed in note 18. As of
31 December 2025, the Group held \ufb01nancial instruments (options and swaps) related to crude oil that covered 3.4 MMbbls of
2026 production and 0.9 MMbbls of 2027 production. The instruments have an effective average \ufb02oor price of around $68.3/bbl
in 2026 and $63.5/bbl in 2027. The Group utilises multiple benchmarks when hedging production to achieve optimal results for
the Group. No derivatives were designated in hedging relationships at 31 December 2025.
The following table summarises the impact on the Group\u2019s pre-tax pro\ufb01t of a reasonably possible change in the Brent oil price
on the fair value of derivative \ufb01nancial instruments, with all other variables held constant. The impact in equity is the same as
the impact on pro\ufb01t before tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pre-tax pro\ufb01t
\u00a0
+$10/bbl
-$10/bbl
\u00a0
increase
decrease
\u00a0
$\u2019000
$\u2019000
31 December 2025
(42,600)
42,900
31 December 2024
(47,600)
47,200
\n
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from movements in currency exchange rates. Such exposure arises from
sales or purchases in currencies other than the Group\u2019s functional currency, the 9.00% retail bond, the vendor \ufb01nancing facility
and any UK EPL cash tax payments which are denominated in Sterling. To mitigate the risks of large \ufb02uctuations in the currency
markets, the hedging policy agreed by the Board allows for up to 70% of the non-US Dollar portion of the Group\u2019s annual capital
budget and operating expenditure to be hedged. For speci\ufb01c contracted capital expenditure projects, up to 100% can be
hedged. Approximately 17% (2024: 12%) of the Group\u2019s sales and 98% (2024: 97%) of costs (including operating and capital
expenditure and general and administration costs) are denominated in currencies other than the functional currency.
The Group also enters into foreign currency swap contracts from time to time to manage short-term exposures. The following
tables summarise the Group\u2019s \ufb01nancial assets and liabilities exposure to foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
GBP
MYR
Other
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Total \ufb01nancial assets
357,349
30,762
12,015
400,126
Total \ufb01nancial liabilities
783,464
28,336
13,364
825,164
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
GBP
MYR
Other
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Total \ufb01nancial assets
396,168
22,570
3,024
421,762
Total \ufb01nancial liabilities
714,626
21,731
3,801
740,158
\n
The following table summarises the sensitivity to a reasonably possible change in the US Dollar to Sterling foreign exchange rate,
with all other variables held constant, of the Group\u2019s pro\ufb01t before tax due to changes in the carrying value of monetary assets
and liabilities at the reporting date. The impact in equity is the same as the impact on pro\ufb01t before tax. The Group\u2019s exposure to
foreign currency changes for all other currencies is not material:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pre-tax pro\ufb01t
\u00a0
10% rate
10% rate
\u00a0
increase
decrease
\u00a0
$\u2019000
$\u2019000
31 December 2025
(22,189)
22,189
31 December 2024
(28,263)
28,263
Credit risk
Credit risk is managed on a Group basis. Credit risk in \ufb01nancial instruments arises from cash and cash equivalents and
derivative \ufb01nancial instruments where the Group\u2019s exposure arises from default of the counterparty, with a maximum exposure
equal to the carrying amount of these instruments. For banks and \ufb01nancial institutions only those rated with an A-/A3 credit
rating or better are accepted. Cash balances can be invested in short-term bank deposits and AAA-rated liquidity funds,
subject to Board-approved limits and with a view to minimising counterparty credit risks.
In addition, there are credit risks of commercial counterparties, including exposures in respect of outstanding receivables. The
Group trades only with recognised international oil and gas companies, commodity traders and shipping companies and at
31 December 2025, there were no trade receivables past due but not impaired (2024: nil) and no joint venture receivables past
due but not impaired (2024: nil). Receivable balances are monitored on an ongoing basis with appropriate follow-up action
taken where necessary. Any impact from ECL is disclosed in note 15.
At 31 December 2025, the Group had one customer accounting for 65% of outstanding trade receivables (2024: two customers,
91%) and four joint venture partners accounting for over 75% of outstanding joint venture receivables (2024: four partners,
over 70%).
Liquidity risk
The Group monitors its risk of a shortage of funds by reviewing its cash \ufb02ow requirements on a regular basis relative to its
existing bank facilities and the maturity pro\ufb01le of its borrowings. Speci\ufb01cally, the Group\u2019s policy is to ensure that suf\ufb01cient
liquidity or committed facilities exist within the Group to meet its operational funding requirements and to ensure the Group can
service its debt and adhere to its \ufb01nancial covenants. At 31 December 2025, $409.8 million (2024: $194.3 million) was available for
drawdown under the Group\u2019s facilities (see note 17).
The following tables detail the maturity pro\ufb01les of the Group\u2019s non-derivative \ufb01nancial liabilities, including projected interest
thereon. The amounts in these tables are different from the balance sheet as the table is prepared on a contractual
undiscounted cash \ufb02ow basis and includes future interest payments.
By reference to the conditions existing at the reporting period end, the maturity analysis of the contingent consideration is
disclosed below. All of the Group\u2019s liabilities, except for the RBL, are unsecured.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
60,888
\u2013
\u2013
\u2013
60,888
Bonds
\u2013
69,945
714,312
\u2013
\u2013
784,257
Contingent consideration
\u2013
60,335
6,681
1,382
65,571
133,969
Obligations under lease liabilities
\u2013
97,363
231,189
59,547
26,328
414,427
Trade and other payables
\u2013
446,527
\u2013
\u2013
\u2013
446,527
\u00a0
\u2013
735,058
952,182
60,929
91,899
1,840,068
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
34,168
\u2013
\u2013
\u2013
34,168
Bonds
\u2013
69,095
69,095
701,197
\u2013
839,387
Contingent consideration
\u2013
20,675
64,877
265,854
425,027
776,433
Obligations under lease liabilities
\u2013
66,092
71,600
222,093
31,696
391,481
Trade and other payables
\u2013
397,543
\u2013
\u2013
\u2013
397,543
\u00a0
\u2013
587,573
205,572
1,189,144
456,723
2,439,012
\n
The following tables detail the Group\u2019s expected maturity of payables for its derivative \ufb01nancial instruments. The amounts in
these tables are different from the balance sheet as the table is prepared on a contractual undiscounted cash \ufb02ow basis. When
the amount receivable or payable is not \ufb01xed, the amount disclosed has been determined by reference to a projected forward
curve at the reporting date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
2,563
66
\u2013
\u2013
2,629
Other derivative contracts
\u2013
43,411
7,485
22,015
\u2013
72,911
\u00a0
\u2013
45,974
7,551
22,015
\u2013
75,540
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
546
8,908
999
\u2013
10,453
Foreign exchange derivative contracts
\u2013
1,105
1,249
\u2013
\u2013
2,354
Other derivative contracts
\u2013
23,902
3,802
1,928
\u2013
29,632
\u00a0
\u2013
25,553
13,959
2,927
\u2013
42,439
\n
Capital management
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 17, cash and cash
equivalents and equity attributable to the equity holders of the parent company, comprising issued capital, reserves and
retained earnings as in the Group statement of changes in equity.
The primary objective of the Group\u2019s capital management is to optimise the return on investment, by managing its capital
structure to achieve capital ef\ufb01ciency whilst also maintaining \ufb02exibility for downside protection and growth initiatives. The Group
regularly monitors the capital requirements of the business over the short, medium and long term, in order to enable it to
foresee when additional capital will be required.
The Group has approval from the Board to hedge external risks, see Commodity price risk: oil prices and foreign exchange risk.
This is designed to reduce the risk of adverse movements in exchange rates and market prices eroding the return on the Group\u2019s
projects and operations.
The Board regularly reassesses the existing dividend policy to ensure that shareholder value is maximised. Any future
shareholder distributions are expected to depend on the earnings and \ufb01nancial condition of the Company and such other
factors as the Board considers appropriate.
The Group monitors capital using the gearing ratio and return on shareholders\u2019 equity as follows. Further information relating to
the movement year-on-year is provided within the relevant notes and within the Financial review (pages 37 to 41).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Loans, borrowings and bond
(i)
(A) (see note 17)
702,794
666,073
Cash and cash equivalents (see note 13)
268,846
(280,239)
EnQuest net debt (B)
(ii)
433,948
385,834
Equity attributable to EnQuest PLC shareholders (C)
528,059
542,466
Pro\ufb01t/(loss) for the year attributable to EnQuest PLC shareholders (D)
1,562
93,773
Adjusted EBITDA (F)
(ii)
503,823
673,919
Gross gearing ratio (A/C)
1.3
1.2
Net gearing ratio (B/C)
0.8
0.7
EnQuest net debt/adjusted EBITDA (B/F)
(ii)
0.9
0.6
Shareholders\u2019 return on investment (D/C)
0.3%
17.3%
\n
(i)
Principal amounts drawn, excludes netting off of fees and accrued interest (see note 17)
(ii)
See Glossary \u2013 non GAAP measures on pages 192 to 195", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "27. Risk management and \ufb01nancial instruments
Risk management objectives and policies
The Group\u2019s principal \ufb01nancial assets and liabilities comprise trade and other receivables, cash and cash equivalents, interest-
bearing loans, borrowings and leases, derivative \ufb01nancial instruments and trade and other payables. The main purpose of the
\ufb01nancial instruments is to manage cash \ufb02ow and to provide liquidity for organic and inorganic growth initiatives.
The Group\u2019s activities expose it to various \ufb01nancial risks particularly associated with \ufb02uctuations in oil price, foreign currency risk,
liquidity risk and credit risk. The Group is also exposed to interest rate risks related to SOFR on cash balances and the RBL. As the
RBL was undrawn at 31 December 2025, no sensitivities have been provided. Management reviews and agrees policies for
managing each of these risks, which are summarised below. Also presented below is a sensitivity analysis to indicate sensitivity
to changes in market variables on the Group\u2019s \ufb01nancial instruments and to show the impact on pro\ufb01t and shareholders\u2019 equity,
where applicable. The sensitivity has been prepared for periods ended 31 December 2025 and 2024, using the amounts of debt
and other \ufb01nancial assets and liabilities held at those reporting dates.
Commodity price risk \u2013 oil prices
The Group is exposed to the impact of changes in Brent oil prices on its revenues and pro\ufb01ts generated from sales of crude oil.
The Group\u2019s policy is to have the ability to hedge oil prices up to a maximum of 75% of the next 12 months\u2019 production on a rolling
annual basis, up to 60% in the following 12-month period and 50% in the subsequent 12-month period. On a rolling quarterly
basis, under the RBL facility, the Group is required to hedge production based on the proportion of the loan facility utilised. Where
the relevant amounts utilised are 10% or less of the amounts available, the Group is required to hedge a minimum of 10% of
volumes of net entitlement production expected in the next 12 months and the following 12 months. Where the relevant amounts
utilised are more than 10% but less than 50% of the amounts available, the Group is required to hedge a minimum of 30% of
volumes of net entitlement production expected in the next 12 months and a minimum of 15% of volumes of net entitlement
production expected in the following 12 months. Where the relevant amounts utilised are 50% or more of the amounts available,
the Group is required to hedge a minimum of 45% of volumes of net entitlement production expected in the next 12 months and
a minimum of 30% of volumes of net entitlement production expected in the following 12 months.
Details of the commodity derivative contracts entered into during and open at the end of 2025 are disclosed in note 18. As of
31 December 2025, the Group held \ufb01nancial instruments (options and swaps) related to crude oil that covered 3.4 MMbbls of
2026 production and 0.9 MMbbls of 2027 production. The instruments have an effective average \ufb02oor price of around $68.3/bbl
in 2026 and $63.5/bbl in 2027. The Group utilises multiple benchmarks when hedging production to achieve optimal results for
the Group. No derivatives were designated in hedging relationships at 31 December 2025.
The following table summarises the impact on the Group\u2019s pre-tax pro\ufb01t of a reasonably possible change in the Brent oil price
on the fair value of derivative \ufb01nancial instruments, with all other variables held constant. The impact in equity is the same as
the impact on pro\ufb01t before tax.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pre-tax pro\ufb01t
\u00a0
+$10/bbl
-$10/bbl
\u00a0
increase
decrease
\u00a0
$\u2019000
$\u2019000
31 December 2025
(42,600)
42,900
31 December 2024
(47,600)
47,200
\n
Foreign exchange risk
The Group is exposed to foreign exchange risk arising from movements in currency exchange rates. Such exposure arises from
sales or purchases in currencies other than the Group\u2019s functional currency, the 9.00% retail bond, the vendor \ufb01nancing facility
and any UK EPL cash tax payments which are denominated in Sterling. To mitigate the risks of large \ufb02uctuations in the currency
markets, the hedging policy agreed by the Board allows for up to 70% of the non-US Dollar portion of the Group\u2019s annual capital
budget and operating expenditure to be hedged. For speci\ufb01c contracted capital expenditure projects, up to 100% can be
hedged. Approximately 17% (2024: 12%) of the Group\u2019s sales and 98% (2024: 97%) of costs (including operating and capital
expenditure and general and administration costs) are denominated in currencies other than the functional currency.
The Group also enters into foreign currency swap contracts from time to time to manage short-term exposures. The following
tables summarise the Group\u2019s \ufb01nancial assets and liabilities exposure to foreign currency.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
GBP
MYR
Other
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Total \ufb01nancial assets
357,349
30,762
12,015
400,126
Total \ufb01nancial liabilities
783,464
28,336
13,364
825,164
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
GBP
MYR
Other
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Total \ufb01nancial assets
396,168
22,570
3,024
421,762
Total \ufb01nancial liabilities
714,626
21,731
3,801
740,158
\n
The following table summarises the sensitivity to a reasonably possible change in the US Dollar to Sterling foreign exchange rate,
with all other variables held constant, of the Group\u2019s pro\ufb01t before tax due to changes in the carrying value of monetary assets
and liabilities at the reporting date. The impact in equity is the same as the impact on pro\ufb01t before tax. The Group\u2019s exposure to
foreign currency changes for all other currencies is not material:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Pre-tax pro\ufb01t
\u00a0
10% rate
10% rate
\u00a0
increase
decrease
\u00a0
$\u2019000
$\u2019000
31 December 2025
(22,189)
22,189
31 December 2024
(28,263)
28,263
Credit risk
Credit risk is managed on a Group basis. Credit risk in \ufb01nancial instruments arises from cash and cash equivalents and
derivative \ufb01nancial instruments where the Group\u2019s exposure arises from default of the counterparty, with a maximum exposure
equal to the carrying amount of these instruments. For banks and \ufb01nancial institutions only those rated with an A-/A3 credit
rating or better are accepted. Cash balances can be invested in short-term bank deposits and AAA-rated liquidity funds,
subject to Board-approved limits and with a view to minimising counterparty credit risks.
In addition, there are credit risks of commercial counterparties, including exposures in respect of outstanding receivables. The
Group trades only with recognised international oil and gas companies, commodity traders and shipping companies and at
31 December 2025, there were no trade receivables past due but not impaired (2024: nil) and no joint venture receivables past
due but not impaired (2024: nil). Receivable balances are monitored on an ongoing basis with appropriate follow-up action
taken where necessary. Any impact from ECL is disclosed in note 15.
At 31 December 2025, the Group had one customer accounting for 65% of outstanding trade receivables (2024: two customers,
91%) and four joint venture partners accounting for over 75% of outstanding joint venture receivables (2024: four partners,
over 70%).
Liquidity risk
The Group monitors its risk of a shortage of funds by reviewing its cash \ufb02ow requirements on a regular basis relative to its
existing bank facilities and the maturity pro\ufb01le of its borrowings. Speci\ufb01cally, the Group\u2019s policy is to ensure that suf\ufb01cient
liquidity or committed facilities exist within the Group to meet its operational funding requirements and to ensure the Group can
service its debt and adhere to its \ufb01nancial covenants. At 31 December 2025, $409.8 million (2024: $194.3 million) was available for
drawdown under the Group\u2019s facilities (see note 17).
The following tables detail the maturity pro\ufb01les of the Group\u2019s non-derivative \ufb01nancial liabilities, including projected interest
thereon. The amounts in these tables are different from the balance sheet as the table is prepared on a contractual
undiscounted cash \ufb02ow basis and includes future interest payments.
By reference to the conditions existing at the reporting period end, the maturity analysis of the contingent consideration is
disclosed below. All of the Group\u2019s liabilities, except for the RBL, are unsecured.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
60,888
\u2013
\u2013
\u2013
60,888
Bonds
\u2013
69,945
714,312
\u2013
\u2013
784,257
Contingent consideration
\u2013
60,335
6,681
1,382
65,571
133,969
Obligations under lease liabilities
\u2013
97,363
231,189
59,547
26,328
414,427
Trade and other payables
\u2013
446,527
\u2013
\u2013
\u2013
446,527
\u00a0
\u2013
735,058
952,182
60,929
91,899
1,840,068
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
34,168
\u2013
\u2013
\u2013
34,168
Bonds
\u2013
69,095
69,095
701,197
\u2013
839,387
Contingent consideration
\u2013
20,675
64,877
265,854
425,027
776,433
Obligations under lease liabilities
\u2013
66,092
71,600
222,093
31,696
391,481
Trade and other payables
\u2013
397,543
\u2013
\u2013
\u2013
397,543
\u00a0
\u2013
587,573
205,572
1,189,144
456,723
2,439,012
\n
The following tables detail the Group\u2019s expected maturity of payables for its derivative \ufb01nancial instruments. The amounts in
these tables are different from the balance sheet as the table is prepared on a contractual undiscounted cash \ufb02ow basis. When
the amount receivable or payable is not \ufb01xed, the amount disclosed has been determined by reference to a projected forward
curve at the reporting date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
2,563
66
\u2013
\u2013
2,629
Other derivative contracts
\u2013
43,411
7,485
22,015
\u2013
72,911
\u00a0
\u2013
45,974
7,551
22,015
\u2013
75,540
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
546
8,908
999
\u2013
10,453
Foreign exchange derivative contracts
\u2013
1,105
1,249
\u2013
\u2013
2,354
Other derivative contracts
\u2013
23,902
3,802
1,928
\u2013
29,632
\u00a0
\u2013
25,553
13,959
2,927
\u2013
42,439
\n
Capital management
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 17, cash and cash
equivalents and equity attributable to the equity holders of the parent company, comprising issued capital, reserves and
retained earnings as in the Group statement of changes in equity.
The primary objective of the Group\u2019s capital management is to optimise the return on investment, by managing its capital
structure to achieve capital ef\ufb01ciency whilst also maintaining \ufb02exibility for downside protection and growth initiatives. The Group
regularly monitors the capital requirements of the business over the short, medium and long term, in order to enable it to
foresee when additional capital will be required.
The Group has approval from the Board to hedge external risks, see Commodity price risk: oil prices and foreign exchange risk.
This is designed to reduce the risk of adverse movements in exchange rates and market prices eroding the return on the Group\u2019s
projects and operations.
The Board regularly reassesses the existing dividend policy to ensure that shareholder value is maximised. Any future
shareholder distributions are expected to depend on the earnings and \ufb01nancial condition of the Company and such other
factors as the Board considers appropriate.
The Group monitors capital using the gearing ratio and return on shareholders\u2019 equity as follows. Further information relating to
the movement year-on-year is provided within the relevant notes and within the Financial review (pages 37 to 41).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Loans, borrowings and bond
(i)
(A) (see note 17)
702,794
666,073
Cash and cash equivalents (see note 13)
268,846
(280,239)
EnQuest net debt (B)
(ii)
433,948
385,834
Equity attributable to EnQuest PLC shareholders (C)
528,059
542,466
Pro\ufb01t/(loss) for the year attributable to EnQuest PLC shareholders (D)
1,562
93,773
Adjusted EBITDA (F)
(ii)
503,823
673,919
Gross gearing ratio (A/C)
1.3
1.2
Net gearing ratio (B/C)
0.8
0.7
EnQuest net debt/adjusted EBITDA (B/F)
(ii)
0.9
0.6
Shareholders\u2019 return on investment (D/C)
0.3%
17.3%
\n
(i)
Principal amounts drawn, excludes netting off of fees and accrued interest (see note 17)
(ii)
See Glossary \u2013 non GAAP measures on pages 192 to 195", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "Credit risk
Credit risk is managed on a Group basis. Credit risk in \ufb01nancial instruments arises from cash and cash equivalents and
derivative \ufb01nancial instruments where the Group\u2019s exposure arises from default of the counterparty, with a maximum exposure
equal to the carrying amount of these instruments. For banks and \ufb01nancial institutions only those rated with an A-/A3 credit
rating or better are accepted. Cash balances can be invested in short-term bank deposits and AAA-rated liquidity funds,
subject to Board-approved limits and with a view to minimising counterparty credit risks.
In addition, there are credit risks of commercial counterparties, including exposures in respect of outstanding receivables. The
Group trades only with recognised international oil and gas companies, commodity traders and shipping companies and at
31 December 2025, there were no trade receivables past due but not impaired (2024: nil) and no joint venture receivables past
due but not impaired (2024: nil). Receivable balances are monitored on an ongoing basis with appropriate follow-up action
taken where necessary. Any impact from ECL is disclosed in note 15.
At 31 December 2025, the Group had one customer accounting for 65% of outstanding trade receivables (2024: two customers,
91%) and four joint venture partners accounting for over 75% of outstanding joint venture receivables (2024: four partners,
over 70%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "Liquidity risk
The Group monitors its risk of a shortage of funds by reviewing its cash \ufb02ow requirements on a regular basis relative to its
existing bank facilities and the maturity pro\ufb01le of its borrowings. Speci\ufb01cally, the Group\u2019s policy is to ensure that suf\ufb01cient
liquidity or committed facilities exist within the Group to meet its operational funding requirements and to ensure the Group can
service its debt and adhere to its \ufb01nancial covenants. At 31 December 2025, $409.8 million (2024: $194.3 million) was available for
drawdown under the Group\u2019s facilities (see note 17).
The following tables detail the maturity pro\ufb01les of the Group\u2019s non-derivative \ufb01nancial liabilities, including projected interest
thereon. The amounts in these tables are different from the balance sheet as the table is prepared on a contractual
undiscounted cash \ufb02ow basis and includes future interest payments.
By reference to the conditions existing at the reporting period end, the maturity analysis of the contingent consideration is
disclosed below. All of the Group\u2019s liabilities, except for the RBL, are unsecured.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
60,888
\u2013
\u2013
\u2013
60,888
Bonds
\u2013
69,945
714,312
\u2013
\u2013
784,257
Contingent consideration
\u2013
60,335
6,681
1,382
65,571
133,969
Obligations under lease liabilities
\u2013
97,363
231,189
59,547
26,328
414,427
Trade and other payables
\u2013
446,527
\u2013
\u2013
\u2013
446,527
\u00a0
\u2013
735,058
952,182
60,929
91,899
1,840,068
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
On demand
Up to 1 year
1 to 2 years
2 to 5 years
Over 5 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Loans
\u2013
34,168
\u2013
\u2013
\u2013
34,168
Bonds
\u2013
69,095
69,095
701,197
\u2013
839,387
Contingent consideration
\u2013
20,675
64,877
265,854
425,027
776,433
Obligations under lease liabilities
\u2013
66,092
71,600
222,093
31,696
391,481
Trade and other payables
\u2013
397,543
\u2013
\u2013
\u2013
397,543
\u00a0
\u2013
587,573
205,572
1,189,144
456,723
2,439,012
\n
The following tables detail the Group\u2019s expected maturity of payables for its derivative \ufb01nancial instruments. The amounts in
these tables are different from the balance sheet as the table is prepared on a contractual undiscounted cash \ufb02ow basis. When
the amount receivable or payable is not \ufb01xed, the amount disclosed has been determined by reference to a projected forward
curve at the reporting date.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2025
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
2,563
66
\u2013
\u2013
2,629
Other derivative contracts
\u2013
43,411
7,485
22,015
\u2013
72,911
\u00a0
\u2013
45,974
7,551
22,015
\u2013
75,540
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Less than 3
3 to 12
\u00a0 \u00a0 \u00a0
\u00a0
On demand
months
months
1 to 2 years
Over 2 years
Total
Year ended 31 December 2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Commodity derivative contracts
\u2013
546
8,908
999
\u2013
10,453
Foreign exchange derivative contracts
\u2013
1,105
1,249
\u2013
\u2013
2,354
Other derivative contracts
\u2013
23,902
3,802
1,928
\u2013
29,632
\u00a0
\u2013
25,553
13,959
2,927
\u2013
42,439
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "Capital management
The capital structure of the Group consists of debt, which includes the borrowings disclosed in note 17, cash and cash
equivalents and equity attributable to the equity holders of the parent company, comprising issued capital, reserves and
retained earnings as in the Group statement of changes in equity.
The primary objective of the Group\u2019s capital management is to optimise the return on investment, by managing its capital
structure to achieve capital ef\ufb01ciency whilst also maintaining \ufb02exibility for downside protection and growth initiatives. The Group
regularly monitors the capital requirements of the business over the short, medium and long term, in order to enable it to
foresee when additional capital will be required.
The Group has approval from the Board to hedge external risks, see Commodity price risk: oil prices and foreign exchange risk.
This is designed to reduce the risk of adverse movements in exchange rates and market prices eroding the return on the Group\u2019s
projects and operations.
The Board regularly reassesses the existing dividend policy to ensure that shareholder value is maximised. Any future
shareholder distributions are expected to depend on the earnings and \ufb01nancial condition of the Company and such other
factors as the Board considers appropriate.
The Group monitors capital using the gearing ratio and return on shareholders\u2019 equity as follows. Further information relating to
the movement year-on-year is provided within the relevant notes and within the Financial review (pages 37 to 41).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
$\u2019000
$\u2019000
Loans, borrowings and bond
(i)
(A) (see note 17)
702,794
666,073
Cash and cash equivalents (see note 13)
268,846
(280,239)
EnQuest net debt (B)
(ii)
433,948
385,834
Equity attributable to EnQuest PLC shareholders (C)
528,059
542,466
Pro\ufb01t/(loss) for the year attributable to EnQuest PLC shareholders (D)
1,562
93,773
Adjusted EBITDA (F)
(ii)
503,823
673,919
Gross gearing ratio (A/C)
1.3
1.2
Net gearing ratio (B/C)
0.8
0.7
EnQuest net debt/adjusted EBITDA (B/F)
(ii)
0.9
0.6
Shareholders\u2019 return on investment (D/C)
0.3%
17.3%
\n
(i)
Principal amounts drawn, excludes netting off of fees and accrued interest (see note 17)
(ii)
See Glossary \u2013 non GAAP measures on pages 192 to 195", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "28. Subsidiaries
At 31 December 2025, EnQuest PLC had investments in the following subsidiaries:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Proportion of
\u00a0\u00a0\u00a0
nominal value
\u00a0\u00a0\u00a0
of issued
\u00a0\u00a0\u00a0
Ordinary
\u00a0\u00a0\u00a0
shares
\u00a0\u00a0
Country of
controlled by
Name of company
Principal activity
incorporation
the Group
\u00a0
Intermediate holding company and provision of Group
\u00a0\u00a0
EnQuest Britain Limited
manpower and contracting/procurement services
England
100%
EnQuest Heather Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest ENS Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest Heather Leasing Limited
(i)
Dormant
England
100%
EQ Petroleum Sabah Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest Dons Leasing Limited
(i)
Leasing
England
100%
EnQuest Energy Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest Production Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest Global Limited
Intermediate holding company
England
100%
EnQuest NWO Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EQ Petroleum Production Malaysia Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
NSIP (GKA) Limited
1
Dormant
Scotland
100%
\u00a0
Provision of Group manpower and contracting/
\u00a0\u00a0
EnQuest Global Services Limited
(i)2
procurement services for the international business
Jersey
100%
EnQuest Marketing and Trading Limited
Marketing and trading of crude oil
England
100%
EnQuest Petroleum Developments
\u00a0\u00a0\u00a0
Malaysia SDN. BHD
(i)3
Exploration, extraction and production of hydrocarbons
Malaysia
100%
EnQuest Advance Holdings Limited
(i)
Intermediate holding company
England
100%
EnQuest Advance Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest Progress Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
North Sea (Golden Eagle) Resources Ltd
(i)
Exploration, extraction and production of hydrocarbons
England
100%
\u00a0
Assessment and development of new energy and
\u00a0\u00a0
Veri Energy (CCS) Limited
(i)
decarbonisation opportunities
England
100%
\u00a0
Assessment and development of new energy and
\u00a0\u00a0
Veri Energy (Hydrogen) Limited
(i)
decarbonisation opportunities
England
100%
Veri Energy Holdings Limited
Intermediate holding company
England
100%
\u00a0
Assessment and development of new energy and
\u00a0\u00a0
Veri Energy Limited
(i)
decarbonisation opportunities
England
100%
\u00a0\u00a0
British Virgin
\u00a0
Premier Oil (Vietnam) Limited
(i)4
Exploration, extraction and production of hydrocarbons
Islands
100%
Premier Oil Vietnam Offshore B.V
(i)5
Exploration, extraction and production of hydrocarbons
Netherlands
100%
EnQuest EP Gaea Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest EP Gaea II Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
EnQuest EP BV Limited
(i)
Exploration, extraction and production of hydrocarbons
England
100%
\n
(i)
Held by subsidiary undertaking
The Group has \ufb01ve branches outside the UK (all held by subsidiary undertakings): EnQuest Global Services Limited (Dubai),
EnQuest Global Services Limited (Bahrain), EnQuest Petroleum Production Malaysia Limited (Malaysia), Premier Oil Vietnam
Offshore B.V (Vietnam) and EnQuest EP BV Limited (Brunei).
In January 2026, EnQuest Group Holdings Limited was incorporated in England and Wales as a holding company.
Other than those listed below, all entities have a registered of\ufb01ce address as Charles House, 2nd Floor, 5-11 Regent Street, London,
SW1Y 4LR United Kingdom.
1
Annan House, Palmerston Road, Aberdeen, Scotland, AB11 5QP, United Kingdom
2
Ground Floor, Colomberie House, St Helier, JE4 0RX, Jersey
3
c/o TMF, 10th Floor, Menara Hap Seng, No. 1 & 3, Jalan P. Ramlee 50250 Kuala Lumpur, Malaysia
4
PO Box 3140, Road Town, Tortola, VG1110, British Virgin Islands
5
Lairessestraat 145 C,1075 HJ Amsterdam, the Netherlands", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "29. Cash \ufb02ow information
Cash generated from operations
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Year ended
Year ended
\u00a0\u00a0
31 December
31 December
\u00a0\u00a0
2025
2024
\u00a0
Notes
$\u2019000
$\u2019000
Pro\ufb01t/(loss) before tax
\u00a0
493,427
166,614
Depreciation
4(c)
5,129
6,040
Depletion
4(b)
267,299
263,252
Exploration and appraisal expense
11
173
183
Net impairment (reversal)/charge to oil and gas assets
9
(5,819)
71,414
Net disposal/(write-back) of inventory
\u00a0
2,800
(5,539)
Share-based payment (credit)/charge
4(e)
(669)
983
Change in Magnus related contingent consideration
21
(387,145)
15,904
Change in provisions
22
46,544
39,116
Other non-cash UKA losses
4(b)
11,490
1,335
Unrealised (gain)/loss on commodity \ufb01nancial instruments
4(a)
(45,178)
(3,090)
Unrealised (gain)/loss on other \ufb01nancial instruments
4(b)
(32,342)
2,823
Unrealised exchange loss/(gain)
\u00a0
21,973
(8,714)
Net \ufb01nance expense
(i)
\u00a0
118,700
113,711
Operating cash \ufb02ow before working capital changes
\u00a0
496,382
664,032
Decrease/(increase) in trade and other receivables
\u00a0
38,656
(4,561)
Decrease/(increase) in inventories
\u00a0
12,366
(5,786)
(Decrease)/increase in trade and other payables
\u00a0
(49,585)
32,261
Cash generated from operations
\u00a0
497,819
685,946
\n
(i)
Excludes unwind of discount on provisions (see note 5)
Changes in liabilities arising from \ufb01nancing activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Loans and
\u00a0
Lease
\u00a0
\u00a0
borrowings
Bonds
liabilities
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
(311,210)
(471,019)
(422,174) (1,204,403)
Cash movements:
\u00a0\u00a0\u00a0\u00a0
Repayments of loans and borrowings
312,304
\u2013
\u2013
312,304
Proceeds from loans and borrowings
(26,928)
(160,000)
\u2013
(186,928)
Payment of lease liabilities
\u2013
\u2013
130,065
130,065
Cash interest paid in year
18,524
52,494
\u2013
71,018
Non\u2011cash movements:
\u00a0\u00a0\u00a0\u00a0
Additions
\u2013
3,362
(16,453)
(13,091)
Interest/\ufb01nance charge payable
(18,524)
(54,971)
(27,673)
(101,168)
Fee amortisation
(5,036)
(3,493)
\u2013
(8,529)
Foreign exchange and other non-cash movements
(3,102)
2,742
980
620
At 31 December 2024
(33,972)
(630,885)
(335,255)
(1,000,112)
Cash movements:
\u00a0\u00a0\u00a0\u00a0
Repayments of loans and borrowings
(i)
196,451
\u2013
\u2013
196,451
Proceeds from loans and borrowings
(ii)
(217,420)
\u2013
\u2013
(217,420)
Payment of lease liabilities
\u2013
\u2013
83,061
83,061
Cash interest paid in year
(iii)
4,130
69,884
\u2013
74,014
Non\u2011cash movements:
\u00a0\u00a0\u00a0\u00a0
Additions
20,448
\u2013
(32,302)
(11,854)
Disposals
\u2013
\u2013
4,005
4,005
Acquired (see note 30)
\u2013
\u2013
(60,681)
(60,681)
Interest/\ufb01nance charge payable
(6,027)
(69,269)
(25,100)
(100,396)
Fee amortisation
(2,927)
(4,505)
\u2013
(7,432)
Foreign exchange and other non-cash movements
(21,007)
(12,365)
(5,818)
(39,190)
At 31 December 2025
(60,324)
(647,140)
(372,090) (1,079,554)
\n
(i)
Repayments of loans and borrowings include $120.0 million repaid under the previous RBL facility, $70.0 million under the new RBL facility, and $6.5 million repaid under
the SVT working capital facility (note 17). In the Group Cash Flow Statement, the repayment of loans and borrowings line does not include the balance of the previous
RBL facility at the date of re\ufb01nancing of $50.0 million. This was fully repaid utilising the proceeds from the new facility and as such is netted against the proceeds of the
new RBL facility in the Group Cash Flow Statement on the proceeds from loans and borrowings line
(ii)
Proceeds from loans and borrowings include $120.0 million drawdown under the previous RBL facility prior to re\ufb01nancing and $70.0 million under new RBL facility on
re\ufb01nancing, $6.7 million drawdowns under the SVT working capital facility and $20.7 million under the vendor loan facility. In the Group Cash Flow Statement, proceeds
from loans and borrowings of $152.4 million include amounts outlined in the table above less the previous RBL facility balance of $50.0 million and associated new
arrangement fees of $15.0 million. See note 17 for further details
(iii)
The cash \ufb02ow statement includes interest on decommissioning bonds, Letters of Credit and the EPL
Reconciliation of carrying value
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Loans
Bonds
Lease liabilities
\u00a0
\u00a0
(see note 17)
(see note 17)
(see note 23)
Total
\u00a0
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Principal
(33,972)
(632,101)
(335,255)
(1,001,328)
Unamortised fees
\u2013
10,661
\u2013
10,661
Accrued interest
\u2013
(9,445)
\u2013
(9,445)
At 31 December 2024
(33,972)
(630,885)
(335,255)
(1,000,112)
Principal
(58,427)
(644,367)
(372,090)
(1,074,884)
Unamortised fees
\u2013
6,156
\u2013
6,156
Accrued interest
(1,897)
(8,929)
\u2013
(10,826)
At 31 December 2025
(60,324)
(647,140)
(372,090)
(1,079,554)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "30. Business combination
Accounting policy
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-
controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling
interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets. Acquisition-related
costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together signi\ufb01cantly contribute
to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing
outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered unique or scarce or
cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue producing outputs.
Acquisition of Block 12W Vietnam
The Group acquired a 53.125% interest in the Chim Sao and Dua \ufb01elds (\u2018Block 12W\u2019) in Vietnam from Harbour Energy on 9 July 2025
through acquisition of 100% of the share capital of two entities Premier Oil (Vietnam) Limited and Premier Oil Vietnam Offshore BV.
The Group acquired this business as it represents a key step in delivering the Group\u2019s diversi\ufb01ed growth across South East Asia
and aligns with its strategic aim to expand its footprint by investing in fast-payback assets with low capex and reduced carbon
intensity. The Group acquired control through payment of cash.
The Transaction assets constitute a business and the acquisition has been accounted for using the acquisition method, in
accordance with IFRS 3 Business Combinations. The fair values and resulting goodwill are provisional and will be \ufb01nalised in
EnQuest\u2019s half year 2026 \ufb01nancial statements.
The provisional fair values of the net identi\ufb01able assets as at the date of acquisition are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Fair value
\u00a0\u00a0
recognised on
\u00a0\u00a0
acquisition
\u00a0
Notes
$\u2019000
Non\u2011current assets
\u00a0\u00a0
Property, plant and equipment
9
24,716
Right-of-use assets
9
33,002
Other receivables
(i)
15
111,787
Current assets
\u00a0\u00a0
Trade and other receivables
\u00a0
32,541
Taxation receivable
\u00a0
41
Cash and cash equivalents
\u00a0
5,850
Total assets
\u00a0
207,937
Non\u2011current liabilities
\u00a0\u00a0
Provisions
(ii)
22
89,052
Lease creditor
(iii)
23
44,845
Deferred tax
6
6,063
Current liabilities
\u00a0\u00a0
Trade and other payables
\u00a0
30,546
Lease creditor
(iii)
23
15,836
Current tax liabilities
\u00a0
1,002
Total liabilities
\u00a0
187,344
Total identi\ufb01able net assets at fair value
\u00a0
20,593
Goodwill arising on acquisition
\u00a0
5,110
Purchase consideration transferred:
\u00a0\u00a0
Cash transferred
\u00a0
25,703
Total consideration
\u00a0
25,703
\n
(i)
Represents EnQuest\u2019s share of a central abandonment fund of $91.2 million which will be used to pay for future abandonment of the Vietnam asset and amounts owed
by JV Partners of $20.6 million, with a further $7.1 million shown within current receivables in respect of the lease liability associated with the FPSO
(ii)
Represents a decommissioning liability
(iii)
Includes a lease liability predominantly in relation to the FPSO
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
$\u2019000
Analysis of cash \ufb02ows on acquisition
\u00a0
Total consideration
25,703
Net cash acquired with the subsidiaries
(5,850)
Transaction costs of the acquisition
425
Net cash \ufb02ow on acquisition
20,278
\n
The goodwill has arisen primarily due to the requirement to recognise deferred tax liabilities for the difference between the
assigned fair values and the tax bases of the acquired assets and liabilities assumed in a business combination. The
assessment of fair values of oil and gas assets acquired is based on cash \ufb02ows after tax. Nevertheless, in accordance with IAS 12
Income Taxes, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the
acquisition date fair value and the tax base. The offsetting entry to this deferred tax is goodwill. The acquisition date fair value of
the trade receivables amounts to $0.3 million which is expected to be collected within contractual terms.
From the date of acquisition, the Transaction assets have contributed $52.8 million of revenue and $8.0 million to the pro\ufb01t
before tax from continuing operations of the Group. If the combination had taken place at the beginning of the year, Group
revenue from continuing operations would have been $1,162.9 million and the Group pro\ufb01t before tax from continuing operations
would have been $508.4 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "Accounting policy
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the
aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-
controlling interests in the acquiree. For each business combination, the Group elects whether to measure the non-controlling
interests in the acquiree at fair value or at the proportionate share of the acquiree\u2019s identi\ufb01able net assets. Acquisition-related
costs are expensed as incurred and included in administrative expenses. The Group determines that it has acquired a business
when the acquired set of activities and assets include an input and a substantive process that together signi\ufb01cantly contribute
to the ability to create outputs. The acquired process is considered substantive if it is critical to the ability to continue producing
outputs, and the inputs acquired include an organised workforce with the necessary skills, knowledge, or experience to perform
that process or it signi\ufb01cantly contributes to the ability to continue producing outputs and is considered unique or scarce or
cannot be replaced without signi\ufb01cant cost, effort, or delay in the ability to continue producing outputs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "31. Subsequent events
On 26 February 2026, EnQuest paid bp $60.0 million as \ufb01nal settlement of the 75% pro\ufb01t share contingent consideration liability,
securing 100.0% of future Magnus cash \ufb02ows.
In February, EnQuest was noti\ufb01ed by the Vietnam Ministry of Industry and Trade that it had been successful in extending the
Block 12W PSC by four years to July 2034, on its existing terms. The PSC extension provides EnQuest and its joint venture partners
with the opportunity to access upside across Block 12W and progress discovered resources into reserves, with prospectivity
spread across three gas discoveries and several additional targets.
In February, EnQuest received a Letter of Award (\u2018LOA\u2019) for a participating interest in the Cendramas PSC by Petronas. The terms
of the LOA, subject to the \ufb01nalisation and signing of the Joint Operating Agreement and the Cendramas PSC, are effective from
23 September 2026.
The Group continues to monitor the situation in the Middle East following the start of the con\ufb02ict in February. At the date of this
report, there has been no material disruption to the Group\u2019s day-to-day business.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "Company Balance Sheet
(Registered number: 07140891)
At 31 December 2025
\u00a0 \u00a0
2025
2024
\u00a0
Notes
$\u2019000
$\u2019000
Fixed assets
\u00a0 \u00a0 \u00a0
Investments
3
373,610
372,243
Current assets
\u00a0 \u00a0 \u00a0
Trade and other debtors
\u00a0 \u00a0 \u00a0
\u2013 due within one year
4
795,197
811,983
\u2013 due after one year
4
43,896
38,453
Cash at bank and in hand
\u00a0
18
265
\u00a0 \u00a0
839,111
850,701
Trade and other creditors:
amounts falling due within one year
6
(3,514)
(3,328)
Net current assets
\u00a0
835,597
847,373
Total assets less current liabilities
\u00a0
1,209,207
1,219,616
Trade and other creditors:
amounts falling due after one year
7
(647,140)
(630,885)
Net assets
\u00a0
562,067
588,731
Share capital and reserves
\u00a0 \u00a0 \u00a0
Share capital and premium
8
392,054
392,054
Treasury shares
\u00a0
(3,540)
(4,425)
Other reserve
\u00a0
40,143
40,143
Share-based payment reserve
\u00a0
12,395
13,949
Capital redemption reserve
\u00a0
2,006
2,006
Pro\ufb01t and loss account
\u00a0
119,009
145,004
Shareholders\u2019 funds
\u00a0
562,067
588,731
Company Statement of Changes in Equity
For the year ended 31 December 2025
\u00a0 \u00a0
Share
\u00a0 \u00a0
Share-
\u00a0 \u00a0 \u00a0
\u00a0 \u00a0
capital and
\u00a0 \u00a0
based
Capital
\u00a0 \u00a0
\u00a0 \u00a0
share
Treasury
Other
payments
redemption
Pro\ufb01t and
\u00a0
\u00a0 \u00a0
premium
shares
reserve
reserve
reserve
loss account
Total
\u00a0
Notes
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 31 December 2023
\u00a0
393,831
\u2013
40,143
13,195
\u2013
(65,894)
381,275
Pro\ufb01t for the year
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
215,491
215,491
Total comprehensive income for the year
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
215,491
215,491
Issue of shares to Employee Bene\ufb01t Trust
\u00a0
229
\u2013
\u2013
(229)
\u2013
\u2013
\u2013
Repurchase and cancellation of shares
\u00a0
(2,006)
(4,425)
\u2013
\u2013
2,006
(4,593)
(9,018)
Share-based payment charge
\u00a0
\u2013
\u2013
\u2013
983
\u2013
\u2013
983
At 31 December 2024
\u00a0
392,054
(4,425)
40,143
13,949
2,006
145,004
588,731
Loss for the year
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
(10,695)
(10,695)
Total comprehensive expense for the year
\u00a0
\u2013
\u2013
\u2013
\u2013
\u2013
(10,695)
(10,695)
Shares transferred to Employee Bene\ufb01t
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trust
8
\u2013
885
\u2013
(885)
\u2013
\u2013
\u2013
Dividend paid
12
\u2013
\u2013
\u2013
\u2013
\u2013
(15,300)
(15,300)
Share-based payment credit
\u00a0
\u2013
\u2013
\u2013
(669)
\u2013
\u2013
(669)
At 31 December 2025
\u00a0
392,054
(3,540)
40,143
12,395
2,006
119,009
562,067
", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "2nd Floor, Charles House 5\u201311 Regent Street London SW1Y 4LR", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138008LJU6WFQWOXJ73", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }