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General information Cadogan Energy Solutions plc (the \u201cCompany\u201d, together with its subsidiaries the \u201cGroup\u201d), is registered in England and Wales under the Companies Act 2006. The address of the registered office is 8 Bishopsgate, London, United Kingdom, EC2N 4BQ . The Group principal activity has been, up to 2025, oil and gas exploration, development and production; the Group also conducts gas trading and provides services to other E&P operators. The strategy of the Group is to expand its activities along the energy value chain, beyond current activities to new forms of energy with a reduced impact on the environment. The Group has started operations of electricity generation in 2026. Starting from 2026, this activity will become also a main one. The Company\u2019s shares have a standard listing on the Official List of the UK Listing Authority and are traded now on the \u201ctransition\u201d Market of the London Stock Exchange after the changes in the listing categories which occurred in July 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "Cadogan Energy Solutions plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Cadogan Energy Solutions plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "8 Bishopsgate, London, United Kingdom, EC2N 4BQ ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "8 Bishopsgate, London, United Kingdom, EC2N 4BQ ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "The Group principal activity has been, up to 2025, oil and gas exploration, development and production; the Group also conducts gas trading and provides services to other E&P operators. The strategy of the Group is to expand its activities along the energy value chain, beyond current activities to new forms of energy with a reduced impact on the environment.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "
2. Adoption of new and revised Standards
New IFRS accounting standards, amendments and interpretations effective from 1 January 2025
The disclosed policies have been applied consistently by the Group for both the current and previous financial
year with the exception of the new standards adopted.
The IFRS financial information has been drawn up on the basis of accounting policies consistent with those
applied in the financial statements for the year to 31 December 2025, except for the following:
(a) Amendments to IAS 21 The Effects of Changes in Foreign Exchange;
(b) Rates titled Lack of Exchangeability;
The application of the above standards has had no impact on the disclosures or the amounts recognised in the
Group's consolidated financial statements.
New IFRS accounting standards, amendments and interpretations not yet effective
Below is a list of new and revised IFRSs that are not yet mandatorily effective (but allow early application) for
the year ended 31 December 2025 and have not been early adopted by the Group. These standards are not
expected to have a material impact on the Group in the future reporting periods and on foreseeable future
transactions.
IFRS accounting standards
Effective
periods
beginning on or after
Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures:
1 January 2026
Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7: Power Purchase Agreements (PPAs), Contracts
1 January 2026
Referencing Nature-dependent Electricity
Annual Improvements to IFRS Accounting Standards (Volume 11)
1 January 2026
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "New IFRS accounting standards, amendments and interpretations effective from 1 January 2025 The disclosed policies have been applied consistently by the Group for both the current and previous financial year with the exception of the new standards adopted. The IFRS financial information has been drawn up on the basis of accounting policies consistent with those applied in the financial statements for the year to 31 December 2025, except for the following: (a) Amendments to IAS 21 The Effects of Changes in Foreign Exchange; (b) Rates titled Lack of Exchangeability; The application of the above standards has had no impact on the disclosures or the amounts recognised in the Group's consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "New IFRS accounting standards, amendments and interpretations not yet effective Below is a list of new and revised IFRSs that are not yet mandatorily effective (but allow early application) for the year ended 31 December 2025 and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the future reporting periods and on foreseeable future transactions.
IFRS accounting standards
Effective
periods
beginning on or after
Amendments to IFRS 9, Financial Instruments and IFRS 7, Financial Instruments: Disclosures:
1 January 2026
Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7: Power Purchase Agreements (PPAs), Contracts
1 January 2026
Referencing Nature-dependent Electricity
Annual Improvements to IFRS Accounting Standards (Volume 11)
1 January 2026
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "
3. Significant accounting policies
(a) Basis of accounting
The financial statements have been prepared in accordance with UK-adopted International Accounting
Standards in conformity with the requirements of the Companies Act 2006, applicable to companies reporting
under IFRS.
The financial statements have been prepared on the historical cost convention basis.
The financial statements are prepared to nearest thousand.
The principal accounting policies adopted are set out below:
(b) Going concern
The Group\u2019s cash balance at 31 December 2025 was $13.6 million (2024: $14.4 million). Following the closing
of the Settlement Agreement with Proger in January 2025, the Group\u2019s cash balance was $24.7 million as at 31
January 2025. The Directors consider that the funds available at the date of the issue of these financial
statements are sufficient for the Group to manage its business risks and planned investments successfully and
meet its ongoing liabilities as they full due for at least twelve months from the date of signing of these financial
statements.
The Directors\u2019 have carried out a robust assessment of the principal risks facing the Group.
The Group\u2019s forecasts and projections, taking into account reasonably possible changes in trading activities,
operational performance, flow rates for commercial production and the price of hydrocarbons sold to Ukrainian
customers, show that there are reasonable expectations that the Group will be able to operate on funds
currently held and those generated internally, for the foreseeable future.
Notwithstanding the Group\u2019s current financial performance and position, the Board are cognisant of the actual
risks related to the war situation in Ukraine. The Board has considered possible reverse stress case scenarios
for the impact on the Group\u2019s operations, financial position and forecasts. Whilst the potential future impacts
of the invasion of Ukraine by Russia are unknown, the Board has considered operational disruption that may
be caused by the factors such as a) restrictions applied by governments, illness amongst our workforce and
disruption to supply chain and sales channels; b) market volatility in respect of commodity prices associated in
addition to military and geopolitical factors.
In addition to sensitivities that reflect future expectations regarding country, commodity price and currency
risks that the Group may encounter reverse stress tests have been run to reflect possible negative effects of
the war in Ukraine. The Group\u2019s forecasts demonstrate that owing to its cash resources the Group is able to
meet its operating cash flow requirements and commitments whilst maintaining significant liquidity for a period
of at least the next 12 months from the date of signing of these financial statements allowing for sustained
reductions in commodity prices and extended and severe disruption to operations should such a scenario occur.
After making enquiries and considering the uncertainties described above, the Directors have a reasonable
expectation that the Company and the Group have adequate resources to continue in operational existence for
the foreseeable future and consider the going concern basis of accounting to be appropriate and, thus, they
continue to adopt the going concern basis of accounting in preparing the annual financial statements.
(c) Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities
controlled by the Company (its subsidiaries) made up to 31 December each year. IFRS 10 defines control to be
investor control over an investee when it is exposed, or has rights, to variable returns from its involvement with
the investee and has the ability to control those returns through its power over the investee. The results of
subsidiaries disposed of during the year are included in the consolidated income statement from the effective
date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are
made to the financial statements of subsidiaries to bring accounting policies used into line with those used by
the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those
interests of non-controlling shareholders that are present ownership interests entitling their holders to a
proportionate share of net assets upon liquidation may be initially measured at fair value or at the non-
controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice
of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially
measured at fair value.
Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at
initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total
comprehensive income is attributed to non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity
transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to
reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which
the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised
directly in equity and attributed to the owners of the Company.
(d) Revenue recognition
Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation
by transferring a promised good or service to a customer. A good or service is transferred when the customer
obtains control of that good or service. Revenue is measured based on measurement principles of IFRS 15 and
represents amounts receivable for hydrocarbon products and services provided in the normal course of
business, net of value added tax (\u2018VAT\u2019) and other sales-related taxes, excluding royalties on production.
Royalties on production are recorded within cost of sales.
The crude oil produced by the upstream operations is sold to external customers. Revenue from the sale of
crude oil is recognised at the point in time when control of the product is transferred to the customer, which is
typically when goods are despatched, and title has passed. The Group despatches oil at the production point
(EXW incoterms) therefore the Group has no transportation and shipping costs associated with the transfer of
the product to the customer.
The Group\u2019s sales of crude oil are priced based on the consideration specified in contracts with customers based
on a conducted tender result on the opened tender platform. Invoices are typically paid at the day of product
despatch.
E&P and Trading business segments
The transfer of control of hydrocarbons usually coincides with title passing to the customer and the customer
taking physical possession as the product passes a physical point such as a designated point in the pipeline for
the sale of gas or loading point in the case of oil. The Group principally satisfies its performance obligations at
a point in time.
To the extent that revenue arises from test production during an evaluation programme, an amount is credited
to evaluation costs and charged to cost of sales, to reflect a zero-net margin.
Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest
rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected
life of the financial asset to that asset\u2019s net carrying amount on initial recognition.
(e) Foreign currencies
The functional currency of the Group\u2019s Ukrainian operations is Ukrainian Hryvnia. The functional currency of
the Group\u2019s UK subsidiaries and the parent company is US Dollar. The Group\u2019s presentational currency is US
Dollar accordingly.
In preparing the financial statements of the individual companies, transactions in currencies other than the
functional currency of each Group company (\u2018foreign currencies\u2019) are recorded in the functional currency at the
rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and
liabilities that are denominated in foreign currencies are retranslated into the functional currency at the rates
prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are
denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not
retranslated. Foreign exchange differences on cash are recognized in operating profit or loss in the period in
which they arise.
Exchange differences are recognized in the profit or loss in the period in which they arise except for exchange
differences on monetary items receivable from or payable to a foreign operation for which settlement is neither
planned nor likely to occur. This forms part of the net investment in a foreign operation, which is recognized in
the foreign currency translation reserve and in profit or loss on disposal of the net investment.
For the purpose of presenting consolidated financial statements, the results and financial position of each entity
of the Group, where the functional currency is not the US dollar, are translated into US dollars as follows:
i. assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate on the
balance sheet date;
ii. income and expenses are translated at the average exchange rates for the period, where it
approximates to actual rates. In other cases, if exchange rates fluctuate significantly during that
period, the exchange rates at the date of the transactions are used; and
iii. all resulting exchange differences arising, if any, are recognised in other comprehensive income
and accumulated equity (attributed to non-controlling interests as appropriate), transferred to the
Group\u2019s translation reserve. Such translation differences are recognised as income or as expenses
in the period in which the operation is disposed of.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and
liabilities of the foreign entity and translated at the closing rate.
The relevant exchange rates used were as follows:
Year ended 31 December 2025
Year ended 31 December 2024
GBP/USD
EURO/USD
USD/UAH
GBP/USD
EURO/USD
USD/UAH
Closing rate
1.3457
1.1741
42.6289
1.25369
1.0388
42.3997
Average rate
1.3189
1.1305
41.9364
1.2782
1.0821
40.4528
(g) Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as
reported in the consolidated income statement because it excludes items of income or expense that are taxable
or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of
assets and liabilities in the financial statements and the corresponding tax bases used in the computation of
taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally
recognized for all taxable temporary differences and deferred tax assets are recognised to the extent that it is
probable that taxable profits will be available against which deductible temporary differences can be utilised.
Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of
goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a
transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognied
for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint
ventures, 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 tax assets is reviewed at each balance sheet date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be
recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability
is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it
relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt
with in other comprehensive income.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets
against current tax liabilities and when they relate to income taxes levied by the same taxation authority and
the Group intends to settle its current tax assets and liabilities on a net basis.
In case of the uncertainty of the tax treatment, the Group assesses, whether it is probable or not, that the tax
treatment will be accepted, and to determine the value, the Group use the most likely amount or the expected
value in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates.
(h) Other property, plant and equipment
Property, plant and equipment (\u2018PP&E\u2019) are carried at cost less accumulated depreciation and any recognized
impairment loss. Depreciation and amortisation is charged so as to write-off the cost or valuation of assets,
other than land, over their estimated useful lives, using the straight-line method, on the following bases:
Other PP&E 10% to 30%
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the
sales proceeds and the carrying amount of the asset and is recognised in income.
(i) Right-of-use assets
The Group leases various offices, equipment, wells, and land. Contracts may contain both lease and non-lease
components. The Group allocates the consideration in the contract to the lease and non-lease components
based on their relative stand-alone prices.
Assets arising from a lease are initially measured on a present value basis.
Right-of-use assets are measured at cost comprising the following:
\u25cf the amount of the initial measurement of the lease liability;
\u25cf any lease payments made at or before the commencement date less any lease incentives received;
\u25cf any initial direct costs; and
\u25cf costs to restore the asset to the conditions required by lease agreements.
Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a
straight-line basis.
(j) Intangible exploration and evaluation assets
The Group applies the modified full cost method of accounting for intangible exploration and evaluation (\u2018E&E\u2019)
expenditure, which complies with requirements set out in IFRS 6 Exploration for and Evaluation of Mineral
Resources. Under the modified full cost method of accounting, expenditure made on exploring for and
evaluating oil and gas properties is accumulated and initially capitalized as an intangible asset, by reference to
appropriate cost centres being the appropriate oil or gas property. E&E assets are then assessed for impairment
on a geographical cost pool basis, which are assessed at the level of individual licences.
E&E assets comprise costs of (i) E&E activities which are in progress at the balance sheet date, but where the
existence of commercial reserves has yet to be determined (ii) E&E expenditure which, whilst representing part
of the E&E activities associated with adding to the commercial reserves of an established cost pool, did not
result in the discovery of commercial reserves.
Costs incurred prior to having obtained the legal rights to explore an area are expensed directly to the income
statement as incurred.
Exploration and Evaluation costs
E&E expenditure is initially capitalised as an E&E asset. Payments to acquire the legal right to explore, costs of
technical services and studies, seismic acquisition, exploratory drilling, and testing are also capitalised as
intangible E&E assets.
Tangible assets used in E&E activities (such as the Group\u2019s vehicles, drilling rigs, seismic equipment and other
property, plant and equipment) are normally classified as PP&E. However, to the extent that such assets are
consumed in developing an intangible E&E asset, the amount reflecting that consumption is recorded as part
of the cost of the intangible asset. Such intangible costs include directly attributable overheads, including the
depreciation of PP&E items utilised in E&E activities, together with the cost of other materials consumed during
the exploration and evaluation phases.
E&E assets are not amortised prior to the conclusion of appraisal activities.
Treatment of E&E assets at conclusion of appraisal activities
Intangible E&E assets related to each exploration property are carried forward, until the existence (or
otherwise) of commercial reserves has been determined. If commercial reserves have been discovered, the
related E&E assets are assessed for impairment on individual assets basis as set out below and any impairment
loss is recognized in the income statement. Upon approval of a development programme, the carrying value,
after any impairment loss, of the relevant E&E assets is reclassified to the development and production assets
within PP&E.
Intangible E&E assets which relate to E&E activities that are determined not to have resulted in the discovery
of commercial reserves remain capitalised as intangible E&E assets at cost less accumulated amortization,
subject to meeting a pool-wide impairment test in accordance with the accounting policy for impairment of
E&E assets set out below.
Impairment of E&E assets
E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount may
exceed its recoverable amount. Such indicators include, but are not limited to those situations outlined in
paragraph 20 of IFRS 6 Exploration for and Evaluation of Mineral Resources such as, a) license expiry during year
or in the near future and will not likely to be renewed; b) expenditure on E&E activity neither budgeted nor
planned; c) commercial quantities of mineral resources have been discovered; and d) sufficient data exists to
indicate that carrying amount of E&E asset is unlikely to be recovered in full from successful development or
sale.
Where there are indications of impairment, the E&E assets concerned are tested for impairment. Where the
E&E assets concerned fall within the scope of an established full cost pool, which are not larger than an
operating segment, they are tested for impairment together with all development and production assets
associated with that cost pool, as a single cash generating unit.
The aggregate carrying value of the relevant assets is compared against the expected recoverable amount of
the pool, generally by reference to the present value of the future net cash flows expected to be derived from
production of commercial reserves from that pool. Where the assets fall into an area that does not have an
established pool or if there are no producing assets to cover the unsuccessful exploration and evaluation costs,
those assets would fail the impairment test and be written off to the income statement in full.
Impairment losses are recognised in the income statement and are separately disclosed.
(k) Development and production assets
Development and production assets are accumulated on a field-by-field basis and represent the cost of
developing the commercial Reserves discovered and bringing them into production, together with E&E
expenditures incurred in finding commercial Reserves transferred from intangible E&E assets.
The cost of development and production assets comprises the cost of acquisitions and purchases of such assets,
directly attributable overheads, finance costs capitalised, and the cost of recognising provisions for future
restoration and decommissioning.
Development and production assets accounted for as part of construction in progress begin to be depreciated
from the moment they are put into operation, when the asset becomes available for its intended use.
Depreciation of producing assets
Depreciation is calculated on the net book values of producing assets on a field-by-field basis using the unit of
production method. The unit of production method refers to the ratio of production in the reporting year as a
proportion of the Proved and Probable Reserves of the relevant field
based on assessments of internal
geologists utilising the most recent Competent Person Report and subsequent drilling and exploration, taking
into account future development expenditures necessary to bring those Reserves into production.
Producing assets are generally grouped with other assets that are dedicated to serving the same Reserves for
depreciation purposes, but are depreciated separately from producing assets that serve other Reserves.
(l) Impairment of development and production assets and other property, plant and equipment
At each balance sheet date, the Group reviews the carrying amounts of its PP&E to determine whether there is
any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the
asset does not generate cash flows that are independent from other assets, the Group estimates the
recoverable amount of the cash-generating unit to which the asset belongs.
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use,
the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset for which the
estimates of future cash flows have not been adjusted.
In determining fair value less cost to sell, the estimated
future cash flows are discounted to their present value using a post-tax discount rate that reflects current
market assessments of the time value of money and the risks specific to the asset for which the estimates of
future cash flows have not been adjusted. Such cash flows include relevant development expenditure that a
market participant would reasonably be expected to undertake.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount,
the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment
loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is
increased to the revised estimate of its recoverable amount, but 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 (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income
immediately.
(m) Inventories
Oil and gas stock and spare parts are stated at the lower of cost and net realisable value. Costs comprise direct
materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing
the inventories to their present location and condition. Cost is allocated using the weighted average method.
Net realisable value represents the estimated selling price less all estimated costs of completion and costs to
be incurred in marketing, selling and distribution.
(n) Financial instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when
the Group becomes party to the contractual provisions of the instrument.
Loan classified at amortised cost
The loan is measured at the amount recognised at initial recognition minus principal repayments, plus or minus
the cumulative amortisation of any difference between that initial amount and the maturity amount, and any
loss allowance. Interest income is calculated using the effective interest method and is recognised in profit and
loss. Changes in fair value are recognised in profit and loss when the asset is derecognised or reclassified. In
accordance with IFRS 9, the loan is measured at amortised cost. The Group applies the simplified approach to
providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected
loss provision for the loan. Expected credit losses are assessed on a forward-looking basis. The loss allowance
is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is
recognized in the income statement.
Trade and other payables
Payables are initially measured at fair value, net of transaction costs and are subsequently measured at
amortized cost using the effective interest method.
Trade and other receivables
Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are
subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected
credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all
trade receivables. Expected credit losses are assessed on a forward-looking basis. The loss allowance is
measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is
recognised in the income statement.
Cash
Cash comprise cash on hand and on-demand deposits. Deposits are recorded as cash and cash equivalents
when they have a maturity of less than 90 days at inception.
Borrowings
Borrowings are initially recognised at fair value, net of directly attributable transaction costs. Subsequent to
initial recognition, borrowings are measured at amortised cost using the effective interest method. Interest
expense, including the amortisation of transaction costs, is recognised in finance costs in the Consolidated
Income Statement over the term of the borrowing, unless capitalised in accordance with the Group\u2019s
accounting policy on borrowing costs.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting date, in which case they are presented as non-current
liabilities.
Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets
are capitalised as part of the cost of those assets, in line with the Group\u2019s accounting policy. All other borrowing
costs are recognised in profit or loss in the period in which they are incurred.
(o) Equity instruments
Ordinary shares are classified as equity. Equity instruments issued by the Company and the Group are recorded
at the proceeds received, net of direct issue costs. Any excess of the fair value of consideration received over
the par value of shares issued is recorded as share premium in equity.
(p) Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past
event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be
made of the amount of the obligation. The amount recognised as a provision is the best estimate of the
consideration required to settle the present obligation at the balance sheet date, taking into account the risks
and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to
settle the present obligation, its carrying amount is the present value of those cash flows.
(q) Decommissioning
A provision for decommissioning is recognized in full when the related facilities are installed. The
decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure
expected to be incurred at the end of the producing life of each field in the removal and decommissioning of
the production, storage and transportation facilities currently in place. The cost of recognising the
decommissioning provision is included as part of the cost of the relevant asset and is thus charged to the income
statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation
of tangible non-current assets. Period charges for changes in the net present value of the decommissioning
provision arising from discounting are included within finance costs.
(r) Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. Service agreements for equipment on the working sites are not considered leases as, based upon
an assessment of the terms and nature of their contractual arrangements, the contracts do not convey the right
to control the use of an identified asset.
The right-of-use asset is initially measured based on 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.
The asset is depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term
using the straight-line method as this most closely reflects the expected pattern of consumption of the future
economic benefits. The lease term includes periods covered by an option to extend if the Group is reasonably
certain to exercise that option. In addition, the right-of-use asset is periodically reduced by impairment losses,
if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are not paid at the
commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily
determined, the incremental borrowing rate. The lease liability is measured at amortized cost using the
effective interest method. It is remeasured when there is a change in future lease payments arising from a
change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable
under a residual value guarantee, 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 the effect is recorded in profit or loss if the carrying
amount of the right-of-use asset has been reduced to zero.
The Group elected to apply the practical expedient not to recognise right-of-use assets and lease liabilities for
short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group also
made use of the practical expedient to not recognise a right-of-use asset or a lease liability for leases for which
the lease term ends within 12 months of the date of initial application.
The lease payments associated with these leases are recognised as an expense on a straight-line basis over the
lease term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "(a) Basis of accounting The financial statements have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006, applicable to companies reporting under IFRS. The financial statements have been prepared on the historical cost convention basis. The financial statements are prepared to nearest thousand. The principal accounting policies adopted are set out below: ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "The financial statements have been prepared in accordance with UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006, applicable to companies reporting under IFRS. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "(b) Going concern The Group\u2019s cash balance at 31 December 2025 was $13.6 million (2024: $14.4 million). Following the closing of the Settlement Agreement with Proger in January 2025, the Group\u2019s cash balance was $24.7 million as at 31 January 2025. The Directors consider that the funds available at the date of the issue of these financial statements are sufficient for the Group to manage its business risks and planned investments successfully and meet its ongoing liabilities as they full due for at least twelve months from the date of signing of these financial statements. The Directors\u2019 have carried out a robust assessment of the principal risks facing the Group. The Group\u2019s forecasts and projections, taking into account reasonably possible changes in trading activities, operational performance, flow rates for commercial production and the price of hydrocarbons sold to Ukrainian customers, show that there are reasonable expectations that the Group will be able to operate on funds currently held and those generated internally, for the foreseeable future. Notwithstanding the Group\u2019s current financial performance and position, the Board are cognisant of the actual risks related to the war situation in Ukraine. The Board has considered possible reverse stress case scenarios for the impact on the Group\u2019s operations, financial position and forecasts. Whilst the potential future impacts of the invasion of Ukraine by Russia are unknown, the Board has considered operational disruption that may be caused by the factors such as a) restrictions applied by governments, illness amongst our workforce and disruption to supply chain and sales channels; b) market volatility in respect of commodity prices associated in addition to military and geopolitical factors. In addition to sensitivities that reflect future expectations regarding country, commodity price and currency risks that the Group may encounter reverse stress tests have been run to reflect possible negative effects of the war in Ukraine. The Group\u2019s forecasts demonstrate that owing to its cash resources the Group is able to meet its operating cash flow requirements and commitments whilst maintaining significant liquidity for a period of at least the next 12 months from the date of signing of these financial statements allowing for sustained reductions in commodity prices and extended and severe disruption to operations should such a scenario occur. After making enquiries and considering the uncertainties described above, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future and consider the going concern basis of accounting to be appropriate and, thus, they continue to adopt the going concern basis of accounting in preparing the annual financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "(c) Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 31 December each year. IFRS 10 defines control to be investor control over an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to control those returns through its power over the investee. The results of subsidiaries disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring accounting policies used into line with those used by the Group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in subsidiaries are identified separately from the Group\u2019s equity therein. Those interests of non-controlling shareholders that are present ownership interests entitling their holders to a proportionate share of net assets upon liquidation may be initially measured at fair value or at the non- controlling interests\u2019 proportionate share of the fair value of the acquiree\u2019s identifiable net assets. The choice of measurement is made on an acquisition-by-acquisition basis. Other non-controlling interests are initially measured at fair value. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s interests in subsidiaries that do not result in a loss of control are accounted for as equity transactions. The carrying amount of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "(d) Revenue recognition Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation by transferring a promised good or service to a customer. A good or service is transferred when the customer obtains control of that good or service. Revenue is measured based on measurement principles of IFRS 15 and represents amounts receivable for hydrocarbon products and services provided in the normal course of business, net of value added tax (\u2018VAT\u2019) and other sales-related taxes, excluding royalties on production. Royalties on production are recorded within cost of sales. The crude oil produced by the upstream operations is sold to external customers. Revenue from the sale of crude oil is recognised at the point in time when control of the product is transferred to the customer, which is typically when goods are despatched, and title has passed. The Group despatches oil at the production point (EXW incoterms) therefore the Group has no transportation and shipping costs associated with the transfer of the product to the customer. The Group\u2019s sales of crude oil are priced based on the consideration specified in contracts with customers based on a conducted tender result on the opened tender platform. Invoices are typically paid at the day of product despatch. E&P and Trading business segments The transfer of control of hydrocarbons usually coincides with title passing to the customer and the customer taking physical possession as the product passes a physical point such as a designated point in the pipeline for the sale of gas or loading point in the case of oil. The Group principally satisfies its performance obligations at a point in time. To the extent that revenue arises from test production during an evaluation programme, an amount is credited to evaluation costs and charged to cost of sales, to reflect a zero-net margin. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount on initial recognition. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "(e) Foreign currencies The functional currency of the Group\u2019s Ukrainian operations is Ukrainian Hryvnia. The functional currency of the Group\u2019s UK subsidiaries and the parent company is US Dollar. The Group\u2019s presentational currency is US Dollar accordingly. In preparing the financial statements of the individual companies, transactions in currencies other than the functional currency of each Group company (\u2018foreign currencies\u2019) are recorded in the functional currency at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated into the functional currency at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Foreign exchange differences on cash are recognized in operating profit or loss in the period in which they arise. Exchange differences are recognized in the profit or loss in the period in which they arise except for exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur. This forms part of the net investment in a foreign operation, which is recognized in the foreign currency translation reserve and in profit or loss on disposal of the net investment. For the purpose of presenting consolidated financial statements, the results and financial position of each entity of the Group, where the functional currency is not the US dollar, are translated into US dollars as follows: i. assets and liabilities of the Group\u2019s foreign operations are translated at the closing rate on the balance sheet date; ii. income and expenses are translated at the average exchange rates for the period, where it approximates to actual rates. In other cases, if exchange rates fluctuate significantly during that period, the exchange rates at the date of the transactions are used; and iii. all resulting exchange differences arising, if any, are recognised in other comprehensive income and accumulated equity (attributed to non-controlling interests as appropriate), transferred to the Group\u2019s translation reserve. Such translation differences are recognised as income or as expenses in the period in which the operation is disposed of. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. The relevant exchange rates used were as follows:
Year ended 31 December 2025
Year ended 31 December 2024
GBP/USD
EURO/USD
USD/UAH
GBP/USD
EURO/USD
USD/UAH
Closing rate
1.3457
1.1741
42.6289
1.25369
1.0388
42.3997
Average rate
1.3189
1.1305
41.9364
1.2782
1.0821
40.4528
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "The functional currency of the Group\u2019s Ukrainian operations is Ukrainian Hryvnia. The functional currency of the Group\u2019s UK subsidiaries and the parent company is US Dollar. The Group\u2019s presentational currency is US Dollar accordingly. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "(g) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognied for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, 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 tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. In case of the uncertainty of the tax treatment, the Group assesses, whether it is probable or not, that the tax treatment will be accepted, and to determine the value, the Group use the most likely amount or the expected value in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "(g) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the consolidated income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. This is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognied for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint ventures, 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 tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited in other comprehensive income, in which case the deferred tax is also dealt with in other comprehensive income. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. In case of the uncertainty of the tax treatment, the Group assesses, whether it is probable or not, that the tax treatment will be accepted, and to determine the value, the Group use the most likely amount or the expected value in determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "(h) Other property, plant and equipment Property, plant and equipment (\u2018PP&E\u2019) are carried at cost less accumulated depreciation and any recognized impairment loss. Depreciation and amortisation is charged so as to write-off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight-line method, on the following bases: Other PP&E 10% to 30% The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income. (k) Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the cost of developing the commercial Reserves discovered and bringing them into production, together with E&E expenditures incurred in finding commercial Reserves transferred from intangible E&E assets. The cost of development and production assets comprises the cost of acquisitions and purchases of such assets, directly attributable overheads, finance costs capitalised, and the cost of recognising provisions for future restoration and decommissioning. Development and production assets accounted for as part of construction in progress begin to be depreciated from the moment they are put into operation, when the asset becomes available for its intended use. Depreciation of producing assets Depreciation is calculated on the net book values of producing assets on a field-by-field basis using the unit of production method. The unit of production method refers to the ratio of production in the reporting year as a proportion of the Proved and Probable Reserves of the relevant field based on assessments of internal geologists utilising the most recent Competent Person Report and subsequent drilling and exploration, taking into account future development expenditures necessary to bring those Reserves into production. Producing assets are generally grouped with other assets that are dedicated to serving the same Reserves for depreciation purposes, but are depreciated separately from producing assets that serve other Reserves. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "(h) Other property, plant and equipment Property, plant and equipment (\u2018PP&E\u2019) are carried at cost less accumulated depreciation and any recognized impairment loss. Depreciation and amortisation is charged so as to write-off the cost or valuation of assets, other than land, over their estimated useful lives, using the straight-line method, on the following bases: Other PP&E 10% to 30% The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "(i) Right-of-use assets The Group leases various offices, equipment, wells, and land. Contracts may contain both lease and non-lease components. The Group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. Assets arising from a lease are initially measured on a present value basis. Right-of-use assets are measured at cost comprising the following: \u25cf the amount of the initial measurement of the lease liability; \u25cf any lease payments made at or before the commencement date less any lease incentives received; \u25cf any initial direct costs; and \u25cf costs to restore the asset to the conditions required by lease agreements. Right-of-use assets are generally depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (r) Leases At inception of a contract, the Group assesses whether a contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Service agreements for equipment on the working sites are not considered leases as, based upon an assessment of the terms and nature of their contractual arrangements, the contracts do not convey the right to control the use of an identified asset. The right-of-use asset is initially measured based on 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. The asset is depreciated to the earlier of the end of the useful life of the right-of-use asset or the lease term using the straight-line method as this most closely reflects the expected pattern of consumption of the future economic benefits. The lease term includes periods covered by an option to extend if the Group is reasonably certain to exercise that option. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee, 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 the effect is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Group elected to apply the practical expedient not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Group also made use of the practical expedient to not recognise a right-of-use asset or a lease liability for leases for which the lease term ends within 12 months of the date of initial application. The lease payments associated with these leases are recognised as an expense on a straight-line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "(j) Intangible exploration and evaluation assets The Group applies the modified full cost method of accounting for intangible exploration and evaluation (\u2018E&E\u2019) expenditure, which complies with requirements set out in IFRS 6 Exploration for and Evaluation of Mineral Resources. Under the modified full cost method of accounting, expenditure made on exploring for and evaluating oil and gas properties is accumulated and initially capitalized as an intangible asset, by reference to appropriate cost centres being the appropriate oil or gas property. E&E assets are then assessed for impairment on a geographical cost pool basis, which are assessed at the level of individual licences. E&E assets comprise costs of (i) E&E activities which are in progress at the balance sheet date, but where the existence of commercial reserves has yet to be determined (ii) E&E expenditure which, whilst representing part of the E&E activities associated with adding to the commercial reserves of an established cost pool, did not result in the discovery of commercial reserves. Costs incurred prior to having obtained the legal rights to explore an area are expensed directly to the income statement as incurred. Exploration and Evaluation costs E&E expenditure is initially capitalised as an E&E asset. Payments to acquire the legal right to explore, costs of technical services and studies, seismic acquisition, exploratory drilling, and testing are also capitalised as intangible E&E assets. Tangible assets used in E&E activities (such as the Group\u2019s vehicles, drilling rigs, seismic equipment and other property, plant and equipment) are normally classified as PP&E. However, to the extent that such assets are consumed in developing an intangible E&E asset, the amount reflecting that consumption is recorded as part of the cost of the intangible asset. Such intangible costs include directly attributable overheads, including the depreciation of PP&E items utilised in E&E activities, together with the cost of other materials consumed during the exploration and evaluation phases. E&E assets are not amortised prior to the conclusion of appraisal activities. Treatment of E&E assets at conclusion of appraisal activities Intangible E&E assets related to each exploration property are carried forward, until the existence (or otherwise) of commercial reserves has been determined. If commercial reserves have been discovered, the related E&E assets are assessed for impairment on individual assets basis as set out below and any impairment loss is recognized in the income statement. Upon approval of a development programme, the carrying value, after any impairment loss, of the relevant E&E assets is reclassified to the development and production assets within PP&E. Intangible E&E assets which relate to E&E activities that are determined not to have resulted in the discovery of commercial reserves remain capitalised as intangible E&E assets at cost less accumulated amortization, subject to meeting a pool-wide impairment test in accordance with the accounting policy for impairment of E&E assets set out below. Impairment of E&E assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Such indicators include, but are not limited to those situations outlined in paragraph 20 of IFRS 6 Exploration for and Evaluation of Mineral Resources such as, a) license expiry during year or in the near future and will not likely to be renewed; b) expenditure on E&E activity neither budgeted nor planned; c) commercial quantities of mineral resources have been discovered; and d) sufficient data exists to indicate that carrying amount of E&E asset is unlikely to be recovered in full from successful development or sale. Where there are indications of impairment, the E&E assets concerned are tested for impairment. Where the E&E assets concerned fall within the scope of an established full cost pool, which are not larger than an operating segment, they are tested for impairment together with all development and production assets associated with that cost pool, as a single cash generating unit. The aggregate carrying value of the relevant assets is compared against the expected recoverable amount of the pool, generally by reference to the present value of the future net cash flows expected to be derived from production of commercial reserves from that pool. Where the assets fall into an area that does not have an established pool or if there are no producing assets to cover the unsuccessful exploration and evaluation costs, those assets would fail the impairment test and be written off to the income statement in full. Impairment losses are recognised in the income statement and are separately disclosed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "(j) Intangible exploration and evaluation assets The Group applies the modified full cost method of accounting for intangible exploration and evaluation (\u2018E&E\u2019) expenditure, which complies with requirements set out in IFRS 6 Exploration for and Evaluation of Mineral Resources. Under the modified full cost method of accounting, expenditure made on exploring for and evaluating oil and gas properties is accumulated and initially capitalized as an intangible asset, by reference to appropriate cost centres being the appropriate oil or gas property. E&E assets are then assessed for impairment on a geographical cost pool basis, which are assessed at the level of individual licences. E&E assets comprise costs of (i) E&E activities which are in progress at the balance sheet date, but where the existence of commercial reserves has yet to be determined (ii) E&E expenditure which, whilst representing part of the E&E activities associated with adding to the commercial reserves of an established cost pool, did not result in the discovery of commercial reserves. Costs incurred prior to having obtained the legal rights to explore an area are expensed directly to the income statement as incurred. Exploration and Evaluation costs E&E expenditure is initially capitalised as an E&E asset. Payments to acquire the legal right to explore, costs of technical services and studies, seismic acquisition, exploratory drilling, and testing are also capitalised as intangible E&E assets. Tangible assets used in E&E activities (such as the Group\u2019s vehicles, drilling rigs, seismic equipment and other property, plant and equipment) are normally classified as PP&E. However, to the extent that such assets are consumed in developing an intangible E&E asset, the amount reflecting that consumption is recorded as part of the cost of the intangible asset. Such intangible costs include directly attributable overheads, including the depreciation of PP&E items utilised in E&E activities, together with the cost of other materials consumed during the exploration and evaluation phases. E&E assets are not amortised prior to the conclusion of appraisal activities. Treatment of E&E assets at conclusion of appraisal activities Intangible E&E assets related to each exploration property are carried forward, until the existence (or otherwise) of commercial reserves has been determined. If commercial reserves have been discovered, the related E&E assets are assessed for impairment on individual assets basis as set out below and any impairment loss is recognized in the income statement. Upon approval of a development programme, the carrying value, after any impairment loss, of the relevant E&E assets is reclassified to the development and production assets within PP&E. Intangible E&E assets which relate to E&E activities that are determined not to have resulted in the discovery of commercial reserves remain capitalised as intangible E&E assets at cost less accumulated amortization, subject to meeting a pool-wide impairment test in accordance with the accounting policy for impairment of E&E assets set out below. Impairment of E&E assets E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. Such indicators include, but are not limited to those situations outlined in paragraph 20 of IFRS 6 Exploration for and Evaluation of Mineral Resources such as, a) license expiry during year or in the near future and will not likely to be renewed; b) expenditure on E&E activity neither budgeted nor planned; c) commercial quantities of mineral resources have been discovered; and d) sufficient data exists to indicate that carrying amount of E&E asset is unlikely to be recovered in full from successful development or sale. Where there are indications of impairment, the E&E assets concerned are tested for impairment. Where the E&E assets concerned fall within the scope of an established full cost pool, which are not larger than an operating segment, they are tested for impairment together with all development and production assets associated with that cost pool, as a single cash generating unit. The aggregate carrying value of the relevant assets is compared against the expected recoverable amount of the pool, generally by reference to the present value of the future net cash flows expected to be derived from production of commercial reserves from that pool. Where the assets fall into an area that does not have an established pool or if there are no producing assets to cover the unsuccessful exploration and evaluation costs, those assets would fail the impairment test and be written off to the income statement in full. Impairment losses are recognised in the income statement and are separately disclosed. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "(l) Impairment of development and production assets and other property, plant and equipment At each balance sheet date, the Group reviews the carrying amounts of its PP&E to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. In determining fair value less cost to sell, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Such cash flows include relevant development expenditure that a market participant would reasonably be expected to undertake. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but 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 (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "(l) Impairment of development and production assets and other property, plant and equipment At each balance sheet date, the Group reviews the carrying amounts of its PP&E to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. In determining fair value less cost to sell, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Such cash flows include relevant development expenditure that a market participant would reasonably be expected to undertake. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately. Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, but 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 (cash-generating unit) in prior years. A reversal of an impairment loss is recognized as income immediately.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "(m) Inventories Oil and gas stock and spare parts are stated at the lower of cost and net realisable value. Costs comprise direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. Cost is allocated using the weighted average method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "(n) Financial instruments Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes party to the contractual provisions of the instrument. Loan classified at amortised cost The loan is measured at the amount recognised at initial recognition minus principal repayments, plus or minus the cumulative amortisation of any difference between that initial amount and the maturity amount, and any loss allowance. Interest income is calculated using the effective interest method and is recognised in profit and loss. Changes in fair value are recognised in profit and loss when the asset is derecognised or reclassified. In accordance with IFRS 9, the loan is measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for the loan. Expected credit losses are assessed on a forward-looking basis. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognized in the income statement. Trade and other payables Payables are initially measured at fair value, net of transaction costs and are subsequently measured at amortized cost using the effective interest method. Trade and other receivables Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit losses are assessed on a forward-looking basis. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the income statement. Cash Cash comprise cash on hand and on-demand deposits. Deposits are recorded as cash and cash equivalents when they have a maturity of less than 90 days at inception. Borrowings Borrowings are initially recognised at fair value, net of directly attributable transaction costs. Subsequent to initial recognition, borrowings are measured at amortised cost using the effective interest method. Interest expense, including the amortisation of transaction costs, is recognised in finance costs in the Consolidated Income Statement over the term of the borrowing, unless capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, in which case they are presented as non-current liabilities. Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets, in line with the Group\u2019s accounting policy. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Loan classified at amortised cost The loan is measured at the amount recognised at initial recognition minus principal repayments, plus or minus the cumulative amortisation of any difference between that initial amount and the maturity amount, and any loss allowance. Interest income is calculated using the effective interest method and is recognised in profit and loss. Changes in fair value are recognised in profit and loss when the asset is derecognised or reclassified. In accordance with IFRS 9, the loan is measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for the loan. Expected credit losses are assessed on a forward-looking basis. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognized in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Trade and other payables Payables are initially measured at fair value, net of transaction costs and are subsequently measured at amortized cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Trade and other receivables Trade and other receivables are recognised initially at their transaction price in accordance with IFRS 9 and are subsequently measured at amortised cost. The Group applies the simplified approach to providing for expected credit losses (ECL) prescribed by IFRS 9, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit losses are assessed on a forward-looking basis. The loss allowance is measured at initial recognition and throughout its life at an amount equal to lifetime ECL. Any impairment is recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Cash Cash comprise cash on hand and on-demand deposits. Deposits are recorded as cash and cash equivalents when they have a maturity of less than 90 days at inception. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Borrowings Borrowings are initially recognised at fair value, net of directly attributable transaction costs. Subsequent to initial recognition, borrowings are measured at amortised cost using the effective interest method. Interest expense, including the amortisation of transaction costs, is recognised in finance costs in the Consolidated Income Statement over the term of the borrowing, unless capitalised in accordance with the Group\u2019s accounting policy on borrowing costs. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting date, in which case they are presented as non-current liabilities. Borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets are capitalised as part of the cost of those assets, in line with the Group\u2019s accounting policy. All other borrowing costs are recognised in profit or loss in the period in which they are incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "(o) Equity instruments Ordinary shares are classified as equity. Equity instruments issued by the Company and the Group are recorded at the proceeds received, net of direct issue costs. Any excess of the fair value of consideration received over the par value of shares issued is recorded as share premium in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "(p) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. (q) Decommissioning A provision for decommissioning is recognized in full when the related facilities are installed. The decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure expected to be incurred at the end of the producing life of each field in the removal and decommissioning of the production, storage and transportation facilities currently in place. The cost of recognising the decommissioning provision is included as part of the cost of the relevant asset and is thus charged to the income statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation of tangible non-current assets. Period charges for changes in the net present value of the decommissioning provision arising from discounting are included within finance costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "(q) Decommissioning A provision for decommissioning is recognized in full when the related facilities are installed. The decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure expected to be incurred at the end of the producing life of each field in the removal and decommissioning of the production, storage and transportation facilities currently in place. The cost of recognising the decommissioning provision is included as part of the cost of the relevant asset and is thus charged to the income statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation of tangible non-current assets. Period charges for changes in the net present value of the decommissioning provision arising from discounting are included within finance costs.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "
4. Critical accounting judgements and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, which are described in note 3, the Directors are required
to make judgements, estimates and assumptions about the carrying amounts of the assets and liabilities that
are not readily apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
are recognised in the period in which the estimate is revised if the revision affects only that period or in the
period of the revision and future periods if the revision affects both the current and future periods.
The following are the critical judgements and estimates that the Directors have made in the process of applying
the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the
financial statements.
Critical judgements and estimates
(a) Impairment of development and production assets
Management assesses its development and production assets for impairment indicators and if indicators of
impairment are identified performs an impairment test. Management performed an impairment assessment
using a discounted cash flow model which required estimates including forecast oil prices, reserves and
production, costs and discount rates (note 17).
This test compares the carrying value of the assets at the reporting date with the expected discounted cash
flows from each project prepared under the fair value less cost of disposal approach. For the discounted cash
flows to be calculated, management has used a production profile based on its best estimate of proven reserves
of the assets and a range of assumptions, including an internal oil and gas price profile benchmarked to mean
analysts\u2019 consensus and third party estimates and a discount rate which, taking into account other assumptions
used in the calculation, management considers to be reflective of the risks.
This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) proven (\u20181P\u2019) reserves
which are estimated using standard recognised evaluation techniques (iii) future revenues and estimated
development costs pertaining to the asset, (iv) the discount rate to be applied for the purposes of deriving a
recoverable value including estimates of the relevant levels of risk premiums applied to the assets.
The carrying value of development and production assets at 31 December 2025 was $4 million. No impairment
was identified.
(b) Impairment of power generation assets
Management assesses power generation assets of the Company for impairment indicators and if indicators of
impairment are identified performs an impairment test. Management performed an impairment assessment
using a discounted cash flow model which required estimates including forecast of electricity prices, production
volume, costs and discount rates (note 17).
This test compares the carrying value of the assets at the reporting date with the expected discounted cash
flows from each project prepared under the fair value less cost of disposal approach. For the discounted cash
flows to be calculated, management has used a production expectation based on its best estimate and a
discount rate, taking into account other assumptions used in the calculation, management considers to be
reflective of the risks.
This assessment involves judgement as to (i) the likely commerciality of the asset, (ii) future revenues and
operational costs, (iii) the discount rate to be applied for the purposes of deriving a recoverable value including
estimates of the relevant levels of risk premiums applied to the assets.
The carrying value of power generation assets at 31 December 2025 was $9 million. No impairment was
identified.
(c) Recoverability and measurement of VAT
Judgment is required in assessing the recoverability of VAT assets and the extent to which historical impairment
provisions remain appropriate, particularly noting the recent recoveries against historically impaired VAT. In
forming this assessment, the Group considers the nature and age of the VAT, the likelihood of eligible future
supplies to VAT, the pattern of recoveries and risks and uncertainties associated with the operating
environment (note 9).
Historically, the general volume of accumulated VAT credit was fully reserved as there were no permanent
sources of its utilisation yet (at 31 December 2025: $0.7 million). However, over the course of the year, the
Group managed to realise $63,000, and the reserve was accordingly reversed (note 9). Starting in 2026, the
new electricity generation initiative is set to provide a dynamic solution for utilising the accumulated VAT credit,
enabling its realisation within the first year of the project's operation.
(d) Proger loan recoverability
The recoverability of the carrying value of the loan to PMP represented a significant accounting judgment. In
making their assessment over estimated recoverability of the loan, management considered the Settlement
Agreement signed with Proger in December 2024. As a result, management concluded that $10.4 million
represents its best estimate of recoverable amount as at the beginning of 2025. For further details please refer
to note 29.
(e) Well services and rental agreements
The Group\u2019s well rental arrangements in Ukraine for oil and gas extraction activities are outside of the scope of
IFRS 16. Judgment was required in forming this assessment, based on analysis of the scope of IFRS 16 and the
nature of the well rental arrangements. This assessment focused on the extent to which the rental agreements
provided access to sub-surface well structures to extract hydrocarbons versus surface level infrastructure for the
transport and processing of extracted hydrocarbons.
(f) Deferred tax assets
Deferred tax assets and liabilities require management judgement in determining the amounts to be recognised.
In particular, significant judgement is used when assessing the extent to which deferred tax assets should be
recognised, with consideration given to the timing and level of future taxable income in the relevant tax
jurisdiction.
Deferred tax assets are recognised only to the extent it is considered probable that those assets will be
recoverable. This involves an assessment of when those deferred tax assets are likely to reverse, and a
judgement as to whether or not there will be sufficient taxable profits available to offset the tax assets when
they do reverse. This requires assumptions regarding future profitability and is therefore inherently uncertain.
To the extent assumptions regarding future profitability change, there can be an increase or decrease in the level
of deferred tax assets recognised that can result in a charge or credit in the period in which the change occurs.
(g) Determination of oil and gas reserves
Proven oil and gas reserves is the expected quantity of crude oil, natural gas and gas condensate liquids, the
geological and engineering features of which reliably indicate that such reserves can be produced from known
deposits within future years under existing economic and operating conditions. Proven developed reserves are
reserves that are expected to be produced through the use of existing wells using existing equipment and
operating methods. The determination of the level of oil and gas reserves is inherently characterised by
uncertainty and requires the use of professional judgment and periodic revisions in the future. All proven
reserves are subject to revision in accordance with new information regarding exploration drilling, production
activity or changes in economic factors, including commodity prices, contract terms and exploration plans.
Accordingly, financial and accounting estimates based on proven reserves are also subject to changes.
Changes in the level of proven developed reserves, affect the depreciation charges recognised in the financial
statements in the property, plant and equipment item related to development and production assets. Such
changes, for example, can be both the result of production and revision of estimates. A reduction in proven
developed reserves will increase depreciation charges (provided constant production) and will also increase
costs.
The last independent valuation of the Group's oil and gas reserves was carried out as at 31 December 2023.
(h) Depreciation of wells related to hydrocarbon production
Wells related to the production of hydrocarbons (hereinafter referred to as \"Wells\") are depreciated using the
unit of production method. The cost of Wells is depreciated based on the available reserves of the relevant
hydrocarbons categories (proven developed produced), estimated in accordance with the standards of the
Petroleum Resources Management System (PRMS), prepared by the Oil and Gas Reserves Committee of the
Society of Petroleum Engineers (SPE).
(i) Depreciation of special subsoil use permits related to hydrocarbon extraction
Special permits for the subsoil use, which grant the right to extract hydrocarbons (hereinafter referred to as the
\"Permit\"), are depreciated using the unit of production method. The cost of the Permit is depreciated based on
the volumes of available reserves of the relevant hydrocarbons of the proved, probable and possible categories
assessed in accordance with SPE-PRMS.
(j) Decommissioning costs
The provision for asset decommissioning represents the present value of costs of decommissioning oil and gas
facilities that are expected to be incurred in the future (Note 26). These provisions were recognised based on
the Company's internal estimates. The underlying estimates include future market prices for the required
decommissioning costs and are based on market conditions and factors, as well as a discount rate. An additional
uncertainty relates to the deadline of decommissioning costs, which depend on the field depletion, future oil
and gas prices and, as a result, the expected point in time when future economic benefits from production are
not expected to be realised. Changes in these estimates may result in changes in the provisions recognised in
the Statement of financial position.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
5. Segment information
Segment information is presented on the basis of management\u2019s perspective and relates to the parts of the
Group that are defined as operating segments. Operating segments are identified on the basis of internal
reports provided to the Group\u2019s chief operating decision maker (\u201cCODM\u201d). The Group has identified its senior
management team as its CODM and the internal reports used by the senior management team to oversee
operations and make decisions on allocating resources serve as the basis of information presented. These
internal reports are prepared on the same basis as these consolidated financial statements.
Segment information is analysed on the basis of the type of activity, products sold, or services provided. In 2025,
the majority of the Group\u2019s operations and all Group\u2019s revenues are located within Ukraine. Segment
information is analysed on the basis of the types of goods supplied by the Group\u2019s operating divisions. The
Group\u2019s reportable segments under IFRS 8 are therefore as follows:
Exploration and Production
\u00a7 E&P activities on the exploration and production licences for natural gas, oil and condensate.
Trading
\u00a7 Import of natural gas from European countries; and
\u00a7 Local purchase and sales of natural gas operations with physical delivery of natural gas.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies described
in note 3. Sales between segments are carried out at rates considered to approximate market prices. The
segment result represents operating profit under IFRS before unallocated corporate expenses. Unallocated
corporate expenses include management remuneration, representative expenses and expenses incurred in
respect of the maintenance of office premises. This is the measure reported to the CODM for the purposes of
resource allocation and assessment of segment performance. The Group does not present information on
segment assets and liabilities as the CODM does not review such information for decision-making purposes.
As at 31 December 2025 and for the year then ended the Group\u2019s segmental information was as follows:
Exploration
Trading
Consolidated
and Production
$\u2019000
$\u2019000
$\u2019000
Sales of hydrocarbons
5,462
317
5,779
Other revenue
13
-
13
Sales between segments
-
-
-
Total revenue
5,475
317
5,792
Cost of sales
(4,307)
(243)
(4,550)
Administrative expenses
(497)
-
(497)
Impairment of other assets
(33)
-
(33)
Adjustments of end of concession
(66)
-
(66)
obligations for E&E assets
Other operating loss, net
(52)
-
(52)
Reversal of impairment of other assets
63
-
63
Finance income
(1)
312
312
Segment results
895
74
969
Corporate administrative expenses
(3,466)
Finance income/costs, net
258
Net foreign exchange profit
1,099
Loss before tax
(1,140)
(1) Net finance income includes $312 thousand of interest on cash deposits in Ukraine.
As at 31 December 2024 and for the year then ended the Group\u2019s segmental information was as follows:
Exploration
Trading
Consolidated
and Production
$\u2019000
$\u2019000
$\u2019000
Sales of hydrocarbons
9,119
-
9,119
Other revenue
33
-
33
Sales between segments
-
-
-
Total revenue
9,152
-
9,152
Cost of sales
(5,047)
-
(5,047)
Administrative expenses
(378)
-
(378)
Impairment of other assets
(39)
-
(39)
Adjustments of end of concession
(6)
-
(6)
obligations for E&E assets
Other operating income, net
(19)
-
(19)
Reversal of impairment of other assets
39
-
39
Finance income
(1)
507
-
507
Segment results
4,209
-
4,209
Corporate administrative expenses
(3,144)
Finance income/costs, net
(5,405)
Net foreign exchange loss
(1,123)
Loss before tax
(5,463)
(1) Net finance income includes $507 thousand of interest on cash deposits in Ukraine.
Property, plant and equipment related to Exploration and Production segment are disclosed in the note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
6. Revenue
2025
2024
$\u2019000
$\u2019000
Sale of oil (production) \u2013 point in time
5,475
9,152
Sale of gas (trading) \u2013 point in time
317
-
Total
5,792
9,152
Revenue is generated in Ukraine. Refer to note 3(e) for details of the performance obligations. Service
revenue and associated contract assets and liabilities are immaterial.
Information about major customers
88% of production business segment revenue arose from sales to three largest customers. Each of them
contributed more than 10% of the total revenue of the production business segment revenue for the year
ended 31 December 2025.
79% of prior year production business segment revenue arose from sales to five largest customers. Three of
them contributed more than 10% of the total revenue of the production business segment revenue for the
year ended 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
7. Cost of sales
2025
2024
$\u2019000
$\u2019000
Subsoil tax
2,228
2,804
Depreciation
633
718
Well rent
583
870
Staff cost
325
232
Natural Gas cost
243
(47)
Machinery services
117
110
Electricity
112
100
Materials cost
100
102
Security services
73
69
Insurance
18
22
Other expenses
118
67
Total
4,550
5,047
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "7. Cost of sales
2025
2024
$\u2019000
$\u2019000
Subsoil tax
2,228
2,804
Depreciation
633
718
Well rent
583
870
Staff cost
325
232
Natural Gas cost
243
(47)
Machinery services
117
110
Electricity
112
100
Materials cost
100
102
Security services
73
69
Insurance
18
22
Other expenses
118
67
Total
4,550
5,047
8. Administrative expenses
2025
2024
$\u2019000
$\u2019000
Staff
1,911
2,126
Professional fees
1,162
746
Insurance
190
170
Bank charges
157
26
Depreciation
135
124
IT and communication
64
53
Office costs including utilities and maintenance
56
57
Travelling
44
37
Cars and travel
43
28
Other
203
155
Total
3,965
3,522
10. Other operating expenses, net
2025
2024
$\u2019000
$\u2019000
Other expenses
50
19
Total
50
19
11. Auditor\u2019s remuneration The analysis of auditor\u2019s remuneration is as follows:
2025
2024
$\u2019000
$\u2019000
Audit fees
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
268
255
Fees payable to the Company\u2019s auditor for other services to the Group:
- The audit of the Company\u2019s subsidiaries
16
8
Total audit fees
284
263
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
8. Administrative expenses
2025
2024
$\u2019000
$\u2019000
Staff
1,911
2,126
Professional fees
1,162
746
Insurance
190
170
Bank charges
157
26
Depreciation
135
124
IT and communication
64
53
Office costs including utilities and maintenance
56
57
Travelling
44
37
Cars and travel
43
28
Other
203
155
Total
3,965
3,522
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "9. Reversal of impairment of other assets $0.7 million (2024: $0.8 million) of historical VAT receivables remain impaired. Refer to Note 4 and 20.
2025
2024
$\u2019000
$\u2019000
VAT recoverable
63
39
Reversal of impairment of other assets
63
39
2025
2024
$\u2019000
$\u2019000
Inventories
(32)
(28)
Other receivables
(1)
(11)
Impairment of other assets
(33)
(39)
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "10. Other operating expenses, net
2025
2024
$\u2019000
$\u2019000
Other expenses
50
19
Total
50
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "10. Other operating expenses, net
2025
2024
$\u2019000
$\u2019000
Other expenses
50
19
Total
50
19
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
11. Auditor\u2019s remuneration
The analysis of auditor\u2019s remuneration is as follows:
2025
2024
$\u2019000
$\u2019000
Audit fees
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
268
255
Fees payable to the Company\u2019s auditor for other services to the Group:
- The audit of the Company\u2019s subsidiaries
16
8
Total audit fees
284
263
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
12. Staff costs
The average monthly number of employees (including Executive Directors) was:
2025
2024
Number
Number
Executive Director
1
1
Other employees
76
75
Total
77
76
$\u2019000
$\u2019000
Their aggregate remuneration comprised:
Wages and salaries
1,920
1,566
Provision for bonus
-
260
Provision for bonus granted in shares
-
260
Social security costs
240
193
Pension costs
76
79
Total
2,236
2,358
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "13. Finance income, net
2025
2024
$\u2019000
$\u2019000
Interest income on cash deposits in United Kingdom
353
292
Interest income on cash deposits in Ukraine
312
507
Total interest income on financial assets
665
799
Interest on lease
(19)
(22)
Interest on bank loan
(55)
-
Unwinding of discount on decommissioning provision (note 26)
(21)
(18)
Total
570
759
Loss on Proger loan, net
2025
2024
$\u2019000
$\u2019000
Interest on loan (note 29)
116
1,515
Total interest income on financial assets
116
1,515
Impairment of loan
(116)
(7,172)
Total
-
(5,657)
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "14. Tax
2025
2024
$\u2019000
$\u2019000
Current tax
-
434
Deferred tax
-
335
Total
-
769
The Group\u2019s operations are conducted primarily outside the UK, namely in Ukraine. The most appropriate tax rate for the Group is therefore considered to be 18% (2024: 18%), the rate of profit tax in Ukraine, which is the primary source of revenue for the Group. Taxation for other jurisdictions is calculated at the rates prevailing in the respective jurisdictions. The taxation charge for the year can be reconciled to the (loss)/profit per the income statement as follows:
2025
2024
$\u2019000
$\u2019000
Loss before tax
(1,140)
(5,463)
Tax credit at Ukraine corporation tax rate of 18% (2024: 18%)
(205)
(1,031)
Permanent differences
572
1,353
Unrecognised tax losses generated in the year
259
835
Reversal of deferred tax assets
-
(335)
Effect of different tax rates
(626)
(101)
-
721
Adjustments recognised in the current year in relation
with the current tax of prior years
-
48
Income tax expense recognised in profit or loss
-
769
Permanent differences mostly represent items, including provisions, accruals and impairments related to taxation in Ukraine, these are items not deductible in tax computations.
23. Deferred tax
The following are the major deferred tax liabilities and assets recognised by the Group and movements
thereon during the current and prior reporting period:
Temporary differences
$\u2019000
Asset at 1 January 2024
370
Deferred tax benefit
(335)
Exchange differences
(35)
Asset at 1 January 2025
-
Deferred tax disposal
-
Exchange differences
-
Asset at 31 December 2025
-
At 31 December, the Group had the following unused tax losses available for offset against future taxable
profits:
2025
2024
$\u2019000
$\u2019000
UK
20,414
18,685
Ukraine
37,137
39,367
Netherlands
11,183
1,957
68,734
60,009
Deferred tax assets have been disposed due to reorganisation and new projects implementation. After
launching new projects, the Group is going to recalculate potential deferred tax assets in respect of those tax
losses where there will be sufficient certainty that profit will be available in future periods against which they
can be utilised. The Group\u2019s unused tax losses of $20.4 million (2024: $18.7 million) relating to losses incurred
in the UK are available to shelter future non-trading profits arising within the Company.
Unused tax losses incurred by Netherlands subsidiaries amount to $11.2 million (2024: $1.96 million). These
losses are not subject to a time restriction on expiry. No deferred tax asset is recorded.
Unused tax losses incurred by Ukraine subsidiaries amount to $37.1 million (2024: $39.4 million). Under
general tax law provisions, these losses may be carried forward indefinitely to be offset against any type of
taxable income arising from the same company. Tax losses may not be surrendered from one Ukraine
subsidiary to another.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
15. Loss per Ordinary share
Basic loss per Ordinary share is calculated by dividing the net loss for the year attributable to owners of the
Company by the weighted average number of Ordinary shares outstanding during the year. In 2025 and 2024
the Group generated a loss and therefore there is no difference between basic and diluted EPS.
2025
2024
Loss attributable to owners of the Company
$\u2019000
$\u2019000
Loss for the purposes of basic loss per share being net loss attributable to owners of the
Company
(1,140)
(6,232)
Number
Number
Number of shares
\u2018000
\u2018000
Weighted average number of Ordinary shares used in calculation of earnings per share:
Basic
250,342
244,128
Diluted
250,342
244,128
Cent
Cent
Loss per Ordinary share
Basic and diluted
(0.45)
(2.55)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "
16. Intangible exploration and evaluation assets
Ukraine
Italy
Cost
$\u2019000
$\u2019000
At 1 January 2024
6,459
-
Additions
-
-
Disposals
-
-
Change in estimate of decommissioning assets (note 25)
6
-
Exchange differences
(617)
-
At 1 January 2025
5,848
-
Additions
-
497
Disposals
-
-
Change in estimate of decommissioning assets (note 25)
55
-
Reclassification of fixed assets
11
-
Exchange differences
(32)
-
At 31 December 2025
5,882
497
Impairment
At 1 January 2024
6,459
-
Change in estimate of decommissioning assets (note 25)
6
-
Exchange differences
(617)
-
At 1 January 2025
5,848
-
Additions
11
-
Change in estimate of decommissioning assets (note 25)
55
-
Exchange differences
(32)
-
At 31 December 2025
5,882
-
Carrying amount
At 31 December 2025
-
497
At 31 December 2024
-
-
The carrying amount of E&E assets of Ukraine at 31 December 2025 relates to the Bitlyanska license.
The carrying amount of E&E assets of Italy at 31 December 2025 relates to the Corzano and Reno Centese
licenses.
Usenco Nadra has fully complied with legislative requirements and submitted its application for a 20-year
exploration and production license 5 months before its expiry on 23 December 2019. A decision on the award
was expected to be provided by State Geological Service of Ukraine before 19 January 2020, since all other
intermediary approvals had been secured in line with the applicable legislation requirements. Given the delay
for granting of the new license beyond the regular timeline provided by legislation in the Ukraine, Cadogan
filed a claim before the Administrative Court to challenge the non-granting of the 20-year production license
by the Licensing Authority.
After the rejection of its claims, in February 2022, the Company exercised its right for appeal. The Appeal
Court and further on the Supreme Court rejected all the Company\u2019s claims. The Company fully impaired the
Bitlyanska license in 2022.
In Italy, Exploenergy has obtained two gas exploration licenses in Northern Italy, for the Corzano project
located in the Lombardia region and the Reno Centese project located in the Emilia Romagna region. Carrying
value of E&E assets has included value of Corzano\u2019s seismic data and license fee of $381,000 and $116,000
of a payment to the minority shareholders of its Italian subsidiary Exploenergy in accordance with the original
purchase agreement. Exploenergy started the preparation of the exploration phase with purchase of seismic
data and conduct of studies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "16. Intangible exploration and evaluation assets
Ukraine
Italy
Cost
$\u2019000
$\u2019000
At 1 January 2024
6,459
-
Additions
-
-
Disposals
-
-
Change in estimate of decommissioning assets (note 25)
6
-
Exchange differences
(617)
-
At 1 January 2025
5,848
-
Additions
-
497
Disposals
-
-
Change in estimate of decommissioning assets (note 25)
55
-
Reclassification of fixed assets
11
-
Exchange differences
(32)
-
At 31 December 2025
5,882
497
Impairment
At 1 January 2024
6,459
-
Change in estimate of decommissioning assets (note 25)
6
-
Exchange differences
(617)
-
At 1 January 2025
5,848
-
Additions
11
-
Change in estimate of decommissioning assets (note 25)
55
-
Exchange differences
(32)
-
At 31 December 2025
5,882
-
Carrying amount
At 31 December 2025
-
497
At 31 December 2024
-
-
The carrying amount of E&E assets of Ukraine at 31 December 2025 relates to the Bitlyanska license. The carrying amount of E&E assets of Italy at 31 December 2025 relates to the Corzano and Reno Centese licenses. Usenco Nadra has fully complied with legislative requirements and submitted its application for a 20-year exploration and production license 5 months before its expiry on 23 December 2019. A decision on the award was expected to be provided by State Geological Service of Ukraine before 19 January 2020, since all other intermediary approvals had been secured in line with the applicable legislation requirements. Given the delay for granting of the new license beyond the regular timeline provided by legislation in the Ukraine, Cadogan filed a claim before the Administrative Court to challenge the non-granting of the 20-year production license by the Licensing Authority. After the rejection of its claims, in February 2022, the Company exercised its right for appeal. The Appeal Court and further on the Supreme Court rejected all the Company\u2019s claims. The Company fully impaired the Bitlyanska license in 2022. In Italy, Exploenergy has obtained two gas exploration licenses in Northern Italy, for the Corzano project located in the Lombardia region and the Reno Centese project located in the Emilia Romagna region. Carrying value of E&E assets has included value of Corzano\u2019s seismic data and license fee of $381,000 and $116,000 of a payment to the minority shareholders of its Italian subsidiary Exploenergy in accordance with the original purchase agreement. Exploenergy started the preparation of the exploration phase with purchase of seismic data and conduct of studies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
17. Property, plant and equipment
Development
Constructi
and
on in
production assets
progress
Other
Total
Cost
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
8,327
-
1,020
9,347
Additions
120
709
26
855
Change in estimate of decommissioning assets (note 25)
(6)
-
-
(6)
Reclassification to inventory
-
-
(40)
(40)
Disposal
(5)
-
(137)
(142)
Exchange differences
(800)
(33)
(90)
(923)
At 1 January 2025
7,636
676
779
9,091
Additions
109
8,461
37
8,607
Change in estimate of decommissioning assets (note 25)
6
-
-
6
Reclassification to inventory
(60)
-
(10)
(70)
Reclassification of fixed assets
(39)
28
-
(11)
Disposal
-
-
(5)
(5)
Exchange differences
(41)
(144)
(7)
(192)
At 31 December 2025
7,611
9,021
794
17,426
Accumulated depreciation and impairment
At 1 January 2024
2,732
-
847
3,579
Charge for the year
702
-
30
732
Reversal of impairment
-
-
(37)
(37)
Disposals
(7)
-
(139)
(146)
Exchange differences
(293)
-
(73)
(366)
At 1 January 2025
3,134
-
628
3,762
Charge for the year
623
-
36
659
Disposals
(2)
-
(14)
(16)
Exchange differences
(26)
-
(3)
(29)
At 31 December 2025
3,729
-
647
4,376
Carrying amount
At 31 December 2025
3,882
9,021
147
13,050
At 31 December 2024
4,502
676
151
5,329
Other property, plant and equipment include fixtures and fittings for the development and production
activities.
Construction in progress represents new assets acquired by the Group for its new business segment, the
electricity generation ($7.6 million) and gas-to-power project ($1.4 million).
The carrying amount of development and production assets at 31 December 2025 of $5.3 million relates to
the Blazhiv license assets includes wells, pipes, oil filling stations, premises and energy generation station.
Impairment review of Development and Production assets
Management has performed an impairment review of Development and production assets based on the
underlying discounted cash flow forecasts. The impairment review supported the conclusion that no
impairment is applicable. Key assumptions, used in the impairment assessment, were: future oil prices which
were assumed at a constant $350 (2024: $445) real per tonne; a production forecast with a natural decline,
estimated reserves, electricity price per MWh of $90 constant and a discount rate of 24.5% for first two years
then declining to 15% for each year until 2039.
Sensitivity analysis for the Development and production assets
Any impairment is dependent on judgement used in determining the most appropriate basis for the
assumptions and estimates made by management, particularly in relation to the key assumptions described
above. Sensitivity analysis to potential changes in key assumptions to reach break-even has been provided
below:
Change in the assumptions to be break-even by %
Oil price
(44 %)
Oil production volumes
(40 %)
Discount rate
70 %
Impairment review of Power Generation assets
Power generation assets represented as construction in progress of $7.6 million and prepayment for fixed
assets of $0.9 million as at the date of the financial statements. Total installed capacity to be operational of
12.3 MW during the peak hours. The first tranche of 4.6 MW was commissioned in January 2026, with the
following commissioning of the rest capacity.
Management has performed an impairment review based on the underlying discounted cash flow forecasts.
The impairment review supported the conclusion that no impairment is applicable. Key assumptions, used in
the impairment assessment, were: exploration period is ten years, electricity price is assumed at a constant
$200 per MWh, a production forecast based on 60% intensity ratio, natural gas price at $460 per tcm for the
first three years then constant at the level of $340 per tcm and a discount rate of 24.5% for first two years
then declining to 15% for each year until 2039.
Sensitivity analysis for the Power Generation assets
Any impairment is dependent on judgement used in determining the most appropriate basis for the
assumptions and estimates made by management, particularly in relation to the key assumptions described
above. Sensitivity analysis to potential changes in key assumptions to reach break-even has been provided
below:
Change in the assumptions to be break-even
Electricity price
(15%)
Natural Gas price
55%
Intensity ratio
(39%)
Discount rate
84%
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "17. Property, plant and equipment
Development
Constructi
and
on in
production assets
progress
Other
Total
Cost
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
8,327
-
1,020
9,347
Additions
120
709
26
855
Change in estimate of decommissioning assets (note 25)
(6)
-
-
(6)
Reclassification to inventory
-
-
(40)
(40)
Disposal
(5)
-
(137)
(142)
Exchange differences
(800)
(33)
(90)
(923)
At 1 January 2025
7,636
676
779
9,091
Additions
109
8,461
37
8,607
Change in estimate of decommissioning assets (note 25)
6
-
-
6
Reclassification to inventory
(60)
-
(10)
(70)
Reclassification of fixed assets
(39)
28
-
(11)
Disposal
-
-
(5)
(5)
Exchange differences
(41)
(144)
(7)
(192)
At 31 December 2025
7,611
9,021
794
17,426
Accumulated depreciation and impairment
At 1 January 2024
2,732
-
847
3,579
Charge for the year
702
-
30
732
Reversal of impairment
-
-
(37)
(37)
Disposals
(7)
-
(139)
(146)
Exchange differences
(293)
-
(73)
(366)
At 1 January 2025
3,134
-
628
3,762
Charge for the year
623
-
36
659
Disposals
(2)
-
(14)
(16)
Exchange differences
(26)
-
(3)
(29)
At 31 December 2025
3,729
-
647
4,376
Carrying amount
At 31 December 2025
3,882
9,021
147
13,050
At 31 December 2024
4,502
676
151
5,329
Other property, plant and equipment include fixtures and fittings for the development and production activities. Construction in progress represents new assets acquired by the Group for its new business segment, the electricity generation ($7.6 million) and gas-to-power project ($1.4 million). The carrying amount of development and production assets at 31 December 2025 of $5.3 million relates to the Blazhiv license assets includes wells, pipes, oil filling stations, premises and energy generation station. Impairment review of Development and Production assets Management has performed an impairment review of Development and production assets based on the underlying discounted cash flow forecasts. The impairment review supported the conclusion that no impairment is applicable. Key assumptions, used in the impairment assessment, were: future oil prices which were assumed at a constant $350 (2024: $445) real per tonne; a production forecast with a natural decline, estimated reserves, electricity price per MWh of $90 constant and a discount rate of 24.5% for first two years then declining to 15% for each year until 2039.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "
18. Subsidiaries
The Company had investments in the following subsidiary undertakings at 31 December 2025:
Country of
Proportion
incorporation
of voting
Name
and operation
interest %
Activity
Registered office
Directly held
Cadogan Petroleum Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Cadogan Energy Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Indirectly held
Cadogan Petroleum Holdings BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Cadogan Bitlyanske BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Zagoryanska Petroleum BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
LLC Cadogan Ukraine
Ukraine
100
Management and
48/50a,
Zhylyanska
Street,
Kyiv,
service company
Ukraine
LLC Astroinvest-Energy
Ukraine
100
Power generation
5a, Pogrebnyak Street, ap. 2, Zinkiv,
Poltava region, Ukraine, 38100
SE USENCO Ukraine
Ukraine
100
Production
8,
Mitskevycha
sq.
Lviv,
Ukraine,79000
LLC USENCO Nadra
Ukraine
100
Production and
9a, Karpenka-Karoho Street, Sambir,
electricity
Lviv region, Ukraine
generation
LLC Astro-Service
Ukraine
100
Service Company
3 Petro Kozlaniuk Street, Kolomyia,
Ukraine
Exploenergy s.r.l.
Italy
90
Exploration
Via Adige 17, San Donato Milanese_
Milano, CAP 20097, Italy
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "18. Subsidiaries The Company had investments in the following subsidiary undertakings at 31 December 2025:
Country of
Proportion
incorporation
of voting
Name
and operation
interest %
Activity
Registered office
Directly held
Cadogan Petroleum Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Cadogan Energy Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Indirectly held
Cadogan Petroleum Holdings BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Cadogan Bitlyanske BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Zagoryanska Petroleum BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
LLC Cadogan Ukraine
Ukraine
100
Management and
48/50a,
Zhylyanska
Street,
Kyiv,
service company
Ukraine
LLC Astroinvest-Energy
Ukraine
100
Power generation
5a, Pogrebnyak Street, ap. 2, Zinkiv,
Poltava region, Ukraine, 38100
SE USENCO Ukraine
Ukraine
100
Production
8,
Mitskevycha
sq.
Lviv,
Ukraine,79000
LLC USENCO Nadra
Ukraine
100
Production and
9a, Karpenka-Karoho Street, Sambir,
electricity
Lviv region, Ukraine
generation
LLC Astro-Service
Ukraine
100
Service Company
3 Petro Kozlaniuk Street, Kolomyia,
Ukraine
Exploenergy s.r.l.
Italy
90
Exploration
Via Adige 17, San Donato Milanese_
Milano, CAP 20097, Italy
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "18. Subsidiaries The Company had investments in the following subsidiary undertakings at 31 December 2025:
Country of
Proportion
incorporation
of voting
Name
and operation
interest %
Activity
Registered office
Directly held
Cadogan Petroleum Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Cadogan Energy Holdings Ltd
UK
100
Holding company
c/o Arch Law, Floor 2, 8 Bishopsgate
London
EC2N
4BQ
Registered
in
England and Wales no. 05718406
Indirectly held
Cadogan Petroleum Holdings BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Cadogan Bitlyanske BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
Zagoryanska Petroleum BV
Netherlands
100
Holding company
Hoogoorddreef
15,
1101
BA
Amsterdam
LLC Cadogan Ukraine
Ukraine
100
Management and
48/50a,
Zhylyanska
Street,
Kyiv,
service company
Ukraine
LLC Astroinvest-Energy
Ukraine
100
Power generation
5a, Pogrebnyak Street, ap. 2, Zinkiv,
Poltava region, Ukraine, 38100
SE USENCO Ukraine
Ukraine
100
Production
8,
Mitskevycha
sq.
Lviv,
Ukraine,79000
LLC USENCO Nadra
Ukraine
100
Production and
9a, Karpenka-Karoho Street, Sambir,
electricity
Lviv region, Ukraine
generation
LLC Astro-Service
Ukraine
100
Service Company
3 Petro Kozlaniuk Street, Kolomyia,
Ukraine
Exploenergy s.r.l.
Italy
90
Exploration
Via Adige 17, San Donato Milanese_
Milano, CAP 20097, Italy
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
19. Inventories
2025
2024
$\u2019000
$\u2019000
Natural gas
-
239
Crude oil
97
126
Other inventories
1,154
1,178
Impairment provision
(1,010)
(1,028)
Carrying amount
241
515
2025
2024
$\u2019000
$\u2019000
At 1 January
1,028
1,122
Accrual of provision
44
61
Reversal of provision
(12)
(47)
Exchange differences
(50)
(108)
At 31 December
1,010
1,028
The impairment provision at 31 December 2025 is made so as to reduce the carrying value of the inventories
to the net realisable value
and includes $1.01 million provision for other inventories (2024: $1.03million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
20. Trade and other receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables
76
32
Impairment provision for bad debts
(39)
(38)
VAT recoverable
1,026
862
Impairment provision for VAT
(726)
(793)
Prepayments
91
256
CIT prepayment
380
-
Other receivables
51
35
859
354
This table represents the movements in the impairment provision.
2025
2024
VAT
Trade and Other
VAT
Trade and Other
recoverable
Receivables
recoverable
Receivables
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January
793
38
918
49
Accrual of provision
-
1
-
11
Reversal of provision
(63)
-
(39)
-
Exchange differences
(4)
-
(86)
(22)
At 31 December
726
39
793
38
The Group considers that the carrying value of receivables approximates their fair value.
VAT recoverable is presented net of the cumulative provision of $0.7 million (2024: $0.8 million) against
Ukrainian VAT receivable that has been recognised as at 31 December 2025. VAT recoverable relates to the
power generation operations and is expected to be recovered through the electricity sales VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "20. Trade and other receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables
76
32
Impairment provision for bad debts
(39)
(38)
VAT recoverable
1,026
862
Impairment provision for VAT
(726)
(793)
Prepayments
91
256
CIT prepayment
380
-
Other receivables
51
35
859
354
This table represents the movements in the impairment provision.
2025
2024
VAT
Trade and Other
VAT
Trade and Other
recoverable
Receivables
recoverable
Receivables
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January
793
38
918
49
Accrual of provision
-
1
-
11
Reversal of provision
(63)
-
(39)
-
Exchange differences
(4)
-
(86)
(22)
At 31 December
726
39
793
38
The Group considers that the carrying value of receivables approximates their fair value. VAT recoverable is presented net of the cumulative provision of $0.7 million (2024: $0.8 million) against Ukrainian VAT receivable that has been recognised as at 31 December 2025. VAT recoverable relates to the power generation operations and is expected to be recovered through the electricity sales VAT. 23. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Temporary differences
$\u2019000
Asset at 1 January 2024
370
Deferred tax benefit
(335)
Exchange differences
(35)
Asset at 1 January 2025
-
Deferred tax disposal
-
Exchange differences
-
Asset at 31 December 2025
-
At 31 December, the Group had the following unused tax losses available for offset against future taxable profits:
2025
2024
$\u2019000
$\u2019000
UK
20,414
18,685
Ukraine
37,137
39,367
Netherlands
11,183
1,957
68,734
60,009
Deferred tax assets have been disposed due to reorganisation and new projects implementation. After launching new projects, the Group is going to recalculate potential deferred tax assets in respect of those tax losses where there will be sufficient certainty that profit will be available in future periods against which they can be utilised. The Group\u2019s unused tax losses of $20.4 million (2024: $18.7 million) relating to losses incurred in the UK are available to shelter future non-trading profits arising within the Company. Unused tax losses incurred by Netherlands subsidiaries amount to $11.2 million (2024: $1.96 million). These losses are not subject to a time restriction on expiry. No deferred tax asset is recorded. Unused tax losses incurred by Ukraine subsidiaries amount to $37.1 million (2024: $39.4 million). Under general tax law provisions, these losses may be carried forward indefinitely to be offset against any type of taxable income arising from the same company. Tax losses may not be surrendered from one Ukraine subsidiary to another. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
2025
2024
$\u2019000
$\u2019000
Trade receivables
76
32
Impairment provision for bad debts
(39)
(38)
VAT recoverable
1,026
862
Impairment provision for VAT
(726)
(793)
Prepayments
91
256
CIT prepayment
380
-
Other receivables
51
35
859
354
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
21. Notes supporting statement of cash flows
Cash available at 31 December 2025 of $13.6 million (2024: $14.4 million) comprise cash held by the Group
on bank accounts immediately available to the Group on demand. Ukrainian subsidiaries of the Group hold
$1.9 million as at 31 December 2025 (2024: $7.3 million).
At 31 December 2025, $6.5 million (\u00a34.8 million) was held on deposit as collateral for SBLC provided by a UK
bank, to one of the company\u2019s subsidiaries. This amount is classified as other financial asset and is disclosed
within non-current assets, as it does not meet IAS 7 definition of cash and cash equivalents. Access to the
amount held on deposit is restricted as the Group cannot access the funds without third party consent.
With the start of the Russian invasion of Ukraine on 24 February 2022, the Ukrainian government introduced
Martial Law which affects, among others, aspects relating to lending agreements, foreign exchange and
currency controls and banking activities. As a result of the introduced Martial Law, the National Bank of
Ukraine (\u201cNBU\u201d) has introduced significant currency and capital control restrictions in Ukraine. These
measures are affecting the Group in terms of its cross-border payments to be made, which are restricted and
may be carried out only in exceptional cases specified in the amendments to the resolution No. 18.
In 2025 Ukrainian subsidiary SE Usenco Ukraine paid a part of dividends to Cadogan Bitlyanska BV in the
amount of $2 million. According to the Ukrainian law, SE Usenco Ukraine paid the prepayment of corporate
income tax of $0.4 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "
22. Loan Payable
Bank loan
In September 2025, the Group entered into a bank loan agreement with a contractual maturity of five years.
The loan bears interest at a rate of \u20acSTR + 3.6%, where the reference rate is fixed at the date of drawdown
and is subject to annual reset thereafter. Interest is accrued from the date of initial drawdown and is payable
in accordance with the terms of the agreement. Repayment of the principal commenced three months after
initial drawdown, with subsequent repayments made in line with the agreed repayment schedule over the
remaining term of the facility. The loan is recognised initially at fair value net of directly attributable
transaction costs and is subsequently measured at amortised cost using the effective interest method.
The loan was authorised subject to the issuance of a bank guarantee.
Security and guarantees
The loan is supported by a Standby Letter of Credit (SBLC) issued by Barclays in the amount of GBP 4.8 million.
The bank guarantee was provided upon the deposit of cash GBP 4.8 million as collateral (note 21).
Carrying amount
2025
$\u2019000
Non-current portion of loan principal
4,617
Current portion of loan principal
1,231
Accrued interest
-
Total loan payable
5,848
Liquidity and risk considerations
The Group is exposed to cash flow interest rate risk arising from the variable interest rate structure of the
loan. The annual reset mechanism exposes the Group to changes in market interest rates over the life of the
facility.
Liquidity risk is managed through ongoing monitoring of forecast cash flows to ensure sufficient funds are
available to meet debt service obligations as they fall due.
29. Financial instruments
Capital risk management
The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern,
while maximising the return to shareholders.
The capital resources of the Group consist of cash arising from equity attributable to owners of the Company,
comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of
Changes in Equity.
Externally imposed capital requirement
The Group is not subject to externally imposed capital requirements.
Categories of financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets (includes cash)
Loan provided at amortised cost
-
10,388
Cash
13,620
14,381
Trade and other receivables \u2013 amortised cost
88
29
13,708
24,798
Financial liabilities \u2013 measured at amortised cost
Trade payables
93
89
Interest-bearing loans and borrowings
4,617
-
Short-term portion of long-term borrowings
1,231
-
Lease liabilities
120
173
Accruals
403
826
Other payables
646
688
7,110
1,776
The Proger loan is recorded at management\u2019s best estimate of recoverable amount according to the
Settlement Agreement signed with Proger in December 2024.
Since the Call Option was not exercised before the Maturity Date (February 2021) and the asset is held within
a business model whose objective is to hold assets in order to collect contractual cash flows, the Loan provided
was reclassified from \u2018Financial assets at fair value through profit and loss\u2019 to \u2018Financial assets at amortised
cost\u2019.
At 2024 year-end, the loan balance of $10.4 million, equivalent to \u20ac10 million, aligns with the amount
stipulated in the Settlement Agreement signed in December 2024. The payment of this amount was made to
the Group in January 2025.
$\u2019000
As at 1 January 2024
17,074
Movement in accrued interest
1,515
Movement in accrued provision
(7,172)
Exchange differences
(1,029)
As at 1 January 2025
10,388
Movement in accrued interest
116
Movement in accrued provision
(116)
Repayment
(10,487)
Exchange differences
99
As at 31 December 2025
-
Financial risk management objectives
Management co-ordinates access to domestic and international financial markets and monitors and manages
the financial risks relating to the operations of the Group in Ukraine through internal risks reports, which
analyse exposures by degree and magnitude of risks. These risks include commodity price risks, foreign
currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group does not enter into or trade
financial instruments, including derivative financial instruments, for speculative purposes.
The Audit Committee of the Board reviews and monitors risks faced by the Group at meetings held
throughout the year.
Interest rate risk
Interest rate risk arises from the possibility that changes in interest rates will affect the value of the financial
instruments.
Sensitivity analysis is represented below based on 1% ESTR rate deviation:
Change in ESTR rate
$\u2019000
+100 bps
-100 bps
Impact on (loss) or profit
(10)
10
Commodity price risk
The commodity price risk related to Ukrainian gas and condensate prices and prices for crude oil are the
Group\u2019s most significant market risk exposures. World prices for gas and crude oil are characterised by
significant fluctuations that are determined by the global balance of supply and demand and worldwide
political developments, including actions taken by the Organization of Petroleum Exporting Countries.
The Group does not hedge market risk resulting from fluctuations in gas, condensate and oil prices, and holds
no financial instruments, which are sensitive to commodity price risk.
Foreign exchange risk and foreign currency risk management
The Group holds a large portion of its monetary assets in the British Pounds and Euro, mitigating the exchange
risk between the US Dollars and British Pounds and monetary liability in the US Dollars. Besides, The Group
has received the EUR loan in Ukraine for new projects, so the Euro-hryvnias was added to sensitivity analysis.
Sensitivity analysis is represented below based on 10% exchange rate deviation:
As at 31 December
Change in
Change in
2025
GBP/USD
EUR/USD
exchange rate
exchange rate
$\u2019000
10%
-10%
10%
-10%
Cash positions
13,620
848
(848)
-
-
Interest-bearing loans and borrowings
(4,617)
-
-
(462)
462
Short-term portion of long-term borrowings
(1,231)
(123)
123
Net assets
28,092
848
(848)
(585)
585
Inflation risk management
Inflation in Ukraine and in the international market for oil and gas may affect the Group\u2019s cost for equipment
and supplies. The Directors will proceed with the Group\u2019s practices of keeping deposits in US dollar accounts
until funds are needed and selling its production in the spot market to enable the Group to manage the risk
of inflation.
Credit risk management
Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial
loss to the Group. The Group\u2019s credit management process includes the assessment, monitoring and
reporting of counterparty exposure on a regular basis. Credit risk with respect to receivables is mitigated by
active and continuous monitoring the credit quality of its counterparties through internal reviews and
assessment. There was no material past due receivables as at year end.
The Group makes allowances for expected credit losses on receivables in accordance with its accounting
policy.
The credit risk on liquid funds (cash) is considered to be limited because the counterparties are financial
institutions with high and good credit ratings, assigned by international credit-rating agencies in the UK and
Ukraine respectively.
The carrying amount of financial assets as at 31 December 2025 of $20.1 million (2024: $24.8 million)
recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an
appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and
long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining
adequate cash reserves and by continuously monitoring forecast and actual cash flows.
The following tables sets out details of the expected contractual maturity of financial liabilities.
Within
3 months
More than 1
Total
3 months
to 1 year
year
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 31 December 2024
Trade and other payables
1,603
-
-
1,603
Lease liability
22
65
86
173
At 31 December 2025
Trade and other payables
1,142
-
-
1,142
Interest-bearing loans and borrowings
-
-
5,064
5,064
Short-term portion of long-term borrowings
384
1,127
1,511
Lease liability
27
80
13
120
The carrying amount of financial liabilities as at 31 December 2025 of $7.8 million (2024: $1.8 million)
recorded in the financial statements demonstrates the stable financial condition of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "22. Loan Payable Bank loan In September 2025, the Group entered into a bank loan agreement with a contractual maturity of five years. The loan bears interest at a rate of \u20acSTR + 3.6%, where the reference rate is fixed at the date of drawdown and is subject to annual reset thereafter. Interest is accrued from the date of initial drawdown and is payable in accordance with the terms of the agreement. Repayment of the principal commenced three months after initial drawdown, with subsequent repayments made in line with the agreed repayment schedule over the remaining term of the facility. The loan is recognised initially at fair value net of directly attributable transaction costs and is subsequently measured at amortised cost using the effective interest method. The loan was authorised subject to the issuance of a bank guarantee. Security and guarantees The loan is supported by a Standby Letter of Credit (SBLC) issued by Barclays in the amount of GBP 4.8 million. The bank guarantee was provided upon the deposit of cash GBP 4.8 million as collateral (note 21). Carrying amount
2025
$\u2019000
Non-current portion of loan principal
4,617
Current portion of loan principal
1,231
Accrued interest
-
Total loan payable
5,848
Liquidity and risk considerations The Group is exposed to cash flow interest rate risk arising from the variable interest rate structure of the loan. The annual reset mechanism exposes the Group to changes in market interest rates over the life of the facility. Liquidity risk is managed through ongoing monitoring of forecast cash flows to ensure sufficient funds are available to meet debt service obligations as they fall due. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "23. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Temporary differences
$\u2019000
Asset at 1 January 2024
370
Deferred tax benefit
(335)
Exchange differences
(35)
Asset at 1 January 2025
-
Deferred tax disposal
-
Exchange differences
-
Asset at 31 December 2025
-
At 31 December, the Group had the following unused tax losses available for offset against future taxable profits:
2025
2024
$\u2019000
$\u2019000
UK
20,414
18,685
Ukraine
37,137
39,367
Netherlands
11,183
1,957
68,734
60,009
Deferred tax assets have been disposed due to reorganisation and new projects implementation. After launching new projects, the Group is going to recalculate potential deferred tax assets in respect of those tax losses where there will be sufficient certainty that profit will be available in future periods against which they can be utilised. The Group\u2019s unused tax losses of $20.4 million (2024: $18.7 million) relating to losses incurred in the UK are available to shelter future non-trading profits arising within the Company. Unused tax losses incurred by Netherlands subsidiaries amount to $11.2 million (2024: $1.96 million). These losses are not subject to a time restriction on expiry. No deferred tax asset is recorded. Unused tax losses incurred by Ukraine subsidiaries amount to $37.1 million (2024: $39.4 million). Under general tax law provisions, these losses may be carried forward indefinitely to be offset against any type of taxable income arising from the same company. Tax losses may not be surrendered from one Ukraine subsidiary to another. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "23. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Temporary differences
$\u2019000
Asset at 1 January 2024
370
Deferred tax benefit
(335)
Exchange differences
(35)
Asset at 1 January 2025
-
Deferred tax disposal
-
Exchange differences
-
Asset at 31 December 2025
-
At 31 December, the Group had the following unused tax losses available for offset against future taxable profits:
2025
2024
$\u2019000
$\u2019000
UK
20,414
18,685
Ukraine
37,137
39,367
Netherlands
11,183
1,957
68,734
60,009
Deferred tax assets have been disposed due to reorganisation and new projects implementation. After launching new projects, the Group is going to recalculate potential deferred tax assets in respect of those tax losses where there will be sufficient certainty that profit will be available in future periods against which they can be utilised. The Group\u2019s unused tax losses of $20.4 million (2024: $18.7 million) relating to losses incurred in the UK are available to shelter future non-trading profits arising within the Company. Unused tax losses incurred by Netherlands subsidiaries amount to $11.2 million (2024: $1.96 million). These losses are not subject to a time restriction on expiry. No deferred tax asset is recorded. Unused tax losses incurred by Ukraine subsidiaries amount to $37.1 million (2024: $39.4 million). Under general tax law provisions, these losses may be carried forward indefinitely to be offset against any type of taxable income arising from the same company. Tax losses may not be surrendered from one Ukraine subsidiary to another. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "23. Deferred tax The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting period:
Temporary differences
$\u2019000
Asset at 1 January 2024
370
Deferred tax benefit
(335)
Exchange differences
(35)
Asset at 1 January 2025
-
Deferred tax disposal
-
Exchange differences
-
Asset at 31 December 2025
-
At 31 December, the Group had the following unused tax losses available for offset against future taxable profits:
2025
2024
$\u2019000
$\u2019000
UK
20,414
18,685
Ukraine
37,137
39,367
Netherlands
11,183
1,957
68,734
60,009
Deferred tax assets have been disposed due to reorganisation and new projects implementation. After launching new projects, the Group is going to recalculate potential deferred tax assets in respect of those tax losses where there will be sufficient certainty that profit will be available in future periods against which they can be utilised. The Group\u2019s unused tax losses of $20.4 million (2024: $18.7 million) relating to losses incurred in the UK are available to shelter future non-trading profits arising within the Company. Unused tax losses incurred by Netherlands subsidiaries amount to $11.2 million (2024: $1.96 million). These losses are not subject to a time restriction on expiry. No deferred tax asset is recorded. Unused tax losses incurred by Ukraine subsidiaries amount to $37.1 million (2024: $39.4 million). Under general tax law provisions, these losses may be carried forward indefinitely to be offset against any type of taxable income arising from the same company. Tax losses may not be surrendered from one Ukraine subsidiary to another. 25. Trade and other payables
2025
2024
$\u2019000
$\u2019000
Accruals
403
826
Trade payables
93
89
Prepayments received
183
49
Other payables
646
688
1,325
1,652
Trade payables and accruals principally comprise amounts outstanding for ongoing costs. The average credit period taken for trade purchases is 29 days (2024: 31 days). The Group has financial risk management policies to ensure that all payables are paid within the credit timeframe. Other payables include unused vacation reserve provision of $0.433 million (2024: $0.4 million), subsoil tax payables of $0.142 million (2024: $0.22) and other payables of $0.07 million (2024 $0.07 million). The Directors consider that the carrying amount of trade and other payables approximates to their fair value. No interest is generally charged on outstanding balances. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "
24. Lease liabilities
The Group continued to recognise right-of-use assets and lease liabilities based on a rental contract for the
rent of a Kyiv office with the maturity date at the end of January 2027. Right-of-use assets are depreciated
over the useful life of the underlying asset. Depreciation represented as a part of administrative expenses.
Total carrying value of right-of-use assets is $86 thousand as of 31 December 2025.
Right of use assets
Accumulated
Net book
Cost
depreciation
value
$\u2019000
$\u2019000
$\u2019000
Right-of-use asset
522
-
Accumulated charge
-
(276)
At 1 January 2024
522
(276)
246
Disposal for the prior agreement
(292)
-
Charge for the prior agreement
-
(16)
Disposal of accumulated charge for the prior agreement
-
292
Charge for the year
-
(65)
At 1 January 2025
230
(65)
165
Charge for the year
-
(79)
At 31 December 2025
230
(144)
86
The following table sets out a maturity analysis of lease liabilities, showing the undiscounted lease payments
to be paid after the reporting date.
2025
2024
$\u2019000
$\u2019000
2025
-
87
2026
108
92
2027
13
8
Less: unearned interest
(1)
(14)
Lease liabilities
120
173
2025
2024
$\u2019000
$\u2019000
Analysed as:
Current
107
98
Non-current
13
75
Lease liabilities
120
173
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "Right of use assets
Accumulated
Net book
Cost
depreciation
value
$\u2019000
$\u2019000
$\u2019000
Right-of-use asset
522
-
Accumulated charge
-
(276)
At 1 January 2024
522
(276)
246
Disposal for the prior agreement
(292)
-
Charge for the prior agreement
-
(16)
Disposal of accumulated charge for the prior agreement
-
292
Charge for the year
-
(65)
At 1 January 2025
230
(65)
165
Charge for the year
-
(79)
At 31 December 2025
230
(144)
86
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
25. Trade and other payables
2025
2024
$\u2019000
$\u2019000
Accruals
403
826
Trade payables
93
89
Prepayments received
183
49
Other payables
646
688
1,325
1,652
Trade payables and accruals principally comprise amounts outstanding for ongoing costs. The average credit
period taken for trade purchases is 29 days (2024: 31 days). The Group has financial risk management policies
to ensure that all payables are paid within the credit timeframe.
Other payables include unused vacation reserve provision of $0.433 million (2024: $0.4 million), subsoil tax
payables of $0.142 million (2024: $0.22) and other payables of $0.07 million (2024 $0.07 million).
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
No interest is generally charged on outstanding balances.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
2025
2024
$\u2019000
$\u2019000
Accruals
403
826
Trade payables
93
89
Prepayments received
183
49
Other payables
646
688
1,325
1,652
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "26. Provisions The provisions at 31 December 2025 comprise $0.3 million (2024: $0.2 million) of decommissioning provision. Decommissioning
$\u2019000
At 1 January 2024
245
Change in estimate: exploration and evaluation assets (note 16)
6
Change in estimate: development and production assets
(6)
Unwinding of discount on decommissioning provision (note 13)
18
Exchange differences
(24)
At 1 January 2025
239
Change in estimate: exploration and evaluation assets (note 16)
55
Change in estimate: development and production assets
6
Unwinding of discount on decommissioning provision (note 13)
22
Exchange differences
(3)
At 31 December 2025
319
$\u2019000
Non-current
110
Current
129
At 31 December 2024
239
Non-current
152
Current
167
At 31 December 2025
319
In accordance with the Group\u2019s environmental policy and applicable legal requirements as of 31 December 2025 the Group intends to restore the sites it is working on after completing the development activities. Provision for the decommissioning and site restoration used by development and production assets has been increased by $6,000 due to change in discounting rate used for the provision calculation (2025: 14.9%; 2024: 15.4%). The change in the provision has been recognised as development and production assets charge for the year together with unwinding of discount on decommissioning provision. The change in the provision of E&E assets has been recognised as impairment.
A long-term provision of $0.15 million (2024: $0.11 million) has been made for decommissioning costs for
Borynya-3 well, which is expected to be incurred in 2039, and Blazhiv-10 well, which is to be incurred at the
end of Blazhiv license period as a result of the demobilisation of oil and gas facilities and respective site
restoration. Current provision of $0.17 million (2024: $0.13 million) has been made for decommissioning
costs, which are expected to be incurred in 2026 as a result of the demobilisation of oil and gas facilities and
respective site restoration on Bitlyanska license.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "26. Provisions The provisions at 31 December 2025 comprise $0.3 million (2024: $0.2 million) of decommissioning provision. Decommissioning
$\u2019000
At 1 January 2024
245
Change in estimate: exploration and evaluation assets (note 16)
6
Change in estimate: development and production assets
(6)
Unwinding of discount on decommissioning provision (note 13)
18
Exchange differences
(24)
At 1 January 2025
239
Change in estimate: exploration and evaluation assets (note 16)
55
Change in estimate: development and production assets
6
Unwinding of discount on decommissioning provision (note 13)
22
Exchange differences
(3)
At 31 December 2025
319
$\u2019000
Non-current
110
Current
129
At 31 December 2024
239
Non-current
152
Current
167
At 31 December 2025
319
In accordance with the Group\u2019s environmental policy and applicable legal requirements as of 31 December 2025 the Group intends to restore the sites it is working on after completing the development activities. Provision for the decommissioning and site restoration used by development and production assets has been increased by $6,000 due to change in discounting rate used for the provision calculation (2025: 14.9%; 2024: 15.4%). The change in the provision has been recognised as development and production assets charge for the year together with unwinding of discount on decommissioning provision. The change in the provision of E&E assets has been recognised as impairment. A long-term provision of $0.15 million (2024: $0.11 million) has been made for decommissioning costs for Borynya-3 well, which is expected to be incurred in 2039, and Blazhiv-10 well, which is to be incurred at the end of Blazhiv license period as a result of the demobilisation of oil and gas facilities and respective site restoration. Current provision of $0.17 million (2024: $0.13 million) has been made for decommissioning costs, which are expected to be incurred in 2026 as a result of the demobilisation of oil and gas facilities and respective site restoration on Bitlyanska license.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "
27. Share capital
Authorised and issued equity share capital
2025
2024
Number
Number
(\u2018000)
$\u2019000
(\u2018000)
$\u2019000
Authorised
Ordinary shares of \u00a30.03 each
Issued
1,000,000
57,713
1,000,000
57,713
Ordinary shares of \u00a30.03 each
251,128
14,093
244,128
13,832
Authorised but unissued share capital of \u00a330 million has been translated into US dollars at the historic
exchange rate of the issued share capital. The Company has one class of Ordinary shares, which carry no right
to fixed income.
Issued equity share capital
Ordinary shares
of \u00a30.03
At 31 December 2023
244,128,487
Issued during year
-
At 31 December 2024
244,128,487
Issued during year 2025
7,000,000
At 31 December 2025
251,128,487
10
th
February 2025, Company has issued 7,000,000 Ordinary shares which were nominated to CEO of the
Company as a 50% of exceptional bonus due relating to the recovery of the loan to Proger Managers &
Partners srl approved by shareholders at the Annual General Meeting held on 25
th
June 2021.
28. Other reserves
Reorganisation
$\u2019000
At 1 January 2025
1,589
Charge for the year
-
At 31 December 2025
1,589
The accumulated amount of reserves at 31 December 2025 is made as accounting entry relating to the
acquisition of CPHL by PLC by means of share exchange in 2006. This was not deemed to be a business
combination as there was no change in control.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "27. Share capital Authorised and issued equity share capital
2025
2024
Number
Number
(\u2018000)
$\u2019000
(\u2018000)
$\u2019000
Authorised
Ordinary shares of \u00a30.03 each
Issued
1,000,000
57,713
1,000,000
57,713
Ordinary shares of \u00a30.03 each
251,128
14,093
244,128
13,832
Authorised but unissued share capital of \u00a330 million has been translated into US dollars at the historic exchange rate of the issued share capital. The Company has one class of Ordinary shares, which carry no right to fixed income. Issued equity share capital
Ordinary shares
of \u00a30.03
At 31 December 2023
244,128,487
Issued during year
-
At 31 December 2024
244,128,487
Issued during year 2025
7,000,000
At 31 December 2025
251,128,487
10 th February 2025, Company has issued 7,000,000 Ordinary shares which were nominated to CEO of the Company as a 50% of exceptional bonus due relating to the recovery of the loan to Proger Managers & Partners srl approved by shareholders at the Annual General Meeting held on 25th June 2021. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "28. Other reserves
Reorganisation
$\u2019000
At 1 January 2025
1,589
Charge for the year
-
At 31 December 2025
1,589
The accumulated amount of reserves at 31 December 2025 is made as accounting entry relating to the acquisition of CPHL by PLC by means of share exchange in 2006. This was not deemed to be a business combination as there was no change in control. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "29. Financial instruments Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern, while maximising the return to shareholders. The capital resources of the Group consist of cash arising from equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. Externally imposed capital requirement The Group is not subject to externally imposed capital requirements. Categories of financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets (includes cash)
Loan provided at amortised cost
-
10,388
Cash
13,620
14,381
Trade and other receivables \u2013 amortised cost
88
29
13,708
24,798
Financial liabilities \u2013 measured at amortised cost
Trade payables
93
89
Interest-bearing loans and borrowings
4,617
-
Short-term portion of long-term borrowings
1,231
-
Lease liabilities
120
173
Accruals
403
826
Other payables
646
688
7,110
1,776
The Proger loan is recorded at management\u2019s best estimate of recoverable amount according to the Settlement Agreement signed with Proger in December 2024. Since the Call Option was not exercised before the Maturity Date (February 2021) and the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, the Loan provided was reclassified from \u2018Financial assets at fair value through profit and loss\u2019 to \u2018Financial assets at amortised cost\u2019. At 2024 year-end, the loan balance of $10.4 million, equivalent to \u20ac10 million, aligns with the amount stipulated in the Settlement Agreement signed in December 2024. The payment of this amount was made to the Group in January 2025.
$\u2019000
As at 1 January 2024
17,074
Movement in accrued interest
1,515
Movement in accrued provision
(7,172)
Exchange differences
(1,029)
As at 1 January 2025
10,388
Movement in accrued interest
116
Movement in accrued provision
(116)
Repayment
(10,487)
Exchange differences
99
As at 31 December 2025
-
Financial risk management objectives Management co-ordinates access to domestic and international financial markets and monitors and manages the financial risks relating to the operations of the Group in Ukraine through internal risks reports, which analyse exposures by degree and magnitude of risks. These risks include commodity price risks, foreign currency risk, credit risk, liquidity risk and cash flow interest rate risk. The Group does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Audit Committee of the Board reviews and monitors risks faced by the Group at meetings held throughout the year. Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect the value of the financial instruments. Sensitivity analysis is represented below based on 1% ESTR rate deviation:
Change in ESTR rate
$\u2019000
+100 bps
-100 bps
Impact on (loss) or profit
(10)
10
Commodity price risk The commodity price risk related to Ukrainian gas and condensate prices and prices for crude oil are the Group\u2019s most significant market risk exposures. World prices for gas and crude oil are characterised by significant fluctuations that are determined by the global balance of supply and demand and worldwide political developments, including actions taken by the Organization of Petroleum Exporting Countries. The Group does not hedge market risk resulting from fluctuations in gas, condensate and oil prices, and holds no financial instruments, which are sensitive to commodity price risk. Foreign exchange risk and foreign currency risk management The Group holds a large portion of its monetary assets in the British Pounds and Euro, mitigating the exchange risk between the US Dollars and British Pounds and monetary liability in the US Dollars. Besides, The Group has received the EUR loan in Ukraine for new projects, so the Euro-hryvnias was added to sensitivity analysis. Sensitivity analysis is represented below based on 10% exchange rate deviation:
As at 31 December
Change in
Change in
2025
GBP/USD
EUR/USD
exchange rate
exchange rate
$\u2019000
10%
-10%
10%
-10%
Cash positions
13,620
848
(848)
-
-
Interest-bearing loans and borrowings
(4,617)
-
-
(462)
462
Short-term portion of long-term borrowings
(1,231)
(123)
123
Net assets
28,092
848
(848)
(585)
585
Inflation risk management Inflation in Ukraine and in the international market for oil and gas may affect the Group\u2019s cost for equipment and supplies. The Directors will proceed with the Group\u2019s practices of keeping deposits in US dollar accounts until funds are needed and selling its production in the spot market to enable the Group to manage the risk of inflation. Credit risk management Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group\u2019s credit management process includes the assessment, monitoring and reporting of counterparty exposure on a regular basis. Credit risk with respect to receivables is mitigated by active and continuous monitoring the credit quality of its counterparties through internal reviews and assessment. There was no material past due receivables as at year end. The Group makes allowances for expected credit losses on receivables in accordance with its accounting policy. The credit risk on liquid funds (cash) is considered to be limited because the counterparties are financial institutions with high and good credit ratings, assigned by international credit-rating agencies in the UK and Ukraine respectively. The carrying amount of financial assets as at 31 December 2025 of $20.1 million (2024: $24.8 million) recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash flows. The following tables sets out details of the expected contractual maturity of financial liabilities.
Within
3 months
More than 1
Total
3 months
to 1 year
year
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 31 December 2024
Trade and other payables
1,603
-
-
1,603
Lease liability
22
65
86
173
At 31 December 2025
Trade and other payables
1,142
-
-
1,142
Interest-bearing loans and borrowings
-
-
5,064
5,064
Short-term portion of long-term borrowings
384
1,127
1,511
Lease liability
27
80
13
120
The carrying amount of financial liabilities as at 31 December 2025 of $7.8 million (2024: $1.8 million) recorded in the financial statements demonstrates the stable financial condition of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Capital risk management The Group manages its capital to ensure that entities in the Group will be able to continue as a going concern, while maximising the return to shareholders. The capital resources of the Group consist of cash arising from equity attributable to owners of the Company, comprising issued capital, reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity. Externally imposed capital requirement The Group is not subject to externally imposed capital requirements. Categories of financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets (includes cash)
Loan provided at amortised cost
-
10,388
Cash
13,620
14,381
Trade and other receivables \u2013 amortised cost
88
29
13,708
24,798
Financial liabilities \u2013 measured at amortised cost
Trade payables
93
89
Interest-bearing loans and borrowings
4,617
-
Short-term portion of long-term borrowings
1,231
-
Lease liabilities
120
173
Accruals
403
826
Other payables
646
688
7,110
1,776
The Proger loan is recorded at management\u2019s best estimate of recoverable amount according to the Settlement Agreement signed with Proger in December 2024. Since the Call Option was not exercised before the Maturity Date (February 2021) and the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, the Loan provided was reclassified from \u2018Financial assets at fair value through profit and loss\u2019 to \u2018Financial assets at amortised cost\u2019. At 2024 year-end, the loan balance of $10.4 million, equivalent to \u20ac10 million, aligns with the amount stipulated in the Settlement Agreement signed in December 2024. The payment of this amount was made to the Group in January 2025.
$\u2019000
As at 1 January 2024
17,074
Movement in accrued interest
1,515
Movement in accrued provision
(7,172)
Exchange differences
(1,029)
As at 1 January 2025
10,388
Movement in accrued interest
116
Movement in accrued provision
(116)
Repayment
(10,487)
Exchange differences
99
As at 31 December 2025
-
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "Categories of financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets (includes cash)
Loan provided at amortised cost
-
10,388
Cash
13,620
14,381
Trade and other receivables \u2013 amortised cost
88
29
13,708
24,798
Financial liabilities \u2013 measured at amortised cost
Trade payables
93
89
Interest-bearing loans and borrowings
4,617
-
Short-term portion of long-term borrowings
1,231
-
Lease liabilities
120
173
Accruals
403
826
Other payables
646
688
7,110
1,776
The Proger loan is recorded at management\u2019s best estimate of recoverable amount according to the Settlement Agreement signed with Proger in December 2024. Since the Call Option was not exercised before the Maturity Date (February 2021) and the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, the Loan provided was reclassified from \u2018Financial assets at fair value through profit and loss\u2019 to \u2018Financial assets at amortised cost\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Categories of financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets (includes cash)
Loan provided at amortised cost
-
10,388
Cash
13,620
14,381
Trade and other receivables \u2013 amortised cost
88
29
13,708
24,798
Financial liabilities \u2013 measured at amortised cost
Trade payables
93
89
Interest-bearing loans and borrowings
4,617
-
Short-term portion of long-term borrowings
1,231
-
Lease liabilities
120
173
Accruals
403
826
Other payables
646
688
7,110
1,776
The Proger loan is recorded at management\u2019s best estimate of recoverable amount according to the Settlement Agreement signed with Proger in December 2024. Since the Call Option was not exercised before the Maturity Date (February 2021) and the asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows, the Loan provided was reclassified from \u2018Financial assets at fair value through profit and loss\u2019 to \u2018Financial assets at amortised cost\u2019. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Interest rate risk Interest rate risk arises from the possibility that changes in interest rates will affect the value of the financial instruments. Sensitivity analysis is represented below based on 1% ESTR rate deviation:
Change in ESTR rate
$\u2019000
+100 bps
-100 bps
Impact on (loss) or profit
(10)
10
Commodity price risk The commodity price risk related to Ukrainian gas and condensate prices and prices for crude oil are the Group\u2019s most significant market risk exposures. World prices for gas and crude oil are characterised by significant fluctuations that are determined by the global balance of supply and demand and worldwide political developments, including actions taken by the Organization of Petroleum Exporting Countries. The Group does not hedge market risk resulting from fluctuations in gas, condensate and oil prices, and holds no financial instruments, which are sensitive to commodity price risk. Foreign exchange risk and foreign currency risk management The Group holds a large portion of its monetary assets in the British Pounds and Euro, mitigating the exchange risk between the US Dollars and British Pounds and monetary liability in the US Dollars. Besides, The Group has received the EUR loan in Ukraine for new projects, so the Euro-hryvnias was added to sensitivity analysis. Sensitivity analysis is represented below based on 10% exchange rate deviation:
As at 31 December
Change in
Change in
2025
GBP/USD
EUR/USD
exchange rate
exchange rate
$\u2019000
10%
-10%
10%
-10%
Cash positions
13,620
848
(848)
-
-
Interest-bearing loans and borrowings
(4,617)
-
-
(462)
462
Short-term portion of long-term borrowings
(1,231)
(123)
123
Net assets
28,092
848
(848)
(585)
585
Inflation risk management Inflation in Ukraine and in the international market for oil and gas may affect the Group\u2019s cost for equipment and supplies. The Directors will proceed with the Group\u2019s practices of keeping deposits in US dollar accounts until funds are needed and selling its production in the spot market to enable the Group to manage the risk of inflation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Credit risk management Credit risk refers to the risk that counterparty will default on its contractual obligations resulting in financial loss to the Group. The Group\u2019s credit management process includes the assessment, monitoring and reporting of counterparty exposure on a regular basis. Credit risk with respect to receivables is mitigated by active and continuous monitoring the credit quality of its counterparties through internal reviews and assessment. There was no material past due receivables as at year end. The Group makes allowances for expected credit losses on receivables in accordance with its accounting policy. The credit risk on liquid funds (cash) is considered to be limited because the counterparties are financial institutions with high and good credit ratings, assigned by international credit-rating agencies in the UK and Ukraine respectively. The carrying amount of financial assets as at 31 December 2025 of $20.1 million (2024: $24.8 million) recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Group\u2019s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash flows. The following tables sets out details of the expected contractual maturity of financial liabilities.
Within
3 months
More than 1
Total
3 months
to 1 year
year
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 31 December 2024
Trade and other payables
1,603
-
-
1,603
Lease liability
22
65
86
173
At 31 December 2025
Trade and other payables
1,142
-
-
1,142
Interest-bearing loans and borrowings
-
-
5,064
5,064
Short-term portion of long-term borrowings
384
1,127
1,511
Lease liability
27
80
13
120
The carrying amount of financial liabilities as at 31 December 2025 of $7.8 million (2024: $1.8 million) recorded in the financial statements demonstrates the stable financial condition of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "
30. Commitments and contingencies
License contingent liability
The Group has working interests in Blazhiv license to conduct its exploration and development activities in
Ukraine. The license held does not include any obligation on a settlement of exploration activities within its
term.
Tax contingent liabilities
The Group assesses its liabilities and contingencies for all tax years open for audit by UK, Netherlands and
Ukraine tax authorities based upon the latest information available.
Where management concludes that it is not probable that a particular tax treatment is accepted, a provision
is recorded based on the most likely amount or the expected value of the tax treatment when determining
taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should
be based on which method provides better predictions of the resolution of the uncertainty.
Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and
changes in tax laws.
Whilst the Group believes it has adequately provided for the outcome of these matters, certain periods are
under audit by the UK, Netherlands and Ukraine tax authorities, and therefore future results may include
favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are
made or resolved. The final outcome of tax examinations may result in a materially different outcome than
assumed in the tax liabilities.
Electricity Generation Commitments
As part of Group\u2019s strategic objectives and approved budget for 2026, the Group is finishing the construction
on a new line of business \"electricity generation\u201d. To ensure timely implementation and the launch of the
project, several agreements were signed with contractors in late 2025 for the provision of essential services.
The total value of these commitments amounts to about $434 thousand excluding VAT (2024: $376
thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "30. Commitments and contingencies License contingent liability The Group has working interests in Blazhiv license to conduct its exploration and development activities in Ukraine. The license held does not include any obligation on a settlement of exploration activities within its term. Tax contingent liabilities The Group assesses its liabilities and contingencies for all tax years open for audit by UK, Netherlands and Ukraine tax authorities based upon the latest information available. Where management concludes that it is not probable that a particular tax treatment is accepted, a provision is recorded based on the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. Whilst the Group believes it has adequately provided for the outcome of these matters, certain periods are under audit by the UK, Netherlands and Ukraine tax authorities, and therefore future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made or resolved. The final outcome of tax examinations may result in a materially different outcome than assumed in the tax liabilities. Electricity Generation Commitments As part of Group\u2019s strategic objectives and approved budget for 2026, the Group is finishing the construction on a new line of business \"electricity generation\u201d. To ensure timely implementation and the launch of the project, several agreements were signed with contractors in late 2025 for the provision of essential services. The total value of these commitments amounts to about $434 thousand excluding VAT (2024: $376 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "30. Commitments and contingencies License contingent liability The Group has working interests in Blazhiv license to conduct its exploration and development activities in Ukraine. The license held does not include any obligation on a settlement of exploration activities within its term. Tax contingent liabilities The Group assesses its liabilities and contingencies for all tax years open for audit by UK, Netherlands and Ukraine tax authorities based upon the latest information available. Where management concludes that it is not probable that a particular tax treatment is accepted, a provision is recorded based on the most likely amount or the expected value of the tax treatment when determining taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates. The decision should be based on which method provides better predictions of the resolution of the uncertainty. Inherent uncertainties exist in estimates of tax contingencies due to complexities of interpretation and changes in tax laws. Whilst the Group believes it has adequately provided for the outcome of these matters, certain periods are under audit by the UK, Netherlands and Ukraine tax authorities, and therefore future results may include favourable or unfavourable adjustments to these estimated tax liabilities in the period the assessments are made or resolved. The final outcome of tax examinations may result in a materially different outcome than assumed in the tax liabilities. Electricity Generation Commitments As part of Group\u2019s strategic objectives and approved budget for 2026, the Group is finishing the construction on a new line of business \"electricity generation\u201d. To ensure timely implementation and the launch of the project, several agreements were signed with contractors in late 2025 for the provision of essential services. The total value of these commitments amounts to about $434 thousand excluding VAT (2024: $376 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "
31. Related party transactions
All transactions between the Company and its subsidiaries, which are related parties, have been eliminated
on consolidation and are not disclosed in this note.
Directors\u2019 remuneration
The remuneration of the Directors, who are the key management personnel of the Group, is set out below
in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information
about the remuneration of individual Directors is provided in the audited part of the Annual Report on
Remuneration 2025 on page 45.
Purchase of services
Amounts owing
2025
2024
2025
2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Directors\u2019 remuneration
720
687
-
23
Social contribution on Directors\u2019 remuneration
108
75
-
-
The total remuneration of the highest paid Director was $ 0.5 million in the year (2024: $0.5 million).
No guarantees have been given or received, and no provisions have been made for doubtful debts in respect
of the amounts owed by related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "31. Related party transactions All transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Directors\u2019 remuneration The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Annual Report on Remuneration 2025 on page 45.
Purchase of services
Amounts owing
2025
2024
2025
2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Directors\u2019 remuneration
720
687
-
23
Social contribution on Directors\u2019 remuneration
108
75
-
-
The total remuneration of the highest paid Director was $ 0.5 million in the year (2024: $0.5 million). No guarantees have been given or received, and no provisions have been made for doubtful debts in respect of the amounts owed by related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Directors\u2019 remuneration The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Annual Report on Remuneration 2025 on page 45.
Purchase of services
Amounts owing
2025
2024
2025
2024
$\u2019000
$\u2019000
$\u2019000
$\u2019000
Directors\u2019 remuneration
720
687
-
23
Social contribution on Directors\u2019 remuneration
108
75
-
-
The total remuneration of the highest paid Director was $ 0.5 million in the year (2024: $0.5 million). No guarantees have been given or received, and no provisions have been made for doubtful debts in respect of the amounts owed by related parties. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "
32. Events after the balance sheet date
In February 2025, the Group commenced new power generation projects across several locations in Western
Ukraine. At the beginning of 2026, Cadogan became an electricity producer following the start of operations
of a first tranche of 4.6 MW end of January 2026, and the 0.85 MW gas-to-power facility in February 2026.
As of April 2026, additional 4.6 MW became operational. Remaining 3.1 MW are undergoing final
commissioning works prior to start.
This event occurred after the reporting date and does not provide evidence of conditions that existed as at
31 December 2025. Accordingly, no adjustments have been made to the carrying value of the Group\u2019s assets
in these financial statements.
Cadogan expects that the commencement of power generation will have a positive impact on the Group\u2019s
future cashflows and may enhance the recoverability and dividend-generating capacity of the investment.
Subsequent to the reporting date, heightened geopolitical tensions in the Middle East, including military
actions involving Iran and disruptions to shipping through the Strait of Hormuz, have resulted in increased
volatility in global oil prices, which in turn affects domestic oil pricing dynamics in Ukraine.
At the date of approval of these financial statements, it is not practicable to quantify the financial effect of
these events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800JIBKL29FAK1213", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }