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"value": "Summary of significant accounting policies
General information
Gulf Keystone Petroleum Limited (the \u201cCompany\u201d) is domiciled and incorporated in Bermuda (registered address: Cedar House, 3rd Floor,
41 Cedar Avenue, Hamilton, HM12, Bermuda); together with its subsidiaries it forms the \u201cGroup\u201d. On 25 March 2014, the Company\u2019s common
shares were admitted, with a standard listing, to the Official List of the United Kingdom Listing Authority (\u201cUKLA\u201d) and to trading on the London
Stock Exchange\u2019s Main Market for listed securities. Previously, the Company was quoted on Alternative Investment Market, a market operated
by the London Stock Exchange. In 2008, the Company established a Level 1 American Depositary Receipt programme in conjunction with
the Bank of New York Mellon, which has been appointed as the depositary bank. The Company serves as the holding company for the Group,
which is engaged in oil and gas exploration, development and production, operating in the Kurdistan Region of Iraq.
Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the
current year
In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB)
that are mandatorily effective for an accounting period that begins on or after 1 January 2022.
The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2022: Reference
to the Conceptual Framework (Amendments to IFRS 3), Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to
IAS 16), Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37), and Annual Improvements to IFRS Standards 2018-2020.
These standards do not and are not expected to have a material impact on the Company\u2019s results or financial statement disclosures in the
current or future reporting periods.
New and revised IFRSs issued but not yet effective
At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued
but are not yet effective by United Kingdom adopted International Accounting Standards:
IFRS 17 Insurance Contracts
Amendments to IFRS 4 Applying IFRS 9 \u2018Financial Instruments\u2019 with IFRS 4 \u2018Insurance Contracts\u2019; Extension of the
Temporary Exemption from Applying IFRS 9
Amendments to IAS 1 Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or
Non-current \u2013 Deferral of Effective Date; Non-current Liabilities with Covenants
Amendments to IFRS 16 Lease Liability in a Sale and Leaseback
Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; Amends IFRS 17 to address
concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts
was published in 2017
Amendments to IAS 1 and Disclosure of Accounting Policies
IFRS Practice Statement 2
Amendments to IAS 8 Definition of Accounting Estimates
Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group
in future periods.
Statement of compliance
The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards.
Basis of accounting
The financial statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventory and the valuation
of certain financial instruments, which have been measured at fair value, and on the going concern basis. Equity-settled share-based payments
are recognised at fair value at the date of grant, and are not subsequently revalued. The principal accounting policies adopted are set out below.
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the
Chairman\u2019s statement, the Chief Executive Officer\u2019s review, the Operational review and the Management of principal risks and uncertainties.
The financial position of the Group at the year end and its cash flows and liquidity position are included in the Financial review.
As at 22 March 2023, the Group had $118.8 million of cash and no debt. The Group continues to closely monitor and manage its liquidity.
Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, change in commodity prices,
different production rates from the Shaikan block, cost contingencies, disruptions and delays to revenue receipts, impact of climate change
and geopolitical risks on the Group\u2019s operations, including the Iraqi Supreme Court ruling on 15 February 2022, as further described in key
sources of uncertainty below.
In the current year, further consideration has been given to the impact on the Group\u2019s working capital position due to delays in revenue receipts
from the KRG and the proposed revision to the lifting agreement:
\u2022 Revenue receipts: The timing of revenue receipts over the last 12 months has increased from an average of 20-30 days past due to 100 days
for the most recent September production month payment. At the date of this report, $76.0 million is overdue for October to December 2022
oil sales; and
\u2022 Lifting agreement: There has been no lifting agreement in place since 1 September 2022 and negotiations are ongoing around the pricing
mechanism of oil sales. Instead of a Dated Brent based pricing mechanism, the KRG has proposed a Kurdistan Blend (KBT) based pricing
mechanism to recognise the value they receive for oil sales, as further described in note 2.
The Directors believe an agreement will ultimately be reached on the terms of a revised lifting agreement, and we reasonably expect that
overdue balances will be paid and payments will return to a more regular basis. However, a deferral of revenue receipts from the KRG for
an extended period of time could result in liquidity pressures within the twelve-month going concern period.
The Directors have considered sensitivities to assess the impact on the Group\u2019s liquidity position if revenue receipts from the KRG are deferred
for an extended period of time. While the payment of such amounts are outside of management\u2019s control, the Directors believe sufficient mitigating
actions are available to withstand potential further delays in revenue receipts until such receipts return to more routine payment terms. Mitigating
actions include deferring planned capital expenditures, reducing operating and general and administrative expenses and managing supplier
payment timing.
Overall, the Group\u2019s forecasts, taking into account the applicable risks, stress test scenarios and potential mitigating actions, show that it has
sufficient financial resources for the twelve months from the date of approval of the 2022 annual report and accounts.
Based on the analysis performed, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate
for the foreseeable future. Thus the going concern basis of accounting is used to prepare the annual consolidated financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company
(its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and
operating policies of an investee entity, so as to obtain benefits from its activities.
Joint arrangements
The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified
as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the
Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners)
of the joint operation are included in the Group\u2019s balance sheet.
Sales revenue
The recognition of revenue is considered to be a key accounting judgement.
Revenue is earned based on the entitlement mechanism under the terms of the Shaikan Production Sharing Contract (\u201cPSC\u201d). Entitlement has
two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism
through which profits are shared between the Company, its partner and the Kurdistan Regional Government (\u201cKRG\u201d). The Company is liable for
capacity building payments calculated as a proportion of profit oil entitlement. Entitlement from cost oil and profit oil are reported as revenue,
and capacity building payments are included in cost of sales.
All oil is sold by the Shaikan Contractor (the Company and Kalegran BV, a subsidiary of MOL Hungarian Oil & Gas Plc, (\u201cMOL\u201d)) to the KRG,
who in turn resell the oil. The selling price is determined in accordance with the principles of the crude oil lifting agreement.
Under IFRS 15: Revenue from contracts with customers, GKP considers that control of crude oil is transferred from the Shaikan Contractor to the
KRG at the delivery point as defined in the lifting agreement, this being the export pipeline; at this point the Shaikan Contractor is due economic
benefits which can be reliably measured and are probable to be received. The consideration is variable and is dependent upon the monthly
average oil market price with deductions for quality and transportation fees, with other fees and royalties due as determined by commercial
agreements; revenue is reported net of these deductions.
Effective 1 September, 2022, the KRG proposed a new pricing mechanism for crude oil sales. Under the new pricing mechanism, the realised sales
price for a month is based on the average market price realised by the KRG for the Kurdistan blend (KBT) sold at Ceyhan, Turkey, as advised by
the KRG. The change in the benchmark market price from Brent to KBT has not yet been agreed and no lifting agreement has been in place since
1 September 2022. Nonetheless, the Shaikan Contractor continued to produce and the KRG continued to accept delivery of oil at the delivery
points. GKP continues to consider that control of crude oil was transferred at the delivery points despite no commercial agreement being in place
and as such has recognised revenue based on the proposed new pricing terms. A summary of the currently estimated financial impact of the
proposed change in pricing mechanism is detailed in note 2.
During past PSC negotiations with the Ministry of Natural Resources (\u201cMNR\u201d), it was tentatively agreed that the Shaikan Contractor would provide
the KRG a 20% carried working interest in the PSC. This would result in a reduction of GKP\u2019s working interest from 80% to 61.5%. To compensate
for such decrease, capacity building payments expense would be reduced to 20% of profit petroleum. While the PSC has not been formally
amended, it was agreed that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017. The financial
statements reflect the proposed revised working interest of 61.5%. Relative to the PSC terms, the proposed revised invoicing terms result in a
decrease in both revenue and cost of sales and on a net basis are slightly positive for the Company.
As part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The Bilateral
Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing the
Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed
the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash payable
for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables.
The Company is in dialogue with the MNR to confirm whether to proceed with a formal amendment to the PSC to reflect current invoice terms.
Income tax arising from the Company\u2019s activities under its PSC is settled by the KRG on behalf of the Company. Since the Company is not able
to measure the amount of income tax that has been paid on its behalf the notional income tax amounts have not been included in revenue or in
the tax charge.
Finance revenue
Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective rate of interest 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.
Intangible assets
Intangible assets include computer software and are measured at cost and amortised over their expected useful economic lives of three years.
Property, plant and equipment (\u201cPPE\u201d)
Oil and gas assets
Development and production assets
Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the
commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding
commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part
of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy.
The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which
uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the
calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves.
Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques.
The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report
at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report
has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation
(\u201cDD&A\u201d) calculation from 1 January 2023.
Other property, plant and equipment
Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production
assets, and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated
impairment losses. Costs include purchase price, construction and installation costs.
These assets are expensed on a straight-line basis over their estimated useful lives of 3 years from the date they are put in use.
Fixtures and equipment
Fixtures and equipment assets are stated at cost less accumulated depreciation and any accumulated impairment losses. These assets are
expensed on a straight-line basis over their estimated useful lives of 5 years from the date they are available for use.
Impairment of PPE and intangible non-current assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets 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, or group of assets,
is estimated in order to determine the extent of the impairment loss (if any).
For assets which do 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.
Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and 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.
Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised
as income.
Borrowing costs
Borrowing costs directly relating to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial
period of time to get ready for their intended use or sale, are capitalised and added to the cost of those assets, until such time as the assets are
substantially ready for their intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in the income statement in the period in which they are incurred.
Taxation
Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax.
Tax currently payable or recoverable is based on taxable profit or loss for the year. Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the
balance sheet date.
As described in the revenue accounting policy section above, it is not possible to calculate the amount of notional tax in relation to any tax liabilities
settled on behalf of the Group by the KRG.
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 and is accounted for using the balance sheet liability
method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent
that it is probable that future 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 of other assets
and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
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 future taxable profits will be available to allow all or part assets 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 based on tax
laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income
statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity.
Foreign currencies
The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates
(its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed
in US dollars, which is the presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are
recorded 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 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.
Gains and losses arising on retranslation are included in the income statement for the year.
On consolidation, the assets and liabilities of the Group\u2019s foreign operations which use functional currencies other than US dollars are translated
at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period.
Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity in the Group\u2019s translation reserve.
On the disposal of a foreign operation, such translation differences are reclassified to profit or loss.
Inventories
Inventories, except for hydrocarbon inventories, are stated at the lower of cost and net realisable value. Cost comprises 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 calculated using the weighted average cost method. Hydrocarbon inventories are recorded at net realisable value with changes
in the value of hydrocarbon inventories being adjusted through cost of sales.
Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group has become a party to the contractual
provisions of the instrument.
Trade receivables
Trade receivables are measured at amortised cost using the effective interest method less any impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily
convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial assets at fair value through profit and loss
Financial assets are held at fair value through profit and loss (\u201cFVTPL\u201d) when the financial asset is either held for trading or it is designated as
FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss.
The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the other
gains and losses line in the income statement.
Derivative financial instruments
The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair
value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated
and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and
it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities.
Hedge accounting
The Group uses hedge accounting for certain derivative instruments. The Group uses cash flow hedge accounting when hedging the exposure
to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast
transaction or the foreign currency risk in an unrecognised firm commitment.
At the inception of the hedge relationship, the Group formally designates and documents the relationship between the hedging instrument and
the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Furthermore, at the inception
of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair
values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge
effectiveness requirements:
\u2022 there is an economic relationship between the hedged item and the hedging instrument;
\u2022 the effect of credit risk does not dominate the value changes that result from the economic relationship; and
\u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges
and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item.
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for
that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge)
so that it meets the qualifying criteria again.
The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the
fair value of the time value of the option are recognised in other comprehensive income and accumulated in the cost of hedging reserve. If the
hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item
is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a rational basis \u2013 the Group
applies straight-line amortisation. Those reclassified amounts are recognised in profit or loss. If the hedged item is a non-financial item, then the
amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised
non-financial item. Furthermore, if the Group expects that some or all of the profit or loss accumulated in cost of hedging reserve will not be
recovered in the future, that amount is immediately reclassified to profit or loss.
Cash flow hedge
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash
flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the
cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised
immediately in profit or loss and is included in the revenue line item.
The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria
(after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised.
The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash flow
hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction
is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial
guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial
recognition of the respective financial instrument.
The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit
losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking
estimates at the end of each reporting period, including time value of money where appropriate.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures
the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.
In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are
possible within 12 months after the reporting date.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs, which are charged to share premium.
Borrowings
Interest-bearing loans and overdrafts are recorded at the fair value of proceeds received, net of transaction costs. Finance charges, including
premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to
the extent that they are not settled in the year in which they arise. The liability is carried at amortised cost using the effective interest rate method
until maturity.
Trade payables
Trade payables are stated at amortised cost. The average maturity for trade and other payables is one to three months.
Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of
economic benefits that can be reliably estimated.
Decommissioning provision
Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised
is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status.
A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised
is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure is
dealt with prospectively. The unwinding of the discount is included as a finance cost.
Share-based payments
Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the instruments at
the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 24. The fair
value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period,
based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the
number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of
the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding
adjustment to equity reserve.
For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of
the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured,
with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled
share-based transactions are set out in note 24.
Leases
The Group assesses whether a contract contains a lease at inception of the contract. The Group recognises a right-of-use asset and
corresponding lease liability in the consolidated balance sheet for all lease arrangements longer than twelve months, where it is the lessee
and has control of the asset. For all other leases, the Group recognises the lease payments as an operating expense on a straight-line basis
over the term of the lease.
The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental
borrowing rate.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as
current or non current liabilities depending on underlying lease terms.
The right-of-use assets are initially recognised on the balance sheet at cost, which comprises the amount of the initial measurement of
the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease and any lease
incentive received.
For short-term leases (periods less than 12 months) and leases of low value, the Group has opted to recognise lease expense on a straight
line basis.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies described above, the Group is required to make judgements, estimates and assumptions about
the carrying amounts of 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 revision and future periods if the revision affects both
current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which are presented separately below), 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.
Revenue
The recognition of revenue, particularly the recognition of revenue from exports, is considered to be a key accounting judgement.
The Group began commercial production from the Shaikan Field in July 2013 and historically made sales to both the domestic and export
markets. The Group considers that revenue can be reliably measured as it passes the delivery point into the export pipeline. The critical
accounting judgement applied in preparing the 2022 financial statements is that it is appropriate to recognise revenue for deliveries from
1 September 2022 based on the proposed new pricing mechanism, notwithstanding that there is no signed lifting agreement for that
period and the pricing mechanism has not yet been agreed. Further details of this judgement are provided in the sales revenue accounting
policy above. In making this judgement, consideration was given to the fact that, subsequent to the year end, the Group received payment
for September 2022 deliveries at an amount that was consistent with the proposed new pricing terms.
A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in Note 2.
Any future agreements between the Company and the KRG might change the amounts of revenue recognised.
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
Carrying value of producing assets
In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least
annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for
impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are
present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of
development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment
of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on
market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired
and is written down to its recoverable amount.
The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group
performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the
proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment
evaluation was completed and it was concluded that no impairment write-down was required.
The key areas of estimation in the impairment assessment are as follows:
\u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of
2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external
sources of information;
\u2022 All prices below are nominal and no impairment arose under either the base or stress case.
Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028
31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1
31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3
31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9
31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3
\u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a
low-carbon future and our ambition to reduce scope one per barrel CO
2
emissions by at least 50% by 2025 versus the original 2020 baseline of
38 kgCO
2
e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s
(\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to
evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all
of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally
Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature
rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above
pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental
carbon tax, resulted in an impairment arising.
\u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis
was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect
potential increased geopolitical risks and no impairment was identified;
\u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions
incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature
and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost
estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone
emissions as outlined above;
\u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the
figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and
\u2022 Timing of revenue receipts.
In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and
subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d),
including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad
Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm
that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are
currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the
export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil.
Notes to the consolidated financial statements
1 Geographical information
The Group\u2019s non-current assets, excluding deferred tax assets and other financial assets, by geographical location are detailed below:
2022 2021
$\u2019000 $\u2019000
Kurdistan 436,213 402,787
United Kingdom 4,537 5,001
440,750 407,788
The Chief Operating Decision Maker, as per the definition in IFRS 8, is considered to be the Board of Directors. The Group operates in a single
segment, that of oil and gas exploration, development and production, in a single geographical location, the Kurdistan Region of Iraq. As a result,
the financial information of the single segment is the same as set out in the consolidated statement of comprehensive income, the consolidated
balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the related notes.
2 Revenue
2022 2021
$\u2019000 $\u2019000
Oil sales 460,113 305,142
Hedging losses reclassified to revenue \u2014 (3,753)
460,113 301,389
The Group accounting policy for revenue recognition is set out in the \u2018Summary of significant accounting policies\u2019, with revenue recognised upon
crude oil passing the delivery points into the export pipeline.
From 1 January 2022 to 31 August 2022 the realised sales price was based on the weighted monthly average Dated Brent price, which was
$107.3/bbl during the period (2021: $70.8/bbl) less a weighted monthly average discount of $23.3 (2021: $21.2) per barrel for quality and pipeline
tariff costs. Since 1 September 2022 there has been no lifting agreement in place between the Shaikan Contractor and the KRG; production
and export has continued whilst negotiations are ongoing. The KRG proposal is for a new pricing mechanism based upon the average monthly
Kurdistan blend (\u201cKBT\u201d) sales price realised by the KRG at Ceyhan, as advised by the KRG. The Company has not accepted the proposal and
continues to invoice the KRG for oil sales based on the pre-1 September 2022 pricing formula.
Oil sales during 2022 were impacted by $2.4 million of backdated pipeline tariff increases related to 2021 (2021: nil).
Considering the uncertainty in respect of the pricing mechanism, the Company has concluded that it is appropriate to recognise revenue based
on the proposed mechanism from September to December 2022. The revenue impact of the proposed pricing mechanism for the period is
estimated to be a reduction of $23.4 million. Taking into account the associated reduction in capacity building payments results in a total reduction
of profit after tax for the year of $21.7 million. Any difference between the proposed and final pricing mechanism will be reflected in future periods.
Information about major customers
All oil sales revenue relates to sales to the KRG.
3 Cost of sales
2022 2021
$\u2019000 $\u2019000
Operating costs 41,835 34,372
Capacity building payments 34,927 23,529
Change in oil inventory value 555 (348)
Depreciation of oil and gas assets and operational assets 80,225 54,168
Impairment of surplus drilling stock 1,109 \u2014
158,651 111,721
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed
and final pricing mechanism will be reflected in future periods.
Further details on the depreciation of oil and gas assets and operational assets, as well as the recognition of capacity building payments, are set
out in the Summary of significant accounting policies section.
The Company updated the depreciation calculation based on the June 2022 draft FDP submitted to the MNR including an internal reserves and
cost update. This resulted in a higher DD&A per barrel rate. The new DD&A rate constitutes a change in accounting estimate and is reflected in the
financial statements effective 1 January 2022.
The impairment of surplus drilling stocks includes the carrying value of items not anticipated to be used in future drilling operations.
4 Other general and administrative expenses
2022 2021
$\u2019000 $\u2019000
Depreciation and amortisation 1,563 940
Auditor\u2019s remuneration (see below) 703 583
Other general and administrative costs 9,936 12,120
12,202 13,643
Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field.
2022 2021
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28
Total audit fees 456 346
Advisory services 112 107
Other assurance services (including a half year review) 135 130
Total fees 703 583
5 Share option related expense
2022 2021
$\u2019000 $\u2019000
Share-based payment expense 3,266 2,255
Payments related to share options exercised 8,690 4,142
Share-based payment related provision for taxes 1,800 2,093
13,756 8,490
On the final exercise of the legacy Value Creation Plan (\u201cVCP\u201d) share options by former Directors, the Company elected to make required tax
withholding settlements in cash instead of issuing and selling additional shares. This together with payment of dividends accumulated during the
vesting period are the main components of the payments related to share options exercised.
The legacy VCP scheme totalled $9.5 million of the $13.8 million expense (2021: $3.4 million). There are no further VCP share options outstanding
and the plan has been terminated.
6 Staff costs
The average number of employees and contractors (including Executive directors) employed by the Group was 460 (2021: 349); the number of
full-time equivalents of these workers was 317 (2021: 237).
Average number Average number
of employees of full-time equivalents
2022 2021 2022 2021
Kurdistan 421 317 280 205
United Kingdom 39 32 37 32
Total 460 349 317 237
Staff costs were as follows:
2022 2021
$\u2019000 $\u2019000
Wages and salaries 46,879 36,835
Social security costs 2,503 1,880
Share-based payment (see note 24) 4,260 3,009
53,642 41,724
Staff costs include costs relating to contractors who are long-term workers in key positions, and are included in PPE additions, cost of sales and
other general and administrative expenditure depending on the nature of such costs. Staff costs are shown gross before amounts recharged to
joint operations.
7 Finance costs and finance revenue
2022 2021
$\u2019000 $\u2019000
Notes interest expense (see note 16) (5,833) (10,000)
Unwinding of finance and arrangement fees (see note 16) (879) (489)
Notes repayment fee (see note 16) (2,000) \u2014
Finance lease interest (77) (123)
Unwinding of discount on provisions (see note 17) (866) (741)
Total finance costs (9,655) (11,353)
Finance revenue 648 419
Net finance costs (9,007) (10,934)
On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16).
8 Income tax
2022 2021
$\u2019000 $\u2019000
Current year credit 216 75
Prior year adjustment \u2014 28
Deferred UK corporation tax credit (see note 18) 109 771
Tax credit attributable to the Company and its subsidiaries 325 874
The Group is not required to pay taxes in Bermuda on either income or capital gains. The Group has received an undertaking from the Minister of
Finance in Bermuda exempting it from any such taxes at least until the year 2035.
In the Kurdistan Region of Iraq, the Group is subject to corporate income tax on its income from petroleum operations under the Kurdistan PSC.
Under the Shaikan PSC, any corporate income tax arising from petroleum operations will be paid from the KRG\u2019s share of petroleum profits.
Due to the uncertainty over the payment mechanism for oil sales in Kurdistan, it has not been possible to measure reliably the taxation due that
has been paid on behalf of the Group by the KRG and therefore the notional tax amounts have not been included in revenue or in the tax charge.
This is an accounting presentational issue and there is no taxation to be paid.
The annual UK corporation tax rate for the year ended 31 December 2022 was 19.0% (2021: 19.0%).
On 3 March 2021, the UK Government announced that the corporation tax rate in the UK will increase to 25% for companies with taxable
profits above \u00a3250,000 with effect from 1 April 2023, as well as announcing a number of other changes to allowances and treatment of losses.
These changes were substantively enacted as at 31 December 2021.
Deferred tax is provided for due to the temporary differences, which give rise to such a balance in jurisdictions subject to income tax.
All deferred tax arises in the UK.
9 Profit per share
The calculation of the basic and diluted profit per share is based on the following data:
2022 2021
Profit after tax for basic and diluted per share calculations ($\u2019000) 266,094 164,597
Number of shares (\u2018000s):
Basic weighted average number of ordinary shares 215,420 213,384
Basic EPS (cents) 123.52 77.14
The Group followed the steps specified by IAS 33 in determining whether potential common shares are dilutive or anti-dilutive.
Reconciliation of dilutive shares:
2022 2021
Number of shares (\u2018000s)
Basic weighted average number of ordinary shares outstanding 215,420 213,384
Effect of potential dilutive share options 8,909 11,962
Diluted number of ordinary shares outstanding 224,329 225,346
Diluted EPS (cents) 118.62 73.04
The weighted average number of ordinary shares in issue excludes shares held by Employee Benefit Trust (\u201cEBT\u201d).
The diluted number of ordinary shares outstanding is calculated on the assumption of the exercise of all potentially dilutive share options.
10 Intangible assets
Computer
software
$\u2019000
Year ended 31 December 2021
Opening net book value 933
Additions 2,742
Amortisation charge (25)
Foreign currency translation differences (67)
Closing net book value 3,583
At 31 December 2021
Cost 4,722
Accumulated amortisation (1,139)
Net book value 3,583
Year ended 31 December 2022
Opening net book value 3,583
Additions 2,074
Amortisation charge (859)
Foreign currency translation differences (491)
Closing net book value 4,307
At 31 December 2022
Cost 6,305
Accumulated amortisation (1,998)
Net book value 4,307
The amortisation charge of $859,000 (2021: $25,000) for computer software has been included in other general and administrative expenses
(see note 4).
11 Property, plant and equipment
Oil and gas Fixtures and Right of use
assets equipment assets Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
Year ended 31 December 2021
Opening net book value 402,620 1,187 1,662 405,469
Additions 46,165 203 76 46,444
Disposals \u2014 \u2014 (1,432) (1,432)
Revision to decommissioning asset 7,429 \u2014 \u2014 7,429
Depreciation charge (54,120) (351) (612) (55,083)
Accumulated depreciation eliminated on disposal \u2014 \u2014 1,405 1,405
Foreign currency translation differences (1) (6) (21) (28)
Closing net book value 402,094 1,033 1,078 404,205
At 31 December 2021
Cost 831,924 7,363 2,246 841,533
Accumulated depreciation (429,830) (6,330) (1,168) (437,328)
Net book value 402,094 1,033 1,078 404,205
Year ended 31 December 2022
Opening net book value 402,094 1,033 1,078 404,205
Additions 114,909 1,595 \u2014 116,504
Impairment of surplus drilling stocks (1,109) \u2014 \u2014 (1,109)
Revision to decommissioning asset (2,161) \u2014 \u2014 (2,161)
Depreciation charge (80,177) (359) (347) (80,883)
Foreign currency translation differences \u2014 (12) (101) (113)
Closing net book value 433,556 2,257 630 436,443
At 31 December 2022
Cost 943,563 8,946 2,145 954,654
Accumulated depreciation (510,007) (6,689) (1,515) (518,211)
Net book value 433,556 2,257 630 436,443
The net book value of oil and gas assets at 31 December 2022 is comprised of property, plant and equipment relating to the Shaikan block with a
carrying value of $433.6 million (2021: $402.1 million).
The additions to the Shaikan asset during the year include costs relating to the drilling and completion of SH-15 and SH-16, and SH-17 that was
completed early 2023, well pad preparation, PF-1 and PF-2 expansion and water handling activities, and subsurface studies.
The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 17 partially offset by additional
decommissioning activities arising from capital projects completed during the year and revisions to decommissioning cost estimates.
The DD&A charge of $80.2 million (2021: $54.1 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation
charge of $0.4 million (2021: $0.4 million) on fixtures and equipment and $0.3 million (2021: $0.6 million) on right of use assets has been included in
general and administrative expenses (note 4).
Right of use assets at 31 December 2022 of $0.6 million (2021: $1.1 million) consisted principally of buildings.
For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and
judgements\u201d section of the Summary of significant accounting policies.
12 Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2022 is as follows: Proportion of Name of subsidiary Place of incorporation ownership interest Principal activity Gulf Keystone Petroleum (UK) Limited United Kingdom 100% Management, support, 6th Floor geological, geophysical New Fetter Place and engineering services 8-10 New Fetter Lane London EC4A 1AZ Gulf Keystone Petroleum International Limited Bermuda 100% Exploration, evaluation, Cedar House, 3rd Floor development and 41 Cedar Avenue production activities Hamilton HM12 in Kurdistan Bermuda Proportion of Principal Name of joint operation Location ownership interest activity Shaikan Kurdistan 80% Production and development activitie s 13 Inventories 2022 2021 $\u2019000 $\u2019000 Warehouse stocks and materials 6,074 5,318 Crude oil 298 700 6,372 6,018 14 Trade and other receivables Current receivables 2022 2021 $\u2019000 $\u2019000 Trade receivables 158,032 174,634 Other receivables 16,828 3,622 Prepayments and accrued income 1,343 944 176,203 179,200 Reconciliation of Trade Receivables 2022 2021 $\u2019000 $\u2019000 Gross carrying amount 161,112 175,754 Less: Impairment allowance (3,080) (1,120) Carrying value at 31 December 158,032 174,634 Gross trade receivables of $161.1 million (2021: $175.8 million) are comprised of invoiced amounts due from the KRG for crude oil sales totalling $148.9 million (2021: $163.6 million) related to August \u2013 December 2022 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2021: $12.2 million). As detailed in the Summary of significant accounting policies, sales revenue for September \u2013 December 2022 production and Note 2, the revenue and corresponding receivable have been recognised based on a proposed pricing mechanism. On 8 March 2023 GKP received payment for crude oil sales relating to September 2022 in line with the proposed pricing mechanism; this does not indicate that GKP has accepted the terms of this proposed pricing mechanism. At 31 December 2022, overdue trade receivables relating to oil sales for August to October 2022 aggregated $99.1 million (2021: $60.4 million). Since year end, $69.0 million has been received; $40.8 million relating to August oil sales and $28.2 million relating to September oil sales, which reflects the proposed pricing mechanism based upon discounted KBT. While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, the ECL on the overdue receivable balance of $3.1 million (2021: $1.1 million) was provided against the receivables balance in line with the requirements of IFRS 9. During the year, a $2.0 million charge was recognised due to the increase in the ECL provision (2021: credit of $7.1 million); driven by an estimated increase in the probability of counterparty default as well as an extension to the expected date of receipt of outstanding receivables. Reconciliation of Trade Receivables continued
The Group received the final payments in relation to the arrears outstanding at 31 December 2021 in relation to November 2019 to February 2020
invoices totalling $41.0 million during 2022. This was settled in line with the KRG\u2019s proposal to pay 50% of the difference between the monthly
average dated Brent price and $50/bbl multiplied by the gross Shaikan crude oil volumes sold in the month.
ECL sensitivities
The Group\u2019s profit before tax was not materially sensitive to movements of +/-10% in production level, Brent price, loss given default or probability
of default.
Other receivables
Other receivables includes an amount relating to advances to suppliers of $11.5 million (2021: $0.4 million) related to property, plant and equipment
that are included within investing activities in the consolidated cash flow statement.
Included within Other receivables is an amount of $0.4 million (2021: $0.4 million) being the deposits for leased assets which are receivable after
more than one year. There are no receivables from related parties as at 31 December 2022 (2021: nil). No impairments of other receivables have
been recognised during the year (2021: nil).
15 Trade and other payables
Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs.
The directors consider that the carrying amount of trade payables approximates their fair value.
Current liabilities
2022 2021
$\u2019000 $\u2019000
Trade payables 3,499 6,494
Accrued expenditures 40,642 25,961
Other payables 84,035 65,927
Current lease liabilities (see note 22) 385 419
128,561 98,800
Other payables include $70.7 million (2021: $56.4 million) of amounts payable to the KRG that are not expected to be paid in cash, but rather offset
against historic revenue due from the KRG, which have not yet been recognised in the financial statements. Within this amount, $34.2 million
(2021: $22.6 million) relates to a non-cash payable for the difference between the capacity building rate of 20% and 30% (see Summary of
significant accounting policies, Sales revenue).
Non-current liabilities
2022 2021
$\u2019000 $\u2019000
Non-current lease liability (see note 22) 325 789
16 Long term borrowings
2022 2021
$\u2019000 $\u2019000
Liability component at 1 January 103,482 102,993
Interest expense, including unwinding of finance & arrangement fees, and notes early repayment fee 8,712 10,489
Interest paid during the year (10,194) (10,000)
Principal repaid in year (100,000) \u2014
Settlement of notes early repayment fee (2,000) \u2014
Liability component at 31 December \u2014 103,482
Liability component reported in:
2022 2021
$\u2019000 $\u2019000
Current liabilities (see note 15) \u2014 4,359
Non-current liabilities \u2014 99,123
\u2014 103,482
In July 2018, the Group completed the private placement of a 5-year senior unsecured $100 million bond issue (the \u201cNotes\u201d). The unsecured Notes
were guaranteed by Gulf Keystone Petroleum International Limited and Gulf Keystone Petroleum (UK) Limited, two of the Company\u2019s subsidiaries,
and the key terms are summarised as follows:
\u2022 maturity date was 25 July 2023;
\u2022 the Notes were redeemable in full with a prepayment penalty; and
\u2022 the interest rate was 10% per annum with semi-annual payment dates.
During the year, the Group was not in breach of any terms of the Notes.
On 2 August 2022 the Group redeemed the $100m bond and paid a 2% early repayment fee.
The Notes were traded on the Norwegian Stock Exchange and the fair value at the prevailing market price as at the balance sheet date was:
2022 2021
$\u2019000 $\u2019000
Notes \u2014 103,750
As at year end, the Group\u2019s remaining contractual liability comprising principal and interest based on undiscounted cash flows is as follows:
2022 2021
$\u2019000 $\u2019000
Within one year \u2014 10,000
Within two years \u2014 105,639
\u2014 115,639
17 Provisions
2022 2021
Decommissioning provision $\u2019000 $\u2019000
At 1 January 43,841 35,671
New provisions and changes in estimates (2,161) 7,429
Unwinding of discount 866 741
At 31 December 42,546 43,841
The $2.2m decrease in new provisions and changes in estimates comprises an increase relating to new drilling and facilities work of $7.6 million
(2021: $10.5 million), offset by a reduction of $9.8 million (2021: $3.1 million) due to changes in inflation and discount rates. The provision for
decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated in line with the table below and
discounted at 3.8% (2021: 2.0%), which may be incurred for the removal and decommissioning of the wells and facilities currently in place and
restoration of the sites to their original state. Most expenditures are expected to take place towards the end of the PSC term in 2043.
Annual Inflation Assumption (%) 2022 2021
2022 \u2014 2.00%
2023 5.00% 2.00%
2024 3.00% 2.00%
2025-2043 2. 75% 2.00%
18 Deferred tax asset
The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior
reporting periods. The deferred tax assets arise in the United Kingdom.
Accelerated tax Share-based Tax losses
depreciation payments carried forward Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
At 1 January 2021 (115) 732 \u2014 617
(Charge)/credit to income statement (381) 321 831 771
Exchange differences 1 (4) \u2014 (3)
At 31 December 2021 (495) 1,049 831 1,385
(Charge)/credit to income statement (139) 241 223 325
Exchange differences 62 (109) (87) (134)
At 31 December 2022 (572) 1,181 967 1,576
19 Financial instruments
2022 2021
$\u2019000 $\u2019000
Financial assets
Cash and cash equivalents 119,456 169,866
Receivables 162,990 178,258
282,446 348,124
Financial liabilities
Trade and other payables 128,886 99,589
Borrowings \u2014 99,123
128,886 198,712
All financial liabilities, except for non-current lease liabilities (see note 15), are due to be settled within one year and are classified as current
liabilities. All financial liabilities are recognised at amortised cost.
Fair values of financial assets and liabilities
With the exception of the Notes, and the receivables from the KRG which the Group expects to recover in full (see note 14), the Group considers
the carrying value of all its financial assets and liabilities to be materially the same as their fair value. On 2 August 2022 the company redeemed
the Notes, therefore no amount remained outstanding at 31 December 2022 (2021: fair value as determined using market values of $103.8 million;
carrying value of $99.1 million).
In making the above assessment, consideration has been given to the fair value hierarchy set out in IFRS 13. Fair value hierarchy levels 1 to 3 are
based on the degree to which the fair value is observable:
\u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included with Level 1 that are observable for the asset
or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based
on observable market date (unobservable inputs).
The fair value of the Notes disclosed above is based on Level 1 in the hierarchy.
The financial assets balance includes a $3.1 million provision against trade receivables (2021: $1.1 million) (see note 14). All financial assets, except
derivatives designated as a hedge, are measured at amortised cost.
Capital Risk Management
The Group manages its capital to ensure that the entities within the Group will be able to continue as going concerns while maximising the return
to stakeholders through the optimisation of the debt and equity structure. The capital structure of the Group consists of cash, cash equivalents,
Notes (in prior year) and equity attributable to equity holders of the parent. Equity comprises issued capital, reserves and accumulated losses as
disclosed in note 20 and the Consolidated statement of changes in equity.
Capital Structure
The Company\u2019s Board of Directors reviews the capital structure on a regular basis and will make adjustments in light of changes in economic
conditions. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital.
Significant Accounting Policies
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis
on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in
the Summary of significant accounting policies.
Financial Risk Management Objectives
The Group\u2019s management monitors and manages the financial risks relating to the operations of the Group. These financial risks include
market risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk.
As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other financial risks. The Group
does not use derivative financial instruments for speculative purposes.
The risks are closely reviewed by the Board on a regular basis and, where appropriate, steps are taken to ensure these risks are minimised.
Market risk
The Group\u2019s activities expose it primarily to the financial risks of changes in oil prices, foreign currency exchange rates and changes in interest
rates in relation to the Group\u2019s cash balances.
There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the Board on a regular basis.
The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which it operates.
The Group also purchases the operating currencies of the countries in which it operates routinely on the spot market. Cash balances are held in
other currencies to meet immediate operating and administrative expenses or to comply with local currency regulations.
At 31 December 2022, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets
and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit.
Interest rate risk management
The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain
a certain amount of funds in the form of cash for short-term liabilities and have the rest on relatively short-term deposits, usually between one
and three months, to maximise returns and accessibility. Prior to redeeming the Notes in August 2022, the Company paid interest on its Notes
semi-annually in cash at 10% per annum.
Based on the exposure to interest rates for cash and cash equivalents at the balance sheet date, a 0.5% increase or decrease in interest rates
would not have a material impact on the Group\u2019s profit. A rate of 0.5% is used as it represents management\u2019s assessment of a reasonable change
in interest rates.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at
31 December 2022, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $161.1 million
(2021: $175.8 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $3.1 million (2021: $1.1 million)
was recognised against the trade receivables balance.
The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash and cash equivalents at the balance sheet
date are banks with investment grade credit ratings assigned by international credit-rating agencies.
Liquidity risk management
Ultimate responsibility for liquidity risk management rests with the Board of Directors. It is the Group\u2019s policy to finance its business by means
of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required.
20 Share capital
2022 2021
$\u2019000 $\u2019000
Authorised
Common shares of $1 each (2021: $1 each) 231,605 231,605
Non-voting shares of $0.01 each 500 500
Preferred shares of $1,000 each 20,000 20,000
Series A Preferred shares of $1,000 each 40,000 40,000
292,105 292,105
Common shares
No. of shares Share capital Share premium Total amount
\u2018000 $\u2019000 $\u2019000 $\u2019000
Balance at 1 January 2021 211,371 211,371 842,914 1,054,285
Dividends paid \u2014 \u2014 (100,000) (100,000)
Shares issued 2,360 2,360 \u2014 2,360
Balance at 31 December 2021 213,731 213,731 742,914 956,645
Dividends paid \u2014 \u2014 (214,789) (214,789)
Shares issued 2,516 2,516 \u2014 2,516
Balance at 31 December 2022 216,247 216,247 528,125 744,372
At 31 December 2022, a total of 0.4 million common shares at $1 each were held by the EBT (2021: 0.1 million at $1 each). These common shares
were included within reserves.
Rights attached to share capital
The holders of the common shares have the following rights (subject to the other provisions of the Byelaws):
(i) entitled to one vote per common share;
(ii) entitled to receive notice of, and attend and vote at, general meetings of the Company;
(iii) entitled to dividends or other distributions; and
(iv) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for a reorganisation or otherwise or upon a
distribution of capital, entitled to receive the amount of capital paid up on their common shares and to participate further in the surplus assets
of the Company only after payment of the Series A Liquidation Value (as defined in the Byelaws) on the Series A Preferred Shares.
21 Cash flow reconciliation
2022 2021
Notes $\u2019000 $\u2019000
Cash flows from operating activities
Profit from operations 273,544 174,600
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment (including the right of use assets) 80,883 55,111
Amortisation of intangible assets 859 25
Increase/(Decrease) of provision for impairment of trade receivables 14 1,960 (7,065)
Put option hedging losses reclassified to revenue \u2014 3,752
Share-based payment expense 24 1,866 1,197
Impairment of PPE items 1,109 \u2014
Operating cash flows before movements in working capital 360,221 227,620
Increase in inventories (354) (258)
Decrease/(Increase) in trade and other receivables 11,640 (75,259)
Increase in trade and other payables 12,339 36,977
Income taxes received \u2014 75
Cash generated from operations 383,846 189,155
Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment:
2022 2021
$\u2019000 $\u2019000
Associated cash flows
Additions to property, plant and equipment 116,617 46,417
Movement in working capital (11,214) 6,927
Non-cash movements
Capitalised share option charges \u2014 (409)
Foreign exchange differences (112) 24
Purchase of property, plant and equipment 105,291 52,959
Movement in financing related liabilities
The Group\u2019s financing related liabilities are comprised of borrowings and lease liabilities. The movements in borrowings are shown in note 16
and the movements in lease liabilities in the year were primarily cash payments of $0.7 million (2021: $0.7 million).
22 Lease Liabilities
During 2022, the total cash outflows relating to leased assets was $0.5 million (2021: $0.7 million); this amount is the total of capital repayments,
interest charges and foreign exchange impact.
2022 2021
$\u2019000 $\u2019000
Analysed as:
Current liabilities (note 15) 385 419
Non-current liabilities (note 15) 325 789
710 1,208
Lease liability maturity analysis
Year 1 385 419
Year 2 325 789
Amounts payable under leases
Within one year 436 509
In the second to fifth year inclusive 339 868
775 1,377
Less future interest charges (65) (169)
Net present value of lease obligations 710 1,208
23 Commitments
Exploration and development commitments
Additions to property, plant and equipment are generally funded with the cash flow generated from the Shaikan Field. As at 31 December 2022,
gross capital commitments in relation to the Shaikan Field were estimated to be $41.9 million (2021: $20.6 million).
24 Share-based payments
2022 2021
$\u2019000 $\u2019000
Total share options charge 3,266 2,664
Capitalised share options charge \u2014 (409)
Share options charge in Income Statement 3,266 2,255
Value Creation Plan (\u201cVCP\u201d)
The VCP was approved by shareholders in December 2016. As at 31 December 2022, nil (2021: 3.5 million) nil-cost share options were
outstanding under the VCP. There will be no further awards under the plan.
During the year, the awards that were outstanding at 31 December 2021 vested, with the Company achieving a Total Shareholder Return (\u201cTSR\u201d)
of at least 8% compound annual growth, in accordance with the VCP rules.
2022 2021
Number of Number of
share options share options
\u2019000 \u2019000
Outstanding at 1 January 3,508 7,017
Exercised during the year (3,508) (3,509)
Outstanding at 31 December \u2014 3,508
Exercisable at 31 December \u2014 3,508
No VCP options remained outstanding at 31 December 2022 with all remaining awards at 2021 year end fully exercised in 2022.
Staff Retention Plan
At the 2016 Annual General Meeting (\u201cAGM\u201d), shareholders approved the adoption of the Gulf Keystone Petroleum 2016 Staff Retention Plan
(\u201cSRP\u201d), which is designed to reward members of staff through the grant of share options at a zero exercise price.
The exercise of the nil-cost awarded options is not subject to any performance conditions and can be exercised at any time after the three
year vesting period but within ten years after the date of grant. If options are not exercised within ten years, the options will lapse and will not be
exercisable. If an employee leaves the company during the three years from the date of grant, the options will lapse on the date notice to leave is
given to the company. Should an employee be regarded as a good leaver as defined in the scheme rules, the options may be exercised at any time
within a period of six months from departure date.
2022 2021
Number of Number of
share options share options
\u2019000 \u2019000
Outstanding at 1 January 65 973
Exercised during the year (55) (908)
Outstanding at 31 December 10 65
Exercisable at 31 December 10 65
The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.56 (2021: \u00a31.70).
During the year no options (2021: nil) were granted to employees under the Group\u2019s SRP.
A charge of nil (2021: nil) in relation to the SRP is included in the total share options charge.
Share options outstanding at the end of the year have the exercise price of nil and the following expiry dates:
Options (\u2019000)
Expiry date 2022 2021
11 December 2026 9 12
30 June 2027 1 53
10 65
The options outstanding at 31 December 2022 had a weighted average remaining contractual life of four years.
Long Term Incentive Plan
The Gulf Keystone Petroleum 2014 Long Term Incentive Plan (\u201cLTIP\u201d) is designed to reward members of staff through the grant of share options
at a zero exercise price, that vest three years after grant, subject to the fulfilment of specified performance conditions. These performance
conditions are 50% TSR over the vesting period and 50% the Group\u2019s TSR relative to a bespoke group of comparators.
2022 2021
Number of Number of
share options share options
\u2019000 \u2019000
Outstanding at 1 January 8,275 7, 254
Granted during the year 2,278 2,747
Exercised during the year (586) (1,014)
Forfeited during the year (1,182) (712)
Outstanding at 31 December 8,785 8,275
Exercisable at 31 December \u2014 \u2014
The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.44 (2021: \u00a31.69).
The inputs into the calculation of fair values of the shares granted during the year are as follows:
2022 2021
Weighted average share price \u00a32.44 \u00a32.26
Weighted average exercise price Nil Nil
Expected volatility 57.7% 58.7%
Expected life 3 years 3 years
Risk-free rate 0.14% 0.14%
Expected dividend yield (on the basis dividends equivalents received) Nil Nil
The options outstanding at 31 December 2022 had a weighted average remaining contractual life of two years.
The aggregate of the estimated fair value of options granted in 2022 is $5.0 million (2021: $4.3 million).
A charge of $3.1 million (2021: $2.5 million) in relation to the LTIP is included in the total share options charge.
25 Dividends
During 2022 a total of $215 million (2021: $100 million) of dividends were paid to shareholders including an ordinary dividend of $25 million
(11.561 US cents per Common Share), a special dividend of $50 million (23.12 US cents per Common Share) and interim dividends totalling
$140 million (65.27 US cents per Common Share).
To date in 2023 an interim dividend of $25 million has been paid. An ordinary dividend of $25 million is subject to approval at the AGM on
16 June 2023.
26 Related party transactions
The Company has a related party relationship with its subsidiaries and in the ordinary course of business, enters into various sales, purchase
and service transactions with joint operations in which the Company has a material interest. These transactions are under terms that are no less
favourable to the Group than those arranged with third parties.
Remuneration of Directors and Officers
The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the
categories specified in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2022 were
as follows:
\u2022 J Huijskes \u2013 Non-Executive Chairman
\u2022 M Angle \u2013 Deputy Chairman
\u2022 G Soden \u2013 Non-Executive Director
\u2022 D Thomas \u2013 Non-Executive Director
\u2022 K Wood \u2013 Non-Executive Director
\u2022 W Mwaura \u2013 Non-Executive Director (appointed July 2022)
\u2022 J Harris \u2013 Chief Executive Officer
\u2022 I Weatherdon \u2013 Chief Financial Officer
\u2022 G Papineau-Legris \u2013 Chief Commercial Officer
\u2022 C Kinahan \u2013 Chief Human Resources Officer
\u2022 A Robinson \u2013 Chief Legal Officer and Company Secretary
\u2022 S Catterall \u2013 Chief Operating Officer (resigned February 2022)
\u2022 J Hulme \u2013 Chief Operating Officer (appointed April 2022)
The values below are calculated in accordance with IAS 19 and IFRS 2.
2022 2021
$\u2019000 $\u2019000
Short-term employee benefits 4,725 5,809
Share-based payment \u2013 options 1,499 1,012
6,224 6,821
Further information about the remuneration of individual Directors is provided in the Directors\u2019 Emoluments section of the Remuneration
Committee Report .
27 Contingent Liabilities
The Group has a contingent liability of $27.3 million (2021: $27.3 million) in relation to the proceeds from the sale of test production in the period
prior to the approval of the original Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. The Shaikan PSC does not appear to address expressly
any party\u2019s rights to this pre-FDP petroleum. The sales were made based on sales contracts with domestic offtakers which were approved by
the KRG. The Group believes that the receipts from these sales of pre-FDP petroleum are for the account of the Contractor, rather than the KRG
and accordingly recorded them as test revenue in prior years. However, the KRG has requested a repayment of these amounts and the Group
is currently involved in negotiations to resolve this matter. The Group has received external legal advice and continues to maintain that pre-FDP
petroleum receipts are for the account of the Contractor. This contingent liability forms part of the ongoing Shaikan PSC amendment negotiations
and it is likely that it will be settled as part of those negotiations.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-241": {
"value": "Summary of significant accounting policies General information Gulf Keystone Petroleum Limited (the \u201cCompany\u201d) is domiciled and incorporated in Bermuda (registered address: Cedar House, 3rd Floor, 41 Cedar Avenue, Hamilton, HM12, Bermuda); together with its subsidiaries it forms the \u201cGroup\u201d. On 25 March 2014, the Company\u2019s common shares were admitted, with a standard listing, to the Official List of the United Kingdom Listing Authority (\u201cUKLA\u201d) and to trading on the London Stock Exchange\u2019s Main Market for listed securities. Previously, the Company was quoted on Alternative Investment Market, a market operated by the London Stock Exchange. In 2008, the Company established a Level 1 American Depositary Receipt programme in conjunction with the Bank of New York Mellon, which has been appointed as the depositary bank. The Company serves as the holding company for the Group, which is engaged in oil and gas exploration, development and production, operating in the Kurdistan Region of Iraq. Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the current year In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2022: Reference to the Conceptual Framework (Amendments to IFRS 3), Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16), Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37), and Annual Improvements to IFRS Standards 2018-2020. These standards do not and are not expected to have a material impact on the Company\u2019s results or financial statement disclosures in the current or future reporting periods. New and revised IFRSs issued but not yet effective At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective by United Kingdom adopted International Accounting Standards: IFRS 17 Insurance Contracts Amendments to IFRS 4 Applying IFRS 9 \u2018Financial Instruments\u2019 with IFRS 4 \u2018Insurance Contracts\u2019; Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IAS 1 Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; Non-current Liabilities with Covenants Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017 Amendments to IAS 1 and Disclosure of Accounting Policies IFRS Practice Statement 2 Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. Statement of compliance The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards. Basis of accounting The financial statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventory and the valuation of certain financial instruments, which have been measured at fair value, and on the going concern basis. Equity-settled share-based payments are recognised at fair value at the date of grant, and are not subsequently revalued. The principal accounting policies adopted are set out below. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chairman\u2019s statement, the Chief Executive Officer\u2019s review, the Operational review and the Management of principal risks and uncertainties. The financial position of the Group at the year end and its cash flows and liquidity position are included in the Financial review. As at 22 March 2023, the Group had $118.8 million of cash and no debt. The Group continues to closely monitor and manage its liquidity. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, change in commodity prices, different production rates from the Shaikan block, cost contingencies, disruptions and delays to revenue receipts, impact of climate change and geopolitical risks on the Group\u2019s operations, including the Iraqi Supreme Court ruling on 15 February 2022, as further described in key sources of uncertainty below. In the current year, further consideration has been given to the impact on the Group\u2019s working capital position due to delays in revenue receipts from the KRG and the proposed revision to the lifting agreement: \u2022 Revenue receipts: The timing of revenue receipts over the last 12 months has increased from an average of 20-30 days past due to 100 days for the most recent September production month payment. At the date of this report, $76.0 million is overdue for October to December 2022 oil sales; and \u2022 Lifting agreement: There has been no lifting agreement in place since 1 September 2022 and negotiations are ongoing around the pricing mechanism of oil sales. Instead of a Dated Brent based pricing mechanism, the KRG has proposed a Kurdistan Blend (KBT) based pricing mechanism to recognise the value they receive for oil sales, as further described in note 2. The Directors believe an agreement will ultimately be reached on the terms of a revised lifting agreement, and we reasonably expect that overdue balances will be paid and payments will return to a more regular basis. However, a deferral of revenue receipts from the KRG for an extended period of time could result in liquidity pressures within the twelve-month going concern period. The Directors have considered sensitivities to assess the impact on the Group\u2019s liquidity position if revenue receipts from the KRG are deferred for an extended period of time. While the payment of such amounts are outside of management\u2019s control, the Directors believe sufficient mitigating actions are available to withstand potential further delays in revenue receipts until such receipts return to more routine payment terms. Mitigating actions include deferring planned capital expenditures, reducing operating and general and administrative expenses and managing supplier payment timing. Overall, the Group\u2019s forecasts, taking into account the applicable risks, stress test scenarios and potential mitigating actions, show that it has sufficient financial resources for the twelve months from the date of approval of the 2022 annual report and accounts. Based on the analysis performed, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future. Thus the going concern basis of accounting is used to prepare the annual consolidated financial statements. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, so as to obtain benefits from its activities. Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint operation are included in the Group\u2019s balance sheet. Sales revenue The recognition of revenue is considered to be a key accounting judgement. Revenue is earned based on the entitlement mechanism under the terms of the Shaikan Production Sharing Contract (\u201cPSC\u201d). Entitlement has two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the Kurdistan Regional Government (\u201cKRG\u201d). The Company is liable for capacity building payments calculated as a proportion of profit oil entitlement. Entitlement from cost oil and profit oil are reported as revenue, and capacity building payments are included in cost of sales. All oil is sold by the Shaikan Contractor (the Company and Kalegran BV, a subsidiary of MOL Hungarian Oil & Gas Plc, (\u201cMOL\u201d)) to the KRG, who in turn resell the oil. The selling price is determined in accordance with the principles of the crude oil lifting agreement. Under IFRS 15: Revenue from contracts with customers, GKP considers that control of crude oil is transferred from the Shaikan Contractor to the KRG at the delivery point as defined in the lifting agreement, this being the export pipeline; at this point the Shaikan Contractor is due economic benefits which can be reliably measured and are probable to be received. The consideration is variable and is dependent upon the monthly average oil market price with deductions for quality and transportation fees, with other fees and royalties due as determined by commercial agreements; revenue is reported net of these deductions. Effective 1 September, 2022, the KRG proposed a new pricing mechanism for crude oil sales. Under the new pricing mechanism, the realised sales price for a month is based on the average market price realised by the KRG for the Kurdistan blend (KBT) sold at Ceyhan, Turkey, as advised by the KRG. The change in the benchmark market price from Brent to KBT has not yet been agreed and no lifting agreement has been in place since 1 September 2022. Nonetheless, the Shaikan Contractor continued to produce and the KRG continued to accept delivery of oil at the delivery points. GKP continues to consider that control of crude oil was transferred at the delivery points despite no commercial agreement being in place and as such has recognised revenue based on the proposed new pricing terms. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in note 2. During past PSC negotiations with the Ministry of Natural Resources (\u201cMNR\u201d), it was tentatively agreed that the Shaikan Contractor would provide the KRG a 20% carried working interest in the PSC. This would result in a reduction of GKP\u2019s working interest from 80% to 61.5%. To compensate for such decrease, capacity building payments expense would be reduced to 20% of profit petroleum. While the PSC has not been formally amended, it was agreed that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017. The financial statements reflect the proposed revised working interest of 61.5%. Relative to the PSC terms, the proposed revised invoicing terms result in a decrease in both revenue and cost of sales and on a net basis are slightly positive for the Company. As part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. The Company is in dialogue with the MNR to confirm whether to proceed with a formal amendment to the PSC to reflect current invoice terms. Income tax arising from the Company\u2019s activities under its PSC is settled by the KRG on behalf of the Company. Since the Company is not able to measure the amount of income tax that has been paid on its behalf the notional income tax amounts have not been included in revenue or in the tax charge. Finance revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective rate of interest 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. Intangible assets Intangible assets include computer software and are measured at cost and amortised over their expected useful economic lives of three years. Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation from 1 January 2023. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets, and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 3 years from the date they are put in use. Fixtures and equipment Fixtures and equipment assets are stated at cost less accumulated depreciation and any accumulated impairment losses. These assets are expensed on a straight-line basis over their estimated useful lives of 5 years from the date they are available for use. Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets 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, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do 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. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and 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. Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. Borrowing costs Borrowing costs directly relating to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised and added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the income statement in the period in which they are incurred. Taxation Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax. Tax currently payable or recoverable is based on taxable profit or loss for the year. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance sheet date. As described in the revenue accounting policy section above, it is not possible to calculate the amount of notional tax in relation to any tax liabilities settled on behalf of the Group by the KRG. 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 and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future 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 of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. 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 future taxable profits will be available to allow all or part assets 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 based on tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. Foreign currencies The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are recorded 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 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. Gains and losses arising on retranslation are included in the income statement for the year. On consolidation, the assets and liabilities of the Group\u2019s foreign operations which use functional currencies other than US dollars are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity in the Group\u2019s translation reserve. On the disposal of a foreign operation, such translation differences are reclassified to profit or loss. Inventories Inventories, except for hydrocarbon inventories, are stated at the lower of cost and net realisable value. Cost comprises 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 calculated using the weighted average cost method. Hydrocarbon inventories are recorded at net realisable value with changes in the value of hydrocarbon inventories being adjusted through cost of sales. Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group has become a party to the contractual provisions of the instrument. Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Financial assets at fair value through profit and loss Financial assets are held at fair value through profit and loss (\u201cFVTPL\u201d) when the financial asset is either held for trading or it is designated as FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the other gains and losses line in the income statement. Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group uses hedge accounting for certain derivative instruments. The Group uses cash flow hedge accounting when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from the economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the time value of the option are recognised in other comprehensive income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a rational basis \u2013 the Group applies straight-line amortisation. Those reclassified amounts are recognised in profit or loss. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the profit or loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Cash flow hedge The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the revenue line item. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs, which are charged to share premium. Borrowings Interest-bearing loans and overdrafts are recorded at the fair value of proceeds received, net of transaction costs. Finance charges, including premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The liability is carried at amortised cost using the effective interest rate method until maturity. Trade payables Trade payables are stated at amortised cost. The average maturity for trade and other payables is one to three months. Provisions Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Decommissioning provision Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure is dealt with prospectively. The unwinding of the discount is included as a finance cost. Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 24. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share-based transactions are set out in note 24. Leases The Group assesses whether a contract contains a lease at inception of the contract. The Group recognises a right-of-use asset and corresponding lease liability in the consolidated balance sheet for all lease arrangements longer than twelve months, where it is the lessee and has control of the asset. For all other leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non current liabilities depending on underlying lease terms. The right-of-use assets are initially recognised on the balance sheet at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease and any lease incentive received. For short-term leases (periods less than 12 months) and leases of low value, the Group has opted to recognise lease expense on a straight line basis. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies described above, the Group is required to make judgements, estimates and assumptions about the carrying amounts of 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 revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), 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. Revenue The recognition of revenue, particularly the recognition of revenue from exports, is considered to be a key accounting judgement. The Group began commercial production from the Shaikan Field in July 2013 and historically made sales to both the domestic and export markets. The Group considers that revenue can be reliably measured as it passes the delivery point into the export pipeline. The critical accounting judgement applied in preparing the 2022 financial statements is that it is appropriate to recognise revenue for deliveries from 1 September 2022 based on the proposed new pricing mechanism, notwithstanding that there is no signed lifting agreement for that period and the pricing mechanism has not yet been agreed. Further details of this judgement are provided in the sales revenue accounting policy above. In making this judgement, consideration was given to the fact that, subsequent to the year end, the Group received payment for September 2022 deliveries at an amount that was consistent with the proposed new pricing terms. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in Note 2. Any future agreements between the Company and the KRG might change the amounts of revenue recognised. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of producing assets In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment evaluation was completed and it was concluded that no impairment write-down was required. The key areas of estimation in the impairment assessment are as follows: \u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of 2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external sources of information; \u2022 All prices below are nominal and no impairment arose under either the base or stress case. Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028 31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1 31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3 31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9 31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3 \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a low-carbon future and our ambition to reduce scope one per barrel CO 2 emissions by at least 50% by 2025 versus the original 2020 baseline of 38 kgCO2 e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental carbon tax, resulted in an impairment arising. \u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect potential increased geopolitical risks and no impairment was identified; \u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone emissions as outlined above; \u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and \u2022 Timing of revenue receipts. In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d), including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-243": {
"value": "General information Gulf Keystone Petroleum Limited (the \u201cCompany\u201d) is domiciled and incorporated in Bermuda (registered address: Cedar House, 3rd Floor, 41 Cedar Avenue, Hamilton, HM12, Bermuda); together with its subsidiaries it forms the \u201cGroup\u201d. On 25 March 2014, the Company\u2019s common shares were admitted, with a standard listing, to the Official List of the United Kingdom Listing Authority (\u201cUKLA\u201d) and to trading on the London Stock Exchange\u2019s Main Market for listed securities. Previously, the Company was quoted on Alternative Investment Market, a market operated by the London Stock Exchange. In 2008, the Company established a Level 1 American Depositary Receipt programme in conjunction with the Bank of New York Mellon, which has been appointed as the depositary bank. The Company serves as the holding company for the Group, which is engaged in oil and gas exploration, development and production, operating in the Kurdistan Region of Iraq. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, so as to obtain benefits from its activities. The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-1": {
"value": "Gulf Keystone Petroleum Limited",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-320": {
"value": "Limited ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-290": {
"value": " Bermuda ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "Bermuda",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Cedar House, 3rd Floor, 41 Cedar Avenue, Hamilton, HM12, Bermuda",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "The Company serves as the holding company for the Group, which is engaged in oil and gas exploration, development and production, operating in the Kurdistan Region of Iraq.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-291": {
"value": "Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the current year In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2022: Reference to the Conceptual Framework (Amendments to IFRS 3), Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16), Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37), and Annual Improvements to IFRS Standards 2018-2020. These standards do not and are not expected to have a material impact on the Company\u2019s results or financial statement disclosures in the current or future reporting periods. New and revised IFRSs issued but not yet effective At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective by United Kingdom adopted International Accounting Standards: IFRS 17 Insurance Contracts Amendments to IFRS 4 Applying IFRS 9 \u2018Financial Instruments\u2019 with IFRS 4 \u2018Insurance Contracts\u2019; Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IAS 1 Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; Non-current Liabilities with Covenants Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017 Amendments to IAS 1 and Disclosure of Accounting Policies IFRS Practice Statement 2 Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-244": {
"value": "Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the current year In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2022. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2022: Reference to the Conceptual Framework (Amendments to IFRS 3), Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16), Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37), and Annual Improvements to IFRS Standards 2018-2020. These standards do not and are not expected to have a material impact on the Company\u2019s results or financial statement disclosures in the current or future reporting periods. New and revised IFRSs issued but not yet effective At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective by United Kingdom adopted International Accounting Standards: IFRS 17 Insurance Contracts Amendments to IFRS 4 Applying IFRS 9 \u2018Financial Instruments\u2019 with IFRS 4 \u2018Insurance Contracts\u2019; Extension of the Temporary Exemption from Applying IFRS 9 Amendments to IAS 1 Classification of Liabilities as Current or Non-current; Classification of Liabilities as Current or Non-current \u2013 Deferral of Effective Date; Non-current Liabilities with Covenants Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IFRS 17 Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information; Amends IFRS 17 to address concerns and implementation challenges that were identified after IFRS 17 Insurance Contracts was published in 2017 Amendments to IAS 1 and Disclosure of Accounting Policies IFRS Practice Statement 2 Amendments to IAS 8 Definition of Accounting Estimates Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-245": {
"value": "Statement of compliance The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-246": {
"value": "Basis of accounting The financial statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventory and the valuation of certain financial instruments, which have been measured at fair value, and on the going concern basis. Equity-settled share-based payments are recognised at fair value at the date of grant, and are not subsequently revalued. The principal accounting policies adopted are set out below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-247": {
"value": "Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chairman\u2019s statement, the Chief Executive Officer\u2019s review, the Operational review and the Management of principal risks and uncertainties. The financial position of the Group at the year end and its cash flows and liquidity position are included in the Financial review. As at 22 March 2023, the Group had $118.8 million of cash and no debt. The Group continues to closely monitor and manage its liquidity. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, change in commodity prices, different production rates from the Shaikan block, cost contingencies, disruptions and delays to revenue receipts, impact of climate change and geopolitical risks on the Group\u2019s operations, including the Iraqi Supreme Court ruling on 15 February 2022, as further described in key sources of uncertainty below. In the current year, further consideration has been given to the impact on the Group\u2019s working capital position due to delays in revenue receipts from the KRG and the proposed revision to the lifting agreement: \u2022 Revenue receipts: The timing of revenue receipts over the last 12 months has increased from an average of 20-30 days past due to 100 days for the most recent September production month payment. At the date of this report, $76.0 million is overdue for October to December 2022 oil sales; and \u2022 Lifting agreement: There has been no lifting agreement in place since 1 September 2022 and negotiations are ongoing around the pricing mechanism of oil sales. Instead of a Dated Brent based pricing mechanism, the KRG has proposed a Kurdistan Blend (KBT) based pricing mechanism to recognise the value they receive for oil sales, as further described in note 2. The Directors believe an agreement will ultimately be reached on the terms of a revised lifting agreement, and we reasonably expect that overdue balances will be paid and payments will return to a more regular basis. However, a deferral of revenue receipts from the KRG for an extended period of time could result in liquidity pressures within the twelve-month going concern period. The Directors have considered sensitivities to assess the impact on the Group\u2019s liquidity position if revenue receipts from the KRG are deferred for an extended period of time. While the payment of such amounts are outside of management\u2019s control, the Directors believe sufficient mitigating actions are available to withstand potential further delays in revenue receipts until such receipts return to more routine payment terms. Mitigating actions include deferring planned capital expenditures, reducing operating and general and administrative expenses and managing supplier payment timing. Overall, the Group\u2019s forecasts, taking into account the applicable risks, stress test scenarios and potential mitigating actions, show that it has sufficient financial resources for the twelve months from the date of approval of the 2022 annual report and accounts. Based on the analysis performed, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future. Thus the going concern basis of accounting is used to prepare the annual consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-292": {
"value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, so as to obtain benefits from its activities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-248": {
"value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint operation are included in the Group\u2019s balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-249": {
"value": "Sales revenue The recognition of revenue is considered to be a key accounting judgement. Revenue is earned based on the entitlement mechanism under the terms of the Shaikan Production Sharing Contract (\u201cPSC\u201d). Entitlement has two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the Kurdistan Regional Government (\u201cKRG\u201d). The Company is liable for capacity building payments calculated as a proportion of profit oil entitlement. Entitlement from cost oil and profit oil are reported as revenue, and capacity building payments are included in cost of sales. All oil is sold by the Shaikan Contractor (the Company and Kalegran BV, a subsidiary of MOL Hungarian Oil & Gas Plc, (\u201cMOL\u201d)) to the KRG, who in turn resell the oil. The selling price is determined in accordance with the principles of the crude oil lifting agreement. Under IFRS 15: Revenue from contracts with customers, GKP considers that control of crude oil is transferred from the Shaikan Contractor to the KRG at the delivery point as defined in the lifting agreement, this being the export pipeline; at this point the Shaikan Contractor is due economic benefits which can be reliably measured and are probable to be received. The consideration is variable and is dependent upon the monthly average oil market price with deductions for quality and transportation fees, with other fees and royalties due as determined by commercial agreements; revenue is reported net of these deductions. Effective 1 September, 2022, the KRG proposed a new pricing mechanism for crude oil sales. Under the new pricing mechanism, the realised sales price for a month is based on the average market price realised by the KRG for the Kurdistan blend (KBT) sold at Ceyhan, Turkey, as advised by the KRG. The change in the benchmark market price from Brent to KBT has not yet been agreed and no lifting agreement has been in place since 1 September 2022. Nonetheless, the Shaikan Contractor continued to produce and the KRG continued to accept delivery of oil at the delivery points. GKP continues to consider that control of crude oil was transferred at the delivery points despite no commercial agreement being in place and as such has recognised revenue based on the proposed new pricing terms. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in note 2. During past PSC negotiations with the Ministry of Natural Resources (\u201cMNR\u201d), it was tentatively agreed that the Shaikan Contractor would provide the KRG a 20% carried working interest in the PSC. This would result in a reduction of GKP\u2019s working interest from 80% to 61.5%. To compensate for such decrease, capacity building payments expense would be reduced to 20% of profit petroleum. While the PSC has not been formally amended, it was agreed that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017. The financial statements reflect the proposed revised working interest of 61.5%. Relative to the PSC terms, the proposed revised invoicing terms result in a decrease in both revenue and cost of sales and on a net basis are slightly positive for the Company. As part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. The Company is in dialogue with the MNR to confirm whether to proceed with a formal amendment to the PSC to reflect current invoice terms. Income tax arising from the Company\u2019s activities under its PSC is settled by the KRG on behalf of the Company. Since the Company is not able to measure the amount of income tax that has been paid on its behalf the notional income tax amounts have not been included in revenue or in the tax charge. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-251": {
"value": "Finance revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective rate of interest 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. All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-293": {
"value": "Finance revenue Interest revenue is accrued on a time basis, by reference to the principal outstanding and at the effective rate of interest 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-250": {
"value": "Intangible assets Intangible assets include computer software and are measured at cost and amortised over their expected useful economic lives of three years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-294": {
"value": "Intangible assets Intangible assets include computer software and are measured at cost and amortised over their expected useful economic lives of three years. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-321": {
"value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation from 1 January 2023. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets, and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 3 years from the date they are put in use. Fixtures and equipment Fixtures and equipment assets are stated at cost less accumulated depreciation and any accumulated impairment losses. These assets are expensed on a straight-line basis over their estimated useful lives of 5 years from the date they are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-252": {
"value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation from 1 January 2023. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets, and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 3 years from the date they are put in use. Fixtures and equipment Fixtures and equipment assets are stated at cost less accumulated depreciation and any accumulated impairment losses. These assets are expensed on a straight-line basis over their estimated useful lives of 5 years from the date they are available for use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-340": {
"value": "Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation from 1 January 2023. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets, and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 3 years from the date they are put in use. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-296": {
"value": "Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field, and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in 2022 are based on the June 2022 draft FDP submitted to the MNR. The previous independent reserves report at 31 December 2020 did not reflect various known updates since completion of the report. A new Competent Person\u2019s Report reserves report has been completed by ERC Equipoise at 31 December 2022 and will be applied prospectively in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation from 1 January 2023. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-322": {
"value": "Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets 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, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do 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. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and 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. Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-253": {
"value": "Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets 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, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do 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. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and 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. Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-323": {
"value": "Borrowing costs Borrowing costs directly relating to the acquisition or construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are capitalised and added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-295": {
"value": "All other borrowing costs are recognised in the income statement in the period in which they are incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-298": {
"value": "Taxation Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax. 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 and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future 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 of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. 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 future taxable profits will be available to allow all or part assets 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 based on tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-254": {
"value": "Taxation Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax. Tax currently payable or recoverable is based on taxable profit or loss for the year. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance sheet date. As described in the revenue accounting policy section above, it is not possible to calculate the amount of notional tax in relation to any tax liabilities settled on behalf of the Group by the KRG. 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 and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future 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 of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. 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 future taxable profits will be available to allow all or part assets 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 based on tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-297": {
"value": "Foreign currencies The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are recorded 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 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. Gains and losses arising on retranslation are included in the income statement for the year. On consolidation, the assets and liabilities of the Group\u2019s foreign operations which use functional currencies other than US dollars are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity in the Group\u2019s translation reserve. On the disposal of a foreign operation, such translation differences are reclassified to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-324": {
"value": "The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-255": {
"value": "Inventories Inventories, except for hydrocarbon inventories, are stated at the lower of cost and net realisable value. Cost comprises 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 calculated using the weighted average cost method. Hydrocarbon inventories are recorded at net realisable value with changes in the value of hydrocarbon inventories being adjusted through cost of sales. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-299": {
"value": "Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group has become a party to the contractual provisions of the instrument. Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Financial assets at fair value through profit and loss Financial assets are held at fair value through profit and loss (\u201cFVTPL\u201d) when the financial asset is either held for trading or it is designated as FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the other gains and losses line in the income statement. Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group uses hedge accounting for certain derivative instruments. The Group uses cash flow hedge accounting when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from the economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the time value of the option are recognised in other comprehensive income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a rational basis \u2013 the Group applies straight-line amortisation. Those reclassified amounts are recognised in profit or loss. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the profit or loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Cash flow hedge The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the revenue line item. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs, which are charged to share premium. Borrowings Interest-bearing loans and overdrafts are recorded at the fair value of proceeds received, net of transaction costs. Finance charges, including premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The liability is carried at amortised cost using the effective interest rate method until maturity. Trade payables Trade payables are stated at amortised cost. The average maturity for trade and other payables is one to three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-341": {
"value": "Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Financial assets at fair value through profit and loss Financial assets are held at fair value through profit and loss (\u201cFVTPL\u201d) when the financial asset is either held for trading or it is designated as FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the other gains and losses line in the income statement. Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-256": {
"value": "Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-257": {
"value": "Cash and cash equivalents Cash and cash equivalents comprise cash on hand and demand deposits and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-258": {
"value": "Financial assets at fair value through profit and loss Financial assets are held at fair value through profit and loss (\u201cFVTPL\u201d) when the financial asset is either held for trading or it is designated as FVTPL. Financial assets at FVTPL are stated at fair value, with any gains or losses arising on re-measurement recognised in profit or loss. The net gain or loss recognised in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the other gains and losses line in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Borrowings Interest-bearing loans and overdrafts are recorded at the fair value of proceeds received, net of transaction costs. Finance charges, including premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The liability is carried at amortised cost using the effective interest rate method until maturity. Trade payables Trade payables are stated at amortised cost. The average maturity for trade and other payables is one to three months. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non current liabilities depending on underlying lease terms. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-325": {
"value": "Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-259": {
"value": "Derivative financial instruments The Group may utilise derivative financial instruments to manage its exposure to oil price, foreign exchange or interest rate risk. Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently re-measured to their fair value at each balance sheet date. The resulting gain or loss is recognised in the profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than twelve months and it is not expected to be realised or settled within twelve months. Other derivatives are presented as current assets or current liabilities. Hedge accounting The Group uses hedge accounting for certain derivative instruments. The Group uses cash flow hedge accounting when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from the economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the time value of the option are recognised in other comprehensive income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a rational basis \u2013 the Group applies straight-line amortisation. Those reclassified amounts are recognised in profit or loss. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the profit or loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Cash flow hedge The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the revenue line item. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "Hedge accounting The Group uses hedge accounting for certain derivative instruments. The Group uses cash flow hedge accounting when hedging the exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment. At the inception of the hedge relationship, the Group formally designates and documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking the hedge transaction. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is when the hedging relationship meets all of the following hedge effectiveness requirements: \u2022 there is an economic relationship between the hedged item and the hedging instrument; \u2022 the effect of credit risk does not dominate the value changes that result from the economic relationship; and \u2022 the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity of hedged item. If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates only the intrinsic value of option contracts as a hedged item, i.e. excluding the time value of the option. The changes in the fair value of the time value of the option are recognised in other comprehensive income and accumulated in the cost of hedging reserve. If the hedged item is transaction-related, the time value is reclassified to profit or loss when the hedged item affects profit or loss. If the hedged item is time-period related, then the amount accumulated in the cost of hedging reserve is reclassified to profit or loss on a rational basis \u2013 the Group applies straight-line amortisation. Those reclassified amounts are recognised in profit or loss. If the hedged item is a non-financial item, then the amount accumulated in the cost of hedging reserve is removed directly from equity and included in the initial carrying amount of the recognised non-financial item. Furthermore, if the Group expects that some or all of the profit or loss accumulated in cost of hedging reserve will not be recovered in the future, that amount is immediately reclassified to profit or loss. Cash flow hedge The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the revenue line item. The Group discontinues hedge accounting only when the hedging relationship (or a part thereof) ceases to meet the qualifying criteria (after rebalancing, if applicable). This includes instances when the hedging instrument expires or is sold, terminated or exercised. The discontinuation is accounted for prospectively. Any gain or loss recognised in other comprehensive income and accumulated in cash flow hedge reserve at that time remains in equity and is reclassified to profit or loss when the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in the cash flow hedge reserve is reclassified immediately to profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-326": {
"value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The Group always recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period, including time value of money where appropriate. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-260": {
"value": "Borrowings Interest-bearing loans and overdrafts are recorded at the fair value of proceeds received, net of transaction costs. Finance charges, including premiums payable on settlement or redemption, are accounted for on an accrual basis and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The liability is carried at amortised cost using the effective interest rate method until maturity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-261": {
"value": "Trade payables Trade payables are stated at amortised cost. The average maturity for trade and other payables is one to three months. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-262": {
"value": "Provisions Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Decommissioning provision Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure is dealt with prospectively. The unwinding of the discount is included as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-300": {
"value": "Decommissioning provision Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure is dealt with prospectively. The unwinding of the discount is included as a finance cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-263": {
"value": "Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 24. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share-based transactions are set out in note 24. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-301": {
"value": "Share-based payments Equity-settled share-based payments to employees and others providing similar services are measured at the fair value of the instruments at the grant date. Details regarding the determination of the fair value of equity-settled share-based transactions are set out in note 24. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share-based transactions are set out in note 24. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-264": {
"value": "Leases The Group assesses whether a contract contains a lease at inception of the contract. The Group recognises a right-of-use asset and corresponding lease liability in the consolidated balance sheet for all lease arrangements longer than twelve months, where it is the lessee and has control of the asset. For all other leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non current liabilities depending on underlying lease terms. The right-of-use assets are initially recognised on the balance sheet at cost, which comprises the amount of the initial measurement of the corresponding lease liability, adjusted for any lease payments made at or prior to the commencement date of the lease and any lease incentive received. For short-term leases (periods less than 12 months) and leases of low value, the Group has opted to recognise lease expense on a straight line basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-265": {
"value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies described above, the Group is required to make judgements, estimates and assumptions about the carrying amounts of 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 revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), 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. Revenue The recognition of revenue, particularly the recognition of revenue from exports, is considered to be a key accounting judgement. The Group began commercial production from the Shaikan Field in July 2013 and historically made sales to both the domestic and export markets. The Group considers that revenue can be reliably measured as it passes the delivery point into the export pipeline. The critical accounting judgement applied in preparing the 2022 financial statements is that it is appropriate to recognise revenue for deliveries from 1 September 2022 based on the proposed new pricing mechanism, notwithstanding that there is no signed lifting agreement for that period and the pricing mechanism has not yet been agreed. Further details of this judgement are provided in the sales revenue accounting policy above. In making this judgement, consideration was given to the fact that, subsequent to the year end, the Group received payment for September 2022 deliveries at an amount that was consistent with the proposed new pricing terms. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in Note 2. Any future agreements between the Company and the KRG might change the amounts of revenue recognised. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of producing assets In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment evaluation was completed and it was concluded that no impairment write-down was required. The key areas of estimation in the impairment assessment are as follows: \u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of 2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external sources of information; \u2022 All prices below are nominal and no impairment arose under either the base or stress case. Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028 31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1 31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3 31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9 31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3 \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a low-carbon future and our ambition to reduce scope one per barrel CO 2 emissions by at least 50% by 2025 versus the original 2020 baseline of 38 kgCO2 e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental carbon tax, resulted in an impairment arising. \u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect potential increased geopolitical risks and no impairment was identified; \u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone emissions as outlined above; \u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and \u2022 Timing of revenue receipts. In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d), including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-327": {
"value": "Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of producing assets In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment evaluation was completed and it was concluded that no impairment write-down was required. The key areas of estimation in the impairment assessment are as follows: \u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of 2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external sources of information; \u2022 All prices below are nominal and no impairment arose under either the base or stress case. Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028 31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1 31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3 31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9 31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3 \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a low-carbon future and our ambition to reduce scope one per barrel CO 2 emissions by at least 50% by 2025 versus the original 2020 baseline of 38 kgCO2 e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental carbon tax, resulted in an impairment arising. \u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect potential increased geopolitical risks and no impairment was identified; \u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone emissions as outlined above; \u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and \u2022 Timing of revenue receipts. In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d), including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-302": {
"value": "Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Carrying value of producing assets In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment evaluation was completed and it was concluded that no impairment write-down was required. The key areas of estimation in the impairment assessment are as follows: \u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of 2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external sources of information; \u2022 All prices below are nominal and no impairment arose under either the base or stress case. Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028 31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1 31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3 31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9 31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3 \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a low-carbon future and our ambition to reduce scope one per barrel CO 2 emissions by at least 50% by 2025 versus the original 2020 baseline of 38 kgCO2 e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental carbon tax, resulted in an impairment arising. \u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect potential increased geopolitical risks and no impairment was identified; \u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone emissions as outlined above; \u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and \u2022 Timing of revenue receipts. In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d), including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "Carrying value of producing assets In line with the Group\u2019s accounting policy on impairment, management performs an impairment review of the Group\u2019s oil and gas assets at least annually with reference to indicators as set out in IAS 36. The Group assesses its group of assets, called a cash-generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. The Group\u2019s sole CGU at 31 December 2022 was the Shaikan Field with a carrying value of $391.0 million (2021: $358.3 million). The Group performed an impairment trigger assessment and concluded that the Iraqi Supreme Court ruling in February 2022 and the change in the proposed basis of calculating the realised oil price from September 2022 were potential impairment triggers. Accordingly a full impairment evaluation was completed and it was concluded that no impairment write-down was required. The key areas of estimation in the impairment assessment are as follows: \u2022 Commodity prices for the current year were based on the forward curve as at December 2022 for the period 2023 to 2028 with inflation of 2% per annum thereafter. Prices at 31 December 2021 were determined based on the latest internal estimates, benchmarked with external sources of information; \u2022 All prices below are nominal and no impairment arose under either the base or stress case. Scenario ($/bbl \u2013 nominal) 2022 2023 2024 2025 2026 2027 2028 31 December 2022 \u2013 base case n/a 83.4 78.2 74.5 71.7 69.6 68.1 31 December 2022 \u2013 stress case n/a 75.1 70.4 67.1 64.5 62.6 61.3 31 December 2021 \u2013 base case 81 56.1 57.2 58.4 59.5 60.7 61.9 31 December 2021 \u2013 stress case 80 51.0 52.0 53.1 54.1 55.2 56.3 \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks, the transition to a low-carbon future and our ambition to reduce scope one per barrel CO 2 emissions by at least 50% by 2025 versus the original 2020 baseline of 38 kgCO2 e per barrel dependent on the timely sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) Announced Pledges Scenario (\u201cAPS\u201d) and Net Zero Emissions (\u201cNZE\u201d) climate scenario oil prices and carbon taxes were used to evaluate the potential impact of the principal climate change transition risks. The APS being that governments will meet, in full and on time, all of the climate-related commitments that they have announced, including longer term net zero emissions targets and pledges in Nationally Determined Contributions (\u201cNDCs\u201d) to reduce national emissions and adapt to the impacts of climate change leading to a global temperature rise of 1.7\u00b0C in 2100. The NZE being the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Neither adoption of the APS price scenario nor NZE price scenario, both with and without the addition of an incremental carbon tax, resulted in an impairment arising. \u2022 Discount rates that are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq (\u201cKRI\u201d). The impairment analysis was based on a pre-tax nominal 15% discount rate (2021: 15%). The impact of an increase in the discount rate to 20% was considered to reflect potential increased geopolitical risks and no impairment was identified; \u2022 Operating costs and capital expenditure that are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, including the impact of forecast short term inflationary pressures, as well as the nature and location of the operation and the risks associated therewith. Base case costs assumptions used in the assessment reflect the latest cost estimates for the FDP, which includes the estimated cost of implementing a Gas Management Plan, as part of our ambition to reduce scopeone emissions as outlined above; \u2022 Commercial reserves and production profiles used in the assessment are consistent with the latest draft FDP and materially consistent with the figures shown in the new independent reserves report recently completed by ERC Equipoise at 31 December 2022; and \u2022 Timing of revenue receipts. In February 2022, the Iraqi Federal Supreme Court (\u201cFSC\u201d) had ruled that the Kurdistan Oil and Gas Law (\u201cKROGL\u201d) was unconstitutional and subsequently the Iraqi Ministry of Oil commenced proceedings in the Baghdad Commercial Court against International Oil Companies (\u201cIOCs\u201d), including Gulf Keystone, operating in the KRI seeking to nullify the PSCs issued under the KROGL. The Company understands that the Baghdad Commercial Court has issued adverse judgements against many of the IOCs, including Gulf Keystone, in absentia. The KRG continues to affirm that KROGL is validly constituted and the PSCs issued are valid and in full force and effect. The Company\u2019s operations in the Shaikan Field are currently unaffected. However, the matter continues to be closely monitored, including any potential impact on the restrictions placed on the export of crude oil, service contractors or any other parties by the Iraqi Ministry of Oil. Reconciliation of Trade Receivables 2022 2021 $\u2019000 $\u2019000 Gross carrying amount 161,112 175,754 Less: Impairment allowance (3,080) (1,120) Carrying value at 31 December 158,032 174,634 Gross trade receivables of $161.1 million (2021: $175.8 million) are comprised of invoiced amounts due from the KRG for crude oil sales totalling $148.9 million (2021: $163.6 million) related to August \u2013 December 2022 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2021: $12.2 million). As detailed in the Summary of significant accounting policies, sales revenue for September \u2013 December 2022 production and Note 2, the revenue and corresponding receivable have been recognised based on a proposed pricing mechanism. On 8 March 2023 GKP received payment for crude oil sales relating to September 2022 in line with the proposed pricing mechanism; this does not indicate that GKP has accepted the terms of this proposed pricing mechanism. At 31 December 2022, overdue trade receivables relating to oil sales for August to October 2022 aggregated $99.1 million (2021: $60.4 million). Since year end, $69.0 million has been received; $40.8 million relating to August oil sales and $28.2 million relating to September oil sales, which reflects the proposed pricing mechanism based upon discounted KBT. While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, the ECL on the overdue receivable balance of $3.1 million (2021: $1.1 million) was provided against the receivables balance in line with the requirements of IFRS 9. During the year, a $2.0 million charge was recognised due to the increase in the ECL provision (2021: credit of $7.1 million); driven by an estimated increase in the probability of counterparty default as well as an extension to the expected date of receipt of outstanding receivables. Reconciliation of Trade Receivables continued The Group received the final payments in relation to the arrears outstanding at 31 December 2021 in relation to November 2019 to February 2020 invoices totalling $41.0 million during 2022. This was settled in line with the KRG\u2019s proposal to pay 50% of the difference between the monthly average dated Brent price and $50/bbl multiplied by the gross Shaikan crude oil volumes sold in the month. ECL sensitivities The Group\u2019s profit before tax was not materially sensitive to movements of +/-10% in production level, Brent price, loss given default or probability of default. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-266": {
"value": "1 Geographical information The Group\u2019s non-current assets, excluding deferred tax assets and other financial assets, by geographical location are detailed below: 2022 2021 $\u2019000 $\u2019000 Kurdistan 436,213 402,787 United Kingdom 4,537 5,001 440,750 407,788 The Chief Operating Decision Maker, as per the definition in IFRS 8, is considered to be the Board of Directors. The Group operates in a single segment, that of oil and gas exploration, development and production, in a single geographical location, the Kurdistan Region of Iraq. As a result, the financial information of the single segment is the same as set out in the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the related notes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-303": {
"value": "The Chief Operating Decision Maker, as per the definition in IFRS 8, is considered to be the Board of Directors. The Group operates in a single segment, that of oil and gas exploration, development and production, in a single geographical location, the Kurdistan Region of Iraq. As a result, the financial information of the single segment is the same as set out in the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and the related notes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-344": {
"value": "2 Revenue 2022 2021 $\u2019000 $\u2019000 Oil sales 460,113 305,142 Hedging losses reclassified to revenue \u2014 (3,753) 460,113 301,389 The Group accounting policy for revenue recognition is set out in the \u2018Summary of significant accounting policies\u2019, with revenue recognised upon crude oil passing the delivery points into the export pipeline. From 1 January 2022 to 31 August 2022 the realised sales price was based on the weighted monthly average Dated Brent price, which was $107.3/bbl during the period (2021: $70.8/bbl) less a weighted monthly average discount of $23.3 (2021: $21.2) per barrel for quality and pipeline tariff costs. Since 1 September 2022 there has been no lifting agreement in place between the Shaikan Contractor and the KRG; production and export has continued whilst negotiations are ongoing. The KRG proposal is for a new pricing mechanism based upon the average monthly Kurdistan blend (\u201cKBT\u201d) sales price realised by the KRG at Ceyhan, as advised by the KRG. The Company has not accepted the proposal and continues to invoice the KRG for oil sales based on the pre-1 September 2022 pricing formula. Oil sales during 2022 were impacted by $2.4 million of backdated pipeline tariff increases related to 2021 (2021: nil). Considering the uncertainty in respect of the pricing mechanism, the Company has concluded that it is appropriate to recognise revenue based on the proposed mechanism from September to December 2022. The revenue impact of the proposed pricing mechanism for the period is estimated to be a reduction of $23.4 million. Taking into account the associated reduction in capacity building payments results in a total reduction of profit after tax for the year of $21.7 million. Any difference between the proposed and final pricing mechanism will be reflected in future periods. Information about major customers All oil sales revenue relates to sales to the KRG. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-267": {
"value": "2 Revenue 2022 2021 $\u2019000 $\u2019000 Oil sales 460,113 305,142 Hedging losses reclassified to revenue \u2014 (3,753) 460,113 301,389 The Group accounting policy for revenue recognition is set out in the \u2018Summary of significant accounting policies\u2019, with revenue recognised upon crude oil passing the delivery points into the export pipeline. From 1 January 2022 to 31 August 2022 the realised sales price was based on the weighted monthly average Dated Brent price, which was $107.3/bbl during the period (2021: $70.8/bbl) less a weighted monthly average discount of $23.3 (2021: $21.2) per barrel for quality and pipeline tariff costs. Since 1 September 2022 there has been no lifting agreement in place between the Shaikan Contractor and the KRG; production and export has continued whilst negotiations are ongoing. The KRG proposal is for a new pricing mechanism based upon the average monthly Kurdistan blend (\u201cKBT\u201d) sales price realised by the KRG at Ceyhan, as advised by the KRG. The Company has not accepted the proposal and continues to invoice the KRG for oil sales based on the pre-1 September 2022 pricing formula. Oil sales during 2022 were impacted by $2.4 million of backdated pipeline tariff increases related to 2021 (2021: nil). Considering the uncertainty in respect of the pricing mechanism, the Company has concluded that it is appropriate to recognise revenue based on the proposed mechanism from September to December 2022. The revenue impact of the proposed pricing mechanism for the period is estimated to be a reduction of $23.4 million. Taking into account the associated reduction in capacity building payments results in a total reduction of profit after tax for the year of $21.7 million. Any difference between the proposed and final pricing mechanism will be reflected in future periods. Information about major customers All oil sales revenue relates to sales to the KRG. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "3 Cost of sales 2022 2021 $\u2019000 $\u2019000 Operating costs 41,835 34,372 Capacity building payments 34,927 23,529 Change in oil inventory value 555 (348) Depreciation of oil and gas assets and operational assets 80,225 54,168 Impairment of surplus drilling stock 1,109 \u2014 158,651 111,721 Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. Further details on the depreciation of oil and gas assets and operational assets, as well as the recognition of capacity building payments, are set out in the Summary of significant accounting policies section. The Company updated the depreciation calculation based on the June 2022 draft FDP submitted to the MNR including an internal reserves and cost update. This resulted in a higher DD&A per barrel rate. The new DD&A rate constitutes a change in accounting estimate and is reflected in the financial statements effective 1 January 2022. The impairment of surplus drilling stocks includes the carrying value of items not anticipated to be used in future drilling operations. 4 Other general and administrative expenses 2022 2021 $\u2019000 $\u2019000 Depreciation and amortisation 1,563 940 Auditor\u2019s remuneration (see below) 703 583 Other general and administrative costs 9,936 12,120 12,202 13,643 Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field. 2022 2021 $\u2019000 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318 Fees payable to the Company\u2019s auditor for other services to the Group \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28 Total audit fees 456 346 Advisory services 112 107 Other assurance services (including a half year review) 135 130 Total fees 703 583 5 Share option related expense 2022 2021 $\u2019000 $\u2019000 Share-based payment expense 3,266 2,255 Payments related to share options exercised 8,690 4,142 Share-based payment related provision for taxes 1,800 2,093 13,756 8,490 On the final exercise of the legacy Value Creation Plan (\u201cVCP\u201d) share options by former Directors, the Company elected to make required tax withholding settlements in cash instead of issuing and selling additional shares. This together with payment of dividends accumulated during the vesting period are the main components of the payments related to share options exercised. The legacy VCP scheme totalled $9.5 million of the $13.8 million expense (2021: $3.4 million). There are no further VCP share options outstanding and the plan has been terminated. 6 Staff costs The average number of employees and contractors (including Executive directors) employed by the Group was 460 (2021: 349); the number of full-time equivalents of these workers was 317 (2021: 237). Average number Average number of employees of full-time equivalents 2022 2021 2022 2021 Kurdistan 421 317 280 205 United Kingdom 39 32 37 32 Total 460 349 317 237 Staff costs were as follows: 2022 2021 $\u2019000 $\u2019000 Wages and salaries 46,879 36,835 Social security costs 2,503 1,880 Share-based payment (see note 24) 4,260 3,009 53,642 41,724 Staff costs include costs relating to contractors who are long-term workers in key positions, and are included in PPE additions, cost of sales and other general and administrative expenditure depending on the nature of such costs. Staff costs are shown gross before amounts recharged to joint operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-328": {
"value": "3 Cost of sales 2022 2021 $\u2019000 $\u2019000 Operating costs 41,835 34,372 Capacity building payments 34,927 23,529 Change in oil inventory value 555 (348) Depreciation of oil and gas assets and operational assets 80,225 54,168 Impairment of surplus drilling stock 1,109 \u2014 158,651 111,721 Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. Further details on the depreciation of oil and gas assets and operational assets, as well as the recognition of capacity building payments, are set out in the Summary of significant accounting policies section. The Company updated the depreciation calculation based on the June 2022 draft FDP submitted to the MNR including an internal reserves and cost update. This resulted in a higher DD&A per barrel rate. The new DD&A rate constitutes a change in accounting estimate and is reflected in the financial statements effective 1 January 2022. The impairment of surplus drilling stocks includes the carrying value of items not anticipated to be used in future drilling operations. 4 Other general and administrative expenses 2022 2021 $\u2019000 $\u2019000 Depreciation and amortisation 1,563 940 Auditor\u2019s remuneration (see below) 703 583 Other general and administrative costs 9,936 12,120 12,202 13,643 Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field. 2022 2021 $\u2019000 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318 Fees payable to the Company\u2019s auditor for other services to the Group \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28 Total audit fees 456 346 Advisory services 112 107 Other assurance services (including a half year review) 135 130 Total fees 703 583 5 Share option related expense 2022 2021 $\u2019000 $\u2019000 Share-based payment expense 3,266 2,255 Payments related to share options exercised 8,690 4,142 Share-based payment related provision for taxes 1,800 2,093 13,756 8,490 On the final exercise of the legacy Value Creation Plan (\u201cVCP\u201d) share options by former Directors, the Company elected to make required tax withholding settlements in cash instead of issuing and selling additional shares. This together with payment of dividends accumulated during the vesting period are the main components of the payments related to share options exercised. The legacy VCP scheme totalled $9.5 million of the $13.8 million expense (2021: $3.4 million). There are no further VCP share options outstanding and the plan has been terminated. 6 Staff costs The average number of employees and contractors (including Executive directors) employed by the Group was 460 (2021: 349); the number of full-time equivalents of these workers was 317 (2021: 237). Average number Average number of employees of full-time equivalents 2022 2021 2022 2021 Kurdistan 421 317 280 205 United Kingdom 39 32 37 32 Total 460 349 317 237 Staff costs were as follows: 2022 2021 $\u2019000 $\u2019000 Wages and salaries 46,879 36,835 Social security costs 2,503 1,880 Share-based payment (see note 24) 4,260 3,009 53,642 41,724 Staff costs include costs relating to contractors who are long-term workers in key positions, and are included in PPE additions, cost of sales and other general and administrative expenditure depending on the nature of such costs. Staff costs are shown gross before amounts recharged to joint operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-304": {
"value": "3 Cost of sales 2022 2021 $\u2019000 $\u2019000 Operating costs 41,835 34,372 Capacity building payments 34,927 23,529 Change in oil inventory value 555 (348) Depreciation of oil and gas assets and operational assets 80,225 54,168 Impairment of surplus drilling stock 1,109 \u2014 158,651 111,721 Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. Further details on the depreciation of oil and gas assets and operational assets, as well as the recognition of capacity building payments, are set out in the Summary of significant accounting policies section. The Company updated the depreciation calculation based on the June 2022 draft FDP submitted to the MNR including an internal reserves and cost update. This resulted in a higher DD&A per barrel rate. The new DD&A rate constitutes a change in accounting estimate and is reflected in the financial statements effective 1 January 2022. The impairment of surplus drilling stocks includes the carrying value of items not anticipated to be used in future drilling operations. 4 Other general and administrative expenses 2022 2021 $\u2019000 $\u2019000 Depreciation and amortisation 1,563 940 Auditor\u2019s remuneration (see below) 703 583 Other general and administrative costs 9,936 12,120 12,202 13,643 Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-268": {
"value": "3 Cost of sales 2022 2021 $\u2019000 $\u2019000 Operating costs 41,835 34,372 Capacity building payments 34,927 23,529 Change in oil inventory value 555 (348) Depreciation of oil and gas assets and operational assets 80,225 54,168 Impairment of surplus drilling stock 1,109 \u2014 158,651 111,721 Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. Further details on the depreciation of oil and gas assets and operational assets, as well as the recognition of capacity building payments, are set out in the Summary of significant accounting policies section. The Company updated the depreciation calculation based on the June 2022 draft FDP submitted to the MNR including an internal reserves and cost update. This resulted in a higher DD&A per barrel rate. The new DD&A rate constitutes a change in accounting estimate and is reflected in the financial statements effective 1 January 2022. The impairment of surplus drilling stocks includes the carrying value of items not anticipated to be used in future drilling operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "4 Other general and administrative expenses 2022 2021 $\u2019000 $\u2019000 Depreciation and amortisation 1,563 940 Auditor\u2019s remuneration (see below) 703 583 Other general and administrative costs 9,936 12,120 12,202 13,643 Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field. 2022 2021 $\u2019000 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318 Fees payable to the Company\u2019s auditor for other services to the Group \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28 Total audit fees 456 346 Advisory services 112 107 Other assurance services (including a half year review) 135 130 Total fees 703 583 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-269": {
"value": "4 Other general and administrative expenses 2022 2021 $\u2019000 $\u2019000 Depreciation and amortisation 1,563 940 Auditor\u2019s remuneration (see below) 703 583 Other general and administrative costs 9,936 12,120 12,202 13,643 Of the $12.2 million of general and administrative expenses, $5.2 million (2021: $4.1 million) were incurred in relation to the Shaikan Field. 2022 2021 $\u2019000 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318 Fees payable to the Company\u2019s auditor for other services to the Group \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28 Total audit fees 456 346 Advisory services 112 107 Other assurance services (including a half year review) 135 130 Total fees 703 583 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-305": {
"value": "2022 2021 $\u2019000 $\u2019000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 430 318 Fees payable to the Company\u2019s auditor for other services to the Group \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 26 28 Total audit fees 456 346 Advisory services 112 107 Other assurance services (including a half year review) 135 130 Total fees 703 583 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-270": {
"value": "5 Share option related expense 2022 2021 $\u2019000 $\u2019000 Share-based payment expense 3,266 2,255 Payments related to share options exercised 8,690 4,142 Share-based payment related provision for taxes 1,800 2,093 13,756 8,490 On the final exercise of the legacy Value Creation Plan (\u201cVCP\u201d) share options by former Directors, the Company elected to make required tax withholding settlements in cash instead of issuing and selling additional shares. This together with payment of dividends accumulated during the vesting period are the main components of the payments related to share options exercised. The legacy VCP scheme totalled $9.5 million of the $13.8 million expense (2021: $3.4 million). There are no further VCP share options outstanding and the plan has been terminated. 24 Share-based payments 2022 2021 $\u2019000 $\u2019000 Total share options charge 3,266 2,664 Capitalised share options charge \u2014 (409) Share options charge in Income Statement 3,266 2,255 Value Creation Plan (\u201cVCP\u201d) The VCP was approved by shareholders in December 2016. As at 31 December 2022, nil (2021: 3.5 million) nil-cost share options were outstanding under the VCP. There will be no further awards under the plan. During the year, the awards that were outstanding at 31 December 2021 vested, with the Company achieving a Total Shareholder Return (\u201cTSR\u201d) of at least 8% compound annual growth, in accordance with the VCP rules. 2022 2021 Number of Number of share options share options \u2019000 \u2019000 Outstanding at 1 January 3,508 7,017 Exercised during the year (3,508) (3,509) Outstanding at 31 December \u2014 3,508 Exercisable at 31 December \u2014 3,508 No VCP options remained outstanding at 31 December 2022 with all remaining awards at 2021 year end fully exercised in 2022. Staff Retention Plan At the 2016 Annual General Meeting (\u201cAGM\u201d), shareholders approved the adoption of the Gulf Keystone Petroleum 2016 Staff Retention Plan (\u201cSRP\u201d), which is designed to reward members of staff through the grant of share options at a zero exercise price. The exercise of the nil-cost awarded options is not subject to any performance conditions and can be exercised at any time after the three year vesting period but within ten years after the date of grant. If options are not exercised within ten years, the options will lapse and will not be exercisable. If an employee leaves the company during the three years from the date of grant, the options will lapse on the date notice to leave is given to the company. Should an employee be regarded as a good leaver as defined in the scheme rules, the options may be exercised at any time within a period of six months from departure date. 2022 2021 Number of Number of share options share options \u2019000 \u2019000 Outstanding at 1 January 65 973 Exercised during the year (55) (908) Outstanding at 31 December 10 65 Exercisable at 31 December 10 65 The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.56 (2021: \u00a31.70). During the year no options (2021: nil) were granted to employees under the Group\u2019s SRP. A charge of nil (2021: nil) in relation to the SRP is included in the total share options charge. Share options outstanding at the end of the year have the exercise price of nil and the following expiry dates: Options (\u2019000) Expiry date 2022 2021 11 December 2026 9 12 30 June 2027 1 53 10 65 The options outstanding at 31 December 2022 had a weighted average remaining contractual life of four years. Long Term Incentive Plan The Gulf Keystone Petroleum 2014 Long Term Incentive Plan (\u201cLTIP\u201d) is designed to reward members of staff through the grant of share options at a zero exercise price, that vest three years after grant, subject to the fulfilment of specified performance conditions. These performance conditions are 50% TSR over the vesting period and 50% the Group\u2019s TSR relative to a bespoke group of comparators. 2022 2021 Number of Number of share options share options \u2019000 \u2019000 Outstanding at 1 January 8,275 7, 254 Granted during the year 2,278 2,747 Exercised during the year (586) (1,014) Forfeited during the year (1,182) (712) Outstanding at 31 December 8,785 8,275 Exercisable at 31 December \u2014 \u2014 The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.44 (2021: \u00a31.69). The inputs into the calculation of fair values of the shares granted during the year are as follows: 2022 2021 Weighted average share price \u00a32.44 \u00a32.26 Weighted average exercise price Nil Nil Expected volatility 57.7% 58.7% Expected life 3 years 3 years Risk-free rate 0.14% 0.14% Expected dividend yield (on the basis dividends equivalents received) Nil Nil The options outstanding at 31 December 2022 had a weighted average remaining contractual life of two years. The aggregate of the estimated fair value of options granted in 2022 is $5.0 million (2021: $4.3 million). A charge of $3.1 million (2021: $2.5 million) in relation to the LTIP is included in the total share options charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-271": {
"value": "The average number of employees and contractors (including Executive directors) employed by the Group was 460 (2021: 349); the number of full-time equivalents of these workers was 317 (2021: 237). Average number Average number of employees of full-time equivalents 2022 2021 2022 2021 Kurdistan 421 317 280 205 United Kingdom 39 32 37 32 Total 460 349 317 237 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-272": {
"value": "Staff costs were as follows: 2022 2021 $\u2019000 $\u2019000 Wages and salaries 46,879 36,835 Social security costs 2,503 1,880 Share-based payment (see note 24) 4,260 3,009 53,642 41,724 Staff costs include costs relating to contractors who are long-term workers in key positions, and are included in PPE additions, cost of sales and other general and administrative expenditure depending on the nature of such costs. Staff costs are shown gross before amounts recharged to joint operations. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-346": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-329": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-306": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-273": {
"value": "7 Finance costs and finance revenue 2022 2021 $\u2019000 $\u2019000 Notes interest expense (see note 16) (5,833) (10,000) Unwinding of finance and arrangement fees (see note 16) (879) (489) Notes repayment fee (see note 16) (2,000) \u2014 Finance lease interest (77) (123) Unwinding of discount on provisions (see note 17) (866) (741) Total finance costs (9,655) (11,353) Finance revenue 648 419 Net finance costs (9,007) (10,934) On 2 August 2022 the Group redeemed the $100m notes and paid an early repayment fee (see note 16). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-274": {
"value": "8 Income tax 2022 2021 $\u2019000 $\u2019000 Current year credit 216 75 Prior year adjustment \u2014 28 Deferred UK corporation tax credit (see note 18) 109 771 Tax credit attributable to the Company and its subsidiaries 325 874 The Group is not required to pay taxes in Bermuda on either income or capital gains. The Group has received an undertaking from the Minister of Finance in Bermuda exempting it from any such taxes at least until the year 2035. In the Kurdistan Region of Iraq, the Group is subject to corporate income tax on its income from petroleum operations under the Kurdistan PSC. Under the Shaikan PSC, any corporate income tax arising from petroleum operations will be paid from the KRG\u2019s share of petroleum profits. Due to the uncertainty over the payment mechanism for oil sales in Kurdistan, it has not been possible to measure reliably the taxation due that has been paid on behalf of the Group by the KRG and therefore the notional tax amounts have not been included in revenue or in the tax charge. This is an accounting presentational issue and there is no taxation to be paid. The annual UK corporation tax rate for the year ended 31 December 2022 was 19.0% (2021: 19.0%). On 3 March 2021, the UK Government announced that the corporation tax rate in the UK will increase to 25% for companies with taxable profits above \u00a3250,000 with effect from 1 April 2023, as well as announcing a number of other changes to allowances and treatment of losses. These changes were substantively enacted as at 31 December 2021. Deferred tax is provided for due to the temporary differences, which give rise to such a balance in jurisdictions subject to income tax. All deferred tax arises in the UK. 18 Deferred tax asset The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods. The deferred tax assets arise in the United Kingdom. Accelerated tax Share-based Tax losses depreciation payments carried forward Total $\u2019000 $\u2019000 $\u2019000 $\u2019000 At 1 January 2021 (115) 732 \u2014 617 (Charge)/credit to income statement (381) 321 831 771 Exchange differences 1 (4) \u2014 (3) At 31 December 2021 (495) 1,049 831 1,385 (Charge)/credit to income statement (139) 241 223 325 Exchange differences 62 (109) (87) (134) At 31 December 2022 (572) 1,181 967 1,576 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-275": {
"value": "9 Profit per share The calculation of the basic and diluted profit per share is based on the following data: 2022 2021 Profit after tax for basic and diluted per share calculations ($\u2019000) 266,094 164,597 Number of shares (\u2018000s): Basic weighted average number of ordinary shares 215,420 213,384 Basic EPS (cents) 123.52 77.14 The Group followed the steps specified by IAS 33 in determining whether potential common shares are dilutive or anti-dilutive. Reconciliation of dilutive shares: 2022 2021 Number of shares (\u2018000s) Basic weighted average number of ordinary shares outstanding 215,420 213,384 Effect of potential dilutive share options 8,909 11,962 Diluted number of ordinary shares outstanding 224,329 225,346 Diluted EPS (cents) 118.62 73.04 The weighted average number of ordinary shares in issue excludes shares held by Employee Benefit Trust (\u201cEBT\u201d). The diluted number of ordinary shares outstanding is calculated on the assumption of the exercise of all potentially dilutive share options. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-307": {
"value": "10 Intangible assets Computer software $\u2019000 Year ended 31 December 2021 Opening net book value 933 Additions 2,742 Amortisation charge (25) Foreign currency translation differences (67) Closing net book value 3,583 At 31 December 2021 Cost 4,722 Accumulated amortisation (1,139) Net book value 3,583 Year ended 31 December 2022 Opening net book value 3,583 Additions 2,074 Amortisation charge (859) Foreign currency translation differences (491) Closing net book value 4,307 At 31 December 2022 Cost 6,305 Accumulated amortisation (1,998) Net book value 4,307 The amortisation charge of $859,000 (2021: $25,000) for computer software has been included in other general and administrative expenses (see note 4). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-276": {
"value": "10 Intangible assets Computer software $\u2019000 Year ended 31 December 2021 Opening net book value 933 Additions 2,742 Amortisation charge (25) Foreign currency translation differences (67) Closing net book value 3,583 At 31 December 2021 Cost 4,722 Accumulated amortisation (1,139) Net book value 3,583 Year ended 31 December 2022 Opening net book value 3,583 Additions 2,074 Amortisation charge (859) Foreign currency translation differences (491) Closing net book value 4,307 At 31 December 2022 Cost 6,305 Accumulated amortisation (1,998) Net book value 4,307 The amortisation charge of $859,000 (2021: $25,000) for computer software has been included in other general and administrative expenses (see note 4). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-308": {
"value": "11 Property, plant and equipment Oil and gas Fixtures and Right of use assets equipment assets Total $\u2019000 $\u2019000 $\u2019000 $\u2019000 Year ended 31 December 2021 Opening net book value 402,620 1,187 1,662 405,469 Additions 46,165 203 76 46,444 Disposals \u2014 \u2014 (1,432) (1,432) Revision to decommissioning asset 7,429 \u2014 \u2014 7,429 Depreciation charge (54,120) (351) (612) (55,083) Accumulated depreciation eliminated on disposal \u2014 \u2014 1,405 1,405 Foreign currency translation differences (1) (6) (21) (28) Closing net book value 402,094 1,033 1,078 404,205 At 31 December 2021 Cost 831,924 7,363 2,246 841,533 Accumulated depreciation (429,830) (6,330) (1,168) (437,328) Net book value 402,094 1,033 1,078 404,205 Year ended 31 December 2022 Opening net book value 402,094 1,033 1,078 404,205 Additions 114,909 1,595 \u2014 116,504 Impairment of surplus drilling stocks (1,109) \u2014 \u2014 (1,109) Revision to decommissioning asset (2,161) \u2014 \u2014 (2,161) Depreciation charge (80,177) (359) (347) (80,883) Foreign currency translation differences \u2014 (12) (101) (113) Closing net book value 433,556 2,257 630 436,443 At 31 December 2022 Cost 943,563 8,946 2,145 954,654 Accumulated depreciation (510,007) (6,689) (1,515) (518,211) Net book value 433,556 2,257 630 436,443 The net book value of oil and gas assets at 31 December 2022 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $433.6 million (2021: $402.1 million). The additions to the Shaikan asset during the year include costs relating to the drilling and completion of SH-15 and SH-16, and SH-17 that was completed early 2023, well pad preparation, PF-1 and PF-2 expansion and water handling activities, and subsurface studies. The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 17 partially offset by additional decommissioning activities arising from capital projects completed during the year and revisions to decommissioning cost estimates. The DD&A charge of $80.2 million (2021: $54.1 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation charge of $0.4 million (2021: $0.4 million) on fixtures and equipment and $0.3 million (2021: $0.6 million) on right of use assets has been included in general and administrative expenses (note 4). Right of use assets at 31 December 2022 of $0.6 million (2021: $1.1 million) consisted principally of buildings. For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and judgements\u201d section of the Summary of significant accounting policies. 22 Lease Liabilities During 2022, the total cash outflows relating to leased assets was $0.5 million (2021: $0.7 million); this amount is the total of capital repayments, interest charges and foreign exchange impact. 2022 2021 $\u2019000 $\u2019000 Analysed as: Current liabilities (note 15) 385 419 Non-current liabilities (note 15) 325 789 710 1,208 Lease liability maturity analysis Year 1 385 419 Year 2 325 789 Amounts payable under leases Within one year 436 509 In the second to fifth year inclusive 339 868 775 1,377 Less future interest charges (65) (169) Net present value of lease obligations 710 1,208 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-330": {
"value": "11 Property, plant and equipment Oil and gas Fixtures and Right of use assets equipment assets Total $\u2019000 $\u2019000 $\u2019000 $\u2019000 Year ended 31 December 2021 Opening net book value 402,620 1,187 1,662 405,469 Additions 46,165 203 76 46,444 Disposals \u2014 \u2014 (1,432) (1,432) Revision to decommissioning asset 7,429 \u2014 \u2014 7,429 Depreciation charge (54,120) (351) (612) (55,083) Accumulated depreciation eliminated on disposal \u2014 \u2014 1,405 1,405 Foreign currency translation differences (1) (6) (21) (28) Closing net book value 402,094 1,033 1,078 404,205 At 31 December 2021 Cost 831,924 7,363 2,246 841,533 Accumulated depreciation (429,830) (6,330) (1,168) (437,328) Net book value 402,094 1,033 1,078 404,205 Year ended 31 December 2022 Opening net book value 402,094 1,033 1,078 404,205 Additions 114,909 1,595 \u2014 116,504 Impairment of surplus drilling stocks (1,109) \u2014 \u2014 (1,109) Revision to decommissioning asset (2,161) \u2014 \u2014 (2,161) Depreciation charge (80,177) (359) (347) (80,883) Foreign currency translation differences \u2014 (12) (101) (113) Closing net book value 433,556 2,257 630 436,443 At 31 December 2022 Cost 943,563 8,946 2,145 954,654 Accumulated depreciation (510,007) (6,689) (1,515) (518,211) Net book value 433,556 2,257 630 436,443 The net book value of oil and gas assets at 31 December 2022 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $433.6 million (2021: $402.1 million). The additions to the Shaikan asset during the year include costs relating to the drilling and completion of SH-15 and SH-16, and SH-17 that was completed early 2023, well pad preparation, PF-1 and PF-2 expansion and water handling activities, and subsurface studies. The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 17 partially offset by additional decommissioning activities arising from capital projects completed during the year and revisions to decommissioning cost estimates. The DD&A charge of $80.2 million (2021: $54.1 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation charge of $0.4 million (2021: $0.4 million) on fixtures and equipment and $0.3 million (2021: $0.6 million) on right of use assets has been included in general and administrative expenses (note 4). Right of use assets at 31 December 2022 of $0.6 million (2021: $1.1 million) consisted principally of buildings. For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and judgements\u201d section of the Summary of significant accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-277": {
"value": "11 Property, plant and equipment Oil and gas Fixtures and Right of use assets equipment assets Total $\u2019000 $\u2019000 $\u2019000 $\u2019000 Year ended 31 December 2021 Opening net book value 402,620 1,187 1,662 405,469 Additions 46,165 203 76 46,444 Disposals \u2014 \u2014 (1,432) (1,432) Revision to decommissioning asset 7,429 \u2014 \u2014 7,429 Depreciation charge (54,120) (351) (612) (55,083) Accumulated depreciation eliminated on disposal \u2014 \u2014 1,405 1,405 Foreign currency translation differences (1) (6) (21) (28) Closing net book value 402,094 1,033 1,078 404,205 At 31 December 2021 Cost 831,924 7,363 2,246 841,533 Accumulated depreciation (429,830) (6,330) (1,168) (437,328) Net book value 402,094 1,033 1,078 404,205 Year ended 31 December 2022 Opening net book value 402,094 1,033 1,078 404,205 Additions 114,909 1,595 \u2014 116,504 Impairment of surplus drilling stocks (1,109) \u2014 \u2014 (1,109) Revision to decommissioning asset (2,161) \u2014 \u2014 (2,161) Depreciation charge (80,177) (359) (347) (80,883) Foreign currency translation differences \u2014 (12) (101) (113) Closing net book value 433,556 2,257 630 436,443 At 31 December 2022 Cost 943,563 8,946 2,145 954,654 Accumulated depreciation (510,007) (6,689) (1,515) (518,211) Net book value 433,556 2,257 630 436,443 The net book value of oil and gas assets at 31 December 2022 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $433.6 million (2021: $402.1 million). The additions to the Shaikan asset during the year include costs relating to the drilling and completion of SH-15 and SH-16, and SH-17 that was completed early 2023, well pad preparation, PF-1 and PF-2 expansion and water handling activities, and subsurface studies. The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 17 partially offset by additional decommissioning activities arising from capital projects completed during the year and revisions to decommissioning cost estimates. The DD&A charge of $80.2 million (2021: $54.1 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation charge of $0.4 million (2021: $0.4 million) on fixtures and equipment and $0.3 million (2021: $0.6 million) on right of use assets has been included in general and administrative expenses (note 4). Right of use assets at 31 December 2022 of $0.6 million (2021: $1.1 million) consisted principally of buildings. For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and judgements\u201d section of the Summary of significant accounting policies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-309": {
"value": "12 Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2022 is as follows: Proportion of Name of subsidiary Place of incorporation ownership interest Principal activity Gulf Keystone Petroleum (UK) Limited United Kingdom 100% Management, support, 6th Floor geological, geophysical New Fetter Place and engineering services 8-10 New Fetter Lane London EC4A 1AZ Gulf Keystone Petroleum International Limited Bermuda 100% Exploration, evaluation, Cedar House, 3rd Floor development and 41 Cedar Avenue production activities Hamilton HM12 in Kurdistan Bermuda Proportion of Principal Name of joint operation Location ownership interest activity Shaikan Kurdistan 80% Production and development activitie s ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "12 Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2022 is as follows: Proportion of Name of subsidiary Place of incorporation ownership interest Principal activity Gulf Keystone Petroleum (UK) Limited United Kingdom 100% Management, support, 6th Floor geological, geophysical New Fetter Place and engineering services 8-10 New Fetter Lane London EC4A 1AZ Gulf Keystone Petroleum International Limited Bermuda 100% Exploration, evaluation, Cedar House, 3rd Floor development and 41 Cedar Avenue production activities Hamilton HM12 in Kurdistan Bermuda Proportion of Principal Name of joint operation Location ownership interest activity Shaikan Kurdistan 80% Production and development activitie ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-332": {
"value": "12 Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2022 is as follows: Proportion of Name of subsidiary Place of incorporation ownership interest Principal activity Gulf Keystone Petroleum (UK) Limited United Kingdom 100% Management, support, 6th Floor geological, geophysical New Fetter Place and engineering services 8-10 New Fetter Lane London EC4A 1AZ Gulf Keystone Petroleum International Limited Bermuda 100% Exploration, evaluation, Cedar House, 3rd Floor development and 41 Cedar Avenue production activities Hamilton HM12 in Kurdistan Bermuda Proportion of Principal Name of joint operation Location ownership interest activity Shaikan Kurdistan 80% Production and development activitie s ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-278": {
"value": "12 Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2022 is as follows: Proportion of Name of subsidiary Place of incorporation ownership interest Principal activity Gulf Keystone Petroleum (UK) Limited United Kingdom 100% Management, support, 6th Floor geological, geophysical New Fetter Place and engineering services 8-10 New Fetter Lane London EC4A 1AZ Gulf Keystone Petroleum International Limited Bermuda 100% Exploration, evaluation, Cedar House, 3rd Floor development and 41 Cedar Avenue production activities Hamilton HM12 in Kurdistan Bermuda Proportion of Principal Name of joint operation Location ownership interest activity Shaikan Kurdistan 80% Production and development 26 Related party transactions The Company has a related party relationship with its subsidiaries and in the ordinary course of business, enters into various sales, purchase and service transactions with joint operations in which the Company has a material interest. These transactions are under terms that are no less favourable to the Group than those arranged with third parties. Remuneration of Directors and Officers The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2022 were as follows: \u2022 J Huijskes \u2013 Non-Executive Chairman \u2022 M Angle \u2013 Deputy Chairman \u2022 G Soden \u2013 Non-Executive Director \u2022 D Thomas \u2013 Non-Executive Director \u2022 K Wood \u2013 Non-Executive Director \u2022 W Mwaura \u2013 Non-Executive Director (appointed July 2022) \u2022 J Harris \u2013 Chief Executive Officer \u2022 I Weatherdon \u2013 Chief Financial Officer \u2022 G Papineau-Legris \u2013 Chief Commercial Officer \u2022 C Kinahan \u2013 Chief Human Resources Officer \u2022 A Robinson \u2013 Chief Legal Officer and Company Secretary \u2022 S Catterall \u2013 Chief Operating Officer (resigned February 2022) \u2022 J Hulme \u2013 Chief Operating Officer (appointed April 2022) The values below are calculated in accordance with IAS 19 and IFRS 2. 2022 2021 $\u2019000 $\u2019000 Short-term employee benefits 4,725 5,809 Share-based payment \u2013 options 1,499 1,012 6,224 6,821 Further information about the remuneration of individual Directors is provided in the Directors\u2019 Emoluments section of the Remuneration Committee Report . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-279": {
"value": "13 Inventories 2022 2021 $\u2019000 $\u2019000 Warehouse stocks and materials 6,074 5,318 Crude oil 298 700 6,372 6,018 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-280": {
"value": "14 Trade and other receivables Current receivables 2022 2021 $\u2019000 $\u2019000 Trade receivables 158,032 174,634 Other receivables 16,828 3,622 Prepayments and accrued income 1,343 944 176,203 179,200 Reconciliation of Trade Receivables 2022 2021 $\u2019000 $\u2019000 Gross carrying amount 161,112 175,754 Less: Impairment allowance (3,080) (1,120) Carrying value at 31 December 158,032 174,634 Gross trade receivables of $161.1 million (2021: $175.8 million) are comprised of invoiced amounts due from the KRG for crude oil sales totalling $148.9 million (2021: $163.6 million) related to August \u2013 December 2022 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2021: $12.2 million). As detailed in the Summary of significant accounting policies, sales revenue for September \u2013 December 2022 production and Note 2, the revenue and corresponding receivable have been recognised based on a proposed pricing mechanism. On 8 March 2023 GKP received payment for crude oil sales relating to September 2022 in line with the proposed pricing mechanism; this does not indicate that GKP has accepted the terms of this proposed pricing mechanism. At 31 December 2022, overdue trade receivables relating to oil sales for August to October 2022 aggregated $99.1 million (2021: $60.4 million). Since year end, $69.0 million has been received; $40.8 million relating to August oil sales and $28.2 million relating to September oil sales, which reflects the proposed pricing mechanism based upon discounted KBT. While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, the ECL on the overdue receivable balance of $3.1 million (2021: $1.1 million) was provided against the receivables balance in line with the requirements of IFRS 9. During the year, a $2.0 million charge was recognised due to the increase in the ECL provision (2021: credit of $7.1 million); driven by an estimated increase in the probability of counterparty default as well as an extension to the expected date of receipt of outstanding receivables. Reconciliation of Trade Receivables continued The Group received the final payments in relation to the arrears outstanding at 31 December 2021 in relation to November 2019 to February 2020 invoices totalling $41.0 million during 2022. This was settled in line with the KRG\u2019s proposal to pay 50% of the difference between the monthly average dated Brent price and $50/bbl multiplied by the gross Shaikan crude oil volumes sold in the month. ECL sensitivities The Group\u2019s profit before tax was not materially sensitive to movements of +/-10% in production level, Brent price, loss given default or probability of default. Other receivables Other receivables includes an amount relating to advances to suppliers of $11.5 million (2021: $0.4 million) related to property, plant and equipment that are included within investing activities in the consolidated cash flow statement. Included within Other receivables is an amount of $0.4 million (2021: $0.4 million) being the deposits for leased assets which are receivable after more than one year. There are no receivables from related parties as at 31 December 2022 (2021: nil). No impairments of other receivables have been recognised during the year (2021: nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-331": {
"value": "Current receivables 2022 2021 $\u2019000 $\u2019000 Trade receivables 158,032 174,634 Other receivables 16,828 3,622 Prepayments and accrued income 1,343 944 176,203 179,200 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-310": {
"value": "Current receivables 2022 2021 $\u2019000 $\u2019000 Trade receivables 158,032 174,634 Other receivables 16,828 3,622 Prepayments and accrued income 1,343 944 176,203 179,200 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-311": {
"value": "Reconciliation of Trade Receivables 2022 2021 $\u2019000 $\u2019000 Gross carrying amount 161,112 175,754 Less: Impairment allowance (3,080) (1,120) Carrying value at 31 December 158,032 174,634 Gross trade receivables of $161.1 million (2021: $175.8 million) are comprised of invoiced amounts due from the KRG for crude oil sales totalling $148.9 million (2021: $163.6 million) related to August \u2013 December 2022 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2021: $12.2 million). As detailed in the Summary of significant accounting policies, sales revenue for September \u2013 December 2022 production and Note 2, the revenue and corresponding receivable have been recognised based on a proposed pricing mechanism. On 8 March 2023 GKP received payment for crude oil sales relating to September 2022 in line with the proposed pricing mechanism; this does not indicate that GKP has accepted the terms of this proposed pricing mechanism. At 31 December 2022, overdue trade receivables relating to oil sales for August to October 2022 aggregated $99.1 million (2021: $60.4 million). Since year end, $69.0 million has been received; $40.8 million relating to August oil sales and $28.2 million relating to September oil sales, which reflects the proposed pricing mechanism based upon discounted KBT. While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, the ECL on the overdue receivable balance of $3.1 million (2021: $1.1 million) was provided against the receivables balance in line with the requirements of IFRS 9. During the year, a $2.0 million charge was recognised due to the increase in the ECL provision (2021: credit of $7.1 million); driven by an estimated increase in the probability of counterparty default as well as an extension to the expected date of receipt of outstanding receivables. Reconciliation of Trade Receivables continued The Group received the final payments in relation to the arrears outstanding at 31 December 2021 in relation to November 2019 to February 2020 invoices totalling $41.0 million during 2022. This was settled in line with the KRG\u2019s proposal to pay 50% of the difference between the monthly average dated Brent price and $50/bbl multiplied by the gross Shaikan crude oil volumes sold in the month. ECL sensitivities The Group\u2019s profit before tax was not materially sensitive to movements of +/-10% in production level, Brent price, loss given default or probability of default. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-281": {
"value": "15 Trade and other payables Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The directors consider that the carrying amount of trade payables approximates their fair value. Current liabilities 2022 2021 $\u2019000 $\u2019000 Trade payables 3,499 6,494 Accrued expenditures 40,642 25,961 Other payables 84,035 65,927 Current lease liabilities (see note 22) 385 419 128,561 98,800 Other payables include $70.7 million (2021: $56.4 million) of amounts payable to the KRG that are not expected to be paid in cash, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements. Within this amount, $34.2 million (2021: $22.6 million) relates to a non-cash payable for the difference between the capacity building rate of 20% and 30% (see Summary of significant accounting policies, Sales revenue). Non-current liabilities 2022 2021 $\u2019000 $\u2019000 Non-current lease liability (see note 22) 325 789 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-312": {
"value": "Trade and other payables principally comprise amounts outstanding for trade purchases and ongoing costs. The directors consider that the carrying amount of trade payables approximates their fair value. Current liabilities 2022 2021 $\u2019000 $\u2019000 Trade payables 3,499 6,494 Accrued expenditures 40,642 25,961 Other payables 84,035 65,927 Current lease liabilities (see note 22) 385 419 128,561 98,800 Other payables include $70.7 million (2021: $56.4 million) of amounts payable to the KRG that are not expected to be paid in cash, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements. Within this amount, $34.2 million (2021: $22.6 million) relates to a non-cash payable for the difference between the capacity building rate of 20% and 30% (see Summary of significant accounting policies, Sales revenue). Non-current liabilities 2022 2021 $\u2019000 $\u2019000 Non-current lease liability (see note 22) 325 789 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-333": {
"value": "Current liabilities 2022 2021 $\u2019000 $\u2019000 Trade payables 3,499 6,494 Accrued expenditures 40,642 25,961 Other payables 84,035 65,927 Current lease liabilities (see note 22) 385 419 128,561 98,800 Other payables include $70.7 million (2021: $56.4 million) of amounts payable to the KRG that are not expected to be paid in cash, but rather offset against historic revenue due from the KRG, which have not yet been recognised in the financial statements. Within this amount, $34.2 million (2021: $22.6 million) relates to a non-cash payable for the difference between the capacity building rate of 20% and 30% (see Summary of significant accounting policies, Sales revenue). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-282": {
"value": "16 Long term borrowings 2022 2021 $\u2019000 $\u2019000 Liability component at 1 January 103,482 102,993 Interest expense, including unwinding of finance & arrangement fees, and notes early repayment fee 8,712 10,489 Interest paid during the year (10,194) (10,000) Principal repaid in year (100,000) \u2014 Settlement of notes early repayment fee (2,000) \u2014 Liability component at 31 December \u2014 103,482 Liability component reported in: 2022 2021 $\u2019000 $\u2019000 Current liabilities (see note 15) \u2014 4,359 Non-current liabilities \u2014 99,123 \u2014 103,482 In July 2018, the Group completed the private placement of a 5-year senior unsecured $100 million bond issue (the \u201cNotes\u201d). The unsecured Notes were guaranteed by Gulf Keystone Petroleum International Limited and Gulf Keystone Petroleum (UK) Limited, two of the Company\u2019s subsidiaries, and the key terms are summarised as follows: \u2022 maturity date was 25 July 2023; \u2022 the Notes were redeemable in full with a prepayment penalty; and \u2022 the interest rate was 10% per annum with semi-annual payment dates. During the year, the Group was not in breach of any terms of the Notes. On 2 August 2022 the Group redeemed the $100m bond and paid a 2% early repayment fee. The Notes were traded on the Norwegian Stock Exchange and the fair value at the prevailing market price as at the balance sheet date was: 2022 2021 $\u2019000 $\u2019000 Notes \u2014 103,750 As at year end, the Group\u2019s remaining contractual liability comprising principal and interest based on undiscounted cash flows is as follows: 2022 2021 $\u2019000 $\u2019000 Within one year \u2014 10,000 Within two years \u2014 105,639 \u2014 115,639 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-335": {
"value": "The Notes were traded on the Norwegian Stock Exchange and the fair value at the prevailing market price as at the balance sheet date was: 2022 2021 $\u2019000 $\u2019000 Notes \u2014 103,750 Fair values of financial assets and liabilities With the exception of the Notes, and the receivables from the KRG which the Group expects to recover in full (see note 14), the Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. On 2 August 2022 the company redeemed the Notes, therefore no amount remained outstanding at 31 December 2022 (2021: fair value as determined using market values of $103.8 million; carrying value of $99.1 million). In making the above assessment, consideration has been given to the fair value hierarchy set out in IFRS 13. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market date (unobservable inputs). The fair value of the Notes disclosed above is based on Level 1 in the hierarchy. The financial assets balance includes a $3.1 million provision against trade receivables (2021: $1.1 million) (see note 14). All financial assets, except derivatives designated as a hedge, are measured at amortised cost. The inputs into the calculation of fair values of the shares granted during the year are as follows: 2022 2021 Weighted average share price \u00a32.44 \u00a32.26 Weighted average exercise price Nil Nil Expected volatility 57.7% 58.7% Expected life 3 years 3 years Risk-free rate 0.14% 0.14% Expected dividend yield (on the basis dividends equivalents received) Nil Nil The options outstanding at 31 December 2022 had a weighted average remaining contractual life of two years. The aggregate of the estimated fair value of options granted in 2022 is $5.0 million (2021: $4.3 million). A charge of $3.1 million (2021: $2.5 million) in relation to the LTIP is included in the total share options charge.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-334": {
"value": "17 Provisions 2022 2021 Decommissioning provision $\u2019000 $\u2019000 At 1 January 43,841 35,671 New provisions and changes in estimates (2,161) 7,429 Unwinding of discount 866 741 At 31 December 42,546 43,841 The $2.2m decrease in new provisions and changes in estimates comprises an increase relating to new drilling and facilities work of $7.6 million (2021: $10.5 million), offset by a reduction of $9.8 million (2021: $3.1 million) due to changes in inflation and discount rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated in line with the table below and discounted at 3.8% (2021: 2.0%), which may be incurred for the removal and decommissioning of the wells and facilities currently in place and restoration of the sites to their original state. Most expenditures are expected to take place towards the end of the PSC term in 2043. Annual Inflation Assumption (%) 2022 2021 2022 \u2014 2.00% 2023 5.00% 2.00% 2024 3.00% 2.00% 2025-2043 2. 27 Contingent Liabilities The Group has a contingent liability of $27.3 million (2021: $27.3 million) in relation to the proceeds from the sale of test production in the period prior to the approval of the original Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. The Shaikan PSC does not appear to address expressly any party\u2019s rights to this pre-FDP petroleum. The sales were made based on sales contracts with domestic offtakers which were approved by the KRG. The Group believes that the receipts from these sales of pre-FDP petroleum are for the account of the Contractor, rather than the KRG and accordingly recorded them as test revenue in prior years. However, the KRG has requested a repayment of these amounts and the Group is currently involved in negotiations to resolve this matter. The Group has received external legal advice and continues to maintain that pre-FDP petroleum receipts are for the account of the Contractor. This contingent liability forms part of the ongoing Shaikan PSC amendment negotiations and it is likely that it will be settled as part of those negotiations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-283": {
"value": "17 Provisions 2022 2021 Decommissioning provision $\u2019000 $\u2019000 At 1 January 43,841 35,671 New provisions and changes in estimates (2,161) 7,429 Unwinding of discount 866 741 At 31 December 42,546 43,841 The $2.2m decrease in new provisions and changes in estimates comprises an increase relating to new drilling and facilities work of $7.6 million (2021: $10.5 million), offset by a reduction of $9.8 million (2021: $3.1 million) due to changes in inflation and discount rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated in line with the table below and discounted at 3.8% (2021: 2.0%), which may be incurred for the removal and decommissioning of the wells and facilities currently in place and restoration of the sites to their original state. Most expenditures are expected to take place towards the end of the PSC term in 2043. Annual Inflation Assumption (%) 2022 2021 2022 \u2014 2.00% 2023 5.00% 2.00% 2024 3.00% 2.00% 2025-2043 2. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-313": {
"value": "18 Deferred tax asset The following are the major deferred tax liabilities and assets recognised by the Group and movements thereon during the current and prior reporting periods. The deferred tax assets arise in the United Kingdom. Accelerated tax Share-based Tax losses depreciation payments carried forward Total $\u2019000 $\u2019000 $\u2019000 $\u2019000 At 1 January 2021 (115) 732 \u2014 617 (Charge)/credit to income statement (381) 321 831 771 Exchange differences 1 (4) \u2014 (3) At 31 December 2021 (495) 1,049 831 1,385 (Charge)/credit to income statement (139) 241 223 325 Exchange differences 62 (109) (87) (134) At 31 December 2022 (572) 1,181 967 1,576 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-284": {
"value": "19 Financial instruments 2022 2021 $\u2019000 $\u2019000 Financial assets Cash and cash equivalents 119,456 169,866 Receivables 162,990 178,258 282,446 348,124 Financial liabilities Trade and other payables 128,886 99,589 Borrowings \u2014 99,123 128,886 198,712 All financial liabilities, except for non-current lease liabilities (see note 15), are due to be settled within one year and are classified as current liabilities. All financial liabilities are recognised at amortised cost. Fair values of financial assets and liabilities With the exception of the Notes, and the receivables from the KRG which the Group expects to recover in full (see note 14), the Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. On 2 August 2022 the company redeemed the Notes, therefore no amount remained outstanding at 31 December 2022 (2021: fair value as determined using market values of $103.8 million; carrying value of $99.1 million). In making the above assessment, consideration has been given to the fair value hierarchy set out in IFRS 13. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market date (unobservable inputs). The fair value of the Notes disclosed above is based on Level 1 in the hierarchy. The financial assets balance includes a $3.1 million provision against trade receivables (2021: $1.1 million) (see note 14). All financial assets, except derivatives designated as a hedge, are measured at amortised cost. Capital Risk Management The Group manages its capital to ensure that the entities within the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity structure. The capital structure of the Group consists of cash, cash equivalents, Notes (in prior year) and equity attributable to equity holders of the parent. Equity comprises issued capital, reserves and accumulated losses as disclosed in note 20 and the Consolidated statement of changes in equity. Capital Structure The Company\u2019s Board of Directors reviews the capital structure on a regular basis and will make adjustments in light of changes in economic conditions. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. Significant Accounting Policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in the Summary of significant accounting policies. Financial Risk Management Objectives The Group\u2019s management monitors and manages the financial risks relating to the operations of the Group. These financial risks include market risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk. As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other financial risks. The Group does not use derivative financial instruments for speculative purposes. The risks are closely reviewed by the Board on a regular basis and, where appropriate, steps are taken to ensure these risks are minimised. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in oil prices, foreign currency exchange rates and changes in interest rates in relation to the Group\u2019s cash balances. There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the Board on a regular basis. The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which it operates. The Group also purchases the operating currencies of the countries in which it operates routinely on the spot market. Cash balances are held in other currencies to meet immediate operating and administrative expenses or to comply with local currency regulations. At 31 December 2022, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit. Interest rate risk management The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on relatively short-term deposits, usually between one and three months, to maximise returns and accessibility. Prior to redeeming the Notes in August 2022, the Company paid interest on its Notes semi-annually in cash at 10% per annum. Based on the exposure to interest rates for cash and cash equivalents at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material impact on the Group\u2019s profit. A rate of 0.5% is used as it represents management\u2019s assessment of a reasonable change in interest rates. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2022, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $161.1 million (2021: $175.8 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $3.1 million (2021: $1.1 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash and cash equivalents at the balance sheet date are banks with investment grade credit ratings assigned by international credit-rating agencies. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors. It is the Group\u2019s policy to finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-314": {
"value": "Fair values of financial assets and liabilities With the exception of the Notes, and the receivables from the KRG which the Group expects to recover in full (see note 14), the Group considers the carrying value of all its financial assets and liabilities to be materially the same as their fair value. On 2 August 2022 the company redeemed the Notes, therefore no amount remained outstanding at 31 December 2022 (2021: fair value as determined using market values of $103.8 million; carrying value of $99.1 million). In making the above assessment, consideration has been given to the fair value hierarchy set out in IFRS 13. Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u2022 Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 fair value measurements are those derived from inputs other than quoted prices included with Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market date (unobservable inputs). The fair value of the Notes disclosed above is based on Level 1 in the hierarchy. The financial assets balance includes a $3.1 million provision against trade receivables (2021: $1.1 million) (see note 14). All financial assets, except derivatives designated as a hedge, are measured at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-315": {
"value": "Capital Risk Management The Group manages its capital to ensure that the entities within the Group will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity structure. The capital structure of the Group consists of cash, cash equivalents, Notes (in prior year) and equity attributable to equity holders of the parent. Equity comprises issued capital, reserves and accumulated losses as disclosed in note 20 and the Consolidated statement of changes in equity. Capital Structure The Company\u2019s Board of Directors reviews the capital structure on a regular basis and will make adjustments in light of changes in economic conditions. As part of this review, the Board considers the cost of capital and the risks associated with each class of capital. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-316": {
"value": "Financial Risk Management Objectives The Group\u2019s management monitors and manages the financial risks relating to the operations of the Group. These financial risks include market risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk. As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other financial risks. The Group does not use derivative financial instruments for speculative purposes. The risks are closely reviewed by the Board on a regular basis and, where appropriate, steps are taken to ensure these risks are minimised. Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in oil prices, foreign currency exchange rates and changes in interest rates in relation to the Group\u2019s cash balances. There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the Board on a regular basis. The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which it operates. The Group also purchases the operating currencies of the countries in which it operates routinely on the spot market. Cash balances are held in other currencies to meet immediate operating and administrative expenses or to comply with local currency regulations. At 31 December 2022, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit. Interest rate risk management The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on relatively short-term deposits, usually between one and three months, to maximise returns and accessibility. Prior to redeeming the Notes in August 2022, the Company paid interest on its Notes semi-annually in cash at 10% per annum. Based on the exposure to interest rates for cash and cash equivalents at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material impact on the Group\u2019s profit. A rate of 0.5% is used as it represents management\u2019s assessment of a reasonable change in interest rates. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2022, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $161.1 million (2021: $175.8 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $3.1 million (2021: $1.1 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash and cash equivalents at the balance sheet date are banks with investment grade credit ratings assigned by international credit-rating agencies. Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors. It is the Group\u2019s policy to finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-336": {
"value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in oil prices, foreign currency exchange rates and changes in interest rates in relation to the Group\u2019s cash balances. There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the Board on a regular basis. The Group conducts and manages its business predominantly in US dollars, the operating currency of the industry in which it operates. The Group also purchases the operating currencies of the countries in which it operates routinely on the spot market. Cash balances are held in other currencies to meet immediate operating and administrative expenses or to comply with local currency regulations. At 31 December 2022, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit. Interest rate risk management The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on relatively short-term deposits, usually between one and three months, to maximise returns and accessibility. Prior to redeeming the Notes in August 2022, the Company paid interest on its Notes semi-annually in cash at 10% per annum. Based on the exposure to interest rates for cash and cash equivalents at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material impact on the Group\u2019s profit. A rate of 0.5% is used as it represents management\u2019s assessment of a reasonable change in interest rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-337": {
"value": "Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2022, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $161.1 million (2021: $175.8 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $3.1 million (2021: $1.1 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash and cash equivalents at the balance sheet date are banks with investment grade credit ratings assigned by international credit-rating agencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-338": {
"value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors. It is the Group\u2019s policy to finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-285": {
"value": "20 Share capital 2022 2021 $\u2019000 $\u2019000 Authorised Common shares of $1 each (2021: $1 each) 231,605 231,605 Non-voting shares of $0.01 each 500 500 Preferred shares of $1,000 each 20,000 20,000 Series A Preferred shares of $1,000 each 40,000 40,000 292,105 292,105 Common shares No. of shares Share capital Share premium Total amount \u2018000 $\u2019000 $\u2019000 $\u2019000 Balance at 1 January 2021 211,371 211,371 842,914 1,054,285 Dividends paid \u2014 \u2014 (100,000) (100,000) Shares issued 2,360 2,360 \u2014 2,360 Balance at 31 December 2021 213,731 213,731 742,914 956,645 Dividends paid \u2014 \u2014 (214,789) (214,789) Shares issued 2,516 2,516 \u2014 2,516 Balance at 31 December 2022 216,247 216,247 528,125 744,372 At 31 December 2022, a total of 0.4 million common shares at $1 each were held by the EBT (2021: 0.1 million at $1 each). These common shares were included within reserves. Rights attached to share capital The holders of the common shares have the following rights (subject to the other provisions of the Byelaws): (i) entitled to one vote per common share; (ii) entitled to receive notice of, and attend and vote at, general meetings of the Company; (iii) entitled to dividends or other distributions; and (iv) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for a reorganisation or otherwise or upon a distribution of capital, entitled to receive the amount of capital paid up on their common shares and to participate further in the surplus assets of the Company only after payment of the Series A Liquidation Value (as defined in the Byelaws) on the Series A Preferred Shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-317": {
"value": "20 Share capital 2022 2021 $\u2019000 $\u2019000 Authorised Common shares of $1 each (2021: $1 each) 231,605 231,605 Non-voting shares of $0.01 each 500 500 Preferred shares of $1,000 each 20,000 20,000 Series A Preferred shares of $1,000 each 40,000 40,000 292,105 292,105 Common shares No. of shares Share capital Share premium Total amount \u2018000 $\u2019000 $\u2019000 $\u2019000 Balance at 1 January 2021 211,371 211,371 842,914 1,054,285 Dividends paid \u2014 \u2014 (100,000) (100,000) Shares issued 2,360 2,360 \u2014 2,360 Balance at 31 December 2021 213,731 213,731 742,914 956,645 Dividends paid \u2014 \u2014 (214,789) (214,789) Shares issued 2,516 2,516 \u2014 2,516 Balance at 31 December 2022 216,247 216,247 528,125 744,372 At 31 December 2022, a total of 0.4 million common shares at $1 each were held by the EBT (2021: 0.1 million at $1 each). These common shares were included within reserves. Rights attached to share capital The holders of the common shares have the following rights (subject to the other provisions of the Byelaws): (i) entitled to one vote per common share; (ii) entitled to receive notice of, and attend and vote at, general meetings of the Company; (iii) entitled to dividends or other distributions; and (iv) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for a reorganisation or otherwise or upon a distribution of capital, entitled to receive the amount of capital paid up on their common shares and to participate further in the surplus assets of the Company only after payment of the Series A Liquidation Value (as defined in the Byelaws) on the Series A Preferred Shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-286": {
"value": "21 Cash flow reconciliation 2022 2021 Notes $\u2019000 $\u2019000 Cash flows from operating activities Profit from operations 273,544 174,600 Adjustments for: Depreciation, depletion and amortisation of property, plant and equipment (including the right of use assets) 80,883 55,111 Amortisation of intangible assets 859 25 Increase/(Decrease) of provision for impairment of trade receivables 14 1,960 (7,065) Put option hedging losses reclassified to revenue \u2014 3,752 Share-based payment expense 24 1,866 1,197 Impairment of PPE items 1,109 \u2014 Operating cash flows before movements in working capital 360,221 227,620 Increase in inventories (354) (258) Decrease/(Increase) in trade and other receivables 11,640 (75,259) Increase in trade and other payables 12,339 36,977 Income taxes received \u2014 75 Cash generated from operations 383,846 189,155 Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment: 2022 2021 $\u2019000 $\u2019000 Associated cash flows Additions to property, plant and equipment 116,617 46,417 Movement in working capital (11,214) 6,927 Non-cash movements Capitalised share option charges \u2014 (409) Foreign exchange differences (112) 24 Purchase of property, plant and equipment 105,291 52,959 Movement in financing related liabilities The Group\u2019s financing related liabilities are comprised of borrowings and lease liabilities. The movements in borrowings are shown in note 16 and the movements in lease liabilities in the year were primarily cash payments of $0.7 million (2021: $0.7 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-318": {
"value": "23 Commitments Exploration and development commitments Additions to property, plant and equipment are generally funded with the cash flow generated from the Shaikan Field. As at 31 December 2022, gross capital commitments in relation to the Shaikan Field were estimated to be $41.9 million (2021: $20.6 million). 27 Contingent Liabilities The Group has a contingent liability of $27.3 million (2021: $27.3 million) in relation to the proceeds from the sale of test production in the period prior to the approval of the original Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. The Shaikan PSC does not appear to address expressly any party\u2019s rights to this pre-FDP petroleum. The sales were made based on sales contracts with domestic offtakers which were approved by the KRG. The Group believes that the receipts from these sales of pre-FDP petroleum are for the account of the Contractor, rather than the KRG and accordingly recorded them as test revenue in prior years. However, the KRG has requested a repayment of these amounts and the Group is currently involved in negotiations to resolve this matter. The Group has received external legal advice and continues to maintain that pre-FDP petroleum receipts are for the account of the Contractor. This contingent liability forms part of the ongoing Shaikan PSC amendment negotiations and it is likely that it will be settled as part of those negotiations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-287": {
"value": "23 Commitments Exploration and development commitments Additions to property, plant and equipment are generally funded with the cash flow generated from the Shaikan Field. As at 31 December 2022, gross capital commitments in relation to the Shaikan Field were estimated to be $41.9 million (2021: $20.6 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-288": {
"value": "25 Dividends During 2022 a total of $215 million (2021: $100 million) of dividends were paid to shareholders including an ordinary dividend of $25 million (11.561 US cents per Common Share), a special dividend of $50 million (23.12 US cents per Common Share) and interim dividends totalling $140 million (65.27 US cents per Common Share). To date in 2023 an interim dividend of $25 million has been paid. An ordinary dividend of $25 million is subject to approval at the AGM on 16 June 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-319": {
"value": "26 Related party transactions The Company has a related party relationship with its subsidiaries and in the ordinary course of business, enters into various sales, purchase and service transactions with joint operations in which the Company has a material interest. These transactions are under terms that are no less favourable to the Group than those arranged with third parties. Remuneration of Directors and Officers The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2022 were as follows: \u2022 J Huijskes \u2013 Non-Executive Chairman \u2022 M Angle \u2013 Deputy Chairman \u2022 G Soden \u2013 Non-Executive Director \u2022 D Thomas \u2013 Non-Executive Director \u2022 K Wood \u2013 Non-Executive Director \u2022 W Mwaura \u2013 Non-Executive Director (appointed July 2022) \u2022 J Harris \u2013 Chief Executive Officer \u2022 I Weatherdon \u2013 Chief Financial Officer \u2022 G Papineau-Legris \u2013 Chief Commercial Officer \u2022 C Kinahan \u2013 Chief Human Resources Officer \u2022 A Robinson \u2013 Chief Legal Officer and Company Secretary \u2022 S Catterall \u2013 Chief Operating Officer (resigned February 2022) \u2022 J Hulme \u2013 Chief Operating Officer (appointed April 2022) The values below are calculated in accordance with IAS 19 and IFRS 2. 2022 2021 $\u2019000 $\u2019000 Short-term employee benefits 4,725 5,809 Share-based payment \u2013 options 1,499 1,012 6,224 6,821 Further information about the remuneration of individual Directors is provided in the Directors\u2019 Emoluments section of the Remuneration Committee Report . ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-339": {
"value": "Remuneration of Directors and Officers The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2022 were as follows: \u2022 J Huijskes \u2013 Non-Executive Chairman \u2022 M Angle \u2013 Deputy Chairman \u2022 G Soden \u2013 Non-Executive Director \u2022 D Thomas \u2013 Non-Executive Director \u2022 K Wood \u2013 Non-Executive Director \u2022 W Mwaura \u2013 Non-Executive Director (appointed July 2022) \u2022 J Harris \u2013 Chief Executive Officer \u2022 I Weatherdon \u2013 Chief Financial Officer \u2022 G Papineau-Legris \u2013 Chief Commercial Officer \u2022 C Kinahan \u2013 Chief Human Resources Officer \u2022 A Robinson \u2013 Chief Legal Officer and Company Secretary \u2022 S Catterall \u2013 Chief Operating Officer (resigned February 2022) \u2022 J Hulme \u2013 Chief Operating Officer (appointed April 2022) The values below are calculated in accordance with IAS 19 and IFRS 2. 2022 2021 $\u2019000 $\u2019000 Short-term employee benefits 4,725 5,809 Share-based payment \u2013 options 1,499 1,012 6,224 6,821 Further information about the remuneration of individual Directors is provided in the Directors\u2019 Emoluments section of the Remuneration Committee Report ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-289": {
"value": "27 Contingent Liabilities The Group has a contingent liability of $27.3 million (2021: $27.3 million) in relation to the proceeds from the sale of test production in the period prior to the approval of the original Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. The Shaikan PSC does not appear to address expressly any party\u2019s rights to this pre-FDP petroleum. The sales were made based on sales contracts with domestic offtakers which were approved by the KRG. The Group believes that the receipts from these sales of pre-FDP petroleum are for the account of the Contractor, rather than the KRG and accordingly recorded them as test revenue in prior years. However, the KRG has requested a repayment of these amounts and the Group is currently involved in negotiations to resolve this matter. The Group has received external legal advice and continues to maintain that pre-FDP petroleum receipts are for the account of the Contractor. This contingent liability forms part of the ongoing Shaikan PSC amendment negotiations and it is likely that it will be settled as part of those negotiations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800QTAQOSSTNTPO15",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}