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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. 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 \ufb01nancial statements incorporate the \ufb01nancial 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 \ufb01nancial and operating policies of an investee entity, so as to obtain bene\ufb01ts from its activities. The individual \ufb01nancial 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 \ufb01nancial statements, the results and the \ufb01nancial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-196": { "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. 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 IFRS issued by the International Accounting Standards Board (\u201cIASB\u201d) that are mandatorily effective for an accounting period that begins on or after 1 January 2023. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2023: IFRS 17 Insurance Contracts, Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), De\ufb01nition of Accounting Estimates (Amendments to IAS 8), Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), Initial Application of IFRS 17 and IFRS 9 \u2014 Comparative Information (Amendment to IFRS 17). These standards do not and are not expected to have a material impact on the Company\u2019s results or \ufb01nancials 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 \ufb01nancial 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 S1
General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
Climate-related Disclosures
Amendments to IAS 1
Classi\ufb01cation of Liabilities as Current or Non-current; Classi\ufb01cation 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 IAS 7 and IFRS 7
Qualitative and quantitative information about supplier \ufb01nance arrangements
Amendments to IAS 21
Lack of Exchangeability: when a currency is exchangeable and how to determine the exchange rate
when it is not
Amendments to the SASB standards
Amendments to the SASB standards to enhance their international applicability without
substantially altering industries, topics or metrics
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the \ufb01nancial statements of the Group in future periods. Statement of compliance The \ufb01nancial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards. Basis of accounting The \ufb01nancial statements have been prepared using the going concern basis of accounting and under the historical cost basis except for the valuation of hydrocarbon inventory which has been measured at net realisable value and the valuation of certain \ufb01nancial instruments which have been measured at fair value. 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 \ufb01nancial position of the Group at the year end and its cash \ufb02ows and liquidity position are included in the Financial review. As at 20 March 2024 the Group had $86 million of cash and no debt. The Group continues to closely monitor and manage its liquidity. Cash forecasts are regularly produced and sensitivities are run for different scenarios including, but not limited, to changes in sales volumes, commodity price \ufb02uctuations, timing of export pipeline restart, delays to revenue receipts and cost optimisations. The Group remains focused on taking appropriate actions to preserve its liquidity position. Summary of material accounting policies As a result of closure of the ITP, the Group signi\ufb01cantly reduced expenditures to preserve liquidity. In the current year, further consideration has been given to the impact on the Group\u2019s working capital position due to a potential decline in local sales, and potential delays in KRG revenue receipts once the ITP has been reopened: \u2022 Local sales: The Group commenced local sales on 19 July 2023 with payments from buyers required in advance following extensive due diligence. In 2023 the Group received $43.5 million related to local sales. Local sales volumes have \ufb02uctuated and remain difficult to predict; and \u2022 Export sales: While political negotiations and commercial negotiations are ongoing between the Government of Iraq and the KRG, the timing of reopening the ITP and payment mechanism remain uncertain. The Directors believe an agreement will ultimately be reached to reopen the ITP, and we reasonably expect that overdue balances will be paid and receipts from the KRG will return to a more regular basis. However, a reduction in local sales or reopening of the pipeline with a deferral of revenue receipts could result in liquidity pressures within the 12-month going concern period. The Directors have considered sensitivities, including local sales volumes and potential delays in KRG revenue receipts once the ITP reopens, to assess the impact on the Group\u2019s liquidity position and believe sufficient mitigating actions are available to withstand such impacts within the 12-month going concern period. Speci\ufb01cally, the Directors considered stress tests that included no further local sales or KRG revenue receipts and con\ufb01rmed that cost reduction opportunities exist to ensure that the Group can continue to discharge its liabilities for a period of at least 12-months. As explained in Note 14, although the Group has recognised current liabilities of around $75 million payable to the KRG, it does not expect these will be cash settled. Overall, the Group\u2019s forecasts, taking into account the applicable risks, stress test scenarios and potential mitigating actions, show that it has sufficient \ufb01nancial resources for the 12 months from the date of approval of the 2023 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 \ufb01nancial statements. Basis of consolidation The consolidated \ufb01nancial statements incorporate the \ufb01nancial 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 \ufb01nancial and operating policies of an investee entity, so as to obtain bene\ufb01ts from its activities. Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classi\ufb01ed 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 pro\ufb01t oil, which is the mechanism through which pro\ufb01ts 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 pro\ufb01t oil entitlement. Entitlement from cost oil and pro\ufb01t oil are reported as revenue, and capacity building payments are included in cost of sales. Prior to the shut-in of the Iraq-Turkey Pipeline (\u201cITP\u201d) on 25 March 2023, all oil was 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 resold the oil. The selling price was determined in accordance with the principles of the crude oil lifting agreement. On 19 July 2023, the Shaikan Contractor commenced sales to the local market by restarting trucking operations. The selling price is determined in accordance with crude sales agreements with local customers. Under IFRS 15: Revenue from contracts with customers, GKP considers that control of crude oil is transferred from the Shaikan Contractor to the KRG or local buyer at the delivery point as de\ufb01ned in the lifting agreement or crude sales agreement; at this point the Shaikan Contractor is due economic bene\ufb01ts which can be reliably measured and are probable to be received. For sales up to the shut-in of the ITP on 25 March 2023, the delivery point was the export pipeline and the consideration was 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 was reported net of these deductions. For sales to the local market from 19 July 2023, the delivery point is the point at which crude oil is loaded into the buyers\u2019 nominated trucks. The consideration is determined by reference to the crude sales agreement, with other fees and royalties due as determined by commercial agreements; revenue is reported net of these deductions. Effective September 1, 2022, the KRG proposed a new pricing mechanism for crude oil export sales, which continued in the year until 25 March 2023 when the ITP was shut-in. Under the new pricing mechanism, the realised export sales price for a month was 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 dated Brent to KBT has not been agreed and no lifting agreement has been in place since 1 September 2022. Nonetheless, the Shaikan Contractor continued production and the KRG accepted delivery of oil at the delivery points. GKP considers that the control of crude oil was transferred at the delivery points despite no commercial agreement being in place and as such has recognised revenue, for the period until 25 March 2023, based on the proposed new pricing terms. A summary of the currently estimated \ufb01nancial impact of the proposed change in pricing mechanism is detailed in note 2 to the consolidated \ufb01nancial statements. 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 Finance income is recognised on an accruals 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 \ufb01nancial 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 \ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2023 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by ERC Equipoise as at 31 December 2022. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the \ufb01eld which are separately identi\ufb01able 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 three-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 \ufb01ve-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 \ufb02ows 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 \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. Any impairment identi\ufb01ed 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 speci\ufb01c 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 pro\ufb01t 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 \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t 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 pro\ufb01ts 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 pro\ufb01t nor the accounting pro\ufb01t and does not give rise to equal taxable and deductible temporary differences. 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 pro\ufb01ts 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 \ufb01nancial 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 \ufb01nancial statements, the results and the \ufb01nancial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated \ufb01nancial statements. In preparing the \ufb01nancial 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 reclassi\ufb01ed to pro\ufb01t 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 \ufb01nancial 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 Cash comprises cash on hand and demand deposits that are not subject to a risk of changes in value other than foreign exchange gain or loss. Impairment of \ufb01nancial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on \ufb01nancial guarantee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. For all other \ufb01nancial instruments, the Group recognises lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. However, if the credit risk on the \ufb01nancial instrument has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance for that \ufb01nancial 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 \ufb01nancial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a \ufb01nancial instrument that are possible within 12 months after the reporting date. Foreign instruments continued Financial liabilities and equity Financial liabilities and equity instruments are classi\ufb01ed 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. 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 out\ufb02ow of economic bene\ufb01ts 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 \ufb01nance 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 pro\ufb01t or loss such that the cumulative expense re\ufb02ects 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 pro\ufb01t 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 speci\ufb01c incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect 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 signi\ufb01cant effect on the amounts recognised in
\ufb01nancial statements.
PSC entitlement: Revenue and capacity building payments
The recognition of revenue, particularly the recognition of revenue
from pipeline 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 or truck, as
appropriate. The critical accounting judgement applied in preparing the
2023 \ufb01nancial statements is that it is appropriate to recognise export
revenue for deliveries from 1 January to 25 March 2023 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 the Group received payment
for September 2022 deliveries at an amount that was consistent with
the proposed new pricing terms; no further receipts for the period of
pipeline exports from 1 October 2022 to 25 March 2023 have been
received.
A summary of the currently estimated \ufb01nancial 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.
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 pro\ufb01t 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 \ufb01nancial statements re\ufb02ect 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 pro\ufb01t 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 \ufb01nalised, 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 expects to con\ufb01rm with the MNR whether to proceed
with a formal amendment to the PSC to re\ufb02ect current invoice terms.
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 signi\ufb01cant risk of causing a material adjustment to the carrying
amounts of assets and liabilities within the next \ufb01nancial year, are
discussed below.
Expected credit loss (\u201cECL\u201d)
The recoverability of receivables is a key accounting judgement. The
difference between the nominal value of receivables and the expected
value of receivables after allowing for counterparty default risk gives
the ECL. In making this judgement, management has estimated the
timing of the receipt of receivables which will be dependent upon
uncertain future events, in particular the expected timing of the
re-opening of the ITP. Management have considered scenarios for
recovering receivables and assigned probabilities to these scenarios.
A weighted average has been applied to receipt pro\ufb01les, upon which
a counterparty default allowance has been applied to derive the
ECL. This ECL is offset against current and non-current receivable
amounts as appropriate within the balance sheet with the change in
the receivable balance during the period recognised in the income
statement.
Decommissioning provision
Decommissioning provisions are estimated based upon the obligations
and costs to be incurred in accordance with the PSC at the end of \ufb01eld
life in 2043. There is uncertainty in the decommissioning estimate due
to factors including potential changes to the cost of activities, potential
emergence of new techniques or changes to best practice. The
Company commissioned ERC Equipoise to perform an assessment
of the Company\u2019s estimate of the current value of such obligations and
costs at 31 December 2023 (2022: internal estimate). Management
have increased these costs by estimated compound interest rates,
to future value in 2043, and reduced to present value by an estimated
discount rate (note 16), there is also uncertainty regarding the in\ufb02ation
and discount rates used.
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, PSC commercial
terms, cost recovery, estimated production volumes, the timing
of revenue receipts and \ufb01eld development activities, the cost of
development and production, potential climate change transition risk
impacts, pre-tax discount rate that incorporate risks speci\ufb01c to the
asset and in\ufb02ation. The key assumptions are subject to change based
on geopolitical factors, 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.
Carrying value of producing assets continued The Group\u2019s sole CGU at 31 December 2023 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $408.0 million (2022: $391.0 million). The Group performed an impairment trigger assessment and concluded that the shutdown of the Iraq Turkey Pipeline (\u201cITP\u201d) in March 2023 following the ITP Arbitration ruling was a potential indicator of impairment. Accordingly, an impairment evaluation was completed, and it was concluded that no impairment write-down was required. In accordance with accounting standards, the impairment assessment was prepared based on available information combined with management estimates as at 31 December 2023. This includes a number of key assumptions, some of which have a high degree of uncertainty. The key areas of estimation in assessing the potential impairment indicators are as follows: \u2022 While the date of the re-opening of the ITP remains uncertain, the impairment calculation base case assumes that local sales contracts, whilst short-term in nature, will continue until the ITP reopens and exports resume in October 2024. Given the reopening date remains uncertain, we have applied sensitivities of up to a further two-year delay in the re-opening of the ITP and no impairment was identi\ufb01ed except under the Net Zero Emissions climate scenario as described below; \u2022 The Group\u2019s netback oil price was based on the forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2023 for the period 2024 to 2029 with in\ufb02ation of 2.25% per annum thereafter, less transportation costs and quality adjustments. Prices at 31 December 2022 were based on the dated brent forward curve as at December 2022 for the period 2023 to 2028 with in\ufb02ation of 2% per annum thereafter, less transportation and quality adjustments. The stress case re\ufb02ects a 10% reduction in base case oil prices;
Scenario ($/bbl \u2013 nominal)
2023
2024
2025
2026
2027
2028
2029
31 December 2023 \u2013
n/a
83.0
80.0
77.0
7 7.0
77.0
80.0
base case
31 December 2023 \u2013
n/a
74 .7
72.0
69.3
69.3
69.3
72.0
stress case
31 December 2022 \u2013
83.4
78.2
74 . 5
71.7
69.6
68.1
69.5
base case
31 December 2022 \u2013
75.1
70.4
67.1
64.5
62.6
61.3
62.5
stress case
\u2022 Cost assumptions used in the assessment were based on an updated Jurassic development plan commencing in 2025 and the estimated cost of a Gas Management Plan with investment commencing in 2026. Further development remains contingent upon the reopening of the ITP and normalisation of KRG payments. Cost assumptions incorporated management\u2019s experience and expectations, including the nature and location of the operations and the associated risks. The impact of near-term in\ufb02ationary pressures were also considered and no impairment was identi\ufb01ed; \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to a low-carbon future. Our ambition to reduce scope one per barrel CO 2 emissions by at least 50% versus the original 2020 baseline of 38 kgCO 2 e per barrel is dependent on the timing of sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) most recent 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 scenario assumes 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. NZE is the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Under the APS and NZE scenarios there was no impairment. However, while the IEA oil price assumptions incorporate carbon prices, it has not disclosed the assumed average carbon intensity per barrel of production. Therefore, the Group has performed a sensitivity to conservatively include IEA carbon pricing on all production which results in no impairment under the APS scenario. Under the NZE scenario, there was a potential impairment; however, if the Group\u2019s assumed future average carbon intensity per barrel of production is in fact at or below the undisclosed IEA carbon intensity per barrel of production, there would have been no impairment; \u2022 Discount rates that are adjusted to re\ufb02ect risks speci\ufb01c to the Shaikan Field and the Kurdistan Region of Iraq. The post-tax nominal discount rate was estimated to be 16% (2022: 15%). The impact of an increase in discount rate to 20% was considered as a sensitivity to re\ufb02ect potential increased geopolitical risks and no impairment was identi\ufb01ed; \u2022 Commercial reserves and production pro\ufb01les used are based on internal estimates; and \u2022 Timing of revenue receipts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "Gulf Keystone Petroleum Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-274": { "value": " Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": " Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-239": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "Cedar House, 3rd Floor, 41 Cedar Avenue, Hamilton, HM12, Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-240": { "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 IFRS issued by the International Accounting Standards Board (\u201cIASB\u201d) that
are mandatorily effective for an accounting period that begins on or after 1 January 2023.
The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2023: IFRS 17
Insurance Contracts, Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), De\ufb01nition of Accounting Estimates
(Amendments to IAS 8), Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), Initial Application
of IFRS 17 and IFRS 9 \u2014 Comparative Information (Amendment to IFRS 17). These standards do not and are not expected to have a material impact
on the Company\u2019s results or \ufb01nancials 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 \ufb01nancial 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 S1
General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
Climate-related Disclosures
Amendments to IAS 1
Classi\ufb01cation of Liabilities as Current or Non-current; Classi\ufb01cation 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 IAS 7 and IFRS 7
Qualitative and quantitative information about supplier \ufb01nance arrangements
Amendments to IAS 21
Lack of Exchangeability: when a currency is exchangeable and how to determine the exchange rate
when it is not
Amendments to the SASB standards
Amendments to the SASB standards to enhance their international applicability without
substantially altering industries, topics or metrics
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the \ufb01nancial statements of the Group in
future periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-198": { "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 IFRS issued by the International Accounting Standards Board (\u201cIASB\u201d) that are mandatorily effective for an accounting period that begins on or after 1 January 2023. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2023: IFRS 17 Insurance Contracts, Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2), De\ufb01nition of Accounting Estimates (Amendments to IAS 8), Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12), Initial Application of IFRS 17 and IFRS 9 \u2014 Comparative Information (Amendment to IFRS 17). These standards do not and are not expected to have a material impact on the Company\u2019s results or \ufb01nancials statement disclosures in the current or future reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-199": { "value": "New and revised IFRSs issued but not yet effective At the date of approval of these \ufb01nancial 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 S1
General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
Climate-related Disclosures
Amendments to IAS 1
Classi\ufb01cation of Liabilities as Current or Non-current; Classi\ufb01cation 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 IAS 7 and IFRS 7
Qualitative and quantitative information about supplier \ufb01nance arrangements
Amendments to IAS 21
Lack of Exchangeability: when a currency is exchangeable and how to determine the exchange rate
when it is not
Amendments to the SASB standards
Amendments to the SASB standards to enhance their international applicability without
substantially altering industries, topics or metrics
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the \ufb01nancial statements of the Group in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-200": { "value": "
Statement of compliance
The \ufb01nancial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-201": { "value": "
Basis of accounting
The \ufb01nancial statements have been prepared using the going concern basis of accounting and under the historical cost basis except for the
valuation of hydrocarbon inventory which has been measured at net realisable value and the valuation of certain \ufb01nancial instruments which have
been measured at fair value. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-202": { "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 \ufb01nancial position of the Group at the year end and its cash \ufb02ows and liquidity position are included in the Financial review.
As at 20 March 2024 the Group had $86 million of cash and no debt. The Group continues to closely monitor and manage its liquidity. Cash
forecasts are regularly produced and sensitivities are run for different scenarios including, but not limited, to changes in sales volumes, commodity
price \ufb02uctuations, timing of export pipeline restart, delays to revenue receipts and cost optimisations. The Group remains focused on taking
appropriate actions to preserve its liquidity position.
As a result of closure of the ITP, the Group signi\ufb01cantly reduced
expenditures to preserve liquidity. In the current year, further
consideration has been given to the impact on the Group\u2019s working
capital position due to a potential decline in local sales, and potential
delays in KRG revenue receipts once the ITP has been reopened:
\u2022 Local sales: The Group commenced local sales on 19 July 2023 with
payments from buyers required in advance following extensive due
diligence. In 2023 the Group received $43.5 million related to local
sales. Local sales volumes have \ufb02uctuated and remain difficult to
predict; and
\u2022 Export sales: While political negotiations and commercial
negotiations are ongoing between the Government of Iraq and the
KRG, the timing of reopening the ITP and payment mechanism
remain uncertain.
The Directors believe an agreement will ultimately be reached to
reopen the ITP, and we reasonably expect that overdue balances will
be paid and receipts from the KRG will return to a more regular basis.
However, a reduction in local sales or reopening of the pipeline with a
deferral of revenue receipts could result in liquidity pressures within the
12-month going concern period.
The Directors have considered sensitivities, including local sales
volumes and potential delays in KRG revenue receipts once the ITP
reopens, to assess the impact on the Group\u2019s liquidity position and
believe sufficient mitigating actions are available to withstand such
impacts within the 12-month going concern period. Speci\ufb01cally, the
Directors considered stress tests that included no further local sales or
KRG revenue receipts and con\ufb01rmed that cost reduction opportunities
exist to ensure that the Group can continue to discharge its liabilities for
a period of at least 12-months.
As explained in Note 14, although the Group has recognised current
liabilities of around $75 million payable to the KRG, it does not expect
these will be cash settled.
Overall, the Group\u2019s forecasts, taking into account the applicable
risks, stress test scenarios and potential mitigating actions, show that
it has sufficient \ufb01nancial resources for the 12 months from the date of
approval of the 2023 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 \ufb01nancial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-241": { "value": "
Basis of consolidation
The consolidated \ufb01nancial statements incorporate the \ufb01nancial
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 \ufb01nancial
and operating policies of an investee entity, so as to obtain bene\ufb01ts
from its activities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-242": { "value": "
Joint arrangements
The Group is engaged in oil and gas exploration, development and
production through unincorporated joint arrangements; these are
classi\ufb01ed 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:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-203": { "value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classi\ufb01ed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-275": { "value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classi\ufb01ed 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:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-204": { "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 pro\ufb01t oil, which is the
mechanism through which pro\ufb01ts 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 pro\ufb01t oil entitlement. Entitlement from cost oil and pro\ufb01t
oil are reported as revenue, and capacity building payments are
included in cost of sales.
Prior to the shut-in of the Iraq-Turkey Pipeline (\u201cITP\u201d) on
25 March 2023, all oil was 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 resold the oil. The selling price
was determined in accordance with the principles of the crude oil lifting
agreement. On 19 July 2023, the Shaikan Contractor commenced
sales to the local market by restarting trucking operations. The selling
price is determined in accordance with crude sales agreements with
local customers.
Under IFRS 15: Revenue from contracts with customers, GKP
considers that control of crude oil is transferred from the Shaikan
Contractor to the KRG or local buyer at the delivery point as de\ufb01ned
in the lifting agreement or crude sales agreement; at this point the
Shaikan Contractor is due economic bene\ufb01ts which can be reliably
measured and are probable to be received.
For sales up to the shut-in of the ITP on 25 March 2023, the delivery
point was the export pipeline and the consideration was 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 was reported net of
these deductions. For sales to the local market from 19 July 2023, the
delivery point is the point at which crude oil is loaded into the buyers\u2019
nominated trucks. The consideration is determined by reference
to the crude sales agreement, with other fees and royalties due as
determined by commercial agreements; revenue is reported net of
these deductions.
Effective September 1, 2022, the KRG proposed a new pricing
mechanism for crude oil export sales, which continued in the year
until 25 March 2023 when the ITP was shut-in. Under the new pricing
mechanism, the realised export sales price for a month was 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 dated Brent to KBT has not been agreed
and no lifting agreement has been in place since 1 September 2022.
Nonetheless, the Shaikan Contractor continued production and the
KRG accepted delivery of oil at the delivery points. GKP considers that
the control of crude oil was transferred at the delivery points despite
no commercial agreement being in place and as such has recognised
revenue, for the period until 25 March 2023, based on the proposed
new pricing terms. A summary of the currently estimated \ufb01nancial
impact of the proposed change in pricing mechanism is detailed in note
2 to the consolidated \ufb01nancial statements.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-205": { "value": "
Finance revenue
Finance income is recognised on an accruals 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 \ufb01nancial 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-243": { "value": "Finance revenue Finance income is recognised on an accruals 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 \ufb01nancial 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:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-244": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-206": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-207": { "value": "
Property, plant and equipment (\u201cPPE\u201d)
Oil and gas assets
Development and production assets
Development and production assets are accumulated on a
\ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation
(\u201cDD&A\u201d) calculation in 2023 was based on the December 2022
Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by
ERC Equipoise as at 31 December 2022.
Other property, plant and equipment
Other property, plant and equipment are principally equipment used
in the \ufb01eld which are separately identi\ufb01able 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 three-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
\ufb01ve-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 \ufb02ows 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 \ufb02ows are discounted to their present value using
a post-tax discount rate that re\ufb02ects current market assessments of
the time value of money and the risks speci\ufb01c to the asset for which the
estimates of future cash \ufb02ows have not been adjusted.
Any impairment identi\ufb01ed is immediately recognised as an expense.
Conversely, any reversal of an impairment is immediately recognised
as income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-308": { "value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a \ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2023 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by ERC Equipoise as at 31 December 2022. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the \ufb01eld which are separately identi\ufb01able 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 three-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 \ufb01ve-years from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-276": { "value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a \ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2023 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by ERC Equipoise as at 31 December 2022. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the \ufb01eld which are separately identi\ufb01able 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 three-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 \ufb01ve-years from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-299": { "value": "Oil and gas assets Development and production assets Development and production assets are accumulated on a \ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2023 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by ERC Equipoise as at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-245": { "value": "Development and production assets Development and production assets are accumulated on a \ufb01eld-by-\ufb01eld 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 \ufb01nding 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 \ufb01eld-by-\ufb01eld 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 \ufb01eld 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 the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2023 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d) reserves report completed by ERC Equipoise as at 31 December 2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-309": { "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 \ufb02ows 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 \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. Any impairment identi\ufb01ed is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. Impairment of \ufb01nancial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on \ufb01nancial guarantee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. For all other \ufb01nancial instruments, the Group recognises lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. However, if the credit risk on the \ufb01nancial instrument has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance for that \ufb01nancial 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 \ufb01nancial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a \ufb01nancial instrument that are possible within 12 months after the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-277": { "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 \ufb02ows 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 \ufb02ows are discounted to their present value using a post-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset for which the estimates of future cash \ufb02ows have not been adjusted. Any impairment identi\ufb01ed 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-278": { "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 speci\ufb01c 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-300": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-246": { "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 \ufb01nancial statements and the corresponding tax bases used in the
computation of taxable pro\ufb01t 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 pro\ufb01ts
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 pro\ufb01t nor the accounting pro\ufb01t and does not
give rise to equal taxable and deductible temporary differences.
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 pro\ufb01ts 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-208": { "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 pro\ufb01t 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 \ufb01nancial statements and the corresponding tax bases used in the computation of taxable pro\ufb01t 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 pro\ufb01ts 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 pro\ufb01t nor the accounting pro\ufb01t and does not give rise to equal taxable and deductible temporary differences. 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 pro\ufb01ts 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-247": { "value": "
Foreign currencies
The individual \ufb01nancial 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 \ufb01nancial
statements, the results and the \ufb01nancial position of the Group are
expressed in US dollars, which is the presentation currency for the
consolidated \ufb01nancial statements.
In preparing the \ufb01nancial 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 reclassi\ufb01ed to pro\ufb01t or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-279": { "value": "The individual \ufb01nancial 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 \ufb01nancial statements, the results and the \ufb01nancial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated \ufb01nancial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-209": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-248": { "value": "Financial instruments Financial assets and \ufb01nancial 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 Cash comprises cash on hand and demand deposits that are not subject to a risk of changes in value other than foreign exchange gain or loss. Impairment of \ufb01nancial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on \ufb01nancial guarantee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. For all other \ufb01nancial instruments, the Group recognises lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. However, if the credit risk on the \ufb01nancial instrument has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance for that \ufb01nancial 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 \ufb01nancial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a \ufb01nancial instrument that are possible within 12 months after the reporting date. Foreign instruments continued Financial liabilities and equity Financial liabilities and equity instruments are classi\ufb01ed 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 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 speci\ufb01c incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-210": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-301": { "value": "Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. Cash Cash comprises cash on hand and demand deposits that are not subject to a risk of changes in value other than foreign exchange gain or loss. Impairment of \ufb01nancial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on \ufb01nancial guarantee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group recognises lifetime expected credit losses for trade receivables, contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. For all other \ufb01nancial instruments, the Group recognises lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. However, if the credit risk on the \ufb01nancial instrument has not increased signi\ufb01cantly since initial recognition, the Group measures the loss allowance for that \ufb01nancial 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 \ufb01nancial instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a \ufb01nancial instrument that are possible within 12 months after the reporting date. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-211": { "value": "Cash Cash comprises cash on hand and demand deposits that are not subject to a risk of changes in value other than foreign exchange gain or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-280": { "value": "
Impairment of \ufb01nancial assets
The Group recognises a loss allowance for expected credit losses
(\u201cECL\u201d) on trade receivables and contract assets, as well as on \ufb01nancial
guarantee contracts. The amount of expected credit losses is updated
at each reporting date to re\ufb02ect changes in credit risk since initial
recognition of the respective \ufb01nancial instrument.
The Group recognises lifetime expected credit losses for trade
receivables, contract assets and lease receivables. The expected
credit losses on these \ufb01nancial assets are estimated based on
observed market data and convention, existing market conditions and
forward-looking estimates at the end of each reporting period.
For all other \ufb01nancial instruments, the Group recognises lifetime ECL
when there has been a signi\ufb01cant increase in credit risk since initial
recognition. However, if the credit risk on the \ufb01nancial instrument
has not increased signi\ufb01cantly since initial recognition, the Group
measures the loss allowance for that \ufb01nancial 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 \ufb01nancial
instrument. In contrast, 12-month ECL represents the portion of
lifetime ECL that is expected to result from default events on a \ufb01nancial
instrument that are possible within 12 months after the reporting date.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-310": { "value": "
Foreign instruments continued
Financial liabilities and equity
Financial liabilities and equity instruments are classi\ufb01ed 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. 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 speci\ufb01c incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to re\ufb02ect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to re\ufb02ect 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-213": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-212": { "value": "Trade payables Trade payables are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-214": { "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 out\ufb02ow of
economic bene\ufb01ts 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 \ufb01nance cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-215": { "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 pro\ufb01t or
loss such that the cumulative expense re\ufb02ects 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 pro\ufb01t 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-249": { "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 pro\ufb01t or loss such that the cumulative expense re\ufb02ects 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 pro\ufb01t 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-216": { "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 speci\ufb01c incremental
borrowing rate.
The lease liability is subsequently measured by increasing the carrying
amount to re\ufb02ect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to re\ufb02ect 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-217": { "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 signi\ufb01cant effect on the amounts recognised in \ufb01nancial statements. PSC entitlement: Revenue and capacity building payments The recognition of revenue, particularly the recognition of revenue from pipeline 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 or truck, as appropriate. The critical accounting judgement applied in preparing the 2023 \ufb01nancial statements is that it is appropriate to recognise export revenue for deliveries from 1 January to 25 March 2023 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 the Group received payment for September 2022 deliveries at an amount that was consistent with the proposed new pricing terms; no further receipts for the period of pipeline exports from 1 October 2022 to 25 March 2023 have been received. A summary of the currently estimated \ufb01nancial 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. 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 pro\ufb01t 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 \ufb01nancial statements re\ufb02ect 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 pro\ufb01t 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 \ufb01nalised, 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 expects to con\ufb01rm with the MNR whether to proceed with a formal amendment to the PSC to re\ufb02ect current invoice terms. 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 signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Expected credit loss (\u201cECL\u201d) The recoverability of receivables is a key accounting judgement. The difference between the nominal value of receivables and the expected value of receivables after allowing for counterparty default risk gives the ECL. In making this judgement, management has estimated the timing of the receipt of receivables which will be dependent upon uncertain future events, in particular the expected timing of the re-opening of the ITP. Management have considered scenarios for recovering receivables and assigned probabilities to these scenarios. A weighted average has been applied to receipt pro\ufb01les, upon which a counterparty default allowance has been applied to derive the ECL. This ECL is offset against current and non-current receivable amounts as appropriate within the balance sheet with the change in the receivable balance during the period recognised in the income statement. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of \ufb01eld life in 2043. There is uncertainty in the decommissioning estimate due to factors including potential changes to the cost of activities, potential emergence of new techniques or changes to best practice. The Company commissioned ERC Equipoise to perform an assessment of the Company\u2019s estimate of the current value of such obligations and costs at 31 December 2023 (2022: internal estimate). Management have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate (note 16), there is also uncertainty regarding the in\ufb02ation and discount rates used. 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, PSC commercial terms, cost recovery, estimated production volumes, the timing of revenue receipts and \ufb01eld development activities, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rate that incorporate risks speci\ufb01c to the asset and in\ufb02ation. The key assumptions are subject to change based on geopolitical factors, 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.
Carrying value of producing assets continued
The Group\u2019s sole CGU at 31 December 2023 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised
decommissioning provision, of $408.0 million (2022: $391.0 million). The Group performed an impairment trigger assessment and concluded
that the shutdown of the Iraq Turkey Pipeline (\u201cITP\u201d) in March 2023 following the ITP Arbitration ruling was a potential indicator of impairment.
Accordingly, an impairment evaluation was completed, and it was concluded that no impairment write-down was required.
In accordance with accounting standards, the impairment assessment was prepared based on available information combined with management
estimates as at 31 December 2023. This includes a number of key assumptions, some of which have a high degree of uncertainty. The key areas of
estimation in assessing the potential impairment indicators are as follows:
\u2022 While the date of the re-opening of the ITP remains uncertain, the impairment calculation base case assumes that local sales contracts, whilst
short-term in nature, will continue until the ITP reopens and exports resume in October 2024. Given the reopening date remains uncertain, we
have applied sensitivities of up to a further two-year delay in the re-opening of the ITP and no impairment was identi\ufb01ed except under the Net
Zero Emissions climate scenario as described below;
\u2022 The Group\u2019s netback oil price was based on the forward curve and market participants\u2019 consensus, including banks, analysts and independent
reserves evaluators, as at 31 December 2023 for the period 2024 to 2029 with in\ufb02ation of 2.25% per annum thereafter, less transportation costs
and quality adjustments. Prices at 31 December 2022 were based on the dated brent forward curve as at December 2022 for the period 2023
to 2028 with in\ufb02ation of 2% per annum thereafter, less transportation and quality adjustments. The stress case re\ufb02ects a 10% reduction in base
case oil prices;
Scenario ($/bbl \u2013 nominal)
2023
2024
2025
2026
2027
2028
2029
31 December 2023 \u2013
n/a
83.0
80.0
77.0
7 7.0
77.0
80.0
base case
31 December 2023 \u2013
n/a
74 .7
72.0
69.3
69.3
69.3
72.0
stress case
31 December 2022 \u2013
83.4
78.2
74 . 5
71.7
69.6
68.1
69.5
base case
31 December 2022 \u2013
75.1
70.4
67.1
64.5
62.6
61.3
62.5
stress case
\u2022 Cost assumptions used in the assessment were based on an updated Jurassic development plan commencing in 2025 and the estimated cost
of a Gas Management Plan with investment commencing in 2026. Further development remains contingent upon the reopening of the ITP
and normalisation of KRG payments. Cost assumptions incorporated management\u2019s experience and expectations, including the nature and
location of the operations and the associated risks. The impact of near-term in\ufb02ationary pressures were also considered and no impairment
was identi\ufb01ed;
\u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to a
low-carbon future. Our ambition to reduce scope one per barrel CO
2
emissions by at least 50% versus the original 2020 baseline of 38 kgCO
2
e
per barrel is dependent on the timing of sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d)
most recent 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 scenario assumes 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. NZE is the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above
pre-industrial levels. Under the APS and NZE scenarios there was no impairment. However, while the IEA oil price assumptions incorporate
carbon prices, it has not disclosed the assumed average carbon intensity per barrel of production. Therefore, the Group has performed a
sensitivity to conservatively include IEA carbon pricing on all production which results in no impairment under the APS scenario. Under the NZE
scenario, there was a potential impairment; however, if the Group\u2019s assumed future average carbon intensity per barrel of production is in fact at
or below the undisclosed IEA carbon intensity per barrel of production, there would have been no impairment;
\u2022 Discount rates that are adjusted to re\ufb02ect risks speci\ufb01c to the Shaikan Field and the Kurdistan Region of Iraq. The post-tax nominal discount
rate was estimated to be 16% (2022: 15%). The impact of an increase in discount rate to 20% was considered as a sensitivity to re\ufb02ect potential
increased geopolitical risks and no impairment was identi\ufb01ed;
\u2022 Commercial reserves and production pro\ufb01les used are based on internal estimates; and
\u2022 Timing of revenue receipts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-281": { "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 signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Expected credit loss (\u201cECL\u201d) The recoverability of receivables is a key accounting judgement. The difference between the nominal value of receivables and the expected value of receivables after allowing for counterparty default risk gives the ECL. In making this judgement, management has estimated the timing of the receipt of receivables which will be dependent upon uncertain future events, in particular the expected timing of the re-opening of the ITP. Management have considered scenarios for recovering receivables and assigned probabilities to these scenarios. A weighted average has been applied to receipt pro\ufb01les, upon which a counterparty default allowance has been applied to derive the ECL. This ECL is offset against current and non-current receivable amounts as appropriate within the balance sheet with the change in the receivable balance during the period recognised in the income statement. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of \ufb01eld life in 2043. There is uncertainty in the decommissioning estimate due to factors including potential changes to the cost of activities, potential emergence of new techniques or changes to best practice. The Company commissioned ERC Equipoise to perform an assessment of the Company\u2019s estimate of the current value of such obligations and costs at 31 December 2023 (2022: internal estimate). Management have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate (note 16), there is also uncertainty regarding the in\ufb02ation and discount rates used. 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, PSC commercial terms, cost recovery, estimated production volumes, the timing of revenue receipts and \ufb01eld development activities, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rate that incorporate risks speci\ufb01c to the asset and in\ufb02ation. The key assumptions are subject to change based on geopolitical factors, 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. Carrying value of producing assets continued The Group\u2019s sole CGU at 31 December 2023 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $408.0 million (2022: $391.0 million). The Group performed an impairment trigger assessment and concluded that the shutdown of the Iraq Turkey Pipeline (\u201cITP\u201d) in March 2023 following the ITP Arbitration ruling was a potential indicator of impairment. Accordingly, an impairment evaluation was completed, and it was concluded that no impairment write-down was required. In accordance with accounting standards, the impairment assessment was prepared based on available information combined with management estimates as at 31 December 2023. This includes a number of key assumptions, some of which have a high degree of uncertainty. The key areas of estimation in assessing the potential impairment indicators are as follows: \u2022 While the date of the re-opening of the ITP remains uncertain, the impairment calculation base case assumes that local sales contracts, whilst short-term in nature, will continue until the ITP reopens and exports resume in October 2024. Given the reopening date remains uncertain, we have applied sensitivities of up to a further two-year delay in the re-opening of the ITP and no impairment was identi\ufb01ed except under the Net Zero Emissions climate scenario as described below; \u2022 The Group\u2019s netback oil price was based on the forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2023 for the period 2024 to 2029 with in\ufb02ation of 2.25% per annum thereafter, less transportation costs and quality adjustments. Prices at 31 December 2022 were based on the dated brent forward curve as at December 2022 for the period 2023 to 2028 with in\ufb02ation of 2% per annum thereafter, less transportation and quality adjustments. The stress case re\ufb02ects a 10% reduction in base case oil prices;
Scenario ($/bbl \u2013 nominal)
2023
2024
2025
2026
2027
2028
2029
31 December 2023 \u2013
n/a
83.0
80.0
77.0
7 7.0
77.0
80.0
base case
31 December 2023 \u2013
n/a
74 .7
72.0
69.3
69.3
69.3
72.0
stress case
31 December 2022 \u2013
83.4
78.2
74 . 5
71.7
69.6
68.1
69.5
base case
31 December 2022 \u2013
75.1
70.4
67.1
64.5
62.6
61.3
62.5
stress case
\u2022 Cost assumptions used in the assessment were based on an updated Jurassic development plan commencing in 2025 and the estimated cost of a Gas Management Plan with investment commencing in 2026. Further development remains contingent upon the reopening of the ITP and normalisation of KRG payments. Cost assumptions incorporated management\u2019s experience and expectations, including the nature and location of the operations and the associated risks. The impact of near-term in\ufb02ationary pressures were also considered and no impairment was identi\ufb01ed; \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to a low-carbon future. Our ambition to reduce scope one per barrel CO 2 emissions by at least 50% versus the original 2020 baseline of 38 kgCO 2 e per barrel is dependent on the timing of sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) most recent 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 scenario assumes 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. NZE is the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Under the APS and NZE scenarios there was no impairment. However, while the IEA oil price assumptions incorporate carbon prices, it has not disclosed the assumed average carbon intensity per barrel of production. Therefore, the Group has performed a sensitivity to conservatively include IEA carbon pricing on all production which results in no impairment under the APS scenario. Under the NZE scenario, there was a potential impairment; however, if the Group\u2019s assumed future average carbon intensity per barrel of production is in fact at or below the undisclosed IEA carbon intensity per barrel of production, there would have been no impairment; \u2022 Discount rates that are adjusted to re\ufb02ect risks speci\ufb01c to the Shaikan Field and the Kurdistan Region of Iraq. The post-tax nominal discount rate was estimated to be 16% (2022: 15%). The impact of an increase in discount rate to 20% was considered as a sensitivity to re\ufb02ect potential increased geopolitical risks and no impairment was identi\ufb01ed; \u2022 Commercial reserves and production pro\ufb01les used are based on internal estimates; and \u2022 Timing of revenue receipts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-250": { "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 signi\ufb01cant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next \ufb01nancial year, are discussed below. Expected credit loss (\u201cECL\u201d) The recoverability of receivables is a key accounting judgement. The difference between the nominal value of receivables and the expected value of receivables after allowing for counterparty default risk gives the ECL. In making this judgement, management has estimated the timing of the receipt of receivables which will be dependent upon uncertain future events, in particular the expected timing of the re-opening of the ITP. Management have considered scenarios for recovering receivables and assigned probabilities to these scenarios. A weighted average has been applied to receipt pro\ufb01les, upon which a counterparty default allowance has been applied to derive the ECL. This ECL is offset against current and non-current receivable amounts as appropriate within the balance sheet with the change in the receivable balance during the period recognised in the income statement. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of \ufb01eld life in 2043. There is uncertainty in the decommissioning estimate due to factors including potential changes to the cost of activities, potential emergence of new techniques or changes to best practice. The Company commissioned ERC Equipoise to perform an assessment of the Company\u2019s estimate of the current value of such obligations and costs at 31 December 2023 (2022: internal estimate). Management have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate (note 16), there is also uncertainty regarding the in\ufb02ation and discount rates used. 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, PSC commercial terms, cost recovery, estimated production volumes, the timing of revenue receipts and \ufb01eld development activities, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rate that incorporate risks speci\ufb01c to the asset and in\ufb02ation. The key assumptions are subject to change based on geopolitical factors, 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. Carrying value of producing assets continued The Group\u2019s sole CGU at 31 December 2023 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $408.0 million (2022: $391.0 million). The Group performed an impairment trigger assessment and concluded that the shutdown of the Iraq Turkey Pipeline (\u201cITP\u201d) in March 2023 following the ITP Arbitration ruling was a potential indicator of impairment. Accordingly, an impairment evaluation was completed, and it was concluded that no impairment write-down was required. In accordance with accounting standards, the impairment assessment was prepared based on available information combined with management estimates as at 31 December 2023. This includes a number of key assumptions, some of which have a high degree of uncertainty. The key areas of estimation in assessing the potential impairment indicators are as follows: \u2022 While the date of the re-opening of the ITP remains uncertain, the impairment calculation base case assumes that local sales contracts, whilst short-term in nature, will continue until the ITP reopens and exports resume in October 2024. Given the reopening date remains uncertain, we have applied sensitivities of up to a further two-year delay in the re-opening of the ITP and no impairment was identi\ufb01ed except under the Net Zero Emissions climate scenario as described below; \u2022 The Group\u2019s netback oil price was based on the forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2023 for the period 2024 to 2029 with in\ufb02ation of 2.25% per annum thereafter, less transportation costs and quality adjustments. Prices at 31 December 2022 were based on the dated brent forward curve as at December 2022 for the period 2023 to 2028 with in\ufb02ation of 2% per annum thereafter, less transportation and quality adjustments. The stress case re\ufb02ects a 10% reduction in base case oil prices;
Scenario ($/bbl \u2013 nominal)
2023
2024
2025
2026
2027
2028
2029
31 December 2023 \u2013
n/a
83.0
80.0
77.0
7 7.0
77.0
80.0
base case
31 December 2023 \u2013
n/a
74 .7
72.0
69.3
69.3
69.3
72.0
stress case
31 December 2022 \u2013
83.4
78.2
74 . 5
71.7
69.6
68.1
69.5
base case
31 December 2022 \u2013
75.1
70.4
67.1
64.5
62.6
61.3
62.5
stress case
\u2022 Cost assumptions used in the assessment were based on an updated Jurassic development plan commencing in 2025 and the estimated cost of a Gas Management Plan with investment commencing in 2026. Further development remains contingent upon the reopening of the ITP and normalisation of KRG payments. Cost assumptions incorporated management\u2019s experience and expectations, including the nature and location of the operations and the associated risks. The impact of near-term in\ufb02ationary pressures were also considered and no impairment was identi\ufb01ed; \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to a low-carbon future. Our ambition to reduce scope one per barrel CO 2 emissions by at least 50% versus the original 2020 baseline of 38 kgCO 2 e per barrel is dependent on the timing of sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) most recent 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 scenario assumes 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. NZE is the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Under the APS and NZE scenarios there was no impairment. However, while the IEA oil price assumptions incorporate carbon prices, it has not disclosed the assumed average carbon intensity per barrel of production. Therefore, the Group has performed a sensitivity to conservatively include IEA carbon pricing on all production which results in no impairment under the APS scenario. Under the NZE scenario, there was a potential impairment; however, if the Group\u2019s assumed future average carbon intensity per barrel of production is in fact at or below the undisclosed IEA carbon intensity per barrel of production, there would have been no impairment; \u2022 Discount rates that are adjusted to re\ufb02ect risks speci\ufb01c to the Shaikan Field and the Kurdistan Region of Iraq. The post-tax nominal discount rate was estimated to be 16% (2022: 15%). The impact of an increase in discount rate to 20% was considered as a sensitivity to re\ufb02ect potential increased geopolitical risks and no impairment was identi\ufb01ed; \u2022 Commercial reserves and production pro\ufb01les used are based on internal estimates; and \u2022 Timing of revenue receipts. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-302": { "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, PSC commercial terms, cost recovery, estimated production volumes, the timing of revenue receipts and \ufb01eld development activities, the cost of development and production, potential climate change transition risk impacts, pre-tax discount rate that incorporate risks speci\ufb01c to the asset and in\ufb02ation. The key assumptions are subject to change based on geopolitical factors, 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 2023 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $408.0 million (2022: $391.0 million). The Group performed an impairment trigger assessment and concluded that the shutdown of the Iraq Turkey Pipeline (\u201cITP\u201d) in March 2023 following the ITP Arbitration ruling was a potential indicator of impairment. Accordingly, an impairment evaluation was completed, and it was concluded that no impairment write-down was required. In accordance with accounting standards, the impairment assessment was prepared based on available information combined with management estimates as at 31 December 2023. This includes a number of key assumptions, some of which have a high degree of uncertainty. The key areas of estimation in assessing the potential impairment indicators are as follows: \u2022 While the date of the re-opening of the ITP remains uncertain, the impairment calculation base case assumes that local sales contracts, whilst short-term in nature, will continue until the ITP reopens and exports resume in October 2024. Given the reopening date remains uncertain, we have applied sensitivities of up to a further two-year delay in the re-opening of the ITP and no impairment was identi\ufb01ed except under the Net Zero Emissions climate scenario as described below; \u2022 The Group\u2019s netback oil price was based on the forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2023 for the period 2024 to 2029 with in\ufb02ation of 2.25% per annum thereafter, less transportation costs and quality adjustments. Prices at 31 December 2022 were based on the dated brent forward curve as at December 2022 for the period 2023 to 2028 with in\ufb02ation of 2% per annum thereafter, less transportation and quality adjustments. The stress case re\ufb02ects a 10% reduction in base case oil prices;
Scenario ($/bbl \u2013 nominal)
2023
2024
2025
2026
2027
2028
2029
31 December 2023 \u2013
n/a
83.0
80.0
77.0
7 7.0
77.0
80.0
base case
31 December 2023 \u2013
n/a
74 .7
72.0
69.3
69.3
69.3
72.0
stress case
31 December 2022 \u2013
83.4
78.2
74 . 5
71.7
69.6
68.1
69.5
base case
31 December 2022 \u2013
75.1
70.4
67.1
64.5
62.6
61.3
62.5
stress case
\u2022 Cost assumptions used in the assessment were based on an updated Jurassic development plan commencing in 2025 and the estimated cost of a Gas Management Plan with investment commencing in 2026. Further development remains contingent upon the reopening of the ITP and normalisation of KRG payments. Cost assumptions incorporated management\u2019s experience and expectations, including the nature and location of the operations and the associated risks. The impact of near-term in\ufb02ationary pressures were also considered and no impairment was identi\ufb01ed; \u2022 The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to a low-carbon future. Our ambition to reduce scope one per barrel CO 2 emissions by at least 50% versus the original 2020 baseline of 38 kgCO 2 e per barrel is dependent on the timing of sanction and implementation of the Gas Management Plan. The International Energy Agency\u2019s (\u201cIEA\u201d) most recent 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 scenario assumes 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. NZE is the normative scenario pathway to the stabilisation of global average temperatures at 1.5\u00b0C above pre-industrial levels. Under the APS and NZE scenarios there was no impairment. However, while the IEA oil price assumptions incorporate carbon prices, it has not disclosed the assumed average carbon intensity per barrel of production. Therefore, the Group has performed a sensitivity to conservatively include IEA carbon pricing on all production which results in no impairment under the APS scenario. Under the NZE scenario, there was a potential impairment; however, if the Group\u2019s assumed future average carbon intensity per barrel of production is in fact at or below the undisclosed IEA carbon intensity per barrel of production, there would have been no impairment; \u2022 Discount rates that are adjusted to re\ufb02ect risks speci\ufb01c to the Shaikan Field and the Kurdistan Region of Iraq. The post-tax nominal discount rate was estimated to be 16% (2022: 15%). The impact of an increase in discount rate to 20% was considered as a sensitivity to re\ufb02ect potential increased geopolitical risks and no impairment was identi\ufb01ed; \u2022 Commercial reserves and production pro\ufb01les used are based on internal estimates; and \u2022 Timing of revenue receipts. Reconciliation of Trade Receivables
2023 2022
$\u2019000 $\u2019000
Gross carrying amount
171,026
161,112
Less: Impairment allowance
(24,458)
(3,080)
Carrying value at 31 December
146,568
158,032
Gross trade receivables of $171.0 million (2022: $161.1 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2022: $148.9 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2022: $12.2 million). Trade receivables net of capacity building payments payable of $7.7 million (2022: $7.1 million) are $151.1 million (2022: $141.8 million). While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $24.5 million (2022: $3.1 million) was provided against the trade receivables balance in accordance with IFRS 9. During the year, a $21.4 million charge was recognised due to the increase in the ECL provision (2022: $2.0 million). As detailed in the Summary of signi\ufb01cant accounting policies and Note 2, the outstanding sales invoices from October 2022 \u2013 March 2023 receivable have been recognised based on a proposed pricing mechanism, which GKP has not accepted. ECL sensitivities Considering the receipt pro\ufb01le scenarios, the only variable expected to materially change pro\ufb01t before tax is the timing of receipt. If the pipeline reopening is delayed beyond October 2024 resulting in the receipt of past-due trade receivables being delayed by a further 12 months, then the ECL would increase by $10.7 million. Conversely, if the repayment pro\ufb01le was brought forward by 6 months then the ECL would decrease by $6.2 million. The Group\u2019s pro\ufb01t before tax was not materially sensitive to a movement of \u00b110% in the default spread or recovery rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-218": { "value": "
1. Geographical information
The Chief Operating Decision Maker, as per the de\ufb01nition 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 (\u201cKRI\u201d); 100%
(2022: 99%) of the group\u2019s non-current assets, excluding deferred tax assets and other \ufb01nancial assets, are located in the KRI. The \ufb01nancial
information of the single segment is materially the same as set out in the condensed consolidated statement of comprehensive income, the
condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash \ufb02ow
statement and the related notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-251": { "value": "The Chief Operating Decision Maker, as per the de\ufb01nition 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 (\u201cKRI\u201d); 100% (2022: 99%) of the group\u2019s non-current assets, excluding deferred tax assets and other \ufb01nancial assets, are located in the KRI. The \ufb01nancial information of the single segment is materially the same as set out in the condensed consolidated statement of comprehensive income, the condensed consolidated balance sheet, the condensed consolidated statement of changes in equity, the condensed consolidated cash \ufb02ow statement and the related notes.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-219": { "value": "
2. Revenue
2023 2022
$\u2019000 $\u2019000
Oil sales via export pipeline
78,955
460,113
Local oil sales
44,559
\u2014
123,514
460,113
The Group\u2019s accounting policy for revenue recognition is set out in the \u2018Summary of signi\ufb01cant accounting policies\u2019, with revenue recognised upon
crude oil passing the delivery points, either being entry into pipeline or delivered into trucks.
Oil sales via export pipeline (until 25 March 2023)
The International Court of Arbitration in Paris ruled on the long running ITP arbitration case in Iraq\u2019s favour, which led to the shut-in of the ITP on
25 March 2023. Negotiations are ongoing to reopen the pipeline.
Since 1 September 2022, there has been no lifting agreement in place between the Shaikan Contractor and the KRG. The KRG proposed a new
pricing mechanism based upon the average monthly Kurdistan blend (\u201cKBT\u201d) sales price realised by the KRG at Ceyhan; formerly the pricing
mechanism was based upon Dated Brent. The Company has not accepted the proposed contract modi\ufb01cation and continued, until suspension of
the export pipeline, to invoice the KRG for oil sales based on the pre-1 September 2022 pricing formula. Considering the uncertainty with respect
to the variable consideration within the pricing mechanism, the Company has concluded that it is an appropriate judgement to recognise revenue
based on the proposed contract modi\ufb01cation for the period to the pipeline shutdown on 25 March 2023.
Export sales covering the period from 1 January to 25 March 2023 were based upon the monthly Kurdistan blend (\u201cKBT\u201d) price. The realised price
in this period was $51.3/bbl (2022: full year $84.3/bbl).
The revenue impact of using the proposed KBT pricing mechanism instead of Dated Brent for the year is estimated to be a reduction of
$12.0 million (2022: $23.4 million). Taking into account the associated reduction in capacity building payments results in a total reduction of pro\ufb01t
after tax for the year of $11.4 million (2022: $21.7 million). Any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected in
future periods.
Local oil sales (from 19 July 2023)
In July 2023, GKP began selling oil to local buyers at negotiated prices. The realised price achieved in 2023 was $30/bbl (2022: not applicable).
Local buyers pay GKP in advance of receipt of oil; such amounts are recognised as deferred income (see note 14).
Information about major customers
In 2023, 68% (2022: 100%) of oil sales were made to the KRG. Additionally, 31% of revenue (2022: 0%) was attributable to three local customers
comprising 10%, 10% and 11% of revenue individually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-303": { "value": "2. Revenue
2023 2022
$\u2019000 $\u2019000
Oil sales via export pipeline
78,955
460,113
Local oil sales
44,559
\u2014
123,514
460,113
The Group\u2019s accounting policy for revenue recognition is set out in the \u2018Summary of signi\ufb01cant accounting policies\u2019, with revenue recognised upon crude oil passing the delivery points, either being entry into pipeline or delivered into trucks. Oil sales via export pipeline (until 25 March 2023) The International Court of Arbitration in Paris ruled on the long running ITP arbitration case in Iraq\u2019s favour, which led to the shut-in of the ITP on 25 March 2023. Negotiations are ongoing to reopen the pipeline. Since 1 September 2022, there has been no lifting agreement in place between the Shaikan Contractor and the KRG. The KRG proposed a new pricing mechanism based upon the average monthly Kurdistan blend (\u201cKBT\u201d) sales price realised by the KRG at Ceyhan; formerly the pricing mechanism was based upon Dated Brent. The Company has not accepted the proposed contract modi\ufb01cation and continued, until suspension of the export pipeline, to invoice the KRG for oil sales based on the pre-1 September 2022 pricing formula. Considering the uncertainty with respect to the variable consideration within the pricing mechanism, the Company has concluded that it is an appropriate judgement to recognise revenue based on the proposed contract modi\ufb01cation for the period to the pipeline shutdown on 25 March 2023. Export sales covering the period from 1 January to 25 March 2023 were based upon the monthly Kurdistan blend (\u201cKBT\u201d) price. The realised price in this period was $51.3/bbl (2022: full year $84.3/bbl). The revenue impact of using the proposed KBT pricing mechanism instead of Dated Brent for the year is estimated to be a reduction of $12.0 million (2022: $23.4 million). Taking into account the associated reduction in capacity building payments results in a total reduction of pro\ufb01t after tax for the year of $11.4 million (2022: $21.7 million). Any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected in future periods. Local oil sales (from 19 July 2023) In July 2023, GKP began selling oil to local buyers at negotiated prices. The realised price achieved in 2023 was $30/bbl (2022: not applicable). Local buyers pay GKP in advance of receipt of oil; such amounts are recognised as deferred income (see note 14). Information about major customers In 2023, 68% (2022: 100%) of oil sales were made to the KRG. Additionally, 31% of revenue (2022: 0%) was attributable to three local customers comprising 10%, 10% and 11% of revenue individually.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-252": { "value": "Information about major customers In 2023, 68% (2022: 100%) of oil sales were made to the KRG. Additionally, 31% of revenue (2022: 0%) was attributable to three local customers comprising 10%, 10% and 11% of revenue individually.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-221": { "value": "
3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed
and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section.
For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P
reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production,
commercial reserves and capital costs for Shaikan.
Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain
contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-311": { "value": "3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section. For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production, commercial reserves and capital costs for Shaikan. Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale. 4. Other general and administrative expenses
2023 2022
$\u2019000 $\u2019000
Depreciation and amortisation
2,652
1,563
Auditor\u2019s remuneration (see below)
635
703
Other general and administrative costs
7,179
9,936
10,466
12,202
Of the $10.5 million (2022: $12.2 million) of general and administrative expenses, $3.4 million (2022: $5.2 million) were incurred in relation to the Shaikan Field.
2023 2022
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
474
430
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
26
26
Total audit fees
500
456
Advisory services
\u2014
112
Other assurance services (including a half year review)
135
135
Total fees
635
703
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-314": { "value": "3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section. For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production, commercial reserves and capital costs for Shaikan. Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-254": { "value": "3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section. For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production, commercial reserves and capital costs for Shaikan. Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale. 4. Other general and administrative expenses
2023 2022
$\u2019000 $\u2019000
Depreciation and amortisation
2,652
1,563
Auditor\u2019s remuneration (see below)
635
703
Other general and administrative costs
7,179
9,936
10,466
12,202
Of the $10.5 million (2022: $12.2 million) of general and administrative expenses, $3.4 million (2022: $5.2 million) were incurred in relation to the Shaikan Field. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-282": { "value": "3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section. For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production, commercial reserves and capital costs for Shaikan. Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale. 4. Other general and administrative expenses
2023 2022
$\u2019000 $\u2019000
Depreciation and amortisation
2,652
1,563
Auditor\u2019s remuneration (see below)
635
703
Other general and administrative costs
7,179
9,936
10,466
12,202
Of the $10.5 million (2022: $12.2 million) of general and administrative expenses, $3.4 million (2022: $5.2 million) were incurred in relation to the Shaikan Field.
2023 2022
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
474
430
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
26
26
Total audit fees
500
456
Advisory services
\u2014
112
Other assurance services (including a half year review)
135
135
Total fees
635
703
5. Share option related expense
2023 2022
$\u2019000 $\u2019000
Share-based payment expense
9,673
3,266
Payments related to share options exercised
797
8,690
Share-based payment related provision for taxes
290
1,800
10,760
13,756
The 2022 payments related to share options exercised includes the \ufb01nal year of the legacy Value Creation Plan (\u201cVCP\u201d) share options awarded to former Directors. There will be no further awards under the plan. 6. Staff costs The average number of employees and contractors (including Executive Directors) employed by the Group was 471 (2022: 460); the number of full-time equivalents of these workers was 303 (2022: 317), re\ufb02ecting the increase in staff in 2022 to progress expansion activities and the decrease in staff after the ITP was shut-in on 25 March 2023.
Average number of Average number of full-time Number of employees Number of full-time equivalents
employees equivalents in December in December
2023
2022
2023
2022
2023
2022
2023
2022
Kurdistan
438
421
272
280
379
472
247
312
United Kingdom
33
39
31
37
27
40
26
38
Total
471
460
303
317
406
512
273
350
Staff costs as follows are shown net of amounts recharged to joint operations:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
37,645
46,879
Social security costs
1,826
2,503
Pension costs
468
420
Share-based payment (see note 23)
10,760
4,260
50,699
54,062
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 net of amounts recharged to joint operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-304": { "value": "3. Cost of sales
2023 2022
$\u2019000 $\u2019000
Operating costs
36,082
41,835
Capacity building payments
8,872
34,927
Change in oil inventory value
(75)
555
Depreciation of oil and gas assets and operational assets
39,470
80,225
Contract termination costs
5,525
\u2014
Provision against inventory held for sale
2,627
\u2014
Loss on disposal of drilling stock
1,452
\u2014
Impairment of surplus drilling stock
\u2014
1,109
93,953
158,651
Capacity building payments have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and \ufb01nal pricing mechanism will be re\ufb02ected 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 signi\ufb01cant accounting policies section. For purposes of calculating the DD&A per barrel of production in 2023, a Competent Person\u2019s Report from ERC Equipoise Limited with 2P reserves estimates at 31 December 2022 was used in conjunction with the Group\u2019s economic forecasts to determine entitlement production, commercial reserves and capital costs for Shaikan. Following ITP shut-in, GKP reacted quickly to preserve liquidity and signi\ufb01cantly reduce expenditures. This led to the termination of certain contracts, drilling stock sales less than carrying value and a provision for inventory items held for sale. 4. Other general and administrative expenses
2023 2022
$\u2019000 $\u2019000
Depreciation and amortisation
2,652
1,563
Auditor\u2019s remuneration (see below)
635
703
Other general and administrative costs
7,179
9,936
10,466
12,202
Of the $10.5 million (2022: $12.2 million) of general and administrative expenses, $3.4 million (2022: $5.2 million) were incurred in relation to the Shaikan Field.
2023 2022
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
474
430
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
26
26
Total audit fees
500
456
Advisory services
\u2014
112
Other assurance services (including a half year review)
135
135
Total fees
635
703
5. Share option related expense
2023 2022
$\u2019000 $\u2019000
Share-based payment expense
9,673
3,266
Payments related to share options exercised
797
8,690
Share-based payment related provision for taxes
290
1,800
10,760
13,756
The 2022 payments related to share options exercised includes the \ufb01nal year of the legacy Value Creation Plan (\u201cVCP\u201d) share options awarded to former Directors. There will be no further awards under the plan. 6. Staff costs The average number of employees and contractors (including Executive Directors) employed by the Group was 471 (2022: 460); the number of full-time equivalents of these workers was 303 (2022: 317), re\ufb02ecting the increase in staff in 2022 to progress expansion activities and the decrease in staff after the ITP was shut-in on 25 March 2023.
Average number of Average number of full-time Number of employees Number of full-time equivalents
employees equivalents in December in December
2023
2022
2023
2022
2023
2022
2023
2022
Kurdistan
438
421
272
280
379
472
247
312
United Kingdom
33
39
31
37
27
40
26
38
Total
471
460
303
317
406
512
273
350
Staff costs as follows are shown net of amounts recharged to joint operations:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
37,645
46,879
Social security costs
1,826
2,503
Pension costs
468
420
Share-based payment (see note 23)
10,760
4,260
50,699
54,062
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 net of amounts recharged to joint operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-220": { "value": "
4. Other general and administrative expenses
2023 2022
$\u2019000 $\u2019000
Depreciation and amortisation
2,652
1,563
Auditor\u2019s remuneration (see below)
635
703
Other general and administrative costs
7,179
9,936
10,466
12,202
Of the $10.5 million (2022: $12.2 million) of general and administrative expenses, $3.4 million (2022: $5.2 million) were incurred in relation to the
Shaikan Field.
2023 2022
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
474
430
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
26
26
Total audit fees
500
456
Advisory services
\u2014
112
Other assurance services (including a half year review)
135
135
Total fees
635
703
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-253": { "value": "
2023 2022
$\u2019000 $\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
474
430
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
26
26
Total audit fees
500
456
Advisory services
\u2014
112
Other assurance services (including a half year review)
135
135
Total fees
635
703
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-223": { "value": "
5. Share option related expense
2023 2022
$\u2019000 $\u2019000
Share-based payment expense
9,673
3,266
Payments related to share options exercised
797
8,690
Share-based payment related provision for taxes
290
1,800
10,760
13,756
The 2022 payments related to share options exercised includes the \ufb01nal year of the legacy Value Creation Plan (\u201cVCP\u201d) share options awarded to
former Directors. There will be no further awards under the plan.
23. Share-based payments
2023 2022
$\u2019000 $\u2019000
Total share options charge
9,673
3,266
The share options charge of $9.6 million is comprised of $9.1 million (2022: $3.1 million) related to the LTIP plan and $0.6 million (2022: nil) related
to the deferred bonus plan.
See note 5 for other share option related expenses charged to the consolidated income statement.
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 ful\ufb01lment of speci\ufb01ed performance conditions. These performance
conditions are 50% Total Shareholder Return (\u201cTSR\u201d) over the vesting period and 50% of the Group\u2019s TSR relative to a bespoke group of
comparators over the vesting period.
2023 2022
Number of Number of
share options share options
\u2018000 \u2019000
Outstanding at 1 January
8,785
8,275
Granted during the year
6,295
2,278
Exercised during the year
(6,383)
(586)
Forfeited during the year
(693)
(1,182)
Outstanding at 31 December
8,004
8,785
Exercisable at 31 December
\u2014
\u2014
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.17 (2022: \u00a32.44).
The inputs into the calculation of fair values of the share options granted during the year are as follows:
2023
2022
Weighted average share price
\u00a31.07
\u00a31.67
Weighted average exercise price
Nil
Nil
Expected volatility
52.5%
57.7%
Expected life
3 years
3 years
Risk-free rate
3.3%
1.4%
Expected dividend yield (on the basis dividends equivalents received)
Nil
Nil
The options outstanding at 31 December 2023 had a weighted average remaining contractual life of two years (2022: two years).
The aggregate of the estimated fair value of options granted in 2023 is $4.6 million (2022: $5.0 million).
Deferred Bonus Plan
At the Company\u2019s AGM in June 2019, shareholders approved the Deferred Bonus Plan. This provides for 30% of the annual bonus attributable
to Executive Directors to be paid in the form of nil cost options that can be exercised any time after the three-year vesting period. There are no
performance conditions other than the Executive Director must continue to be employed for this period (subject to certain limited exceptions).
2023 2022
Number of Number of
share options share options
\u2018000 \u2019000
Outstanding at 1 January
218
113
Exercised during the year
(180)
\u2014
Granted during the year
178
105
Outstanding at 31 December
216
218
Exercisable at 31 December
\u2014
\u2014
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.37 (2022: not applicable).
During the year 177,832 options (2022: 104,968) were granted to employees under the Deferred Bonus Plan.
The options outstanding at 31 December 2023 had a weighted average remaining contractual life of two years.
Value Creation Plan (\u201cVCP\u201d)
The VCP was approved by shareholders in December 2016. In 2022, certain nil cost share option awards vested in accordance with the VCP rules,
with the Company achieving a TSR of at least 8% compound annual growth. There will be no further awards under the plan.
2023 2022
Number of Number of
share options share options
\u2018000 \u2019000
Outstanding at 1 January
\u2014
3,508
Exercised during the year
\u2014
(3,508)
Outstanding at 31 December
\u2014
\u2014
Exercisable at 31 December
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-222": { "value": "
6. Staff costs
The average number of employees and contractors (including Executive Directors) employed by the Group was 471 (2022: 460); the number
of full-time equivalents of these workers was 303 (2022: 317), re\ufb02ecting the increase in staff in 2022 to progress expansion activities and the
decrease in staff after the ITP was shut-in on 25 March 2023.
Average number of Average number of full-time Number of employees Number of full-time equivalents
employees equivalents in December in December
2023
2022
2023
2022
2023
2022
2023
2022
Kurdistan
438
421
272
280
379
472
247
312
United Kingdom
33
39
31
37
27
40
26
38
Total
471
460
303
317
406
512
273
350
Staff costs as follows are shown net of amounts recharged to joint operations:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
37,645
46,879
Social security costs
1,826
2,503
Pension costs
468
420
Share-based payment (see note 23)
10,760
4,260
50,699
54,062
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 net of amounts recharged to joint
operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-255": { "value": "Staff costs as follows are shown net of amounts recharged to joint operations:
2023 2022
$\u2019000 $\u2019000
Wages and salaries
37,645
46,879
Social security costs
1,826
2,503
Pension costs
468
420
Share-based payment (see note 23)
10,760
4,260
50,699
54,062
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 net of amounts recharged to joint operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-224": { "value": "
7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-315": { "value": "7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-312": { "value": "7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-305": { "value": "7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-283": { "value": "7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-256": { "value": "7. Finance costs and \ufb01nance income
2023 2022
$\u2019000 $\u2019000
Notes interest expense (see note 15)
\u2014
(5,833)
Unwinding of \ufb01nance and arrangement fees (see note 15)
\u2014
(879)
Notes repayment fee (see note 15)
\u2014
(2,000)
Finance lease interest
(66)
(77)
Unwinding of discount on provisions (see note 16)
(1,699)
(866)
Total \ufb01nance costs
(1,765)
(9,655)
Finance income
3,803
648
Net \ufb01nance income/(costs)
2,038
(9,007)
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free (see note 15).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-226": { "value": "
8. Income tax
2023 2022
$\u2019000 $\u2019000
Current year credit
\u2014
216
Prior year adjustment
195
\u2014
Deferred UK corporation tax (charge)/credit (see note 17)
(306)
109
Tax (charge)/credit attributable to the Company and its subsidiaries
(111)
325
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 KRI, 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 pro\ufb01ts. 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 2023 was 19% on pro\ufb01ts up to \u00a350k tapered to 25% on pro\ufb01ts above \u00a3250k
(2022: \ufb02at rate of 19.0%).
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.
17. 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 $\u2019000
At 1 January 2022
(495)
1,049
831
1,385
(Charge)/credit to income statement
(139)
241
223
325
Exchange differences
62
(109)
(87)
(134)
At 31 December 2022
(572)
1,181
967
1,576
Credit/(charge) to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-225": { "value": "
9. Earnings per share
The calculation of the basic and diluted loss per share is based on the following data:
2023
2022
(Loss)/pro\ufb01t after tax for basic and diluted per share calculations ($\u2019000)
(11,500)
266,094
Number of shares (\u2018000s):
Basic weighted average number of ordinary shares
217,992
215,420
Basic EPS (cents)
(5.28)
123.52
The Group followed the steps speci\ufb01ed by IAS 33 in determining whether potential common shares are dilutive or anti-dilutive.
Reconciliation of dilutive shares:
2023
2022
Number of shares (\u2018000s)
Basic weighted average number of ordinary shares outstanding
217,992
215,420
Effect of potential dilutive share options
\u2014
8,909
Diluted number of ordinary shares outstanding
217,992
224,329
Diluted EPS (cents)
(5.28)
118.62
(1)
(1) At the reporting date, the Company had 8,224k antidilutive (2022: 8,909k dilutive) ordinary shares relating to outstanding share options. EPS is calculated on the
assumption of conversion of all potentially dilutive ordinary shares however, during a period where a company makes a loss, anti-dilutive shares are not included in
the loss per share calculation as they would reduce the reported loss per share.
The weighted average number of ordinary shares in issue excludes shares held by Employee Bene\ufb01t Trustee (\u201cEBT\u201d).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-227": { "value": "
10. Property, plant and equipment
Oil and gas Fixtures and Right of use
assets equipment assets Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
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
Year ended 31 December 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2014
\u2014
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2014
\u2014
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2014
\u2014
66
66
Foreign currency translation differences
\u2014
5
27
32
Closing net book value
443,393
2,066
383
445,842
At 31 December 2023
Cost
992,870
9,404
2,188
1,004,462
Accumulated depreciation
(549,477)
(7,33
8)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
The net book value of oil and gas assets at 31 December 2023 is comprised of property, plant and equipment relating to the Shaikan block with a
carrying value of $443.4 million (2022: $433.6 million).
The additions to the Shaikan asset amounting to $58.2 million during the year include the costs of completing SH-17 and the drilling and
completion of SH-18, well workovers, well pad preparation, long lead items and expansion of production facilities.
The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 16 partially offset by additional
decommissioning liabilities arising from capital projects completed during the year.
The DD&A charge of $39.5 million (2022: $80.2 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation
charge of $0.6 million (2022: $0.4 million) on \ufb01xtures and equipment and $0.4 million (2022: $0.3 million) on right of use assets has been included
in general and administrative expenses (note 4).
Right of use assets at 31 December 2023 of $0.4 million (2022: $0.6 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 signi\ufb01cant accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-284": { "value": "10. Property, plant and equipment
Oil and gas Fixtures and Right of use
assets equipment assets Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
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
Year ended 31 December 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2014
\u2014
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2014
\u2014
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2014
\u2014
66
66
Foreign currency translation differences
\u2014
5
27
32
Closing net book value
443,393
2,066
383
445,842
At 31 December 2023
Cost
992,870
9,404
2,188
1,004,462
Accumulated depreciation
(549,477)
(7,33
8)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
The net book value of oil and gas assets at 31 December 2023 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $443.4 million (2022: $433.6 million). The additions to the Shaikan asset amounting to $58.2 million during the year include the costs of completing SH-17 and the drilling and completion of SH-18, well workovers, well pad preparation, long lead items and expansion of production facilities. The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 16 partially offset by additional decommissioning liabilities arising from capital projects completed during the year. The DD&A charge of $39.5 million (2022: $80.2 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation charge of $0.6 million (2022: $0.4 million) on \ufb01xtures and equipment and $0.4 million (2022: $0.3 million) on right of use assets has been included in general and administrative expenses (note 4). Right of use assets at 31 December 2023 of $0.4 million (2022: $0.6 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 signi\ufb01cant accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-257": { "value": "10. Property, plant and equipment
Oil and gas Fixtures and Right of use
assets equipment assets Total
$\u2019000 $\u2019000 $\u2019000 $\u2019000
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
Year ended 31 December 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2014
\u2014
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2014
\u2014
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2014
\u2014
66
66
Foreign currency translation differences
\u2014
5
27
32
Closing net book value
443,393
2,066
383
445,842
At 31 December 2023
Cost
992,870
9,404
2,188
1,004,462
Accumulated depreciation
(549,477)
(7,33
8)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
The net book value of oil and gas assets at 31 December 2023 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $443.4 million (2022: $433.6 million). The additions to the Shaikan asset amounting to $58.2 million during the year include the costs of completing SH-17 and the drilling and completion of SH-18, well workovers, well pad preparation, long lead items and expansion of production facilities. The decrease in the decommissioning asset represents the change in accounting estimates as detailed in note 16 partially offset by additional decommissioning liabilities arising from capital projects completed during the year. The DD&A charge of $39.5 million (2022: $80.2 million) on oil and gas assets has been included within cost of sales (note 3). The depreciation charge of $0.6 million (2022: $0.4 million) on \ufb01xtures and equipment and $0.4 million (2022: $0.3 million) on right of use assets has been included in general and administrative expenses (note 4). Right of use assets at 31 December 2023 of $0.4 million (2022: $0.6 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 signi\ufb01cant accounting policies.
21. Lease Liabilities
During 2023, the total cash out\ufb02ows relating to leased assets was $0.5 million (2022: $0.5 million); this amount is the total of capital repayments,
interest charges and foreign exchange impact.
2023 2022
$\u2019000 $\u2019000
Current liabilities (note 14)
359
385
Non-current liabilities (note 14)
39
325
398
710
Lease liability maturity analysis
Year 1
359
385
Year 2
19
325
Year 3
20
\u2014
Amounts payable under leases
Within one year
377
436
In the second to \ufb01fth year inclusive
42
339
419
775
Less future interest charges
(21)
(65)
Net present value of lease obligations
398
710
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-230": { "value": "
11. Group companies
Details of the Company\u2019s subsidiaries and joint operations at 31 December 2023 is as follows:
Place of Proportion of
Name of subsidiary incorporation
ownership interest
Principal activity
Gulf Keystone Petroleum (UK) Limited United
100%
Management, support,
6th Floor, New Fetter Place Kingdom geological, geophysical
8-10 New Fetter Lane and engineering services
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
Name of joint operation
Location
ownership interest
Principal activity
Shaikan
Kurdistan
80%
Production and
development activities
25. 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 speci\ufb01ed in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2023 were
as follows:
\u2022 J Huijskes \u2013 Non-Executive Chairman (resigned June 2023)
\u2022 M Angle \u2013 prior Deputy Chairman who became Non-Executive Chairman June 2023
\u2022 K Wood \u2013 Non-Executive Director became Deputy Chair June 2023
\u2022 D Thomas \u2013 Non-Executive Director
\u2022 W Mwaura \u2013 Non-Executive Director
\u2022 J Balkany \u2013 Non-Executive Director (appointed July 2023)
\u2022 G Soden \u2013 Non-Executive Director (resigned June 2023)
\u2022 J Harris \u2013 Chief Executive Officer and Director
\u2022 I Weatherdon \u2013 Chief Financial Officer and Director
\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 J Hulme \u2013 Chief Operating Officer
The values below are calculated in accordance with IAS 19 and IFRS 2.
2023 2022
$\u2019000 $\u2019000
Short-term employee bene\ufb01ts
3,463
4,725
Share-based payment \u2013 options
4,065
1,499
7,528
6,224
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-306": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2023 is as follows:
Place of Proportion of
Name of subsidiary incorporation
ownership interest
Principal activity
Gulf Keystone Petroleum (UK) Limited United
100%
Management, support,
6th Floor, New Fetter Place Kingdom geological, geophysical
8-10 New Fetter Lane and engineering services
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
Name of joint operation
Location
ownership interest
Principal activity
Shaikan
Kurdistan
80%
Production and
development activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-286": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2023 is as follows:
Place of Proportion of
Name of subsidiary incorporation
ownership interest
Principal activity
Gulf Keystone Petroleum (UK) Limited United
100%
Management, support,
6th Floor, New Fetter Place Kingdom geological, geophysical
8-10 New Fetter Lane and engineering services
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
Name of joint operation
Location
ownership interest
Principal activity
Shaikan
Kurdistan
80%
Production and
development activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-260": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2023 is as follows:
Place of Proportion of
Name of subsidiary incorporation
ownership interest
Principal activity
Gulf Keystone Petroleum (UK) Limited United
100%
Management, support,
6th Floor, New Fetter Place Kingdom geological, geophysical
8-10 New Fetter Lane and engineering services
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
Name of joint operation
Location
ownership interest
Principal activity
Shaikan
Kurdistan
80%
Production and
development activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-228": { "value": "
12. Inventories
2023 2022
$\u2019000 $\u2019000
Warehouse stocks and materials
6,900
6,074
Crude oil
374
298
Inventory held for sale
2,627
\u2014
9,901
6,372
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-229": { "value": "
13. Trade and other receivables
Non-current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables \u2013 non-current
140,218
\u2014
Non-current trade receivables relates to overdue amounts due from the KRG, after deducting the expected credit loss, that are expected to be
received more than 12 months from the reporting date (see below).
Current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
6,350
158,032
Underlift
3,806
\u2014
Other receivables
3,080
16,828
Prepayments and accrued income
1,882
1,343
Total current receivables
15,118
176,203
Total receivables
155,336
176,203
Underlift is the volumes owed to the Company by the KRG who lifted volumes in excess of their contractual entitlement in accordance with the
PSC. The underlift is valued at the year-end sales price. The underlift was temporary and the Group lifted the volumes in 2024.
Reconciliation of Trade Receivables
2023 2022
$\u2019000 $\u2019000
Gross carrying amount
171,026
161,112
Less: Impairment allowance
(24,458)
(3,080)
Carrying value at 31 December
146,568
158,032
Gross trade receivables of $171.0 million (2022: $161.1 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2022: $148.9 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2022: $12.2 million). Trade receivables net of capacity building payments payable of $7.7 million (2022: $7.1 million) are $151.1 million (2022: $141.8 million). While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $24.5 million (2022: $3.1 million) was provided against the trade receivables balance in accordance with IFRS 9. During the year, a $21.4 million charge was recognised due to the increase in the ECL provision (2022: $2.0 million). As detailed in the Summary of signi\ufb01cant accounting policies and Note 2, the outstanding sales invoices from October 2022 \u2013 March 2023 receivable have been recognised based on a proposed pricing mechanism, which GKP has not accepted. ECL sensitivities Considering the receipt pro\ufb01le scenarios, the only variable expected to materially change pro\ufb01t before tax is the timing of receipt. If the pipeline reopening is delayed beyond October 2024 resulting in the receipt of past-due trade receivables being delayed by a further 12 months, then the ECL would increase by $10.7 million. Conversely, if the repayment pro\ufb01le was brought forward by 6 months then the ECL would decrease by $6.2 million. The Group\u2019s pro\ufb01t before tax was not materially sensitive to a movement of \u00b110% in the default spread or recovery rate. Other receivables Other receivables includes an amount relating to advances to suppliers of $0.4 million (FY 2022: $11.5 million). $0.4 million (FY 2022: $10.6 million of the $11.5 million) relates to advances for capital expenditure and is included within investing activities in the consolidated cash \ufb02ow statement. Also included within Other receivables is an amount of $0.4 million (2022: $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 2023 (2022: nil). No impairments of other receivables have been recognised during the year (2022: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-313": { "value": "13. Trade and other receivables Non-current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables \u2013 non-current
140,218
\u2014
Non-current trade receivables relates to overdue amounts due from the KRG, after deducting the expected credit loss, that are expected to be received more than 12 months from the reporting date (see below). Current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
6,350
158,032
Underlift
3,806
\u2014
Other receivables
3,080
16,828
Prepayments and accrued income
1,882
1,343
Total current receivables
15,118
176,203
Total receivables
155,336
176,203
Underlift is the volumes owed to the Company by the KRG who lifted volumes in excess of their contractual entitlement in accordance with the PSC. The underlift is valued at the year-end sales price. The underlift was temporary and the Group lifted the volumes in 2024.
Reconciliation of Trade Receivables
2023 2022
$\u2019000 $\u2019000
Gross carrying amount
171,026
161,112
Less: Impairment allowance
(24,458)
(3,080)
Carrying value at 31 December
146,568
158,032
Gross trade receivables of $171.0 million (2022: $161.1 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for
crude oil sales totalling $158.8 million (2022: $148.9 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the
KRG that the Group purchased from MOL amounting to $12.2 million (2022: $12.2 million). Trade receivables net of capacity building payments
payable of $7.7 million (2022: $7.1 million) are $151.1 million (2022: $141.8 million).
While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $24.5 million (2022: $3.1
million) was provided against the trade receivables balance in accordance with IFRS 9. During the year, a $21.4 million charge was recognised due
to the increase in the ECL provision (2022: $2.0 million).
As detailed in the Summary of signi\ufb01cant accounting policies and Note 2, the outstanding sales invoices from October 2022 \u2013 March 2023
receivable have been recognised based on a proposed pricing mechanism, which GKP has not accepted.
ECL sensitivities
Considering the receipt pro\ufb01le scenarios, the only variable expected to materially change pro\ufb01t before tax is the timing of receipt. If the pipeline
reopening is delayed beyond October 2024 resulting in the receipt of past-due trade receivables being delayed by a further 12 months, then
the ECL would increase by $10.7 million. Conversely, if the repayment pro\ufb01le was brought forward by 6 months then the ECL would decrease
by $6.2 million.
The Group\u2019s pro\ufb01t before tax was not materially sensitive to a movement of \u00b110% in the default spread or recovery rate.
Other receivables
Other receivables includes an amount relating to advances to suppliers of $0.4 million (FY 2022: $11.5 million). $0.4 million (FY 2022: $10.6 million
of the $11.5 million) relates to advances for capital expenditure and is included within investing activities in the consolidated cash \ufb02ow statement.
Also included within Other receivables is an amount of $0.4 million (2022: $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 2023 (2022: nil). No impairments of other receivables
have been recognised during the year (2022: nil).
17. 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 2022
(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
Credit/(charge) to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-285": { "value": "Non-current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables \u2013 non-current
140,218
\u2014
Non-current trade receivables relates to overdue amounts due from the KRG, after deducting the expected credit loss, that are expected to be received more than 12 months from the reporting date (see below). Current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
6,350
158,032
Underlift
3,806
\u2014
Other receivables
3,080
16,828
Prepayments and accrued income
1,882
1,343
Total current receivables
15,118
176,203
Total receivables
155,336
176,203
Underlift is the volumes owed to the Company by the KRG who lifted volumes in excess of their contractual entitlement in accordance with the PSC. The underlift is valued at the year-end sales price. The underlift was temporary and the Group lifted the volumes in 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-258": { "value": "Non-current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables \u2013 non-current
140,218
\u2014
Non-current trade receivables relates to overdue amounts due from the KRG, after deducting the expected credit loss, that are expected to be received more than 12 months from the reporting date (see below). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-259": { "value": "Current receivables
2023 2022
$\u2019000 $\u2019000
Trade receivables
6,350
158,032
Underlift
3,806
\u2014
Other receivables
3,080
16,828
Prepayments and accrued income
1,882
1,343
Total current receivables
15,118
176,203
Total receivables
155,336
176,203
Underlift is the volumes owed to the Company by the KRG who lifted volumes in excess of their contractual entitlement in accordance with the PSC. The underlift is valued at the year-end sales price. The underlift was temporary and the Group lifted the volumes in 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-262": { "value": "Reconciliation of Trade Receivables
2023 2022
$\u2019000 $\u2019000
Gross carrying amount
171,026
161,112
Less: Impairment allowance
(24,458)
(3,080)
Carrying value at 31 December
146,568
158,032
Gross trade receivables of $171.0 million (2022: $161.1 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2022: $148.9 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the KRG that the Group purchased from MOL amounting to $12.2 million (2022: $12.2 million). Trade receivables net of capacity building payments payable of $7.7 million (2022: $7.1 million) are $151.1 million (2022: $141.8 million). While the Group expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $24.5 million (2022: $3.1 million) was provided against the trade receivables balance in accordance with IFRS 9. During the year, a $21.4 million charge was recognised due to the increase in the ECL provision (2022: $2.0 million). As detailed in the Summary of signi\ufb01cant accounting policies and Note 2, the outstanding sales invoices from October 2022 \u2013 March 2023 receivable have been recognised based on a proposed pricing mechanism, which GKP has not accepted. ECL sensitivities Considering the receipt pro\ufb01le scenarios, the only variable expected to materially change pro\ufb01t before tax is the timing of receipt. If the pipeline reopening is delayed beyond October 2024 resulting in the receipt of past-due trade receivables being delayed by a further 12 months, then the ECL would increase by $10.7 million. Conversely, if the repayment pro\ufb01le was brought forward by 6 months then the ECL would decrease by $6.2 million. The Group\u2019s pro\ufb01t before tax was not materially sensitive to a movement of \u00b110% in the default spread or recovery rate. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-261": { "value": "
14. Current liabilities
Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
11,953
3,499
Accrued expenditures
14,009
40,642
Amounts due to KRG not expected to be cash settled
74,703
70,740
Capacity building payment due to KRG on trade receivables
7,687
7,131
Other payables
683
6,164
Lease obligations
359
385
Total trade and other payables
109,394
128,561
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs and the Directors
consider that carrying amounts approximate fair value.
Amounts due to KRG not expected to be cash settled of $74.7 million (2022: $70.7 million) include:
\u2022 $37.7 million (2022: $36.5 million) expected to be offset against oil sales to the KRG up to 2018, that have not been recognised in the \ufb01nancial
statements as management consider that the criteria for revenue recognition have not been satis\ufb01ed.
\u2022 $37.0 million (2022: $34.2 million) related to an accrual for the difference between the capacity building rate of 20%, as per the invoicing basis
in effect since October 2017, and 30% as per the 2016 Bilateral Agreement. The working interest under the 2016 bilateral agreement is 80%
whereas the invoicing basis is 61.5%. If the commercial position were to revert to the full terms of the executed amended PSC and the 2016
Bilateral Agreement, the Company would not expect to cash settle this balance as a more than offsetting increase in GKP\u2019s net entitlement is
expected to result in revenue being due to GKP (see critical accounting judgements), the value of which is expected to exceed the accrued
$37.0 million.
Deferred income At 31 December 2023, deferred income of $5.2 million (2022: $nil) relates to cash advances paid by local oil buyers in advance of lifting oil (See note 2). Non-current liabilities
2023 2022
$\u2019000 $\u2019000
Non-current lease liability (see note 21)
39
325
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-231": { "value": "14. Current liabilities Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
11,953
3,499
Accrued expenditures
14,009
40,642
Amounts due to KRG not expected to be cash settled
74,703
70,740
Capacity building payment due to KRG on trade receivables
7,687
7,131
Other payables
683
6,164
Lease obligations
359
385
Total trade and other payables
109,394
128,561
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs and the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $74.7 million (2022: $70.7 million) include: \u2022 $37.7 million (2022: $36.5 million) expected to be offset against oil sales to the KRG up to 2018, that have not been recognised in the \ufb01nancial statements as management consider that the criteria for revenue recognition have not been satis\ufb01ed. \u2022 $37.0 million (2022: $34.2 million) related to an accrual for the difference between the capacity building rate of 20%, as per the invoicing basis in effect since October 2017, and 30% as per the 2016 Bilateral Agreement. The working interest under the 2016 bilateral agreement is 80% whereas the invoicing basis is 61.5%. If the commercial position were to revert to the full terms of the executed amended PSC and the 2016 Bilateral Agreement, the Company would not expect to cash settle this balance as a more than offsetting increase in GKP\u2019s net entitlement is expected to result in revenue being due to GKP (see critical accounting judgements), the value of which is expected to exceed the accrued $37.0 million.
Deferred income
At 31 December 2023, deferred income of $5.2 million (2022: $nil) relates to cash advances paid by local oil buyers in advance of lifting oil
(See note 2).
Non-current liabilities
2023 2022
$\u2019000 $\u2019000
Non-current lease liability (see note 21)
39
325
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-287": { "value": "14. Current liabilities Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
11,953
3,499
Accrued expenditures
14,009
40,642
Amounts due to KRG not expected to be cash settled
74,703
70,740
Capacity building payment due to KRG on trade receivables
7,687
7,131
Other payables
683
6,164
Lease obligations
359
385
Total trade and other payables
109,394
128,561
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs and the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $74.7 million (2022: $70.7 million) include: \u2022 $37.7 million (2022: $36.5 million) expected to be offset against oil sales to the KRG up to 2018, that have not been recognised in the \ufb01nancial statements as management consider that the criteria for revenue recognition have not been satis\ufb01ed. \u2022 $37.0 million (2022: $34.2 million) related to an accrual for the difference between the capacity building rate of 20%, as per the invoicing basis in effect since October 2017, and 30% as per the 2016 Bilateral Agreement. The working interest under the 2016 bilateral agreement is 80% whereas the invoicing basis is 61.5%. If the commercial position were to revert to the full terms of the executed amended PSC and the 2016 Bilateral Agreement, the Company would not expect to cash settle this balance as a more than offsetting increase in GKP\u2019s net entitlement is expected to result in revenue being due to GKP (see critical accounting judgements), the value of which is expected to exceed the accrued $37.0 million. Deferred income At 31 December 2023, deferred income of $5.2 million (2022: $nil) relates to cash advances paid by local oil buyers in advance of lifting oil (See note 2). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-307": { "value": "14. Current liabilities Trade and other payables
2023 2022
$\u2019000 $\u2019000
Trade payables
11,953
3,499
Accrued expenditures
14,009
40,642
Amounts due to KRG not expected to be cash settled
74,703
70,740
Capacity building payment due to KRG on trade receivables
7,687
7,131
Other payables
683
6,164
Lease obligations
359
385
Total trade and other payables
109,394
128,561
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs and the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $74.7 million (2022: $70.7 million) include: \u2022 $37.7 million (2022: $36.5 million) expected to be offset against oil sales to the KRG up to 2018, that have not been recognised in the \ufb01nancial statements as management consider that the criteria for revenue recognition have not been satis\ufb01ed. \u2022 $37.0 million (2022: $34.2 million) related to an accrual for the difference between the capacity building rate of 20%, as per the invoicing basis in effect since October 2017, and 30% as per the 2016 Bilateral Agreement. The working interest under the 2016 bilateral agreement is 80% whereas the invoicing basis is 61.5%. If the commercial position were to revert to the full terms of the executed amended PSC and the 2016 Bilateral Agreement, the Company would not expect to cash settle this balance as a more than offsetting increase in GKP\u2019s net entitlement is expected to result in revenue being due to GKP (see critical accounting judgements), the value of which is expected to exceed the accrued $37.0 million. Deferred income At 31 December 2023, deferred income of $5.2 million (2022: $nil) relates to cash advances paid by local oil buyers in advance of lifting oil (See note 2). Non-current liabilities
2023 2022
$\u2019000 $\u2019000
Non-current lease liability (see note 21)
39
325
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-288": { "value": "Non-current liabilities
2023 2022
$\u2019000 $\u2019000
Non-current lease liability (see note 21)
39
325
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-232": { "value": "
15. Long term borrowings
2023 2022
$\u2019000 $\u2019000
Liability component at 1 January
\u2014
103,482
Interest expense, including unwinding of \ufb01nance & arrangement fees
\u2014
8,712
Interest paid during the year
\u2014
(10,194)
Principal repaid in year
\u2014
(100,000)
Settlement of notes early repayment fee
\u2014
(2,000)
Liability component at 31 December
\u2014
\u2014
On 2 August 2022 the Group redeemed the $100m bond and paid a 2% early repayment fee.
18. Financial instruments
2023 2022
$\u2019000 $\u2019000
Financial assets
Cash
81,709
119,456
Receivables
152,709
162,990
234,418
282,446
Financial liabilities
Trade and other payables
109,433
128,886
109,433
128,886
All \ufb01nancial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classi\ufb01ed as current
liabilities. All \ufb01nancial liabilities are recognised at amortised cost.
Fair values of \ufb01nancial assets and liabilities
With the exception of the receivables from the KRG which the Group expects to recover in full (see note 13), the Group considers the carrying value
of all its \ufb01nancial assets and liabilities to be materially the same as their fair value.
The \ufb01nancial assets balance includes a $24.5 million provision against trade receivables (2022: $3.1 million) (see note 13). All \ufb01nancial assets,
except derivatives designated as a hedge, are measured at amortised cost which is materially the same as fair 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 shareholders 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.
Signi\ufb01cant Accounting Policies
Details of the signi\ufb01cant 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 \ufb01nancial asset, \ufb01nancial liability and equity instrument are disclosed in
the Summary of signi\ufb01cant accounting policies.
Financial Risk Management Objectives
The Group\u2019s management monitors and manages the \ufb01nancial risks relating to the operations of the Group. These \ufb01nancial risks include market
risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash \ufb02ow interest rate risk.
As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other \ufb01nancial risks. The Group
does not use derivative \ufb01nancial instruments for speculative purposes.
The risks are closely reviewed by the Group\u2019s management under the oversight of 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 \ufb01nancial 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 Group\u2019s management under the
oversight of 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 2023, 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 pro\ufb01t.
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 short-term deposits to maximise returns and
accessibility.
Based on the exposure to interest rates for cash at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material
impact on the Group\u2019s pro\ufb01t.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As at 31 December 2023,
the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2022: $161.1 million). Although the
Group is con\ufb01dent in the recovery of the trade receivables balance, a provision of $24.5 million (2022: $3.1 million) was recognised against the
trade receivables balance.
The credit risk on liquid funds is limited because the counterparties for a signi\ufb01cant portion of the cash 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 Group\u2019s management under the oversight of the Board of Directors. It is the
Group\u2019s policy to \ufb01nance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-263": { "value": "15. Long term borrowings
2023 2022
$\u2019000 $\u2019000
Liability component at 1 January
\u2014
103,482
Interest expense, including unwinding of \ufb01nance & arrangement fees
\u2014
8,712
Interest paid during the year
\u2014
(10,194)
Principal repaid in year
\u2014
(100,000)
Settlement of notes early repayment fee
\u2014
(2,000)
Liability component at 31 December
\u2014
\u2014
On 2 August 2022 the Group redeemed the $100m bond and paid a 2% early repayment fee. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-233": { "value": "
16. Provisions
Decommissioning provision
2023 2022
$\u2019000 $\u2019000
At 1 January
42,546
43,841
New provisions and changes in estimates
(8,933)
(2,161)
Unwinding of discount
1,699
866
At 31 December
35,312
42,546
The $8.9 million decrease in new provisions and changes in estimates (2022: $2.2 million) comprises an increase relating to new drilling and
facilities work of $4.2 million (2022: $7.6 million), offset by a reduction of $13.1 million (2022: $9.8 million) due to changes in in\ufb02ation and discount
rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, in\ufb02ated in line with the
table below and discounted at 4.6% (2022: 3.8%), 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 In\ufb02ation Assumption (%) 2023
2022
2023
n/a
5.00%
2024
2.25%
3.00%
2025
2.25%
2.75%
2026 \u2013 2043
2.25%
2.75%
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-289": { "value": "16. Provisions Decommissioning provision
2023 2022
$\u2019000 $\u2019000
At 1 January
42,546
43,841
New provisions and changes in estimates
(8,933)
(2,161)
Unwinding of discount
1,699
866
At 31 December
35,312
42,546
The $8.9 million decrease in new provisions and changes in estimates (2022: $2.2 million) comprises an increase relating to new drilling and facilities work of $4.2 million (2022: $7.6 million), offset by a reduction of $13.1 million (2022: $9.8 million) due to changes in in\ufb02ation and discount rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, in\ufb02ated in line with the table below and discounted at 4.6% (2022: 3.8%), 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 In\ufb02ation Assumption (%) 2023
2022
2023
n/a
5.00%
2024
2.25%
3.00%
2025
2.25%
2.75%
2026 \u2013 2043
2.25%
2.75%
26. Contingent Liabilities The Group has a contingent liability of $27.3 million (2022: $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 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-290": { "value": "17. 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 2022
(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
Credit/(charge) to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-264": { "value": "17. 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 2022
(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
Credit/(charge) to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-265": { "value": "
2023 2022
$\u2019000 $\u2019000
Financial assets
Cash
81,709
119,456
Receivables
152,709
162,990
234,418
282,446
Financial liabilities
Trade and other payables
109,433
128,886
109,433
128,886
All \ufb01nancial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classi\ufb01ed as current liabilities. All \ufb01nancial liabilities are recognised at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-291": { "value": "
2023 2022
$\u2019000 $\u2019000
Financial assets
Cash
81,709
119,456
Receivables
152,709
162,990
234,418
282,446
Financial liabilities
Trade and other payables
109,433
128,886
109,433
128,886
All \ufb01nancial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classi\ufb01ed as current liabilities. All \ufb01nancial liabilities are recognised at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-292": { "value": "Fair values of \ufb01nancial assets and liabilities With the exception of the receivables from the KRG which the Group expects to recover in full (see note 13), the Group considers the carrying value of all its \ufb01nancial assets and liabilities to be materially the same as their fair value. The \ufb01nancial assets balance includes a $24.5 million provision against trade receivables (2022: $3.1 million) (see note 13). All \ufb01nancial assets, except derivatives designated as a hedge, are measured at amortised cost which is materially the same as fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-266": { "value": "Fair values of \ufb01nancial assets and liabilities With the exception of the receivables from the KRG which the Group expects to recover in full (see note 13), the Group considers the carrying value of all its \ufb01nancial assets and liabilities to be materially the same as their fair value. The \ufb01nancial assets balance includes a $24.5 million provision against trade receivables (2022: $3.1 million) (see note 13). All \ufb01nancial assets, except derivatives designated as a hedge, are measured at amortised cost which is materially the same as fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-267": { "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 shareholders 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-268": { "value": "Financial Risk Management Objectives The Group\u2019s management monitors and manages the \ufb01nancial risks relating to the operations of the Group. These \ufb01nancial risks include market risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash \ufb02ow interest rate risk. As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other \ufb01nancial risks. The Group does not use derivative \ufb01nancial instruments for speculative purposes. The risks are closely reviewed by the Group\u2019s management under the oversight of 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 \ufb01nancial 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 Group\u2019s management under the oversight of 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 2023, 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 pro\ufb01t. 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 short-term deposits to maximise returns and accessibility. Based on the exposure to interest rates for cash at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material impact on the Group\u2019s pro\ufb01t. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As at 31 December 2023, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2022: $161.1 million). Although the Group is con\ufb01dent in the recovery of the trade receivables balance, a provision of $24.5 million (2022: $3.1 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a signi\ufb01cant portion of the cash 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 Group\u2019s management under the oversight of the Board of Directors. It is the Group\u2019s policy to \ufb01nance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-295": { "value": "Market risk The Group\u2019s activities expose it primarily to the \ufb01nancial 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 Group\u2019s management under the oversight of 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 2023, 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 pro\ufb01t. 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 short-term deposits to maximise returns and accessibility. Based on the exposure to interest rates for cash at the balance sheet date, a 0.5% increase or decrease in interest rates would not have a material impact on the Group\u2019s pro\ufb01t. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-293": { "value": "Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in \ufb01nancial loss to the Group. As at 31 December 2023, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2022: $161.1 million). Although the Group is con\ufb01dent in the recovery of the trade receivables balance, a provision of $24.5 million (2022: $3.1 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a signi\ufb01cant portion of the cash 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-294": { "value": "Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Group\u2019s management under the oversight of the Board of Directors. It is the Group\u2019s policy to \ufb01nance 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-234": { "value": "
19. Share capital
2023 2022
$\u2019000 $\u2019000
Authorised
Common shares of $1 each
292,105
231,605
Non-voting shares of $0.01 each
\u2014
500
Preferred shares of $1,000 each
\u2014
20,000
Series A Preferred shares of $1,000 each
\u2014
40,000
292,105
292,105
Common shares
No. of Share Share Total
shares capital premium amount
\u2018000 $\u2019000 $\u2019000 $\u2019000
Balance 1 January 2022
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 31 December 2022
216,247
216,247
528,125
744,372
Dividends paid
\u2014
\u2014
(24,813)
(24,813)
Shares issued
6,196
6,196
\u2014
6,196
Balance 31 December 2023
222,443
222,443
503,312
725,755
At 31 December 2023, a total of 0.2 million common shares at $1 each were held by the EBT (2022: 0.4 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 de\ufb01ned in the Byelaws) on the Series A Preferred Shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-269": { "value": "19. Share capital
2023 2022
$\u2019000 $\u2019000
Authorised
Common shares of $1 each
292,105
231,605
Non-voting shares of $0.01 each
\u2014
500
Preferred shares of $1,000 each
\u2014
20,000
Series A Preferred shares of $1,000 each
\u2014
40,000
292,105
292,105
Common shares
No. of Share Share Total
shares capital premium amount
\u2018000 $\u2019000 $\u2019000 $\u2019000
Balance 1 January 2022
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 31 December 2022
216,247
216,247
528,125
744,372
Dividends paid
\u2014
\u2014
(24,813)
(24,813)
Shares issued
6,196
6,196
\u2014
6,196
Balance 31 December 2023
222,443
222,443
503,312
725,755
At 31 December 2023, a total of 0.2 million common shares at $1 each were held by the EBT (2022: 0.4 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 de\ufb01ned in the Byelaws) on the Series A Preferred Shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-235": { "value": "
20. Cash \ufb02ow reconciliation
Notes
2023 2022
$\u2019000 $\u2019000
Cash \ufb02ows from operating activities
(Loss)/pro\ufb01t from operations
(13,043)
273,544
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment
(including the right of use assets)
40,409
80,883
Amortisation of intangible assets
1,648
859
Increase of provision for impairment of trade receivables
13
21,378
1,960
Share-based payment expense
23
9,673
1,866
Provision against inventory held for sale
3
2,627
\u2014
Impairment of PPE items
3
\u2014
1,109
Operating cash \ufb02ows before movements in working capital
62,692
360,221
Increase in inventories
(7,605)
(354)
Decrease/(Increase) in trade and other receivables
(10,741)
11,640
Increase in trade and other payables
3,107
12,339
Income taxes received
67
\u2014
Cash generated from operations
47,520
383,846
Reconciliation of property, plant and equipment additions to cash \ufb02ows from purchase of property, plant and equipment:
2023 2022
$\u2019000 $\u2019000
Associated cash \ufb02ows
Additions to property, plant and equipment
58,652
116,617
Movement in working capital
6,764
(11,214)
Non-cash movements
Foreign exchange differences
(30)
(112)
Purchase of property, plant and equipment
65,386
105,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-270": { "value": "20. Cash \ufb02ow reconciliation Notes
2023 2022
$\u2019000 $\u2019000
Cash \ufb02ows from operating activities
(Loss)/pro\ufb01t from operations
(13,043)
273,544
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment
(including the right of use assets)
40,409
80,883
Amortisation of intangible assets
1,648
859
Increase of provision for impairment of trade receivables
13
21,378
1,960
Share-based payment expense
23
9,673
1,866
Provision against inventory held for sale
3
2,627
\u2014
Impairment of PPE items
3
\u2014
1,109
Operating cash \ufb02ows before movements in working capital
62,692
360,221
Increase in inventories
(7,605)
(354)
Decrease/(Increase) in trade and other receivables
(10,741)
11,640
Increase in trade and other payables
3,107
12,339
Income taxes received
67
\u2014
Cash generated from operations
47,520
383,846
Reconciliation of property, plant and equipment additions to cash \ufb02ows from purchase of property, plant and equipment:
2023 2022
$\u2019000 $\u2019000
Associated cash \ufb02ows
Additions to property, plant and equipment
58,652
116,617
Movement in working capital
6,764
(11,214)
Non-cash movements
Foreign exchange differences
(30)
(112)
Purchase of property, plant and equipment
65,386
105,291
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-271": { "value": "
22. Commitments
Exploration and development commitments
Additions to property, plant and equipment are generally funded with the cash \ufb02ow generated from the Shaikan Field. As at 31 December 2023,
gross capital commitments in relation to the Shaikan Field were estimated to be $2.2 million (2022: $41.9 million).
26. Contingent Liabilities
The Group has a contingent liability of $27.3 million (2022: $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
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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-236": { "value": "22. Commitments Exploration and development commitments Additions to property, plant and equipment are generally funded with the cash \ufb02ow generated from the Shaikan Field. As at 31 December 2023, gross capital commitments in relation to the Shaikan Field were estimated to be $2.2 million (2022: $41.9 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-272": { "value": "
2023 2022
Number of Number of
share options share options
\u2018000 \u2019000
Outstanding at 1 January
8,785
8,275
Granted during the year
6,295
2,278
Exercised during the year
(6,383)
(586)
Forfeited during the year
(693)
(1,182)
Outstanding at 31 December
8,004
8,785
Exercisable at 31 December
\u2014
\u2014
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.17 (2022: \u00a32.44).
2023 2022
Number of Number of
share options share options
\u2018000 \u2019000
Outstanding at 1 January
218
113
Exercised during the year
(180)
\u2014
Granted during the year
178
105
Outstanding at 31 December
216
218
Exercisable at 31 December
\u2014
\u2014
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.37 (2022: not applicable). ", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-237": { "value": "
24. Dividends
During 2023, a total of $25 million dividends (11. 56 1 US cents per Common Share) were declared and paid to shareholders. In 2022, a total
of $215 million dividends were declared and 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 (6 5 . 27 US cents per
Common Share).
To date in 2024, no dividends have been declared or paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-296": { "value": "0.11561", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-297": { "value": "0.6527", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-273": { "value": "25. 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 speci\ufb01ed in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2023 were as follows: \u2022 J Huijskes \u2013 Non-Executive Chairman (resigned June 2023) \u2022 M Angle \u2013 prior Deputy Chairman who became Non-Executive Chairman June 2023 \u2022 K Wood \u2013 Non-Executive Director became Deputy Chair June 2023 \u2022 D Thomas \u2013 Non-Executive Director \u2022 W Mwaura \u2013 Non-Executive Director \u2022 J Balkany \u2013 Non-Executive Director (appointed July 2023) \u2022 G Soden \u2013 Non-Executive Director (resigned June 2023) \u2022 J Harris \u2013 Chief Executive Officer and Director \u2022 I Weatherdon \u2013 Chief Financial Officer and Director \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 J Hulme \u2013 Chief Operating Officer The values below are calculated in accordance with IAS 19 and IFRS 2.
2023 2022
$\u2019000 $\u2019000
Short-term employee bene\ufb01ts
3,463
4,725
Share-based payment \u2013 options
4,065
1,499
7,528
6,224
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-298": { "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 speci\ufb01ed in IAS 24 Related Party Disclosures. The Directors and Officers who served during the year ended 31 December 2023 were as follows: \u2022 J Huijskes \u2013 Non-Executive Chairman (resigned June 2023) \u2022 M Angle \u2013 prior Deputy Chairman who became Non-Executive Chairman June 2023 \u2022 K Wood \u2013 Non-Executive Director became Deputy Chair June 2023 \u2022 D Thomas \u2013 Non-Executive Director \u2022 W Mwaura \u2013 Non-Executive Director \u2022 J Balkany \u2013 Non-Executive Director (appointed July 2023) \u2022 G Soden \u2013 Non-Executive Director (resigned June 2023) \u2022 J Harris \u2013 Chief Executive Officer and Director \u2022 I Weatherdon \u2013 Chief Financial Officer and Director \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 J Hulme \u2013 Chief Operating Officer The values below are calculated in accordance with IAS 19 and IFRS 2.
2023 2022
$\u2019000 $\u2019000
Short-term employee bene\ufb01ts
3,463
4,725
Share-based payment \u2013 options
4,065
1,499
7,528
6,224
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-238": { "value": "26. Contingent Liabilities The Group has a contingent liability of $27.3 million (2022: $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 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 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }