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Summary of material accounting policies
General information
Gulf Keystone Petroleum Limited (the \u201cCompany\u201d) is domiciled and incorporated in Bermuda (registered address: c/o Carey Olsen Services
Bermuda Limited, 5
th
Floor, Rosebank Centre, 11 Bermudiana Road, Pembroke, HM08 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. On 29th July 2024, new Listing
Rules came into effect for the London Stock Exchange. The former categories for Main Market listed companies of Premium and Standard
Listed were ceased (GKP being a Standard Listed company up until this point). From that date, GKP moved to the Equity Shares \u2013 Transition
category. The Company serves as the parent 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 (IASB)
that are mandatorily effective for an accounting period that begins on or after 1 January 2024.
T
he following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2024: Classification
of Liabilities as Current or Non-Current & Non-current Liabilities with Covenants (Amendments to IAS 1), Lease Liability in a Sale and
Leaseback (Amendments to IFRS 16), and Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). These standards do not and
are not expected to have a material impact on the Company\u2019s results or financials statement disclosures in the current or future reporting
periods.
New and revised IFRSs issued but not yet effective
At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued
but are not yet effective by United Kingdom adopted International Accounting Standards:
IFRS S1
 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
 Climate-related Disclosures
IFRS 19
 Subsidiaries without Public Accountability: Disclosures
Amendments IFRS 9 and
IFRS 7
Classification and measurement of financial instruments; Contracts Referencing Nature-dependent Electricity
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
Amendments to the SASB standards to enhance their international applicability without substantially altering
standards
industries, topics or metrics
T
he directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group
in future periods.
I
FRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In
addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and
IAS 33 Earnings per Share.
I
FRS 18 introduces new requirements to:
pr
esent specified categories and defined subtotals in the statement of profit or loss
provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements
improve aggregation and disaggregation
A
n entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The
amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires
retrospective application with specific transition provisions.
T
he Directors of the company anticipate that the application of these amendments may have an impact on the Group's consolidated financial
statements in future periods.
Statement of compliance
The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards.
Basis of accounting
The financial statements have been prepared 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 financial 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
Chair\u2019s statement, the Chief Executive Officer\u2019s review and the Management of principal risks and uncertainties. The financial position of the
Group at the year end and its cash flows and liquidity position are included in the Financial review.
As at 19 March 2025 the Group had $115 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 fluctuations, 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 the closure of the Iraq-T\u00fcrkiye pipeline (\u201cITP\u201d) in March 2023, the Group significantly reduced expenditures to preserve liquidity
and continues to closely monitor costs with minimal capital investment committed while the pipeline remains closed. Throughout 2024 and up
to the date of this report in 2025, due to the stabilising of local sales volumes, the Group has significantly improved its working capital position,
including settling all legacy supplier invoices from prior to the suspension of exports, and it was able to distribute $45 million to shareholders
in 2024 via buybacks and dividends, with a further $25 million interim dividend declared in March 2025.
Nonetheless, the Group is aware there could be a potential decline in local sales, and potential delays in Kurdistan Regional Government
(\u201cKRG\u201d) revenue receipts once the ITP has been reopened.
The key uncertainties of the alternative crude sale methods are summarised below:
Local sales: the Group continues local sales with payments from buyers required in advance following extensive due diligence. During
2024 the Group received over $144 million related to local sales. However, local sales volumes (average c.40,700 bopd in 2024) and
prices have fluctuated in the past and may be difficult to predict; and
Export sales: In February 2025, the Iraqi Parliament approved an amendment to Article 12 of the Iraqi 2023-2025 Budget Law regarding
the compensation for Kurdistan\u2019s oil production and transportation costs, potentially facilitating the resumption of Kurdistan's oil exports.
Whilst the approval of the amendment is a key step towards the resumption of Kurdistan oil exports, a number of key details remain
outstanding regarding payment surety for future oil exports, the repayment of outstanding receivables and the preservation of current
contract economics. As such, the timing of the reopening of the ITP and payment mechanism remain uncertain.
The Directors believe an agreement will ultimately be reached to reopen the ITP, and 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. Specifically, the Directors considered stress tests that included no further local sales or KRG revenue
receipts and confirmed 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 $81 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 financial resources for the 12 months from the date of approval of the 2024 annual report and accounts.
Based on the analysis performed, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate
for the foreseeable future. Thus, the going concern basis of accounting is used to prepare the annual consolidated financial statements.
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its
subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating
policies of an investee entity, so as to obtain benefits from its activities.
Joint arrangements
The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified
as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where
the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners)
of the joint operation are included in the Group\u2019s balance sheet.
Sales revenue
The recognition of revenue is considered to be a key accounting judgement.
Revenue is earned based on the entitlement mechanism under the terms of the Shaikan Production Sharing Contract (\u201cPSC\u201d). Entitlement has
two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism
through which profits are shared between the Company, its partner and the KRG. The Company is liable for capacity building payments
calculated as a proportion of profit oil entitlement. Entitlement from cost oil and profit oil are reported as revenue, and capacity building
payments are included in cost of sales.
For sales to the local market from 19 July 2023 onwards, including all of 2024, 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.
Prior to the shut-in of the ITP 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 defined in the lifting agreement or crude sales agreement; at this point the Shaikan Contractor
is due economic benefits 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.
Effective September 1, 2022, the KRG proposed a new pricing mechanism for crude oil export sales, which continued 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 (\u201cKBT\u201d) sold at Ceyhan, T\u00fcrkiye, 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 was in place for oil sales from 1 September 2022 until the
ITP shut-in referenced above. 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
recognised revenue for the period until 25 March 2023, based on the proposed new pricing terms. A summary of the currently estimated
financial impact of the proposed change in pricing mechanism is detailed in note 2 to the consolidated financial 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 income
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 field-by-field basis and represent the costs of acquisition and developing the
commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding
commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part
of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy.
The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses
the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the
calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves.
Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The
reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022
Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the
Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year.
Other property, plant and equipment
Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production
assets and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated
impairment losses. Costs include purchase price, construction and installation costs.
These assets are expensed on a straight-line basis over their estimated useful lives of 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 five-years from the date they are available for use.
Impairment of PPE and intangible non-current assets
At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any
indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or group of
assets, is estimated in order to determine the extent of the impairment loss (if any).
For assets which do not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-
generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and value in use, the
estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of
the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as
income.
Taxation
Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax.
Tax currently payable or recoverable is based on taxable profit or loss for the year. Current tax assets and liabilities are measured at the amount
expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the
balance sheet date.
As described in the revenue accounting policy section above, it is not possible to calculate the amount of notional tax in relation to any tax
liabilities settled on behalf of the Group by the KRG.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet
liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised
to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such
assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition
of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit 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 profits will be available to allow all or part assets to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on
tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the
income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in
equity.
Foreign currencies
The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates
(its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are
expressed in US dollars, which is the presentation currency for the consolidated financial statements.
In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are
recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that
are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities
carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was
determined. Gains and losses arising on retranslation are included in the income statement for the year.
On consolidation, the assets and liabilities of the Group\u2019s foreign operations which use functional currencies other than US dollars are translated
at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period.
Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity in the Group\u2019s translation
reserve. On the disposal of a foreign operation, such translation differences are reclassified to profit or loss.
Inventories
Inventories, except for hydrocarbon inventories, are stated at the lower of cost and net realisable value. Cost comprises direct materials and,
where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and
condition. Cost is calculated using the weighted average cost method. Hydrocarbon inventories are recorded at net realisable value with
changes in the value of hydrocarbon inventories being adjusted through cost of sales.
Financial instruments
Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group has become a party to the contractual
provisions of the instrument.
Trade receivables
Trade receivables are measured at amortised cost using the effective interest method less any impairment.
Cash
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 financial assets
The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial
guarantee contracts. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the
respective financial instrument.
T
he Group considers a counterparty to be in default if it can no longer be reasonably expected to recover receivable amounts at a future date;
no counterparties are currently considered to be in default.
T
he Group recognises lifetime ECL for trade receivables, contract assets and lease receivables. The ECL on these financial assets are
estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each
reporting period.
F
or all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures
the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument; this is known
as a stage 2 receivable and GKP\u2019s trade outstanding receivable is classified within this category. In contrast, 12-month ECL represents the
portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the
reporting date; this is known as a stage 1 receivable.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity
instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities.
Equity instruments
Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs, which are charged to share
premium.
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 outflow of
economic benefits that can be reliably estimated.
Decommissioning provision
Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised
is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised
is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure
is dealt with prospectively. The unwinding of the discount is included as a finance cost.
Share-based payments
Equity-settled share-based payments to employees 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 21. The fair value determined at the grant date of
the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity
instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected
to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised
in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve.
F
or cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the
liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with
any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share-
based transactions are set out in note 21.
Leases
The Group assesses whether a contract contains a lease at inception of the contract. The Group recognises a right-of-use asset and
corresponding lease liability in the consolidated balance sheet for all lease arrangements longer than twelve months, where it is the lessee
and has control of the asset. For all other leases, the Group recognises the lease payments as an operating expense on a straight-line basis
over the term of the lease.
The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing
rate.
T
he lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as
current or non-current liabilities depending on underlying lease terms.
T
he 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.
F
or 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.
T
he estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both
current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors
have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in
financial statements.
Production sharing contract 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 the comparative financial statements for 2023 considered whether it was appropriate to recognise
export revenue for deliveries from 1 January to 25 March 2023 based on the proposed new pricing mechanism, notwithstanding that there was
no signed lifting agreement for that period and the pricing mechanism. 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. No adjustments were made in 2024 in respect of the above as revenue was earned via
local sales, with no agreement yet reached in respect of the export period mentioned above.
A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in note 2.
A
ny future agreements between the Group and the KRG might change the amounts of revenue recognised.
D
uring past PSC negotiations with the Ministry of Natural Resources (\u201cMNR\u201d), it was tentatively agreed that the Shaikan Contractor would
provide the KRG a 20% carried working interest in the PSC. This would result in a reduction of GKP\u2019s working interest from 80% to 61.5%. To
compensate for such decrease, capacity building payments expense would be reduced to 20% of profit petroleum. While the PSC has not
been formally amended, it was agreed that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017.
The financial statements reflect the proposed revised working interest of 61.5%. Relative to the PSC terms, the proposed revised invoicing
terms result in a decrease in both revenue and cost of sales and on a net basis are slightly positive for the Group.
A
s part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The
Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing
the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed
the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash
payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. See
note 14 for further details.
T
he Group expects to confirm with the MNR whether to proceed with a formal amendment to the PSC to reflect current invoice terms.
Material sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
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 is the basis for 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.
In making this judgement, a weighted average has been applied to modelled receipt profiles, upon which a counterparty default allowance has
been applied to derive the ECL. When modelling receipt profiles management have made a number of key estimates that are dependent upon
uncertain future events including: the KRG\u2019s deemed credit rating, the export pipeline reopening date, the unrecovered cost pool is depleted
on a cash basis as invoices for crude sales are paid which can be recovered through local and export sales, estimated timeline of cost oil and
profit oil recoveries via commercial terms which have not yet been agreed with the KRG, future oil price including an estimate of both local and
export prices, future oil production, and the probabilities allocated to various scenarios incorporating the aforementioned variables.
Management has estimated the KRG\u2019s probability of default based on credit default swap ratings (\u201cCDS\u201d) applicable to sovereign nations with
similar characteristics to the KRG. Material sensitivities of the ECL to discrete variables are summarised in note 13.
Decommissioning provision
Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of field
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 Group performed an estimate of the value of obligations and costs to
decommission the asset as at 31 December 2023, which was reviewed by ERC Equipoise, an independent third party; this estimate formed
the basis of the updated estimate of the current value of obligations and costs at 31 December 2024.
M
anagement have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an
estimated discount rate, there is also uncertainty regarding the inflation and discount rates used. For the carrying amount of the item, see note
15.
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 \u2018Impairment of Assets\u2019. The Group assesses its group of assets, called a cash-
generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be
recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices,
estimated production volumes, the cost of development and production, post-tax discount rates that reflect the current market assessment of
the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based
on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered
impaired and is written down to its recoverable amount.
T
he Group\u2019s sole CGU at 31 December 2024 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised
decommissioning provision, of $348.9 million (2023: $408.0 million). The Group performed an impairment indicator evaluation as at 31
December 2024 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment
indicators are as follows:
Whi
le the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being
reasonable. Although the estimated re-opening date is one year later than the base case assessment at 31 December 2023, management
previously performed sensitivities of up to two years with no impairment, therefore this delay to the projected re-opening was not assessed
to be an impairment trigger;
The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019
consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2024 for the period 2025 to 2030 with
inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2024
2025
2026
2027
2028
2029
2030
31 December 2024 \u2013 base case
n/a
74.0
72.0
74.0
75.0
73.0
80.0
31 December 2024 \u2013 stress case
n/a
66.6
64.8
66.6
67.5
65.7
72.0
31 December 2023 \u2013 base case
83.0
80.0
77.0
77.0
77.0
80.0
81.8
31 December 2023 \u2013 stress case
74.7
72.0
69.3
69.3
69.3
72.0
73.6
Management have previously applied sensitivities in reviewing stress case pricing including a 10% reduction from base case pricing to
derive a stress case price with no impairment impact. The stress case pricing is noted above;
Discount rates are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq. Management assessed changes
to the key variables that could impact discount rate and concluded no change was necessary. The post-tax nominal discount rate was
estimated to be 16%, unchanged from 31 December 2023;
Operating costs and capital expenditure are based on financial budgets and internal management forecasts. Costs assumptions
incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated
therewith. There were no indicators that costs will increase in comparison to 31 December 2023 impairment assessment;
No adverse changes were noted for commercial reserves and production profiles;
No changes were noted in the operating environment such as local market conditions, tax or other legal or regulatory changes. Specifically,
management considered if there had been any update with respect to the Iraqi Federal Supreme Court ruling announced in 2022 and
concluded there was no movement in the period which would impact the impairment analysis; and
The Group continues to develop its assessment of the potential impacts of climate change and the associated risks of the transition to
a
l
ow-carbon future. Our ambition to reduce scope one per barrel CO
2
emissions intensity 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 scenario portrays a pathway for the global energy
sector to reach net zero CO2 emissions by 2050 which is consistent with limiting long-term global warming to 1.5 \u00b0C with limited overshoot.
The estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed
sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario.
While the IEA oil price assumptions incorporate carbon prices, the IEA 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, but a potential impairment under the NZE scenario.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-201": { "value": "General information Gulf Keystone Petroleum Limited (the \u201cCompany\u201d) is domiciled and incorporated in Bermuda (registered address: c/o Carey Olsen Services Bermuda Limited, 5 th Floor, Rosebank Centre, 11 Bermudiana Road, Pembroke, HM08 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. On 29th July 2024, new Listing Rules came into effect for the London Stock Exchange. The former categories for Main Market listed companies of Premium and Standard Listed were ceased (GKP being a Standard Listed company up until this point). From that date, GKP moved to the Equity Shares \u2013 Transition category. The Company serves as the parent company for the Group, which is engaged in oil and gas exploration, development and production, operating in the Kurdistan Region of Iraq. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, so as to obtain benefits from its activities. The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-2": { "value": "Gulf Keystone Petroleum Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-199": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-3": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-198": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Carey Olsen Services Bermuda Limited, 5 th Floor, Rosebank Centre, 11 Bermudiana Road, Pembroke, HM08 Bermuda", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "The Company serves as the parent 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-242": { "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 (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. T he following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2024: Classification of Liabilities as Current or Non-Current & Non-current Liabilities with Covenants (Amendments to IAS 1), Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), and Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). These standards do not and are not expected to have a material impact on the Company\u2019s results or financials statement disclosures in the current or future reporting periods. New and revised IFRSs issued but not yet effective At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective by United Kingdom adopted International Accounting Standards:
IFRS S1
 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
 Climate-related Disclosures
IFRS 19
 Subsidiaries without Public Accountability: Disclosures
Amendments IFRS 9 and
IFRS 7
Classification and measurement of financial instruments; Contracts Referencing Nature-dependent Electricity
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
Amendments to the SASB standards to enhance their international applicability without substantially altering
standards
industries, topics or metrics
T he directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. I FRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. I FRS 18 introduces new requirements to: present specified categories and defined subtotals in the statement of profit or loss provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements improve aggregation and disaggregation A n entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. T he Directors of the company anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-202": { "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 (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. T he following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2024: Classification of Liabilities as Current or Non-Current & Non-current Liabilities with Covenants (Amendments to IAS 1), Lease Liability in a Sale and Leaseback (Amendments to IFRS 16), and Supplier Finance Arrangements (Amendments to IAS 7 and IFRS 7). These standards do not and are not expected to have a material impact on the Company\u2019s results or financials statement disclosures in the current or future reporting periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-203": { "value": "New and revised IFRSs issued but not yet effective At the date of approval of these financial statements, the Group has not applied the following new and revised IFRSs that have been issued but are not yet effective by United Kingdom adopted International Accounting Standards:
IFRS S1
 General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
 Climate-related Disclosures
IFRS 19
 Subsidiaries without Public Accountability: Disclosures
Amendments IFRS 9 and
IFRS 7
Classification and measurement of financial instruments; Contracts Referencing Nature-dependent Electricity
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
Amendments to the SASB standards to enhance their international applicability without substantially altering
standards
industries, topics or metrics
T he directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. I FRS 18 replaces IAS 1, carrying forward many of the requirements in IAS 1 unchanged and complementing them with new requirements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. I FRS 18 introduces new requirements to: present specified categories and defined subtotals in the statement of profit or loss provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements improve aggregation and disaggregation A n entity is required to apply IFRS 18 for annual reporting periods beginning on or after 1 January 2027, with earlier application permitted. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. IFRS 18 requires retrospective application with specific transition provisions. T he Directors of the company anticipate that the application of these amendments may have an impact on the Group's consolidated financial statements in future periods. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-204": { "value": "Statement of compliance The financial statements have been prepared in accordance with United Kingdom adopted International Accounting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-205": { "value": "Basis of accounting The financial 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 financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-206": { "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 Chair\u2019s statement, the Chief Executive Officer\u2019s review and the Management of principal risks and uncertainties. The financial position of the Group at the year end and its cash flows and liquidity position are included in the Financial review. As at 19 March 2025 the Group had $115 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 fluctuations, 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 the closure of the Iraq-T\u00fcrkiye pipeline (\u201cITP\u201d) in March 2023, the Group significantly reduced expenditures to preserve liquidity and continues to closely monitor costs with minimal capital investment committed while the pipeline remains closed. Throughout 2024 and up to the date of this report in 2025, due to the stabilising of local sales volumes, the Group has significantly improved its working capital position, including settling all legacy supplier invoices from prior to the suspension of exports, and it was able to distribute $45 million to shareholders in 2024 via buybacks and dividends, with a further $25 million interim dividend declared in March 2025. Nonetheless, the Group is aware there could be a potential decline in local sales, and potential delays in Kurdistan Regional Government (\u201cKRG\u201d) revenue receipts once the ITP has been reopened. The key uncertainties of the alternative crude sale methods are summarised below: Local sales: the Group continues local sales with payments from buyers required in advance following extensive due diligence. During 2024 the Group received over $144 million related to local sales. However, local sales volumes (average c.40,700 bopd in 2024) and prices have fluctuated in the past and may be difficult to predict; and Export sales: In February 2025, the Iraqi Parliament approved an amendment to Article 12 of the Iraqi 2023-2025 Budget Law regarding the compensation for Kurdistan\u2019s oil production and transportation costs, potentially facilitating the resumption of Kurdistan's oil exports. Whilst the approval of the amendment is a key step towards the resumption of Kurdistan oil exports, a number of key details remain outstanding regarding payment surety for future oil exports, the repayment of outstanding receivables and the preservation of current contract economics. As such, the timing of the reopening of the ITP and payment mechanism remain uncertain. The Directors believe an agreement will ultimately be reached to reopen the ITP, and 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. Specifically, the Directors considered stress tests that included no further local sales or KRG revenue receipts and confirmed 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 $81 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 financial resources for the 12 months from the date of approval of the 2024 annual report and accounts. Based on the analysis performed, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future. Thus, the going concern basis of accounting is used to prepare the annual consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) made up to 31 December each year. Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity, so as to obtain benefits from its activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-207": { "value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint operation are included in the Group\u2019s balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint operation are included in the Group\u2019s balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "value": "Joint arrangements The Group is engaged in oil and gas exploration, development and production through unincorporated joint arrangements; these are classified as joint operations in accordance with IFRS 11. The Group accounts for its share of the results and net assets of these joint operations. Where the Group acts as Operator of the joint operation, the gross liabilities and receivables (including amounts due to or from non-operating partners) of the joint operation are included in the Group\u2019s balance sheet. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-208": { "value": "Sales revenue The recognition of revenue is considered to be a key accounting judgement. Revenue is earned based on the entitlement mechanism under the terms of the Shaikan Production Sharing Contract (\u201cPSC\u201d). Entitlement has two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the KRG. The Company is liable for capacity building payments calculated as a proportion of profit oil entitlement. Entitlement from cost oil and profit oil are reported as revenue, and capacity building payments are included in cost of sales. For sales to the local market from 19 July 2023 onwards, including all of 2024, 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. Prior to the shut-in of the ITP 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 defined in the lifting agreement or crude sales agreement; at this point the Shaikan Contractor is due economic benefits 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. Effective September 1, 2022, the KRG proposed a new pricing mechanism for crude oil export sales, which continued 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 (\u201cKBT\u201d) sold at Ceyhan, T\u00fcrkiye, 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 was in place for oil sales from 1 September 2022 until the ITP shut-in referenced above. 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 recognised revenue for the period until 25 March 2023, based on the proposed new pricing terms. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in note 2 to the consolidated financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-209": { "value": "Finance income 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "Finance income 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-210": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-211": { "value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 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 five-years from the date they are available for use. Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Any impairment identified 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 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 five-years from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year. Other property, plant and equipment Other property, plant and equipment are principally equipment used in the field which are separately identifiable to development and production assets and typically have a shorter useful economic life. Assets are carried at cost, less any accumulated depreciation and accumulated impairment losses. Costs include purchase price, construction and installation costs. These assets are expensed on a straight-line basis over their estimated useful lives of 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 five-years from the date they are available for use. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-247": { "value": "Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2024 was based on the December 2022 Competent Person\u2019s Report (\u201cCPR\u201d), a reserves report completed by ERC Equipoise as at 31 December 2022; this estimate combined with the Group\u2019s subsequent production and economic modelling formed the basis of the updated estimate used in the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and value in use, the estimated future cash flows are discounted to their present value using a post-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. Any impairment identified is immediately recognised as an expense. Conversely, any reversal of an impairment is immediately recognised as income. Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. T he Group considers a counterparty to be in default if it can no longer be reasonably expected to recover receivable amounts at a future date; no counterparties are currently considered to be in default. T he Group recognises lifetime ECL for trade receivables, contract assets and lease receivables. The ECL on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. F or all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument; this is known as a stage 2 receivable and GKP\u2019s trade outstanding receivable is classified within this category. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date; this is known as a stage 1 receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-212": { "value": "Taxation Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax. Tax currently payable or recoverable is based on taxable profit or loss for the year. Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or substantively enacted by the balance sheet date. As described in the revenue accounting policy section above, it is not possible to calculate the amount of notional tax in relation to any tax liabilities settled on behalf of the Group by the KRG. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit 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 profits will be available to allow all or part assets to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "Taxation Tax expense or credit represents the sum of tax currently payable or recoverable and deferred tax. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that future taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit 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 profits will be available to allow all or part assets to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws and rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also recognised in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "Foreign currencies The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. In preparing the financial statements of the individual companies, transactions in currencies other than the entity\u2019s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Non-monetary assets and liabilities carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Gains and losses arising on retranslation are included in the income statement for the year. On consolidation, the assets and liabilities of the Group\u2019s foreign operations which use functional currencies other than US dollars are translated at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the period. Exchange differences arising, if any, are recognised in other comprehensive income and accumulated in equity in the Group\u2019s translation reserve. On the disposal of a foreign operation, such translation differences are reclassified to profit or loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "value": "The individual financial statements of each company are presented in the currency of the primary economic environment in which it operates (its functional currency). For the purpose of the consolidated financial statements, the results and the financial position of the Group are expressed in US dollars, which is the presentation currency for the consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-213": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group has become a party to the contractual provisions of the instrument. Trade receivables Trade receivables are measured at amortised cost using the effective interest method less any impairment. Cash 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 financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. T he Group considers a counterparty to be in default if it can no longer be reasonably expected to recover receivable amounts at a future date; no counterparties are currently considered to be in default. T he Group recognises lifetime ECL for trade receivables, contract assets and lease receivables. The ECL on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. F or all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument; this is known as a stage 2 receivable and GKP\u2019s trade outstanding receivable is classified within this category. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date; this is known as a stage 1 receivable. Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs, which are charged to share premium. 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 specific incremental borrowing rate. T he lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non-current liabilities depending on underlying lease terms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-214": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "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 financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. T he Group considers a counterparty to be in default if it can no longer be reasonably expected to recover receivable amounts at a future date; no counterparties are currently considered to be in default. T he Group recognises lifetime ECL for trade receivables, contract assets and lease receivables. The ECL on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. F or all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument; this is known as a stage 2 receivable and GKP\u2019s trade outstanding receivable is classified within this category. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date; this is known as a stage 1 receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-215": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets, as well as on financial guarantee contracts. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. T he Group considers a counterparty to be in default if it can no longer be reasonably expected to recover receivable amounts at a future date; no counterparties are currently considered to be in default. T he Group recognises lifetime ECL for trade receivables, contract assets and lease receivables. The ECL on these financial assets are estimated based on observed market data and convention, existing market conditions and forward-looking estimates at the end of each reporting period. F or all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the ECL that will result from all possible default events over the expected life of a financial instrument; this is known as a stage 2 receivable and GKP\u2019s trade outstanding receivable is classified within this category. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date; this is known as a stage 1 receivable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "Financial liabilities and equity Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. T he lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non-current liabilities depending on underlying lease terms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-216": { "value": "Trade payables Trade payables are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-217": { "value": "Provisions Provisions are recognised when the Group has a present obligation as a result of a past event which it is probable will result in an outflow of economic benefits that can be reliably estimated. Decommissioning provision Provision for decommissioning is recognised in full when there is an obligation to restore the site to its original condition. The amount recognised is the present value of the estimated future expenditure for restoring the sites of drilled wells and related facilities to their original status. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related oil and gas asset. The amount recognised is reassessed each year in accordance with local conditions and requirements. Any change in the present value of the estimated expenditure is dealt with prospectively. The unwinding of the discount is included as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-218": { "value": "Share-based payments Equity-settled share-based payments to employees 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 21. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve. F or cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share- based transactions are set out in note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "Share-based payments Equity-settled share-based payments to employees 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 21. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Group\u2019s estimate of equity instruments that will eventually vest. At each balance sheet date, the Group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market based vesting conditions. The impact of the revision of the original estimates, if any, is recognised in profit or loss such that the cumulative expense reflects the revised estimate, with a corresponding adjustment to equity reserve. F or cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share- based transactions are set out in note 21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-219": { "value": "Leases The Group assesses whether a contract contains a lease at inception of the contract. The Group recognises a right-of-use asset and corresponding lease liability in the consolidated balance sheet for all lease arrangements longer than twelve months, where it is the lessee and has control of the asset. For all other leases, the Group recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. T he lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in creditors as current or non-current liabilities depending on underlying lease terms. T he 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. F or 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-220": { "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. T he estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements. Production sharing contract 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 the comparative financial statements for 2023 considered whether it was appropriate to recognise export revenue for deliveries from 1 January to 25 March 2023 based on the proposed new pricing mechanism, notwithstanding that there was no signed lifting agreement for that period and the pricing mechanism. 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. No adjustments were made in 2024 in respect of the above as revenue was earned via local sales, with no agreement yet reached in respect of the export period mentioned above. A summary of the currently estimated financial impact of the proposed change in pricing mechanism is detailed in note 2. A ny future agreements between the Group and the KRG might change the amounts of revenue recognised. D uring past PSC negotiations with the Ministry of Natural Resources (\u201cMNR\u201d), it was tentatively agreed that the Shaikan Contractor would provide the KRG a 20% carried working interest in the PSC. This would result in a reduction of GKP\u2019s working interest from 80% to 61.5%. To compensate for such decrease, capacity building payments expense would be reduced to 20% of profit petroleum. While the PSC has not been formally amended, it was agreed that GKP would invoice the KRG for oil sales based on the proposed revised terms from October 2017. The financial statements reflect the proposed revised working interest of 61.5%. Relative to the PSC terms, the proposed revised invoicing terms result in a decrease in both revenue and cost of sales and on a net basis are slightly positive for the Group. A s part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. See note 14 for further details. T he Group expects to confirm with the MNR whether to proceed with a formal amendment to the PSC to reflect current invoice terms. Material sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 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 is the basis for 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. In making this judgement, a weighted average has been applied to modelled receipt profiles, upon which a counterparty default allowance has been applied to derive the ECL. When modelling receipt profiles management have made a number of key estimates that are dependent upon uncertain future events including: the KRG\u2019s deemed credit rating, the export pipeline reopening date, the unrecovered cost pool is depleted on a cash basis as invoices for crude sales are paid which can be recovered through local and export sales, estimated timeline of cost oil and profit oil recoveries via commercial terms which have not yet been agreed with the KRG, future oil price including an estimate of both local and export prices, future oil production, and the probabilities allocated to various scenarios incorporating the aforementioned variables. Management has estimated the KRG\u2019s probability of default based on credit default swap ratings (\u201cCDS\u201d) applicable to sovereign nations with similar characteristics to the KRG. Material sensitivities of the ECL to discrete variables are summarised in note 13. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of field 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 Group performed an estimate of the value of obligations and costs to decommission the asset as at 31 December 2023, which was reviewed by ERC Equipoise, an independent third party; this estimate formed the basis of the updated estimate of the current value of obligations and costs at 31 December 2024. M anagement have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate, there is also uncertainty regarding the inflation and discount rates used. For the carrying amount of the item, see note 15. 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 \u2018Impairment of Assets\u2019. The Group assesses its group of assets, called a cash- generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, post-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. T he Group\u2019s sole CGU at 31 December 2024 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $348.9 million (2023: $408.0 million). The Group performed an impairment indicator evaluation as at 31 December 2024 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: Whi le the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being reasonable. Although the estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years with no impairment, therefore this delay to the projected re-opening was not assessed to be an impairment trigger; The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2024 for the period 2025 to 2030 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2024
2025
2026
2027
2028
2029
2030
31 December 2024 \u2013 base case
n/a
74.0
72.0
74.0
75.0
73.0
80.0
31 December 2024 \u2013 stress case
n/a
66.6
64.8
66.6
67.5
65.7
72.0
31 December 2023 \u2013 base case
83.0
80.0
77.0
77.0
77.0
80.0
81.8
31 December 2023 \u2013 stress case
74.7
72.0
69.3
69.3
69.3
72.0
73.6
Management have previously applied sensitivities in reviewing stress case pricing including a 10% reduction from base case pricing to derive a stress case price with no impairment impact. The stress case pricing is noted above; Discount rates are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq. Management assessed changes to the key variables that could impact discount rate and concluded no change was necessary. The post-tax nominal discount rate was estimated to be 16%, unchanged from 31 December 2023; Operating costs and capital expenditure are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. There were no indicators that costs will increase in comparison to 31 December 2023 impairment assessment; No adverse changes were noted for commercial reserves and production profiles; No changes were noted in the operating environment such as local market conditions, tax or other legal or regulatory changes. Specifically, management considered if there had been any update with respect to the Iraqi Federal Supreme Court ruling announced in 2022 and concluded there was no movement in the period which would impact the impairment analysis; and 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 intensity by at least 50% versus the original 2020 baseline of 38 kgCO2e 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 scenario portrays a pathway for the global energy sector to reach net zero CO2 emissions by 2050 which is consistent with limiting long-term global warming to 1.5 \u00b0C with limited overshoot. The estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. While the IEA oil price assumptions incorporate carbon prices, the IEA 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, but a potential impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "Material sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 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 is the basis for 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. In making this judgement, a weighted average has been applied to modelled receipt profiles, upon which a counterparty default allowance has been applied to derive the ECL. When modelling receipt profiles management have made a number of key estimates that are dependent upon uncertain future events including: the KRG\u2019s deemed credit rating, the export pipeline reopening date, the unrecovered cost pool is depleted on a cash basis as invoices for crude sales are paid which can be recovered through local and export sales, estimated timeline of cost oil and profit oil recoveries via commercial terms which have not yet been agreed with the KRG, future oil price including an estimate of both local and export prices, future oil production, and the probabilities allocated to various scenarios incorporating the aforementioned variables. Management has estimated the KRG\u2019s probability of default based on credit default swap ratings (\u201cCDS\u201d) applicable to sovereign nations with similar characteristics to the KRG. Material sensitivities of the ECL to discrete variables are summarised in note 13. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of field 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 Group performed an estimate of the value of obligations and costs to decommission the asset as at 31 December 2023, which was reviewed by ERC Equipoise, an independent third party; this estimate formed the basis of the updated estimate of the current value of obligations and costs at 31 December 2024. M anagement have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate, there is also uncertainty regarding the inflation and discount rates used. For the carrying amount of the item, see note 15. 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 \u2018Impairment of Assets\u2019. The Group assesses its group of assets, called a cash- generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, post-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. T he Group\u2019s sole CGU at 31 December 2024 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $348.9 million (2023: $408.0 million). The Group performed an impairment indicator evaluation as at 31 December 2024 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: Whi le the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being reasonable. Although the estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years with no impairment, therefore this delay to the projected re-opening was not assessed to be an impairment trigger; The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2024 for the period 2025 to 2030 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows Scenario ($/bbl \u2013 nominal) 2024 2025 2026 2027 2028 2029 2030 31 December 2024 \u2013 base case n/a 74.0 72.0 74.0 75.0 73.0 80.0 31 December 2024 \u2013 stress case n/a 66.6 64.8 66.6 67.5 65.7 72.0 31 December 2023 \u2013 base case 83.0 80.0 77.0 77.0 77.0 80.0 81.8 31 December 2023 \u2013 stress case 74.7 72.0 69.3 69.3 69.3 72.0 73.6 Management have previously applied sensitivities in reviewing stress case pricing including a 10% reduction from base case pricing to derive a stress case price with no impairment impact. The stress case pricing is noted above; Discount rates are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq. Management assessed changes to the key variables that could impact discount rate and concluded no change was necessary. The post-tax nominal discount rate was estimated to be 16%, unchanged from 31 December 2023; Operating costs and capital expenditure are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. There were no indicators that costs will increase in comparison to 31 December 2023 impairment assessment; No adverse changes were noted for commercial reserves and production profiles; No changes were noted in the operating environment such as local market conditions, tax or other legal or regulatory changes. Specifically, management considered if there had been any update with respect to the Iraqi Federal Supreme Court ruling announced in 2022 and concluded there was no movement in the period which would impact the impairment analysis; and 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 intensity by at least 50% versus the original 2020 baseline of 38 kgCO2e 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 scenario portrays a pathway for the global energy sector to reach net zero CO2 emissions by 2050 which is consistent with limiting long-term global warming to 1.5 \u00b0C with limited overshoot. The estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. While the IEA oil price assumptions incorporate carbon prices, the IEA 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, but a potential impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "value": "Material sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the reporting period that may have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. 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 is the basis for 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. In making this judgement, a weighted average has been applied to modelled receipt profiles, upon which a counterparty default allowance has been applied to derive the ECL. When modelling receipt profiles management have made a number of key estimates that are dependent upon uncertain future events including: the KRG\u2019s deemed credit rating, the export pipeline reopening date, the unrecovered cost pool is depleted on a cash basis as invoices for crude sales are paid which can be recovered through local and export sales, estimated timeline of cost oil and profit oil recoveries via commercial terms which have not yet been agreed with the KRG, future oil price including an estimate of both local and export prices, future oil production, and the probabilities allocated to various scenarios incorporating the aforementioned variables. Management has estimated the KRG\u2019s probability of default based on credit default swap ratings (\u201cCDS\u201d) applicable to sovereign nations with similar characteristics to the KRG. Material sensitivities of the ECL to discrete variables are summarised in note 13. Decommissioning provision Decommissioning provisions are estimated based upon the obligations and costs to be incurred in accordance with the PSC at the end of field 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 Group performed an estimate of the value of obligations and costs to decommission the asset as at 31 December 2023, which was reviewed by ERC Equipoise, an independent third party; this estimate formed the basis of the updated estimate of the current value of obligations and costs at 31 December 2024. M anagement have increased these costs by estimated compound interest rates, to future value in 2043, and reduced to present value by an estimated discount rate, there is also uncertainty regarding the inflation and discount rates used. For the carrying amount of the item, see note 15. 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 \u2018Impairment of Assets\u2019. The Group assesses its group of assets, called a cash- generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, post-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. T he Group\u2019s sole CGU at 31 December 2024 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $348.9 million (2023: $408.0 million). The Group performed an impairment indicator evaluation as at 31 December 2024 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: Whi le the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being reasonable. Although the estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years with no impairment, therefore this delay to the projected re-opening was not assessed to be an impairment trigger; The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2024 for the period 2025 to 2030 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2024
2025
2026
2027
2028
2029
2030
31 December 2024 \u2013 base case
n/a
74.0
72.0
74.0
75.0
73.0
80.0
31 December 2024 \u2013 stress case
n/a
66.6
64.8
66.6
67.5
65.7
72.0
31 December 2023 \u2013 base case
83.0
80.0
77.0
77.0
77.0
80.0
81.8
31 December 2023 \u2013 stress case
74.7
72.0
69.3
69.3
69.3
72.0
73.6
Management have previously applied sensitivities in reviewing stress case pricing including a 10% reduction from base case pricing to derive a stress case price with no impairment impact. The stress case pricing is noted above; Discount rates are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq. Management assessed changes to the key variables that could impact discount rate and concluded no change was necessary. The post-tax nominal discount rate was estimated to be 16%, unchanged from 31 December 2023; Operating costs and capital expenditure are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. There were no indicators that costs will increase in comparison to 31 December 2023 impairment assessment; No adverse changes were noted for commercial reserves and production profiles; No changes were noted in the operating environment such as local market conditions, tax or other legal or regulatory changes. Specifically, management considered if there had been any update with respect to the Iraqi Federal Supreme Court ruling announced in 2022 and concluded there was no movement in the period which would impact the impairment analysis; and 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 intensity by at least 50% versus the original 2020 baseline of 38 kgCO2e 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 scenario portrays a pathway for the global energy sector to reach net zero CO2 emissions by 2050 which is consistent with limiting long-term global warming to 1.5 \u00b0C with limited overshoot. The estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. While the IEA oil price assumptions incorporate carbon prices, the IEA 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, but a potential impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "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 \u2018Impairment of Assets\u2019. The Group assesses its group of assets, called a cash- generating unit (\u201cCGU\u201d), for impairment, if events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Where indicators are present, management calculates the recoverable amount using key estimates such as future oil prices, estimated production volumes, the cost of development and production, post-tax discount rates that reflect the current market assessment of the time value of money and risks specific to the asset, commercial reserves and inflation. The key assumptions are subject to change based on market trends and economic conditions. Where the CGU\u2019s recoverable amount is lower than the carrying amount, the CGU is considered impaired and is written down to its recoverable amount. T he Group\u2019s sole CGU at 31 December 2024 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $348.9 million (2023: $408.0 million). The Group performed an impairment indicator evaluation as at 31 December 2024 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: Whi le the date of the re-opening of the ITP remains uncertain, management have assessed a re-opening date of October 2025 as being reasonable. Although the estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years with no impairment, therefore this delay to the projected re-opening was not assessed to be an impairment trigger; The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2024 for the period 2025 to 2030 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2024
2025
2026
2027
2028
2029
2030
31 December 2024 \u2013 base case
n/a
74.0
72.0
74.0
75.0
73.0
80.0
31 December 2024 \u2013 stress case
n/a
66.6
64.8
66.6
67.5
65.7
72.0
31 December 2023 \u2013 base case
83.0
80.0
77.0
77.0
77.0
80.0
81.8
31 December 2023 \u2013 stress case
74.7
72.0
69.3
69.3
69.3
72.0
73.6
Management have previously applied sensitivities in reviewing stress case pricing including a 10% reduction from base case pricing to derive a stress case price with no impairment impact. The stress case pricing is noted above; Discount rates are adjusted to reflect risks specific to the Shaikan Field and the Kurdistan Region of Iraq. Management assessed changes to the key variables that could impact discount rate and concluded no change was necessary. The post-tax nominal discount rate was estimated to be 16%, unchanged from 31 December 2023; Operating costs and capital expenditure are based on financial budgets and internal management forecasts. Costs assumptions incorporate management experience and expectations, as well as the nature and location of the operation and the risks associated therewith. There were no indicators that costs will increase in comparison to 31 December 2023 impairment assessment; No adverse changes were noted for commercial reserves and production profiles; No changes were noted in the operating environment such as local market conditions, tax or other legal or regulatory changes. Specifically, management considered if there had been any update with respect to the Iraqi Federal Supreme Court ruling announced in 2022 and concluded there was no movement in the period which would impact the impairment analysis; and 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 intensity by at least 50% versus the original 2020 baseline of 38 kgCO2e 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 scenario portrays a pathway for the global energy sector to reach net zero CO2 emissions by 2050 which is consistent with limiting long-term global warming to 1.5 \u00b0C with limited overshoot. The estimated re-opening date is one year later than the base case assessment at 31 December 2023, management previously performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. While the IEA oil price assumptions incorporate carbon prices, the IEA 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, but a potential impairment under the NZE scenario. While GKP expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $16.3 million (2023: $24.5 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $8.2 million credit was recognised due to the decrease in the ECL provision (2023: charge of $21.4 million) arising from the earlier repayment profile estimated compared to the prior year. During 2025 the Company expects to begin recovering the cost oil component of the trade receivables balance due from the KRG via the settlement of invoices (inclusive of both cost and profit oil) due from oil sales to local customers as the outstanding cost pool balance declines to a level at or below the trade receivable balance. Following the export pipeline reopening the remaining overdue trade receivables is expected to be recovered from the KRG including both the outstanding cost oil balance at that time and the full profit oil balance referenced above. As detailed in the Summary of material 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 variables listed within the Summary of material accounting policies, the only variables with a significant impact upon the profit before tax, when varied reasonably, are the estimation of the KRG's credit rating for which no official market data exists and the estimated date of the re-opening of the ITP. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 4.88%. An increase of the CDS of 2% would increase the ECL provision by $6.1 million, conversely a decrease of the CDS by 2% would decrease the ECL provision by $6.4 million. GKP estimates that the re-opening of the ITP will occur in October 2025, should this be delayed by 12 months there would be a $7.5 million increase in the ECL provision. All other variables listed within the Summary of material accounting policies, when individually reasonably varied, do not have a material impact upon the ECL valuation. Other receivables Included within Other receivables is an amount of $0.5 million (2023: $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 2024 (2023: nil). No impairments of other receivables have been recognised during the year (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-221": { "value": "
1. Geographical information
The Chief Operating Decision Maker, as per the definition in IFRS 8 \u2018Operating Segments\u2019, 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% (2023: 100%) of the group\u2019s non-current assets, excluding deferred tax assets and other financial
assets, are located in the KRI. The financial information of the single segment is materially the same as set out in the consolidated statement
of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow
statement and these related notes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "value": "The Chief Operating Decision Maker, as per the definition in IFRS 8 \u2018Operating Segments\u2019, 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% (2023: 100%) of the group\u2019s non-current assets, excluding deferred tax assets and other financial assets, are located in the KRI. The financial information of the single segment is materially the same as set out in the consolidated statement of comprehensive income, the consolidated balance sheet, the consolidated statement of changes in equity, the consolidated cash flow statement and these related notes. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-222": { "value": "
2. Revenue
2024 2023
$\u2019000
$\u2019000
Oil sales via export pipeline
\u2013
78,955
Local oil sales
151,208
44,559
151,208
123,514
The Group\u2019s accounting policy for revenue recognition is set out in the \u2018Summary of material accounting policies\u2019, with revenue recognised
upon crude oil passing the delivery points, either being entry into pipeline or delivered into trucks.
Local oil sales (from 19 July 2023 and throughout 2024)
In July 2023, GKP began selling oil to local buyers at negotiated prices. The realised price achieved in 2024 was $27/bbl (July to December
2023: $30/bbl). Local buyers are contracted to pay GKP in advance of receipt of oil; such amounts are recognised as deferred income (see
note 14) until a customer\u2019s receipt of oil at the delivery point.
Oil sales via export pipeline (from 1 January - 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.
From 1 September 2022 until shut-in of the ITP on 25 March 2023 there was no lifting agreement in place between the Shaikan Contractor
and the KRG. The KRG proposed a new pricing mechanism based upon the average monthly KBT sales price realised by the KRG at Ceyhan;
formerly the pricing mechanism was based upon Dated Brent. The Group has not accepted the proposed contract modification 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 Group has concluded that it is an appropriate judgement
to recognise revenue based on the proposed contract modification 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 KBT price, the realised price in this period
was $51.3/bbl. The revenue impact of using the proposed KBT pricing mechanism instead of Dated Brent for the export sales period in 2023
is estimated to be a reduction of revenue by $12.0 million; taking into account the associated reduction in capacity building payments results
in a total reduction of profit after tax for the export sales period in 2023 of $11.4 million.
Information about major customers
Customers making up greater than 10% of revenue are as follows:
2024
2023
Kurdistan Regional Government
0%
68%
Customer A
88%
<10%
Customer B
<10%
11%
Customer C
<10%
0%
Customer D
0%
10%
Customer E
0%
10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "2. Revenue
2024 2023
$\u2019000
$\u2019000
Oil sales via export pipeline
\u2013
78,955
Local oil sales
151,208
44,559
151,208
123,514
The Group\u2019s accounting policy for revenue recognition is set out in the \u2018Summary of material accounting policies\u2019, with revenue recognised upon crude oil passing the delivery points, either being entry into pipeline or delivered into trucks. Local oil sales (from 19 July 2023 and throughout 2024) In July 2023, GKP began selling oil to local buyers at negotiated prices. The realised price achieved in 2024 was $27/bbl (July to December 2023: $30/bbl). Local buyers are contracted to pay GKP in advance of receipt of oil; such amounts are recognised as deferred income (see note 14) until a customer\u2019s receipt of oil at the delivery point. Oil sales via export pipeline (from 1 January - 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. From 1 September 2022 until shut-in of the ITP on 25 March 2023 there was no lifting agreement in place between the Shaikan Contractor and the KRG. The KRG proposed a new pricing mechanism based upon the average monthly KBT sales price realised by the KRG at Ceyhan; formerly the pricing mechanism was based upon Dated Brent. The Group has not accepted the proposed contract modification 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 Group has concluded that it is an appropriate judgement to recognise revenue based on the proposed contract modification 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 KBT price, the realised price in this period was $51.3/bbl. The revenue impact of using the proposed KBT pricing mechanism instead of Dated Brent for the export sales period in 2023 is estimated to be a reduction of revenue by $12.0 million; taking into account the associated reduction in capacity building payments results in a total reduction of profit after tax for the export sales period in 2023 of $11.4 million. Information about major customers Customers making up greater than 10% of revenue are as follows:
2024
2023
Kurdistan Regional Government
0%
68%
Customer A
88%
<10%
Customer B
<10%
11%
Customer C
<10%
0%
Customer D
0%
10%
Customer E
0%
10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "Information about major customers Customers making up greater than 10% of revenue are as follows:
2024
2023
Kurdistan Regional Government
0%
68%
Customer A
88%
<10%
Customer B
<10%
11%
Customer C
<10%
0%
Customer D
0%
10%
Customer E
0%
10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "
3. Cost of sales
2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
C
apacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note
2); any difference between the proposed and final pricing mechanism will be reflected in future periods.
T
he Group accounting policy for 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 material accounting policies section.
T
he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived
from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is
principally derived from higher production in 2024.
C
ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities
undertaken following the ITP export pipeline suspension in March 2023.
4. Other general and administrative expenses
2024
2023
$\u2019000
$\u2019000
Depreciation and amortisation
3,033
2,652
Auditor\u2019s remuneration (see below)
679
635
Other general and administrative costs
7,700
7,179
11,412
10,466
2024 2023
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
530
474
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
32
26
Total audit fees
562
500
Other assurance services (including a half year review)
117
135
Total fees
679
635
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "3. Cost of sales 2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
Capacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. T he Group accounting policy for 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 material accounting policies section. T he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is principally derived from higher production in 2024. C ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities undertaken following the ITP export pipeline suspension in March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-223": { "value": "3. Cost of sales 2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
Capacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. T he Group accounting policy for 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 material accounting policies section. T he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is principally derived from higher production in 2024. C ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities undertaken following the ITP export pipeline suspension in March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "3. Cost of sales 2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
Capacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. T he Group accounting policy for 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 material accounting policies section. T he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is principally derived from higher production in 2024. C ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities undertaken following the ITP export pipeline suspension in March 2023. 4. Other general and administrative expenses 2024
2023
$\u2019000
$\u2019000
Depreciation and amortisation
3,033
2,652
Auditor\u2019s remuneration (see below)
679
635
Other general and administrative costs
7,700
7,179
11,412
10,466
5. Share option related expense
2023
2024
$\u2019000
$\u2019000
Share-based payment expense
3,472
9,673
Payments related to share options exercised
704
797
Share-based payment related provision for taxes
243
290
4,419
10,760
U nder the Long Term Incentive Plan (\u201cLTIP\u201d) schemes, GKP awards share options to employees annually that have a three-year vesting period, the share price at the date of award is a significant determinant of the number of shares issued to employees (see note 21). I n the event the Company pays dividends to shareholders during the vesting period, upon vesting the Company would compensate employees for an amount equivalent to the dividends paid during the vesting period and such amount would be settled at the Company\u2019s discretion with shares or cash. Given the financial challenges following the ITP closure, the Company used its discretion in 2023 to pay the dividend equivalent predominantly in shares to preserve liquidity. The significant decrease in share-based payment expense in 2024 is due to the decrease in shares issued in 2024 versus 2023 as compensation related to dividends paid in the vesting periods of the 2021 LTIP and 2020 LT I P. 6. Staff costs The average number of employees, including Executive directors, and contractors employed by the Group was 411 (2023: 471); the number of full-time equivalents of these workers was 274 (2023: 303).
Average number of Average number of full-time
employees
equivalents
2024
2023
2024
2023
Kurdistan
387
444
250
276
United Kingdom
24
27
24
27
Total
411
471
274
303
Staff costs as follows are shown net of amounts recharged to joint operations:
2024 2023
$\u2019000
$\u2019000
Wages and salaries
37,833
37,645
Social security costs
2,723
1,826
Pension costs
472
468
Share-based payment (see note 21)
4,419
10,760
45,447
50,699
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "3. Cost of sales 2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
Capacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. T he Group accounting policy for 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 material accounting policies section. T he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is principally derived from higher production in 2024. C ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities undertaken following the ITP export pipeline suspension in March 2023. 4. Other general and administrative expenses 2024
2023
$\u2019000
$\u2019000
Depreciation and amortisation
3,033
2,652
Auditor\u2019s remuneration (see below)
679
635
Other general and administrative costs
7,700
7,179
11,412
10,466
2024 2023
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
530
474
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
32
26
Total audit fees
562
500
Other assurance services (including a half year review)
117
135
Total fees
679
635
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "3. Cost of sales 2024
2023
$\u2019000
$\u2019000
Operating costs
52,435
36,082
Capacity building payments
10,818
8,872
Change in oil inventory value
(168)
(75)
Depreciation of oil and gas assets and operational assets
75,781
39,470
Contract termination costs
\u2013
5,525
Provision against inventory held for sale
\u2013
2,627
Loss on disposal of drilling stock
\u2013
1,452
138,866
93,953
Capacity building payments from 1 January until 25 March 2023 have been recorded in line with the proposed pricing mechanism (see note 2); any difference between the proposed and final pricing mechanism will be reflected in future periods. T he Group accounting policy for 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 material accounting policies section. T he depreciation charge in 2024 is based upon internal reserves and development cost estimates. The 2023 depreciation charge was derived from the CPR prepared by ERC Equipoise as at 31 December 2022. The increase in charge compared to the corresponding period in 2023 is principally derived from higher production in 2024. C ontract termination, provision against inventory held for sale and loss on disposal of drilling stocks in 2023 relate to non-recurring activities undertaken following the ITP export pipeline suspension in March 2023. 4. Other general and administrative expenses 2024
2023
$\u2019000
$\u2019000
Depreciation and amortisation
3,033
2,652
Auditor\u2019s remuneration (see below)
679
635
Other general and administrative costs
7,700
7,179
11,412
10,466
2024 2023
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
530
474
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
32
26
Total audit fees
562
500
Other assurance services (including a half year review)
117
135
Total fees
679
635
5. Share option related expense
2023
2024
$\u2019000
$\u2019000
Share-based payment expense
3,472
9,673
Payments related to share options exercised
704
797
Share-based payment related provision for taxes
243
290
4,419
10,760
U nder the Long Term Incentive Plan (\u201cLTIP\u201d) schemes, GKP awards share options to employees annually that have a three-year vesting period, the share price at the date of award is a significant determinant of the number of shares issued to employees (see note 21). I n the event the Company pays dividends to shareholders during the vesting period, upon vesting the Company would compensate employees for an amount equivalent to the dividends paid during the vesting period and such amount would be settled at the Company\u2019s discretion with shares or cash. Given the financial challenges following the ITP closure, the Company used its discretion in 2023 to pay the dividend equivalent predominantly in shares to preserve liquidity. The significant decrease in share-based payment expense in 2024 is due to the decrease in shares issued in 2024 versus 2023 as compensation related to dividends paid in the vesting periods of the 2021 LTIP and 2020 LT I P. 6. Staff costs The average number of employees, including Executive directors, and contractors employed by the Group was 411 (2023: 471); the number of full-time equivalents of these workers was 274 (2023: 303).
Average number of Average number of full-time
employees
equivalents
2024
2023
2024
2023
Kurdistan
387
444
250
276
United Kingdom
24
27
24
27
Total
411
471
274
303
Staff costs as follows are shown net of amounts recharged to joint operations:
2024 2023
$\u2019000
$\u2019000
Wages and salaries
37,833
37,645
Social security costs
2,723
1,826
Pension costs
472
468
Share-based payment (see note 21)
4,419
10,760
45,447
50,699
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-224": { "value": "4. Other general and administrative expenses 2024
2023
$\u2019000
$\u2019000
Depreciation and amortisation
3,033
2,652
Auditor\u2019s remuneration (see below)
679
635
Other general and administrative costs
7,700
7,179
11,412
10,466
2024 2023
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
530
474
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
32
26
Total audit fees
562
500
Other assurance services (including a half year review)
117
135
Total fees
679
635
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "value": "
2024 2023
$\u2019000
$\u2019000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts
530
474
Fees payable to the Company\u2019s auditor for other services to the Group
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation
32
26
Total audit fees
562
500
Other assurance services (including a half year review)
117
135
Total fees
679
635
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-225": { "value": "5. Share option related expense
2023
2024
$\u2019000
$\u2019000
Share-based payment expense
3,472
9,673
Payments related to share options exercised
704
797
Share-based payment related provision for taxes
243
290
4,419
10,760
U nder the Long Term Incentive Plan (\u201cLTIP\u201d) schemes, GKP awards share options to employees annually that have a three-year vesting period, the share price at the date of award is a significant determinant of the number of shares issued to employees (see note 21). I n the event the Company pays dividends to shareholders during the vesting period, upon vesting the Company would compensate employees for an amount equivalent to the dividends paid during the vesting period and such amount would be settled at the Company\u2019s discretion with shares or cash. Given the financial challenges following the ITP closure, the Company used its discretion in 2023 to pay the dividend equivalent predominantly in shares to preserve liquidity. The significant decrease in share-based payment expense in 2024 is due to the decrease in shares issued in 2024 versus 2023 as compensation related to dividends paid in the vesting periods of the 2021 LTIP and 2020 LT I P. 21. Share-based payments 2024 $\u2019000 2023 $\u2019000 Total share options charge 3,472 9,673 The share options charge of $3.5 million (2023: $9.6 million) is comprised of $3.2 million (2023: $9.1 million) related to the LTIP plan and $0.3 million (2023: $0.6 million) 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 LTIP is designed to reward members of staff through the grant of share options at a zero-exercise price, that vest three-years after grant, subject to the fulfilment of specified performance conditions. These performance conditions are 50% 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. In July 2024, Gulf Keystone Petroleum introduced the 2024 LTIP. Under this plan, Executive Directors were awarded shares consistent with the 2014 LTIP, with the addition of a two-year post-vesting holding period, during which vested awards cannot be sold except to cover the tax liability upon exercise. Similarly, the 2024 LTIP granted to senior management follows the 2014 LTIP guidelines, featuring a three-year vesting period from the grant date, without a post-vesting holding period, and subject to specific performance conditions. The 2024 LTIP granted to other staff members consists of nil-cost options with one, two, and three-year vesting periods, with no post-vesting holding periods or performance conditions attached.
2024 2023
Number of Number of
share options share options
\u2019000
\u2019000
Outstanding at 1 January
8,004
8,785
Granted during the year
3,590
6,295
Exercised during the year
(516)
(6,383)
Forfeited during the year
(288)
(211)
Expired during the year
(1,872)
(482)
Outstanding at 31 December
8,918
8,004
Exercisable at 31 December
\u2013
\u2013
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.48 (2023: \u00a31.17). The inputs into the calculation of fair values of the share options granted during the year are as follows:
2024
2023
Weighted average share price
\u00a31.11
\u00a31.07
Weighted average exercise price
Nil
Nil
Expected volatility
56.1%
52.5%
Expected life
3 years
3 years
Risk-free rate
4.3%
3.3%
Expected dividend yield (on the basis dividends equivalents received)
Nil
Nil
The options outstanding at 31 December 2024 had a weighted average remaining contractual life of two years (2023: two years). The aggregate of the estimated fair value of options granted in 2024 is $4.6 million (2023 $4.6 million).
Deferred Bonus Plan
At the Company's 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).
2024 2023
Number of Number of
share options share options
\u2019000
\u2019000
Outstanding at 1 January
216
218
Exercised during the year
\u2013
(180)
Granted during the year
\u2013
178
Outstanding at 31 December
216
216
Exercisable at 31 December
\u2013
\u2013
There were no options exercised during the year under the Deferred Bonus Plan (2023: the weighted average share price at the date of
exercise for share options exercised was \u00a31.37).
During the year no options were granted to employees under the Deferred Bonus Plan (2023: 177,832 options granted).
The options outstanding at 31 December 2024 had a weighted average remaining contractual life of one year (2023: two years).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-226": { "value": "6. Staff costs The average number of employees, including Executive directors, and contractors employed by the Group was 411 (2023: 471); the number of full-time equivalents of these workers was 274 (2023: 303).
Average number of Average number of full-time
employees
equivalents
2024
2023
2024
2023
Kurdistan
387
444
250
276
United Kingdom
24
27
24
27
Total
411
471
274
303
Staff costs as follows are shown net of amounts recharged to joint operations:
2024 2023
$\u2019000
$\u2019000
Wages and salaries
37,833
37,645
Social security costs
2,723
1,826
Pension costs
472
468
Share-based payment (see note 21)
4,419
10,760
45,447
50,699
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "
Staff costs as follows are shown net of amounts recharged to joint operations:
2024 2023
$\u2019000
$\u2019000
Wages and salaries
37,833
37,645
Social security costs
2,723
1,826
Pension costs
472
468
Share-based payment (see note 21)
4,419
10,760
45,447
50,699
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-227": { "value": "
7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "value": "7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "7. Finance costs and finance income
2024 2023
$\u2019000
$\u2019000
Lease interest
(48)
(66)
Unwinding of discount on provisions (see note 15)
(1,628)
(1,699)
Total finance costs
(1,676)
(1,765)
Finance income
4,116
3,803
Net finance income
2,440
2,038
Since redemption of $100m notes on 2 August 2022, the Group has remained debt free. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-228": { "value": "8. Income tax
2024 2023
$\u2019000
$\u2019000
Prior year adjustment
\u2013
195
Deferred UK corporation tax charge (see note 16)
(708)
(306)
Tax (charge)/credit attributable to the Company and its subsidiaries
(708)
(111)
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 profits. Due to the uncertainty over the payment mechanism for oil sales in Kurdistan, it has not been possible to measure reliably the taxation due that has been paid on behalf of the Group by the KRG and therefore the notional tax amounts have not been included in revenue or in the tax charge. This is an accounting presentational issue and there is no taxation to be paid. The annual UK corporation tax rate for the years ended 31 December 2024 and 31 December 2023 was 19% on profits up to \u00a350k tapered to 25% on profits above \u00a3250k. 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.
16. 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 losses
tax Share-based carried
depreciation payments forward Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2023
(572)
1,181
967
1,576
(Charge)/credit to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
(Charge)/credit to income statement
(271)
238
(675)
(708)
Exchange differences
\u2013
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-229": { "value": "
9. Earnings per share
The calculation of the basic and diluted profit/(loss) per share is based on the following data:
2024
2023
Profit/(loss) after tax for basic and diluted per share calculations ($\u2019000)
7,158
(11,500)
Number of shares (\u2018000s):
Basic weighted average number of ordinary shares
219,562
217,992
Basic EPS (cents)
3.26
(5.28)
The Group followed the steps specified by IAS 33 in determining whether potential common shares are dilutive or anti-dilutive.
Reconciliation of dilutive shares:
2024
2023
Number of shares (\u2018000s)
Basic weighted average number of ordinary shares outstanding
219,562
217,992
Effect of potential dilutive share options
(1)
9,134
\u2013
Diluted number of ordinary shares outstanding
228,696
217,992
Diluted EPS (cents)
(1)
3.13
(5.28)
(1) At the reporting date, the Company had 9,134k dilutive (2023: 8,224k antidilutive) ordinary shares relating to outstanding share options. Earnings
per share are 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 Benefit Trustee (\u201cEBT\u201d) of 0.1 million, (2023: 0.2
million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-230": { "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 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2013
\u2013
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2013
\u2013
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2013
\u2013
66
66
Foreign currency translation differences
\u2013
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)
(7,338)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
Year ended 31 December 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
\u2013
\u2013
(2,040)
(2,040)
Revision to decommissioning asset
(693)
\u2013
\u2013
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
\u2013
\u2013
2,004
2,004
Foreign currency translation differences
\u2013
(1)
(6)
(7)
Closing net book value
385,171
1,773
1,506
388,450
At 31 December 2024
Cost
1,010,429
9,687
1,701
1,021,817
Accumulated depreciation
(625,258)
(7,914)
(195)
(633,367)
Net book value
385,171
1,773
1,506
388,450
The net book value of oil and gas assets at 31 December 2024 is comprised of property, plant and equipment relating to the Shaikan block
with a carrying value of $385.2 million (2023: $443.4 million).
The additions to the Shaikan asset amounting to $18.3 million during the year included safety critical upgrades at PF-1 and production
optimisation expenditures.
The $0.7 million (2023: $8.9 million) decrease in decommissioning asset value relates to a $1.1 million decrease in changes to inflation and
discount rates (2023: $13.1 million), offset by an increase of $0.4 million relating to facilities work (2023: $4.2 million).
The DD&A charge of $75.8 million (2023: $39.5 million) on oil and gas assets has been included within cost of sales (see note 3). The
depreciation charge of $0.6 million (2023: $0.6 million) on fixtures and equipment and $0.4 million (2023: $0.4 million) on right of use assets
has been included in general and administrative expenses (see note 4).
Right of use assets at 31 December 2024 of $1.5 million (2023: $0.4 million) consisted principally of buildings, with a new office lease entered
into in 2024.
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 material accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "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 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2013
\u2013
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2013
\u2013
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2013
\u2013
66
66
Foreign currency translation differences
\u2013
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)
(7,338)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
Year ended 31 December 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
\u2013
\u2013
(2,040)
(2,040)
Revision to decommissioning asset
(693)
\u2013
\u2013
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
\u2013
\u2013
2,004
2,004
Foreign currency translation differences
\u2013
(1)
(6)
(7)
Closing net book value
385,171
1,773
1,506
388,450
At 31 December 2024
Cost
1,010,429
9,687
1,701
1,021,817
Accumulated depreciation
(625,258)
(7,914)
(195)
(633,367)
Net book value
385,171
1,773
1,506
388,450
The net book value of oil and gas assets at 31 December 2024 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $385.2 million (2023: $443.4 million). The additions to the Shaikan asset amounting to $18.3 million during the year included safety critical upgrades at PF-1 and production optimisation expenditures. The $0.7 million (2023: $8.9 million) decrease in decommissioning asset value relates to a $1.1 million decrease in changes to inflation and discount rates (2023: $13.1 million), offset by an increase of $0.4 million relating to facilities work (2023: $4.2 million). The DD&A charge of $75.8 million (2023: $39.5 million) on oil and gas assets has been included within cost of sales (see note 3). The depreciation charge of $0.6 million (2023: $0.6 million) on fixtures and equipment and $0.4 million (2023: $0.4 million) on right of use assets has been included in general and administrative expenses (see note 4). Right of use assets at 31 December 2024 of $1.5 million (2023: $0.4 million) consisted principally of buildings, with a new office lease entered into in 2024. 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 material accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 2023
Opening net book value
433,556
2,257
630
436,443
Additions
58,240
453
86
58,779
Disposals\u2019 cost
\u2013
\u2013
(70)
(70)
Revision to decommissioning asset
(8,933)
\u2013
\u2013
(8,933)
Depreciation charge
(39,470)
(649)
(356)
(40,475)
Disposals\u2019 depreciation
\u2013
\u2013
66
66
Foreign currency translation differences
\u2013
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)
(7,338)
(1,805)
(558,620)
Net book value
443,393
2,066
383
445,842
Year ended 31 December 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
\u2013
\u2013
(2,040)
(2,040)
Revision to decommissioning asset
(693)
\u2013
\u2013
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
\u2013
\u2013
2,004
2,004
Foreign currency translation differences
\u2013
(1)
(6)
(7)
Closing net book value
385,171
1,773
1,506
388,450
At 31 December 2024
Cost
1,010,429
9,687
1,701
1,021,817
Accumulated depreciation
(625,258)
(7,914)
(195)
(633,367)
Net book value
385,171
1,773
1,506
388,450
The net book value of oil and gas assets at 31 December 2024 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $385.2 million (2023: $443.4 million). The additions to the Shaikan asset amounting to $18.3 million during the year included safety critical upgrades at PF-1 and production optimisation expenditures. The $0.7 million (2023: $8.9 million) decrease in decommissioning asset value relates to a $1.1 million decrease in changes to inflation and discount rates (2023: $13.1 million), offset by an increase of $0.4 million relating to facilities work (2023: $4.2 million). The DD&A charge of $75.8 million (2023: $39.5 million) on oil and gas assets has been included within cost of sales (see note 3). The depreciation charge of $0.6 million (2023: $0.6 million) on fixtures and equipment and $0.4 million (2023: $0.4 million) on right of use assets has been included in general and administrative expenses (see note 4). Right of use assets at 31 December 2024 of $1.5 million (2023: $0.4 million) consisted principally of buildings, with a new office lease entered into in 2024. 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 material accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-231": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2024 is as follows:
Place of
Proportion of
Principal
Name of subsidiary
incorporation
ownership interest
activity
Gulf Keystone Petroleum (UK) Limited
United Kingdom
100%
Management, support,
1
st
Floor
geological, geophysical and
Brownlow Yard
engineering services
7 Roger Street
London, WC1N 2JU
Gulf Keystone Petroleum International Limited
Bermuda
100%
Exploration, evaluation,
c/o Carey Olsen Services Bermuda Limited
development and production
5th Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
Principal
Name of joint operation
Location
ownership interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
23. 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 Directors and Officers who served during the year ended 31 December 2024 were as follows:
M Angle \u2013 Chair (deceased September 2024)
D Thomas \u2013 Non-Executive Director became Deputy Chair June 2023, became Interim Chair September 2024 and became Chair October
2024
J Balkany \u2013 Non-Executive Director
M Daryabegui \u2013 Non-Executive Director (appointed October 2024)
C Krajicek \u2013 Non-Executive Director (appointed October 2024)
W Mwaura \u2013 Non-Executive Director
K Wood \u2013 Non-Executive Director (resigned June 2024)
J Harris \u2013 Chief Executive Officer and Executive Director
G Papineau-Legris \u2013 Chief Commercial Officer appointed as Chief Financial Officer and Executive Director (effective June 2024)
I Weatherdon \u2013 Chief Financial Officer and Executive Director (resigned June 2024)
C Kinahan \u2013 Chief Human Resources Officer
J Hulme \u2013 Chief Operating Officer
A Robinson \u2013 Chief Legal Officer and Company Secretary
The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of
the categories specified in IAS 24 Related Party Disclosures.
The values below are calculated in accordance with IAS 19 and IFRS 2.
2024
$\u2019000
Short-term employee benefits
7,196
Share-based payment - options
1,493
8,689
2023
$\u2019000
3,463
4,065
7,528
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2024 is as follows:
Place of
Proportion of
Principal
Name of subsidiary
incorporation
ownership interest
activity
Gulf Keystone Petroleum (UK) Limited
United Kingdom
100%
Management, support,
1
st
Floor
geological, geophysical and
Brownlow Yard
engineering services
7 Roger Street
London, WC1N 2JU
Gulf Keystone Petroleum International Limited
Bermuda
100%
Exploration, evaluation,
c/o Carey Olsen Services Bermuda Limited
development and production
5th Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
Principal
Name of joint operation
Location
ownership interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2024 is as follows:
Place of
Proportion of
Principal
Name of subsidiary
incorporation
ownership interest
activity
Gulf Keystone Petroleum (UK) Limited
United Kingdom
100%
Management, support,
1
st
Floor
geological, geophysical and
Brownlow Yard
engineering services
7 Roger Street
London, WC1N 2JU
Gulf Keystone Petroleum International Limited
Bermuda
100%
Exploration, evaluation,
c/o Carey Olsen Services Bermuda Limited
development and production
5th Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
Principal
Name of joint operation
Location
ownership interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2024 is as follows:
Place of
Proportion of
Principal
Name of subsidiary
incorporation
ownership interest
activity
Gulf Keystone Petroleum (UK) Limited
United Kingdom
100%
Management, support,
1
st
Floor
geological, geophysical and
Brownlow Yard
engineering services
7 Roger Street
London, WC1N 2JU
Gulf Keystone Petroleum International Limited
Bermuda
100%
Exploration, evaluation,
c/o Carey Olsen Services Bermuda Limited
development and production
5th Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
Principal
Name of joint operation
Location
ownership interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-232": { "value": "
12. Inventories
2024 2023
$\u2019000 $\u2019000
Warehouse stocks and materials
6,829
6,900
Crude oil
234
374
Inventory held for sale
2,789
2,627
9,852
9,901
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-233": { "value": "13. Trade and other receivables Non-current receivables
2024 2023
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
138,175
140,218
Non-current trade receivables relate 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 Reconciliation of trade receivables below). Current receivables
2024
2023
$\u2019000
$\u2019000
Trade receivables
16,583
6,350
Underlift
\u2013
3,806
Other receivables
7,291
3,080
Prepayments and accrued income
2,905
1,882
Total current receivables
26,779
15,118
Total receivables
164,954
155,336
Reconciliation of trade receivables
2024 2023
$\u2019000
$\u2019000
Gross carrying amount
171,026
171,026
Less: Impairment allowance
(16,267)
(24,458)
Carrying value at 31 December
154,759
146,568
Gross trade receivables relating to export sales of $171.0 million (2023: $171.0 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2023: $158.8 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the KRG that GKP purchased from MOL amounting to $12.2 million (2023: $12.2 million). Although no legal right of offset exists, the net balance due from the KRG comprises $158.8 million (2023: $158.8 million) included in trade receivables and $7.7 million (2023: $7.7 million) included within current liabilities (see note 14), resulting in a net receivable balance due from the KRG relating to crude oil sales of $151.1 million (2023: $151.1 million). As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the KRG. The outstanding receivable balance of $151.1 million above, comprises $120.4 million cost oil and $30.7 million profit oil (net of Capacity Building Payment). While GKP expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $16.3 million (2023: $24.5 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $8.2 million credit was recognised due to the decrease in the ECL provision (2023: charge of $21.4 million) arising from the earlier repayment profile estimated compared to the prior year. During 2025 the Company expects to begin recovering the cost oil component of the trade receivables balance due from the KRG via the settlement of invoices (inclusive of both cost and profit oil) due from oil sales to local customers as the outstanding cost pool balance declines to a level at or below the trade receivable balance. Following the export pipeline reopening the remaining overdue trade receivables is expected to be recovered from the KRG including both the outstanding cost oil balance at that time and the full profit oil balance referenced above. As detailed in the Summary of material 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 variables listed within the Summary of material accounting policies, the only variables with a significant impact upon the profit before tax, when varied reasonably, are the estimation of the KRG's credit rating for which no official market data exists and the estimated date of the re-opening of the ITP. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 4.88%. An increase of the CDS of 2% would increase the ECL provision by $6.1 million, conversely a decrease of the CDS by 2% would decrease the ECL provision by $6.4 million. GKP estimates that the re-opening of the ITP will occur in October 2025, should this be delayed by 12 months there would be a $7.5 million increase in the ECL provision.
All other variables listed within the Summary of material accounting policies, when individually reasonably varied, do not have a material impact
upon the ECL valuation.
Other receivables
Included within Other receivables is an amount of $0.5 million (2023: $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 2024 (2023: nil). No impairments of other receivables
have been recognised during the year (2023: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "13. Trade and other receivables Non-current receivables
2024 2023
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
138,175
140,218
Non-current trade receivables relate 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 Reconciliation of trade receivables below). Current receivables
2024
2023
$\u2019000
$\u2019000
Trade receivables
16,583
6,350
Underlift
\u2013
3,806
Other receivables
7,291
3,080
Prepayments and accrued income
2,905
1,882
Total current receivables
26,779
15,118
Total receivables
164,954
155,336
Reconciliation of trade receivables
2024 2023
$\u2019000
$\u2019000
Gross carrying amount
171,026
171,026
Less: Impairment allowance
(16,267)
(24,458)
Carrying value at 31 December
154,759
146,568
Gross trade receivables relating to export sales of $171.0 million (2023: $171.0 million) are comprised of invoiced amounts due, based upon KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2023: $158.8 million) related to October 2022 \u2013 March 2023 and a share of Shaikan amounts due from the KRG that GKP purchased from MOL amounting to $12.2 million (2023: $12.2 million). Although no legal right of offset exists, the net balance due from the KRG comprises $158.8 million (2023: $158.8 million) included in trade receivables and $7.7 million (2023: $7.7 million) included within current liabilities (see note 14), resulting in a net receivable balance due from the KRG relating to crude oil sales of $151.1 million (2023: $151.1 million). As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Company recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the KRG. The outstanding receivable balance of $151.1 million above, comprises $120.4 million cost oil and $30.7 million profit oil (net of Capacity Building Payment). While GKP expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $16.3 million (2023: $24.5 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $8.2 million credit was recognised due to the decrease in the ECL provision (2023: charge of $21.4 million) arising from the earlier repayment profile estimated compared to the prior year. During 2025 the Company expects to begin recovering the cost oil component of the trade receivables balance due from the KRG via the settlement of invoices (inclusive of both cost and profit oil) due from oil sales to local customers as the outstanding cost pool balance declines to a level at or below the trade receivable balance. Following the export pipeline reopening the remaining overdue trade receivables is expected to be recovered from the KRG including both the outstanding cost oil balance at that time and the full profit oil balance referenced above. As detailed in the Summary of material 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 variables listed within the Summary of material accounting policies, the only variables with a significant impact upon the profit before tax, when varied reasonably, are the estimation of the KRG's credit rating for which no official market data exists and the estimated date of the re-opening of the ITP. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 4.88%. An increase of the CDS of 2% would increase the ECL provision by $6.1 million, conversely a decrease of the CDS by 2% would decrease the ECL provision by $6.4 million. GKP estimates that the re-opening of the ITP will occur in October 2025, should this be delayed by 12 months there would be a $7.5 million increase in the ECL provision. All other variables listed within the Summary of material accounting policies, when individually reasonably varied, do not have a material impact upon the ECL valuation. Other receivables Included within Other receivables is an amount of $0.5 million (2023: $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 2024 (2023: nil). No impairments of other receivables have been recognised during the year (2023: nil). 16. 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 losses
tax Share-based carried
depreciation payments forward Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2023
(572)
1,181
967
1,576
(Charge)/credit to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
(Charge)/credit to income statement
(271)
238
(675)
(708)
Exchange differences
\u2013
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "
Non-current receivables
2024 2023
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
138,175
140,218
Non-current trade receivables relate 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 Reconciliation of trade receivables below).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "Non-current receivables
2024 2023
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
138,175
140,218
Non-current trade receivables relate 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 Reconciliation of trade receivables below). Current receivables
2024
2023
$\u2019000
$\u2019000
Trade receivables
16,583
6,350
Underlift
\u2013
3,806
Other receivables
7,291
3,080
Prepayments and accrued income
2,905
1,882
Total current receivables
26,779
15,118
Total receivables
164,954
155,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "Current receivables
2024
2023
$\u2019000
$\u2019000
Trade receivables
16,583
6,350
Underlift
\u2013
3,806
Other receivables
7,291
3,080
Prepayments and accrued income
2,905
1,882
Total current receivables
26,779
15,118
Total receivables
164,954
155,336
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "
Reconciliation of trade receivables
2024 2023
$\u2019000
$\u2019000
Gross carrying amount
171,026
171,026
Less: Impairment allowance
(16,267)
(24,458)
Carrying value at 31 December
154,759
146,568
Gross trade receivables relating to export sales of $171.0 million (2023: $171.0 million) are comprised of invoiced amounts due, based upon
KBT pricing, from the KRG for crude oil sales totalling $158.8 million (2023: $158.8 million) related to October 2022 \u2013 March 2023 and a share
of Shaikan amounts due from the KRG that GKP purchased from MOL amounting to $12.2 million (2023: $12.2 million). Although no legal right
of offset exists, the net balance due from the KRG comprises $158.8 million (2023: $158.8 million) included in trade receivables and $7.7
million (2023: $7.7 million) included within current liabilities (see note 14), resulting in a net receivable balance due from the KRG relating to
crude oil sales of $151.1 million (2023: $151.1 million).
As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Company
recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Company, its partner and the
KRG. The outstanding receivable balance of $151.1 million above, comprises $120.4 million cost oil and $30.7 million profit oil (net of Capacity
Building Payment).
While GKP expects to recover the full value of the outstanding invoices and purchased revenue arrears, an ECL of $16.3 million (2023: $24.5
million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $8.2 million
credit was recognised due to the decrease in the ECL provision (2023: charge of $21.4 million) arising from the earlier repayment profile
estimated compared to the prior year. During 2025 the Company expects to begin recovering the cost oil component of the trade receivables
balance due from the KRG via the settlement of invoices (inclusive of both cost and profit oil) due from oil sales to local customers as the
outstanding cost pool balance declines to a level at or below the trade receivable balance. Following the export pipeline reopening the remaining
overdue trade receivables is expected to be recovered from the KRG including both the outstanding cost oil balance at that time and the full
profit oil balance referenced above.
As detailed in the Summary of material 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 variables listed within the Summary of material accounting policies, the only variables with a significant impact upon the profit
before tax, when varied reasonably, are the estimation of the KRG's credit rating for which no official market data exists and the estimated date
of the re-opening of the ITP.
For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 4.88%. An increase of the CDS of 2% would increase
the ECL provision by $6.1 million, conversely a decrease of the CDS by 2% would decrease the ECL provision by $6.4 million.
GKP estimates that the re-opening of the ITP will occur in October 2025, should this be delayed by 12 months there would be a $7.5 million
increase in the ECL provision.
All other variables listed within the Summary of material accounting policies, when individually reasonably varied, do not have a material impact upon the ECL valuation. Other receivables Included within Other receivables is an amount of $0.5 million (2023: $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 2024 (2023: nil). No impairments of other receivables have been recognised during the year (2023: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-234": { "value": "
14. Current liabilities
Trade and other payables
2024 2023
$\u2019000
$\u2019000
Trade payables
1,746
11,953
Accrued expenditures
22,228
14,009
Amounts due to KRG not expected to be cash settled
80,905
74,703
Capacity building payment due to KRG on trade receivables
7,687
7,687
Other payables
4,080
683
Lease obligations
395
359
Overlift
236
\u2013
Total trade and other payables
117,277
109,394
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. The stabilising of local sale revenues during 2024 enabled the Group to settle all overdue
trade payables in the first quarter of 2024.
Amounts due to KRG not expected to be cash settled of $80.9 million (2023: $74.7 million) include:
$40.1 million (2023: $37.7 million) expected to be offset against oil sales to the KRG up to 2018, together with other amounts since due
from the KRG, that have not been recognised in the financial statements as management consider that the criteria for revenue recognition
have not been satisfied.
$40.8 million (2023: $37.0 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 Group 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 $40.8 million.
Overlift is the volumes owed by the Company to the KRG through the lifting of volumes in excess of contractual entitlement in accordance with
the PSC. The overlift is valued at the year-end sales price. The overlift was temporary and the KRG lifted the volumes in 2025.
Deferred income
At 31 December 2024, deferred income of $0.7 million (2023: $5.2 million) related to cash advances paid by local oil buyers in advance of
lifting oil (See note 2).
Non-current liabilities
2024 2023
$\u2019000
$\u2019000
Non-current lease liability
1,112
39
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "value": "14. Current liabilities Trade and other payables
2024 2023
$\u2019000
$\u2019000
Trade payables
1,746
11,953
Accrued expenditures
22,228
14,009
Amounts due to KRG not expected to be cash settled
80,905
74,703
Capacity building payment due to KRG on trade receivables
7,687
7,687
Other payables
4,080
683
Lease obligations
395
359
Overlift
236
\u2013
Total trade and other payables
117,277
109,394
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. The stabilising of local sale revenues during 2024 enabled the Group to settle all overdue trade payables in the first quarter of 2024. Amounts due to KRG not expected to be cash settled of $80.9 million (2023: $74.7 million) include: $40.1 million (2023: $37.7 million) expected to be offset against oil sales to the KRG up to 2018, together with other amounts since due from the KRG, that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied. $40.8 million (2023: $37.0 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 Group 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 $40.8 million. Overlift is the volumes owed by the Company to the KRG through the lifting of volumes in excess of contractual entitlement in accordance with the PSC. The overlift is valued at the year-end sales price. The overlift was temporary and the KRG lifted the volumes in 2025. Deferred income At 31 December 2024, deferred income of $0.7 million (2023: $5.2 million) related to cash advances paid by local oil buyers in advance of lifting oil (See note 2). Non-current liabilities
2024 2023
$\u2019000
$\u2019000
Non-current lease liability
1,112
39
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "14. Current liabilities Trade and other payables
2024 2023
$\u2019000
$\u2019000
Trade payables
1,746
11,953
Accrued expenditures
22,228
14,009
Amounts due to KRG not expected to be cash settled
80,905
74,703
Capacity building payment due to KRG on trade receivables
7,687
7,687
Other payables
4,080
683
Lease obligations
395
359
Overlift
236
\u2013
Total trade and other payables
117,277
109,394
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. The stabilising of local sale revenues during 2024 enabled the Group to settle all overdue trade payables in the first quarter of 2024. Amounts due to KRG not expected to be cash settled of $80.9 million (2023: $74.7 million) include: $40.1 million (2023: $37.7 million) expected to be offset against oil sales to the KRG up to 2018, together with other amounts since due from the KRG, that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied. $40.8 million (2023: $37.0 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 Group 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 $40.8 million. Overlift is the volumes owed by the Company to the KRG through the lifting of volumes in excess of contractual entitlement in accordance with the PSC. The overlift is valued at the year-end sales price. The overlift was temporary and the KRG lifted the volumes in 2025. Deferred income At 31 December 2024, deferred income of $0.7 million (2023: $5.2 million) related 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "14. Current liabilities Trade and other payables
2024 2023
$\u2019000
$\u2019000
Trade payables
1,746
11,953
Accrued expenditures
22,228
14,009
Amounts due to KRG not expected to be cash settled
80,905
74,703
Capacity building payment due to KRG on trade receivables
7,687
7,687
Other payables
4,080
683
Lease obligations
395
359
Overlift
236
\u2013
Total trade and other payables
117,277
109,394
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. The stabilising of local sale revenues during 2024 enabled the Group to settle all overdue trade payables in the first quarter of 2024. Amounts due to KRG not expected to be cash settled of $80.9 million (2023: $74.7 million) include: $40.1 million (2023: $37.7 million) expected to be offset against oil sales to the KRG up to 2018, together with other amounts since due from the KRG, that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied. $40.8 million (2023: $37.0 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 Group 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 $40.8 million. Overlift is the volumes owed by the Company to the KRG through the lifting of volumes in excess of contractual entitlement in accordance with the PSC. The overlift is valued at the year-end sales price. The overlift was temporary and the KRG lifted the volumes in 2025. Deferred income At 31 December 2024, deferred income of $0.7 million (2023: $5.2 million) related to cash advances paid by local oil buyers in advance of lifting oil (See note 2). Non-current liabilities
2024 2023
$\u2019000
$\u2019000
Non-current lease liability
1,112
39
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "Non-current liabilities
2024 2023
$\u2019000
$\u2019000
Non-current lease liability
1,112
39
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-235": { "value": "
15. Provisions
2024 2023
Decommissioning provision
$\u2019000
$\u2019000
At 1 January
35,312
42,546
New provisions and changes in estimates
(693)
(8,933)
Unwinding of discount
1,628
1,699
At 31 December
36,247
35,312
The $0.7 million decrease in new provisions and changes in estimates (2023: $8.9 million decrease) comprises an increase relating to new
drilling and facilities work of $0.4 million (2023: $4.2 million), offset by a reduction of $1.1 million (2023: $13.1 million) due to changes in inflation
and discount rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated
at 2.5 % (2023: 2.25%) and discounted at 4.9 % (2023: 4.6%), 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-290": { "value": "15. Provisions
2024 2023
Decommissioning provision
$\u2019000
$\u2019000
At 1 January
35,312
42,546
New provisions and changes in estimates
(693)
(8,933)
Unwinding of discount
1,628
1,699
At 31 December
36,247
35,312
The $0.7 million decrease in new provisions and changes in estimates (2023: $8.9 million decrease) comprises an increase relating to new drilling and facilities work of $0.4 million (2023: $4.2 million), offset by a reduction of $1.1 million (2023: $13.1 million) due to changes in inflation and discount rates. The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated at 2.5 % (2023: 2.25%) and discounted at 4.9 % (2023: 4.6%), 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. 24. Contingent Liabilities The Group has a contingent liability of $27.3 million (2023: $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 resolved as part of those negotiations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "16. 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 losses
tax Share-based carried
depreciation payments forward Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2023
(572)
1,181
967
1,576
(Charge)/credit to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
(Charge)/credit to income statement
(271)
238
(675)
(708)
Exchange differences
\u2013
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "16. 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 losses
tax Share-based carried
depreciation payments forward Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2023
(572)
1,181
967
1,576
(Charge)/credit to income statement
882
(741)
(447)
(306)
Exchange differences
(17)
42
250
275
At 31 December 2023
293
482
770
1,545
(Charge)/credit to income statement
(271)
238
(675)
(708)
Exchange differences
\u2013
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-236": { "value": "
17. Financial instruments
2024
2023
$\u2019000
$\u2019000
Financial assets
Cash
102,346
81,709
Receivables
161,426
152,709
263,772
234,418
Financial liabilities
Trade and other payables
118,152
109,433
118,152
109,433
All financial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classified as current
liabilities. All financial liabilities are recognised at amortised cost.
Fair values of financial assets and liabilities
With the exception of the receivables from the KRG which the Group expects to recover in full (see note 13), the Group considers the carrying
value of all its financial assets and liabilities to be materially the same as their fair value.
The financial assets balance includes a $16.3 million provision against trade receivables (2023: $24.5 million) (see note 13). All financial assets
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 previous years) and equity attributable to equity holders of the parent. Equity comprises issued capital, reserves and
accumulated losses as disclosed in note 18 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.
Material Accounting Policies
Details of the material accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis
on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed
in the Summary of material accounting policies.
Financial Risk Management Objectives
The Group\u2019s management monitors and manages the financial risks relating to the operations of the Group. These financial risks include market
risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk.
As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other financial risks. The Group
does not use derivative financial instruments for speculative purposes.
The risks are closely reviewed by the 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 financial risks of changes in oil prices, foreign currency exchange rates and changes in interest
rates in relation to the Group\u2019s cash balances.
There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the 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 2024, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets
and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit.
Interest rate risk management
The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to
maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on 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 profit.
Credit risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31
December 2024, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2023: $171.0
million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $16.3 million (2023: $24.5 million) was
recognised against the trade receivables balance.
The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash 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 finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise
further funding as and when required.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "
2024
2023
$\u2019000
$\u2019000
Financial assets
Cash
102,346
81,709
Receivables
161,426
152,709
263,772
234,418
Financial liabilities
Trade and other payables
118,152
109,433
118,152
109,433
All financial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classified as current liabilities. All financial liabilities are recognised at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "
2024
2023
$\u2019000
$\u2019000
Financial assets
Cash
102,346
81,709
Receivables
161,426
152,709
263,772
234,418
Financial liabilities
Trade and other payables
118,152
109,433
118,152
109,433
All financial liabilities, except for non-current lease liabilities (see note 14), are due to be settled within one year and are classified as current liabilities. All financial liabilities are recognised at amortised cost. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "Fair values of financial 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 financial assets and liabilities to be materially the same as their fair value. The financial assets balance includes a $16.3 million provision against trade receivables (2023: $24.5 million) (see note 13). All financial assets are measured at amortised cost which is materially the same as fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "Fair values of financial 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 financial assets and liabilities to be materially the same as their fair value. The financial assets balance includes a $16.3 million provision against trade receivables (2023: $24.5 million) (see note 13). All financial assets are measured at amortised cost which is materially the same as fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "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 previous years) and equity attributable to equity holders of the parent. Equity comprises issued capital, reserves and accumulated losses as disclosed in note 18 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "Financial Risk Management Objectives The Group\u2019s management monitors and manages the financial risks relating to the operations of the Group. These financial risks include market risk (including commodity price, currency and fair value interest rate risk), credit risk, liquidity risk and cash flow interest rate risk. As at year end, the Group did not hold any derivative assets to hedge against commodity price declines or any other financial risks. The Group does not use derivative financial instruments for speculative purposes. The risks are closely reviewed by the 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 financial risks of changes in oil prices, foreign currency exchange rates and changes in interest rates in relation to the Group\u2019s cash balances. There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the 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 2024, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit. Interest rate risk management The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on 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 profit. Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2024, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2023: $171.0 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $16.3 million (2023: $24.5 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash 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 finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in oil prices, foreign currency exchange rates and changes in interest rates in relation to the Group\u2019s cash balances. There have been no changes to the Group\u2019s exposure to other market risks. The risks are monitored by the 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 2024, a 10% weakening or strengthening of the US dollar against the other currencies in which the Group\u2019s monetary assets and monetary liabilities are denominated would not have a material effect on the Group\u2019s net assets or profit. Interest rate risk management The Group\u2019s policy on interest rate management is agreed at the Board level and is reviewed on an ongoing basis. The current policy is to maintain a certain amount of funds in the form of cash for short-term liabilities and have the rest on 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 profit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. As at 31 December 2024, the maximum exposure to credit risk from a trade receivable outstanding from one customer is $171.0 million (2023: $171.0 million). Although the Group is confident in the recovery of the trade receivables balance, a provision of $16.3 million (2023: $24.5 million) was recognised against the trade receivables balance. The credit risk on liquid funds is limited because the counterparties for a significant portion of the cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "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 finance its business by means of internally generated funds, external share capital and debt. The Group seeks to raise further funding as and when required. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-237": { "value": "
18. Share capital
2024 2023
$\u2019000
$\u2019000
Authorised:
Common shares of $1 each
292,105
292,105
Common shares
No. of Share Share Total amount
shares
capital
premium
\u2018000
$\u2019000
$\u2019000
$\u2019000
Balance 1
January 2023
216,247
216,247
528,125
744,372
Dividends paid
\u2013
\u2013
(24,813)
(24,813)
Shares issued
6,196
6,196
\u2013
6,196
Balance 31 December 2023
222,443
222,443
503,312
725,755
Dividends paid
\u2013
\u2013
(34,933)
(34,933)
Shares issued
255
255
\u2013
255
Repurchase of ordinary shares
(5,693)
(5,693)
(4,394)
(10,087)
Balance 31 December 2024
217,005
217,005
463,985
680,990
At 31 December 2024, a total of 0.1 million common shares at $1 each were held by the EBT (2023: 0.2 million at $1 each). These common
shares were included within reserves.
Rights attached to share capital
The holders of the common shares have the following rights (subject to the other provisions of the Byelaws):
(i)
entitled to one vote per common share;
(ii)
entitled to receive notice of, and attend and vote at, general meetings of the Company;
(iii)
entitled to dividends or other distributions; and
(iv) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for a reorganisation or
otherwise or upon a distribution of capital, entitled to receive the amount of capital paid up on their common shares and
to participate further in the surplus assets of the Company only after payment of the Series A Liquidation Value (as
defined in the Byelaws) on the Series A Preferred Shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "18. Share capital
2024 2023
$\u2019000
$\u2019000
Authorised:
Common shares of $1 each
292,105
292,105
Common shares
No. of Share Share Total amount
shares
capital
premium
\u2018000
$\u2019000
$\u2019000
$\u2019000
Balance 1
January 2023
216,247
216,247
528,125
744,372
Dividends paid
\u2013
\u2013
(24,813)
(24,813)
Shares issued
6,196
6,196
\u2013
6,196
Balance 31 December 2023
222,443
222,443
503,312
725,755
Dividends paid
\u2013
\u2013
(34,933)
(34,933)
Shares issued
255
255
\u2013
255
Repurchase of ordinary shares
(5,693)
(5,693)
(4,394)
(10,087)
Balance 31 December 2024
217,005
217,005
463,985
680,990
At 31 December 2024, a total of 0.1 million common shares at $1 each were held by the EBT (2023: 0.2 million at $1 each). These common shares were included within reserves. Rights attached to share capital The holders of the common shares have the following rights (subject to the other provisions of the Byelaws): (i) entitled to one vote per common share; (ii) entitled to receive notice of, and attend and vote at, general meetings of the Company; (iii) entitled to dividends or other distributions; and (iv) in the event of a winding-up or dissolution of the Company, whether voluntary or involuntary or for a reorganisation or otherwise or upon a distribution of capital, entitled to receive the amount of capital paid up on their common shares and to participate further in the surplus assets of the Company only after payment of the Series A Liquidation Value (as defined in the Byelaws) on the Series A Preferred Shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-238": { "value": "
19. Cash flow reconciliation
2024
2023
Notes
$\u2019000
$\u2019000
Cash flows from operating activities
Profit/(loss) from operations
4,702
(13,043)
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment (including the
right of use assets)
76,752
40,409
Amortisation of intangible assets
1,980
1,648
(Decrease)/Increase of provision for impairment of trade receivables
13
(8,191)
21,378
Share-based payment expense
21
3,472
9,673
Provision against inventory held for sale
3
34
2,627
Operating cash flows before movements in working capital
78,749
62,692
Decrease/(Increase) in inventories
49
(7,605)
Increase in trade and other receivables
(1,290)
(10,741)
Increase in trade and other payables
11,919
3,107
Income taxes received
\u2013
67
Cash generated from operations
89,427
47,520
Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment:
2024 2023
$\u2019000
$\u2019000
Associated cash flows
Additions to property, plant and equipment
20,102
58,652
Movement in working capital
7,083
6,764
Non-cash movements
Foreign exchange differences
(7)
(30)
Purchase of property, plant and equipment
27,178
65,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "19. Cash flow reconciliation 2024 2023
Notes
$\u2019000
$\u2019000
Cash flows from operating activities
Profit/(loss) from operations
4,702
(13,043)
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment (including the
right of use assets)
76,752
40,409
Amortisation of intangible assets
1,980
1,648
(Decrease)/Increase of provision for impairment of trade receivables
13
(8,191)
21,378
Share-based payment expense
21
3,472
9,673
Provision against inventory held for sale
3
34
2,627
Operating cash flows before movements in working capital
78,749
62,692
Decrease/(Increase) in inventories
49
(7,605)
Increase in trade and other receivables
(1,290)
(10,741)
Increase in trade and other payables
11,919
3,107
Income taxes received
\u2013
67
Cash generated from operations
89,427
47,520
Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment:
2024 2023
$\u2019000
$\u2019000
Associated cash flows
Additions to property, plant and equipment
20,102
58,652
Movement in working capital
7,083
6,764
Non-cash movements
Foreign exchange differences
(7)
(30)
Purchase of property, plant and equipment
27,178
65,386
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-239": { "value": "
20. Commitments
Exploration and development commitments
Additions to property, plant and equipment are generally funded with the cash flow generated from the Shaikan Field. As at 31 December 2024,
gross capital commitments in relation to the Shaikan Field were estimated to be $9.2 million (2023: $2.2 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "20. Commitments Exploration and development commitments Additions to property, plant and equipment are generally funded with the cash flow generated from the Shaikan Field. As at 31 December 2024, gross capital commitments in relation to the Shaikan Field were estimated to be $9.2 million (2023: $2.2 million). 24. Contingent Liabilities The Group has a contingent liability of $27.3 million (2023: $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 resolved as part of those negotiations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "value": "
2024 2023
Number of Number of
share options share options
\u2019000
\u2019000
Outstanding at 1 January
8,004
8,785
Granted during the year
3,590
6,295
Exercised during the year
(516)
(6,383)
Forfeited during the year
(288)
(211)
Expired during the year
(1,872)
(482)
Outstanding at 31 December
8,918
8,004
Exercisable at 31 December
\u2013
\u2013
The weighted average share price at the date of exercise for share options exercised during the year was \u00a31.48 (2023: \u00a31.17).
2024 2023
Number of Number of
share options share options
\u2019000
\u2019000
Outstanding at 1 January
216
218
Exercised during the year
\u2013
(180)
Granted during the year
\u2013
178
Outstanding at 31 December
216
216
Exercisable at 31 December
\u2013
\u2013
There were no options exercised during the year under the Deferred Bonus Plan (2023: the weighted average share price at the date of exercise for share options exercised was \u00a31.37).", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-240": { "value": "
22. Dividends
During 2024, a total of $35 million dividends (16.048 US cents per Common Share), being interim dividends, were declared and paid to
shareholders. In 2023, a total of $25 million dividends (1 1.561 US cents per Common Share).
An interim dividend of $25 million was declared in March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "0.16048", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-274": { "value": "0.11561", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-273": { "value": "23. 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 Directors and Officers who served during the year ended 31 December 2024 were as follows: M Angle \u2013 Chair (deceased September 2024) D Thomas \u2013 Non-Executive Director became Deputy Chair June 2023, became Interim Chair September 2024 and became Chair October 2024 J Balkany \u2013 Non-Executive Director M Daryabegui \u2013 Non-Executive Director (appointed October 2024) C Krajicek \u2013 Non-Executive Director (appointed October 2024) W Mwaura \u2013 Non-Executive Director K Wood \u2013 Non-Executive Director (resigned June 2024) J Harris \u2013 Chief Executive Officer and Executive Director G Papineau-Legris \u2013 Chief Commercial Officer appointed as Chief Financial Officer and Executive Director (effective June 2024) I Weatherdon \u2013 Chief Financial Officer and Executive Director (resigned June 2024) C Kinahan \u2013 Chief Human Resources Officer J Hulme \u2013 Chief Operating Officer A Robinson \u2013 Chief Legal Officer and Company Secretary The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. The values below are calculated in accordance with IAS 19 and IFRS 2.
2024
$\u2019000
Short-term employee benefits
7,196
Share-based payment - options
1,493
8,689
2023 $\u2019000 3,463 4,065 7,528 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "Remuneration of Directors and Officers The Directors and Officers who served during the year ended 31 December 2024 were as follows: M Angle \u2013 Chair (deceased September 2024) D Thomas \u2013 Non-Executive Director became Deputy Chair June 2023, became Interim Chair September 2024 and became Chair October 2024 J Balkany \u2013 Non-Executive Director M Daryabegui \u2013 Non-Executive Director (appointed October 2024) C Krajicek \u2013 Non-Executive Director (appointed October 2024) W Mwaura \u2013 Non-Executive Director K Wood \u2013 Non-Executive Director (resigned June 2024) J Harris \u2013 Chief Executive Officer and Executive Director G Papineau-Legris \u2013 Chief Commercial Officer appointed as Chief Financial Officer and Executive Director (effective June 2024) I Weatherdon \u2013 Chief Financial Officer and Executive Director (resigned June 2024) C Kinahan \u2013 Chief Human Resources Officer J Hulme \u2013 Chief Operating Officer A Robinson \u2013 Chief Legal Officer and Company Secretary The remuneration of the Directors and Officers who are considered to be key management personnel is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. The values below are calculated in accordance with IAS 19 and IFRS 2.
2024
$\u2019000
Short-term employee benefits
7,196
Share-based payment - options
1,493
8,689
2023 $\u2019000 3,463 4,065 7,528 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-241": { "value": "
24. Contingent Liabilities
The Group has a contingent liability of $27.3 million (2023: $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 resolved as part of those negotiations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }