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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 29 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 (\u201cIASB\u201d) that are mandatorily effective for an accounting period that begins on or after 1 January 2025. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2025: Lack of Exchangeability (Amendments to IAS 21) and Amendments to the SASB standards to enhance their international applicability. 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 (\u201cIAS\u201d): IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information IFRS S2 Climate-related Disclosures; Amendments to Greenhouse Gas Emissions 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 Annual Improvements to IFRS Accounting Standards - Volume 11 IFRS 1: Hedge accounting by a first-time adopter; IFRS 7: Gain or loss on derecognition; IFRS 7: Disclosure of deferred difference between fair value and transaction price; IFRS 7: Introduction and credit risk disclosures; IFRS 9: Lessee derecognition of lease liabilities; IFRS 9: Transaction price; IFRS 10: Determination of a \u2018de facto agent\u2019; IAS 7: Cost method Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. IFRS 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. IFRS 18 introduces new requirements to: \u00a7 present specified categories and defined subtotals in the statement of profit or loss \u00a7 provide disclosures on management-defined performance measures (\u201cMPMs\u201d) in the notes to the financial statements \u00a7 improve aggregation and disaggregation An 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. The 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 material 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, together with its cash flows and liquidity position, is presented in the Financial review.
As at 18 March 2026, the Group had $89.1 million of cash and no debt. The Group continues to monitor and manage its liquidity closely. Cash
forecasts are updated regularly, and sensitivities are run for different scenarios reflecting the latest operational and commercial outlook,
including revenue receipts under interim export arrangements, the timing of the return to full Production Sharing Contract (\u201cPSC\u201d) entitlement
and expenditure phasing. The Group remains focused on taking appropriate actions to preserve its liquidity position.
On 28 February 2026, the Shaikan Field was shut-in as a safety precaution following the strikes by the US and Israel on Iran and the subsequent
retaliatory strikes in the Middle East, including in the Kurdistan. Production remains shut-in at the date of this report and the Company is taking
all reasonable steps to maintain security and safeguarding the value of the asset during this time. There has been no damage to the Group\u2019s
assets, and appropriate steps were taken to protect staff. The Company is monitoring for an opportunity to safely and quickly restart production
with an improvement in the security environment.
The Group\u2019s liquidity position has remained stable up to the date of this report, supported by the resumption of export sales in late 2025. Prior
to the precautionary shut-in on 28 February 2026, regular liftings and associated payments continued under the interim agreements. While
production is currently shut-in, the interim export arrangements remain in place until 31 March 2026. The Group expects that these
arrangements will be extended. A review by an independent consultant of International Oil Companies\u2019 invoices and contractual cost structures
is underway to support reconciliation to full PSC entitlement (see note 13).
Export sales are currently impacted by the precautionary shut-in of the Shaikan field. The key uncertainties relevant to the going concern
assessment include:
\u00a7 Geopolitical and security environment: the duration and impact of the ongoing conflict in the wider Middle East region is difficult to predict;
\u00a7 Continuation of interim export arrangements: the renewal of agreements beyond 31 March 2026, and the regularity and timing of export
receipts;
\u00a7 PSC entitlement reconciliation: completion of the consultant-led review and timing of transition to full entitlement pricing; and
\u00a7 Outstanding commercial matters \u2013 progression of discussions with the Ministry of Natural Resources (\u201cMNR\u201d) regarding arrears, cost
audit, PSC amendments and associated commercial issues.
The Directors have considered a range of sensitivities, including an extension of interim export arrangements, delays to returning to full PSC
entitlement and prolonged delays to production restart due to the conflict in the wider Middle East region. Across these sensitivities, the Group
retains the ability to implement mitigating actions, including the deferral of discretionary expenditure and the phasing of activity, to preserve
liquidity while maintaining safe operations and the ability to promptly restart production.
As explained in note 14, although the Group has recognised current liabilities payable to the Kurdistan Regional Government (\u201cKRG\u201d), these
are not expected to be cash settled.
Overall, the Group\u2019s forecasts, taking into account the applicable risks, scenario testing and available mitigating actions, indicate that the Group
has sufficient financial resources for the 12-month period from the date of approval of the 2025 annual report and accounts. Based on this
analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future.
Accordingly, the going concern basis of accounting continues to be adopted for the preparation of these 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) as at and for the year ending 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 Group recovers its costs incurred, and profit oil, which is the mechanism
through which profits are shared between the Group, its partner and the KRG. The Group 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 for all of 2024 and up until 26 September 2025, the delivery point was the point at which crude oil was loaded into
the buyers\u2019 nominated trucks. The consideration was determined by reference to the selling price as per crude sales agreements with local
customers, with other fees and royalties due as determined by commercial agreements; revenue was reported net of these deductions.
Since the reopening of the ITP on 27 September 2025, all oil is sold by the Shaikan Contractor (the Group and Kalegran BV, a subsidiary of
MOL Hungarian Oil & Gas Plc, (\u201cMOL\u201d)) to the KRG, who in turn resell the oil.
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 delivery point the Shaikan
Contractor is due economic benefits which can be reliably measured and are probable to be received.
For sales since the reopening of the ITP, the delivery point is the export pipeline flange at the production facilities. The sale price determined
by the closing oil market price on the last day of the production month, 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. Consideration is due based upon the
oil market price upon lifting at the port of Ceyhan, after other fees and royalties due as determined by commercial agreements. The variation
between the sales price and consideration received is recorded as an embedded derivative in line with IFRS 9, not as variable consideration
according to IFRS 1 (see note 2 to the consolidated financial statements)
Income tax arising from the Group\u2019s activities under its PSC is settled by the KRG on behalf of the Group. Since the Group 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 2025 was based on internal estimates of
reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC
Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future
expenditure to determine GKP\u2019s future net economic entitlement.
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 c urrently payable or re coverable 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 containing embedded derivatives are measured at fair value through profit or loss in line with IFRS 9, with all other trade
receivables measured at amortised cost.
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. The amount of ECL is
updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument.
The 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.
The 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.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial
recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures
the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the 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 capital
and share premium as appropriate.
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.
For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the
liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with
any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share-
based transactions are set out in note 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 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.
The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease
payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing
rate.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective
interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in trade and other
payables as current or non-current liabilities depending on underlying lease terms.
For short-term leases (periods less than 12 months) and leases of low value, the Group has opted to recognise lease expense on a straight-
line basis over the lease term.
Critical accounting judgements and key sources of estimation uncertainty
In the application of the accounting policies described above, the Group is required to make judgements, estimates and assumptions about
the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are
based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both
current and future periods.
Critical judgements in applying the Group\u2019s accounting policies
The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors
have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in
financial statements.
Past due trade receivable valuation
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 to the past due trade receivable considered whether it was appropriate to recognise export revenue
for deliveries from October 2022 to March 2023 based on a proposed new pricing mechanism, notwithstanding that there was no signed lifting
agreement for that period confirming the pricing mechanism. 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 discrete
receipts for the period of pipeline exports from 1 October 2022 to 25 March 2023 have been received.
Cost oil entitlement
For so long as GKP\u2019s cost pool exceeds the cost oil component of the trade receivables balance, GKP\u2019s cost oil entitlement is aligned between
revenue and invoiced amounts at 28.8% of gross field revenues (40% Contractor cost oil, less 10% royalty, GKP paying interest of 80%). It
has been adjudged that in the event that the cost oil component of trade receivables exceeds the cost pool balance, revenue is capped to the
level of recoverable costs incurred in the period with the outstanding cost oil trade receivable making up the full 28.8% invoiced. Cost oil trade
receivables, when rebilled, are therefore not recognised as revenue transactions. In 2025 GKP\u2019s cost pool balance reduced to the level of
outstanding cost oil trade receivables which largely results from the level of past due receivables as detailed in note 13. As a result amounts
invoiced in 2025 included $28.3m of cost oil trade receivables rebilling that is not included within revenue. Future cash flows are expected to
align to the full cost oil entitlement invoiced.
A summary of the currently estimated financial impact of cost oil revenue being limited by the available cost pool is detailed in note 2.
Profit oil entitlement
Profit oil entitlement is dependent upon the R-factor and cost oil component described above, as determined by the PSC. GKP judges that the
R-factor is to be calculated on a cash receipts basis; giving a current profit oil entitlement of approximately 9% when cost oil is capped at
28.8%. A reduction of approximately 2% is expected on cash receipts relating to capacity building payments payable as described below.
GKP\u2019s invoiced entitlement is approximately 38%, being a combination of cost and profit oil; cash receipts are expected to be at 36% entitlement
after a 2% capacity building payment reduction.
Working interest and capacity building payments
During past PSC negotiations with the MNR, 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.
As part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The
Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing
the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed
the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash
payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. See
note 14 for further details. The Group expects to confirm with the MNR whether to proceed with a formal amendment to the PSC to reflect
current invoice terms.
Any future agreements between the Group and the MNR could change the amounts of revenue or expense recognised and will be reflected in
future periods.
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 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 2025.
Management have increased the decommissioning 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.
The Group\u2019s sole CGU at 31 December 2025 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised
decommissioning provision, of $308.6 million (2024: $348.9 million). The Group performed an impairment indicator evaluation as at 31
December 2025 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment
indicators are as follows:
\u00a7 The ITP re-opened in late September 2025. This timing is within the two-year sensitivity period based on the assessment performed at
31 December 2023, with no impairment, therefore the actual re-opening date was not assessed to be an impairment trigger;
\u00a7 The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019
consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2025 for the period 2026 to 2032 with
inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2025
2026
2027
2028
2029
2030
2031
2032
31 December 2025 \u2013 base case
n/a
62.0
65.0
70.0
70.0
72.0
79.0
80.0
31 December 2025 \u2013 stress case
n/a
55.8
58.5
63.0
63.0
64.8
71.1
72.0
31 December 2024 \u2013 base case
74.0
72.0
74.0
75.0
73.0
80.0
82.0
84.1
31 December 2024 \u2013 stress case
66.6
64.8
66.6
67.5
65.7
72.0
73.8
75.7
\u00a7 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;
\u00a7 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 a reduction in the rate was necessary. The post-tax nominal discount
rate was estimated to be 15%, a 1% reduction from 31 December 2024;
\u00a7 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 materially increase in comparison to 31 December 2023 impairment assessment;
\u00a7 No adverse changes were noted for commercial reserves and production profiles;
\u00a7 The field was shut-in July 2025 as a precaution after drone attacks at other oil fields in Kurdistan. Operations resumed in August 2025
after a security review with the KRG and production returned to full capacity. On 28 February 2026, the Group again suspended production
operations as a precautionary measure in response to the wider Middle East conflict. There has been no damage to the Group\u2019s assets,
and appropriate measures were taken to safeguard staff. The situation continues to be monitored, and operations will resume once
conditions allow. The potential impact of this event has not been included in the assessment because it is a post-balance-sheet
non-adjusting event; and
\u00a7 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 CO2 emissions intensity 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. The 2025 World Energy Outlook NZE scenario now assumes that global temperatures exceed 1.5\u00b0C
for several decades, peaking at approximately 1.65\u00b0C around 2050, before gradually declining to below 1.5\u00b0C by 2100 through rapid
emissions reductions and the deployment of CO\u2082 removal technologies. The actual re-opening date is consistent with the assessment as
at 31 December 2023, where management performed sensitivities of up to two years. There was no impairment under the APS scenario,
but a potential impairment under the NZE scenario. Management has performed an updated assessment using the latest data from the
World Energy Outlook 2025 and this indicates that there is no impairment under the NZE scenario.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "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 29 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) as at and for the year ending 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Gulf Keystone Petroleum Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-211": { "value": "Limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "Bermuda", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the
current year
In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board (\u201cIASB\u201d)
that are mandatorily effective for an accounting period that begins on or after 1 January 2025.
The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2025: Lack of
Exchangeability (Amendments to IAS 21) and Amendments to the SASB standards to enhance their international applicability. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "Amendments to International Financial Reporting Standards (\u201cIFRS\u201d) that are mandatorily effective for the current year In the current year, the Group has applied a number of amendments to IFRS issued by the International Accounting Standards Board (\u201cIASB\u201d) that are mandatorily effective for an accounting period that begins on or after 1 January 2025. The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2025: Lack of Exchangeability (Amendments to IAS 21) and Amendments to the SASB standards to enhance their international applicability. 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 (\u201cIAS\u201d): IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information IFRS S2 Climate-related Disclosures; Amendments to Greenhouse Gas Emissions 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 Annual Improvements to IFRS Accounting Standards - Volume 11 IFRS 1: Hedge accounting by a first-time adopter; IFRS 7: Gain or loss on derecognition; IFRS 7: Disclosure of deferred difference between fair value and transaction price; IFRS 7: Introduction and credit risk disclosures; IFRS 9: Lessee derecognition of lease liabilities; IFRS 9: Transaction price; IFRS 10: Determination of a \u2018de facto agent\u2019; IAS 7: Cost method Amendments to IAS 21 Translation to a Hyperinflationary Presentation Currency The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group in future periods. IFRS 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. IFRS 18 introduces new requirements to: \u00a7 present specified categories and defined subtotals in the statement of profit or loss \u00a7 provide disclosures on management-defined performance measures (\u201cMPMs\u201d) in the notes to the financial statements \u00a7 improve aggregation and disaggregation An 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. The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "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 (\u201cIAS\u201d):
IFRS S1
General Requirements for Disclosure of Sustainability-related Financial Information
IFRS S2
Climate-related Disclosures; Amendments to Greenhouse Gas Emissions 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
Annual Improvements to
IFRS Accounting Standards
- Volume 11
IFRS 1: Hedge accounting by a first-time adopter; IFRS 7: Gain or loss on derecognition; IFRS 7:
Disclosure of deferred difference between fair value and transaction price; IFRS 7: Introduction and
credit risk disclosures; IFRS 9: Lessee derecognition of lease liabilities; IFRS 9: Transaction price;
IFRS 10: Determination of a \u2018de facto agent\u2019; IAS 7: Cost method
Amendments to IAS 21
Translation to a Hyperinflationary Presentation Currency
The directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group
in future periods.
IFRS 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.
IFRS 18 introduces new requirements to:
\u00a7 present specified categories and defined subtotals in the statement of profit or loss
\u00a7 provide disclosures on management-defined performance measures (\u201cMPMs\u201d) in the notes to the financial statements
\u00a7 improve aggregation and disaggregation
An 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.
The 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "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 material accounting policies adopted are set out below.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "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, together with its cash flows and liquidity position, is presented in the Financial review. As at 18 March 2026, the Group had $89.1 million of cash and no debt. The Group continues to monitor and manage its liquidity closely. Cash forecasts are updated regularly, and sensitivities are run for different scenarios reflecting the latest operational and commercial outlook, including revenue receipts under interim export arrangements, the timing of the return to full Production Sharing Contract (\u201cPSC\u201d) entitlement and expenditure phasing. The Group remains focused on taking appropriate actions to preserve its liquidity position. On 28 February 2026, the Shaikan Field was shut-in as a safety precaution following the strikes by the US and Israel on Iran and the subsequent retaliatory strikes in the Middle East, including in the Kurdistan. Production remains shut-in at the date of this report and the Company is taking all reasonable steps to maintain security and safeguarding the value of the asset during this time. There has been no damage to the Group\u2019s assets, and appropriate steps were taken to protect staff. The Company is monitoring for an opportunity to safely and quickly restart production with an improvement in the security environment. The Group\u2019s liquidity position has remained stable up to the date of this report, supported by the resumption of export sales in late 2025. Prior to the precautionary shut-in on 28 February 2026, regular liftings and associated payments continued under the interim agreements. While production is currently shut-in, the interim export arrangements remain in place until 31 March 2026. The Group expects that these arrangements will be extended. A review by an independent consultant of International Oil Companies\u2019 invoices and contractual cost structures is underway to support reconciliation to full PSC entitlement (see note 13). Export sales are currently impacted by the precautionary shut-in of the Shaikan field. The key uncertainties relevant to the going concern assessment include: \u00a7 Geopolitical and security environment: the duration and impact of the ongoing conflict in the wider Middle East region is difficult to predict; \u00a7 Continuation of interim export arrangements: the renewal of agreements beyond 31 March 2026, and the regularity and timing of export receipts; \u00a7 PSC entitlement reconciliation: completion of the consultant-led review and timing of transition to full entitlement pricing; and \u00a7 Outstanding commercial matters \u2013 progression of discussions with the Ministry of Natural Resources (\u201cMNR\u201d) regarding arrears, cost audit, PSC amendments and associated commercial issues. The Directors have considered a range of sensitivities, including an extension of interim export arrangements, delays to returning to full PSC entitlement and prolonged delays to production restart due to the conflict in the wider Middle East region. Across these sensitivities, the Group retains the ability to implement mitigating actions, including the deferral of discretionary expenditure and the phasing of activity, to preserve liquidity while maintaining safe operations and the ability to promptly restart production. As explained in note 14, although the Group has recognised current liabilities payable to the Kurdistan Regional Government (\u201cKRG\u201d), these are not expected to be cash settled. Overall, the Group\u2019s forecasts, taking into account the applicable risks, scenario testing and available mitigating actions, indicate that the Group has sufficient financial resources for the 12-month period from the date of approval of the 2025 annual report and accounts. Based on this analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for the foreseeable future. Accordingly, the going concern basis of accounting continues to be adopted for the preparation of these consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and enterprises controlled by the Company (its subsidiaries) as at and for the year ending 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "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 Group recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Group, its partner and the KRG. The Group 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 for all of 2024 and up until 26 September 2025, the delivery point was the point at which crude oil was loaded into the buyers\u2019 nominated trucks. The consideration was determined by reference to the selling price as per crude sales agreements with local customers, with other fees and royalties due as determined by commercial agreements; revenue was reported net of these deductions. Since the reopening of the ITP on 27 September 2025, all oil is sold by the Shaikan Contractor (the Group and Kalegran BV, a subsidiary of MOL Hungarian Oil & Gas Plc, (\u201cMOL\u201d)) to the KRG, who in turn resell the oil. 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 delivery point the Shaikan Contractor is due economic benefits which can be reliably measured and are probable to be received. For sales since the reopening of the ITP, the delivery point is the export pipeline flange at the production facilities. The sale price determined by the closing oil market price on the last day of the production month, 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. Consideration is due based upon the oil market price upon lifting at the port of Ceyhan, after other fees and royalties due as determined by commercial agreements. The variation between the sales price and consideration received is recorded as an embedded derivative in line with IFRS 9, not as variable consideration according to IFRS 1 (see note 2 to the consolidated financial statements) Income tax arising from the Group\u2019s activities under its PSC is settled by the KRG on behalf of the Group. Since the Group 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Property, plant and equipment (\u201cPPE\u201d) Oil and gas assets Development and production assets Development and production assets are accumulated on a field-by-field basis and represent the costs of acquisition and developing the commercial reserves discovered and bringing them into production, together with the exploration and evaluation expenditure incurred in finding commercial reserves, directly attributable overheads and costs for future restoration and decommissioning. These costs are capitalised as part of PPE and depreciated based on the Group\u2019s depreciation of oil and gas assets policy. The net book values of producing assets are depreciated generally on a field-by-field basis using the unit of production (\u201cUOP\u201d) basis which uses the ratio of oil and gas production in the period to the remaining commercial reserves plus the production in the period. Costs used in the calculation comprise the net book value of the field and estimated future development expenditures required to produce those reserves. Commercial reserves are proven and probable (\u201c2P\u201d) reserves which are estimated using standard recognised evaluation techniques. The reserves estimate used in the depreciation, depletion and amortisation (\u201cDD&A\u201d) calculation in 2025 was based on internal estimates of reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future expenditure to determine GKP\u2019s future net economic entitlement. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "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 2025 was based on internal estimates of reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future expenditure to determine GKP\u2019s future net economic entitlement. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "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 2025 was based on internal estimates of reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future expenditure to determine GKP\u2019s future net economic entitlement. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "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 2025 was based on internal estimates of reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future expenditure to determine GKP\u2019s future net economic entitlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "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 2025 was based on internal estimates of reserves which are periodically independently reviewed via a Competent Person\u2019s Report (\u201cCPR\u201d). The last CPR was prepared by ERC Equipoise as at 31 December 2022. For calculating DD&A, future production and cash flows are modelled alongside estimated future expenditure to determine GKP\u2019s future net economic entitlement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "Impairment of PPE and intangible non-current assets At each balance sheet date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset, or group of assets, is estimated in order to determine the extent of the impairment loss (if any). For assets which do not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash- generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell (\u201cFVLCTS\u201d) and value in use. In assessing FVLCTS and value in use, the estimated future cash flows are discounted to their present value using a 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. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The 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. The 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. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Taxation Tax expense or credit represents the sum of tax c urrently payable or re coverable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-228": { "value": "Taxation Tax expense or credit represents the sum of tax c urrently payable or re coverable 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "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 containing embedded derivatives are measured at fair value through profit or loss in line with IFRS 9, with all other trade receivables measured at amortised cost. 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. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The 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. The 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. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the 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 capital and share premium as appropriate. 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. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in trade and other payables as current or non-current liabilities depending on underlying lease terms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-226": { "value": "Trade receivables Trade receivables containing embedded derivatives are measured at fair value through profit or loss in line with IFRS 9, with all other trade receivables measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Trade receivables Trade receivables containing embedded derivatives are measured at fair value through profit or loss in line with IFRS 9, with all other trade receivables measured at amortised cost. 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. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The 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. The 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. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-227": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "Impairment of financial assets The Group recognises a loss allowance for expected credit losses (\u201cECL\u201d) on trade receivables and contract assets. The amount of ECL is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The 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. The 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. For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL. Lifetime ECL represents the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "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. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in trade and other payables as current or non-current liabilities depending on underlying lease terms. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-229": { "value": "Trade payables Trade payables are stated at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "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. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share- based transactions are set out in note 21. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "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. For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is re-measured, with any changes in fair value recognised in profit or loss for the period. Details regarding the determination of the fair value of cash-settled share- based transactions are set out in note 21. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "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 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. The lease liability is initially measured at the present value of the future lease payments from the commencement date of the lease. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, the company specific incremental borrowing rate. The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. The lease liability is recognised in trade and other payables as current or non-current liabilities depending on underlying lease terms. For short-term leases (periods less than 12 months) and leases of low value, the Group has opted to recognise lease expense on a straight- line basis over the lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies described above, the Group is required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods. Critical judgements in applying the Group\u2019s accounting policies The following are the critical judgements, apart from those involving estimations (which are presented separately below), that the Directors have made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in financial statements. Past due trade receivable valuation 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 to the past due trade receivable considered whether it was appropriate to recognise export revenue for deliveries from October 2022 to March 2023 based on a proposed new pricing mechanism, notwithstanding that there was no signed lifting agreement for that period confirming the pricing mechanism. 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 discrete receipts for the period of pipeline exports from 1 October 2022 to 25 March 2023 have been received. Cost oil entitlement For so long as GKP\u2019s cost pool exceeds the cost oil component of the trade receivables balance, GKP\u2019s cost oil entitlement is aligned between revenue and invoiced amounts at 28.8% of gross field revenues (40% Contractor cost oil, less 10% royalty, GKP paying interest of 80%). It has been adjudged that in the event that the cost oil component of trade receivables exceeds the cost pool balance, revenue is capped to the level of recoverable costs incurred in the period with the outstanding cost oil trade receivable making up the full 28.8% invoiced. Cost oil trade receivables, when rebilled, are therefore not recognised as revenue transactions. In 2025 GKP\u2019s cost pool balance reduced to the level of outstanding cost oil trade receivables which largely results from the level of past due receivables as detailed in note 13. As a result amounts invoiced in 2025 included $28.3m of cost oil trade receivables rebilling that is not included within revenue. Future cash flows are expected to align to the full cost oil entitlement invoiced. A summary of the currently estimated financial impact of cost oil revenue being limited by the available cost pool is detailed in note 2. Profit oil entitlement Profit oil entitlement is dependent upon the R-factor and cost oil component described above, as determined by the PSC. GKP judges that the R-factor is to be calculated on a cash receipts basis; giving a current profit oil entitlement of approximately 9% when cost oil is capped at 28.8%. A reduction of approximately 2% is expected on cash receipts relating to capacity building payments payable as described below. GKP\u2019s invoiced entitlement is approximately 38%, being a combination of cost and profit oil; cash receipts are expected to be at 36% entitlement after a 2% capacity building payment reduction. Working interest and capacity building payments During past PSC negotiations with the MNR, 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. As part of earlier PSC negotiations, on 16 March 2016, GKP signed a bilateral agreement with the MNR (the \u201cBilateral Agreement\u201d). The Bilateral Agreement included a reduction in the Group\u2019s capacity building payment from 40% to 30% of profit petroleum. Subsequent to signing the Bilateral Agreement, further negotiations resulted in the capacity building payment rate being reduced from 30% to 20%, which has formed the basis for all oil sales invoices to date as noted above. Since PSC negotiations have not been finalised, GKP has included a non-cash payable for the difference between the capacity building rate of 20% and 30%, which is recognised in cost of sales and other payables. See note 14 for further details. The Group expects to confirm with the MNR whether to proceed with a formal amendment to the PSC to reflect current invoice terms. Any future agreements between the Group and the MNR could change the amounts of revenue or expense recognised and will be reflected in future periods. 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 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 2025. Management have increased the decommissioning 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. The Group\u2019s sole CGU at 31 December 2025 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $308.6 million (2024: $348.9 million). The Group performed an impairment indicator evaluation as at 31 December 2025 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: \u00a7 The ITP re-opened in late September 2025. This timing is within the two-year sensitivity period based on the assessment performed at 31 December 2023, with no impairment, therefore the actual re-opening date was not assessed to be an impairment trigger; \u00a7 The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2025 for the period 2026 to 2032 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2025
2026
2027
2028
2029
2030
2031
2032
31 December 2025 \u2013 base case
n/a
62.0
65.0
70.0
70.0
72.0
79.0
80.0
31 December 2025 \u2013 stress case
n/a
55.8
58.5
63.0
63.0
64.8
71.1
72.0
31 December 2024 \u2013 base case
74.0
72.0
74.0
75.0
73.0
80.0
82.0
84.1
31 December 2024 \u2013 stress case
66.6
64.8
66.6
67.5
65.7
72.0
73.8
75.7
\u00a7 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; \u00a7 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 a reduction in the rate was necessary. The post-tax nominal discount rate was estimated to be 15%, a 1% reduction from 31 December 2024; \u00a7 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 materially increase in comparison to 31 December 2023 impairment assessment; \u00a7 No adverse changes were noted for commercial reserves and production profiles; \u00a7 The field was shut-in July 2025 as a precaution after drone attacks at other oil fields in Kurdistan. Operations resumed in August 2025 after a security review with the KRG and production returned to full capacity. On 28 February 2026, the Group again suspended production operations as a precautionary measure in response to the wider Middle East conflict. There has been no damage to the Group\u2019s assets, and appropriate measures were taken to safeguard staff. The situation continues to be monitored, and operations will resume once conditions allow. The potential impact of this event has not been included in the assessment because it is a post-balance-sheet non-adjusting event; and \u00a7 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 CO2 emissions intensity 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. The 2025 World Energy Outlook NZE scenario now assumes that global temperatures exceed 1.5\u00b0C for several decades, peaking at approximately 1.65\u00b0C around 2050, before gradually declining to below 1.5\u00b0C by 2100 through rapid emissions reductions and the deployment of CO\u2082 removal technologies. The actual re-opening date is consistent with the assessment as at 31 December 2023, where management performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. Management has performed an updated assessment using the latest data from the World Energy Outlook 2025 and this indicates that there is no impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "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 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 2025. Management have increased the decommissioning 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. The Group\u2019s sole CGU at 31 December 2025 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $308.6 million (2024: $348.9 million). The Group performed an impairment indicator evaluation as at 31 December 2025 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: \u00a7 The ITP re-opened in late September 2025. This timing is within the two-year sensitivity period based on the assessment performed at 31 December 2023, with no impairment, therefore the actual re-opening date was not assessed to be an impairment trigger; \u00a7 The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2025 for the period 2026 to 2032 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows Scenario ($/bbl \u2013 nominal) 2025 2026 2027 2028 2029 2030 2031 2032 31 December 2025 \u2013 base case n/a 62.0 65.0 70.0 70.0 72.0 79.0 80.0 31 December 2025 \u2013 stress case n/a 55.8 58.5 63.0 63.0 64.8 71.1 72.0 31 December 2024 \u2013 base case 74.0 72.0 74.0 75.0 73.0 80.0 82.0 84.1 31 December 2024 \u2013 stress case 66.6 64.8 66.6 67.5 65.7 72.0 73.8 75.7 \u00a7 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; \u00a7 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 a reduction in the rate was necessary. The post-tax nominal discount rate was estimated to be 15%, a 1% reduction from 31 December 2024; \u00a7 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 materially increase in comparison to 31 December 2023 impairment assessment; \u00a7 No adverse changes were noted for commercial reserves and production profiles; \u00a7 The field was shut-in July 2025 as a precaution after drone attacks at other oil fields in Kurdistan. Operations resumed in August 2025 after a security review with the KRG and production returned to full capacity. On 28 February 2026, the Group again suspended production operations as a precautionary measure in response to the wider Middle East conflict. There has been no damage to the Group\u2019s assets, and appropriate measures were taken to safeguard staff. The situation continues to be monitored, and operations will resume once conditions allow. The potential impact of this event has not been included in the assessment because it is a post-balance-sheet non-adjusting event; and \u00a7 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 CO2 emissions intensity 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. The 2025 World Energy Outlook NZE scenario now assumes that global temperatures exceed 1.5\u00b0C for several decades, peaking at approximately 1.65\u00b0C around 2050, before gradually declining to below 1.5\u00b0C by 2100 through rapid emissions reductions and the deployment of CO\u2082 removal technologies. The actual re-opening date is consistent with the assessment as at 31 December 2023, where management performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. Management has performed an updated assessment using the latest data from the World Energy Outlook 2025 and this indicates that there is no impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "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 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 2025. Management have increased the decommissioning 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. The Group\u2019s sole CGU at 31 December 2025 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $308.6 million (2024: $348.9 million). The Group performed an impairment indicator evaluation as at 31 December 2025 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: \u00a7 The ITP re-opened in late September 2025. This timing is within the two-year sensitivity period based on the assessment performed at 31 December 2023, with no impairment, therefore the actual re-opening date was not assessed to be an impairment trigger; \u00a7 The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2025 for the period 2026 to 2032 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2025
2026
2027
2028
2029
2030
2031
2032
31 December 2025 \u2013 base case
n/a
62.0
65.0
70.0
70.0
72.0
79.0
80.0
31 December 2025 \u2013 stress case
n/a
55.8
58.5
63.0
63.0
64.8
71.1
72.0
31 December 2024 \u2013 base case
74.0
72.0
74.0
75.0
73.0
80.0
82.0
84.1
31 December 2024 \u2013 stress case
66.6
64.8
66.6
67.5
65.7
72.0
73.8
75.7
\u00a7 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; \u00a7 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 a reduction in the rate was necessary. The post-tax nominal discount rate was estimated to be 15%, a 1% reduction from 31 December 2024; \u00a7 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 materially increase in comparison to 31 December 2023 impairment assessment; \u00a7 No adverse changes were noted for commercial reserves and production profiles; \u00a7 The field was shut-in July 2025 as a precaution after drone attacks at other oil fields in Kurdistan. Operations resumed in August 2025 after a security review with the KRG and production returned to full capacity. On 28 February 2026, the Group again suspended production operations as a precautionary measure in response to the wider Middle East conflict. There has been no damage to the Group\u2019s assets, and appropriate measures were taken to safeguard staff. The situation continues to be monitored, and operations will resume once conditions allow. The potential impact of this event has not been included in the assessment because it is a post-balance-sheet non-adjusting event; and \u00a7 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 CO2 emissions intensity 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. The 2025 World Energy Outlook NZE scenario now assumes that global temperatures exceed 1.5\u00b0C for several decades, peaking at approximately 1.65\u00b0C around 2050, before gradually declining to below 1.5\u00b0C by 2100 through rapid emissions reductions and the deployment of CO\u2082 removal technologies. The actual re-opening date is consistent with the assessment as at 31 December 2023, where management performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. Management has performed an updated assessment using the latest data from the World Energy Outlook 2025 and this indicates that there is no impairment under the NZE scenario. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "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. The Group\u2019s sole CGU at 31 December 2025 was the Shaikan Field with a carrying value, being Oil and Gas assets less capitalised decommissioning provision, of $308.6 million (2024: $348.9 million). The Group performed an impairment indicator evaluation as at 31 December 2025 and concluded that no impairment indicators arose. The key areas of estimation in assessing the potential impairment indicators are as follows: \u00a7 The ITP re-opened in late September 2025. This timing is within the two-year sensitivity period based on the assessment performed at 31 December 2023, with no impairment, therefore the actual re-opening date was not assessed to be an impairment trigger; \u00a7 The Group\u2019s netback oil price applied only to export pipeline sales was based on the Brent forward curve and market participants\u2019 consensus, including banks, analysts and independent reserves evaluators, as at 31 December 2025 for the period 2026 to 2032 with inflation of 2.50% per annum thereafter, less transportation costs and quality adjustments. Brent consensus prices are as follows
Scenario ($/bbl \u2013 nominal)
2025
2026
2027
2028
2029
2030
2031
2032
31 December 2025 \u2013 base case
n/a
62.0
65.0
70.0
70.0
72.0
79.0
80.0
31 December 2025 \u2013 stress case
n/a
55.8
58.5
63.0
63.0
64.8
71.1
72.0
31 December 2024 \u2013 base case
74.0
72.0
74.0
75.0
73.0
80.0
82.0
84.1
31 December 2024 \u2013 stress case
66.6
64.8
66.6
67.5
65.7
72.0
73.8
75.7
\u00a7 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; \u00a7 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 a reduction in the rate was necessary. The post-tax nominal discount rate was estimated to be 15%, a 1% reduction from 31 December 2024; \u00a7 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 materially increase in comparison to 31 December 2023 impairment assessment; \u00a7 No adverse changes were noted for commercial reserves and production profiles; \u00a7 The field was shut-in July 2025 as a precaution after drone attacks at other oil fields in Kurdistan. Operations resumed in August 2025 after a security review with the KRG and production returned to full capacity. On 28 February 2026, the Group again suspended production operations as a precautionary measure in response to the wider Middle East conflict. There has been no damage to the Group\u2019s assets, and appropriate measures were taken to safeguard staff. The situation continues to be monitored, and operations will resume once conditions allow. The potential impact of this event has not been included in the assessment because it is a post-balance-sheet non-adjusting event; and \u00a7 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 CO2 emissions intensity 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. The 2025 World Energy Outlook NZE scenario now assumes that global temperatures exceed 1.5\u00b0C for several decades, peaking at approximately 1.65\u00b0C around 2050, before gradually declining to below 1.5\u00b0C by 2100 through rapid emissions reductions and the deployment of CO\u2082 removal technologies. The actual re-opening date is consistent with the assessment as at 31 December 2023, where management performed sensitivities of up to two years. There was no impairment under the APS scenario, but a potential impairment under the NZE scenario. Management has performed an updated assessment using the latest data from the World Energy Outlook 2025 and this indicates that there is no impairment under the NZE scenario. 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. With cost oil trade receivables restricted by the cost pool balance the impact of the proposed pricing mechanism impacts only the value of past due profit oil receivables. Impairment allowance / Decrease of expected credit loss provision on trade receivables Although GKP continues to rebill past due cost oil trade receivables (see note 2) and negotiate settlement of past due profit oil as well as purchased revenue arrears, an ECL of $8.7 million (2024: $16.3 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $7.6 million credit to the income statement was recognised due to the decrease in the ECL provision (2024: credit of $8.2 million) arising principally from the lower past due balances outstanding due to rebilled amounts and an earlier repayment profile, as well as an earlier expected repayment profile on receivable amounts due under the mechanism agreed within the 2025 export agreements. The Group expects to continue to invoice and recover the cost oil component of past due trade receivables, via monthly invoicing of exports up to a full 36% GKP entitlement net of capacity building payment. Amounts related to trade receivables from 2025 export sales Gross trade receivables, relating to export sales via the reopened ITP in September 2025, of $64.8 million (2024: nil) are amounts due under contracts signed with the KRG and the Federal Government of Iraq (\u201cFGI\u201d). Outstanding amounts comprise two components: \u00a7 $32.0 million equivalent to approximately $30/bbl on barrels input into the ITP; cash receipts continue to be received within approximately two months of production, and one month after those quantities are lifted of at the port of Ceyhan, and \u00a7 $32.8 million being a reconciliation to GKP\u2019s invoiced 38% pre-capacity building payment entitlement; cash receipts are due following the conclusion of an independent consultant\u2019s review of the Shaikan Contractor\u2019s invoices and contractual costs. Although no legal right of offset exists, $3.0 million (2024: nil) relates to capacity building payment accrued at 20% within current liabilities (see note 14), resulting in a net past due receivable balance due from the KRG relating to 2025 export sales of $61.8 million (2024: nil). This 2025 export sales trade receivable balance of $61.8 million above, comprises $49.7 million cost oil and $12.1 million profit oil (net of capacity building payment). 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, the estimated timing of cash receipts and the probability of reaching a commercial settlement. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 3.36%. When applied to appropriate receipt profiles, an increase of the CDS of 2% would increase the ECL provision by $4.4 million, conversely a decrease of the CDS of 2% would decrease the ECL provision by $4.7 million. 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 $0.1 million (2024: $0.5 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 2025 (2024: nil). No impairments of other receivables have been recognised during the year (2024: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "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% (2024: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "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% (2024: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
2. Revenue
2025
2024
Non-IFRS measure
$\u2019000
$\u2019000
Revenue invoiced for the year
193,093
151,208
Effective recovery of past receivables
(28,280)
-
Revenue
164,813
151,208
Oil sales via export pipeline
54,477
-
Local oil sales
113,892
151,208
Revenue in accordance with IFRS 15
168,369
151,208
Embedded derivative on trade receivables from 2025 export sales (see note 13) in accordance with IFRS 9
(3,556)
-
Revenue
164,813
151,208
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.
Non-IFRS measure
GKP\u2019s entitlement as per 2025 export contracts, has been invoiced and either cash settled in 2025 or expected to be cash settled in 2026,
subject to subsequent price variation in line with export contracts and completion of the international independent consultant\u2019s review confirming
entitlement and related invoices. Entitlement on an invoicing basis remains at approximately 38% net to GKP with an approximate 2% reduction,
relating to 20% capacity building payments, reducing cash receipts to an effective 36% entitlement.
For financial reporting purposes and as required under IFRS, the unrecovered cost pool is effectively decreased by the cost oil component of
past due trade receivables (see note 13). Upon the cost oil component of trade receivables equalling the unrecovered cost pool, invoices
issued at 38% entitlement effectively recovering the cost oil component of outstanding trade receivables.
Invoiced amounts that the Group expect to result in cash inflows total $193.1 million (2024: $151.2 million) with $64.8 million remaining
outstanding as at 31 December 2025 as disclosed in note 13 (prior to ECL). The effective rebilling of past due receivables totalled $28.3 million
(2024: not applicable), therefore revenue, in accordance with IFRS 15, was capped at $164.8 million.
Local oil sales (from 1 January 2024 \u2013 26 September 2025)
For the duration of local oil sales, GKP sold oil to local buyers at negotiated prices. The weighted average realised price achieved was $27.6/bbl
(2024: $26.8/bbl).
Oil sales via export pipeline (from 27 September 2025 \u2013 31 December 2025)
Following the reopening of the Iraq-T\u00fcrkiye Pipeline (\u201cITP\u201d), on 27 September 2025 GKP resumed exports of oil that are lifted at the port of
Ceyhan, T\u00fcrkiye.
GKP\u2019s performance obligation is satisfied upon oil entering the ITP at the Group\u2019s production facilities. Revenue is valued using the estimated
realisable price when the Group\u2019s entitlement barrels enter the ITP.
The estimated weighted average realisable price for export revenue via the pipeline in 2025 was $50.5/bbl (2024: not applicable) with
approximately $30/bbl achieved to date and settled within approximately two months of production in line with export contracts. The remaining
balance outstanding of approximately $32.8 million (subject to price variation) is payable subject to completion of the independent consultant\u2019s
review referenced above.
The transaction price that results in cash flows to GKP is determined by the realised price when oil is lifted at the port of Ceyhan. The difference
between the estimated realisable price when oil enters the pipeline at the Group\u2019s production facilities and the actual realised price when lifted
at Ceyhan, or the estimated realisable price for barrels input into the pipeline but unlifted at year end, is accounted for as an embedded
derivative in accordance with IFRS 9.
Information about major customers
Customers making up greater than 10% of revenue are as follows:
2025
2024
Kurdistan Regional Government
31%
0%
Customer A
45%
88%
Customer B
12%
<10%
Customer C
12%
<10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "2. Revenue
2025
2024
Non-IFRS measure
$\u2019000
$\u2019000
Revenue invoiced for the year
193,093
151,208
Effective recovery of past receivables
(28,280)
-
Revenue
164,813
151,208
Oil sales via export pipeline
54,477
-
Local oil sales
113,892
151,208
Revenue in accordance with IFRS 15
168,369
151,208
Embedded derivative on trade receivables from 2025 export sales (see note 13) in accordance with IFRS 9
(3,556)
-
Revenue
164,813
151,208
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. Non-IFRS measure GKP\u2019s entitlement as per 2025 export contracts, has been invoiced and either cash settled in 2025 or expected to be cash settled in 2026, subject to subsequent price variation in line with export contracts and completion of the international independent consultant\u2019s review confirming entitlement and related invoices. Entitlement on an invoicing basis remains at approximately 38% net to GKP with an approximate 2% reduction, relating to 20% capacity building payments, reducing cash receipts to an effective 36% entitlement. For financial reporting purposes and as required under IFRS, the unrecovered cost pool is effectively decreased by the cost oil component of past due trade receivables (see note 13). Upon the cost oil component of trade receivables equalling the unrecovered cost pool, invoices issued at 38% entitlement effectively recovering the cost oil component of outstanding trade receivables. Invoiced amounts that the Group expect to result in cash inflows total $193.1 million (2024: $151.2 million) with $64.8 million remaining outstanding as at 31 December 2025 as disclosed in note 13 (prior to ECL). The effective rebilling of past due receivables totalled $28.3 million (2024: not applicable), therefore revenue, in accordance with IFRS 15, was capped at $164.8 million. Local oil sales (from 1 January 2024 \u2013 26 September 2025) For the duration of local oil sales, GKP sold oil to local buyers at negotiated prices. The weighted average realised price achieved was $27.6/bbl (2024: $26.8/bbl). Oil sales via export pipeline (from 27 September 2025 \u2013 31 December 2025) Following the reopening of the Iraq-T\u00fcrkiye Pipeline (\u201cITP\u201d), on 27 September 2025 GKP resumed exports of oil that are lifted at the port of Ceyhan, T\u00fcrkiye. GKP\u2019s performance obligation is satisfied upon oil entering the ITP at the Group\u2019s production facilities. Revenue is valued using the estimated realisable price when the Group\u2019s entitlement barrels enter the ITP. The estimated weighted average realisable price for export revenue via the pipeline in 2025 was $50.5/bbl (2024: not applicable) with approximately $30/bbl achieved to date and settled within approximately two months of production in line with export contracts. The remaining balance outstanding of approximately $32.8 million (subject to price variation) is payable subject to completion of the independent consultant\u2019s review referenced above. The transaction price that results in cash flows to GKP is determined by the realised price when oil is lifted at the port of Ceyhan. The difference between the estimated realisable price when oil enters the pipeline at the Group\u2019s production facilities and the actual realised price when lifted at Ceyhan, or the estimated realisable price for barrels input into the pipeline but unlifted at year end, is accounted for as an embedded derivative in accordance with IFRS 9. Information about major customers Customers making up greater than 10% of revenue are as follows:
2025
2024
Kurdistan Regional Government
31%
0%
Customer A
45%
88%
Customer B
12%
<10%
Customer C
12%
<10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "Information about major customers Customers making up greater than 10% of revenue are as follows:
2025
2024
Kurdistan Regional Government
31%
0%
Customer A
45%
88%
Customer B
12%
<10%
Customer C
12%
<10%
", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "
3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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.
The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is
principally derived from higher production in 2025.
During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale
this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31
December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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. The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is principally derived from higher production in 2025. During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31 December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10). 4. Other general and administrative expenses
2025
2024
$\u2019000
$\u2019000
Depreciation and amortisation
2,049
3,033
Auditor\u2019s remuneration (see below)
704
679
Other general and administrative costs
6,560
7,700
9,313
11,412
2025
2024
Fees payable to the Company\u2019s auditor:
$\u2019000
$\u2019000
for the audit of the Company\u2019s annual accounts
562
530
for the audit of the Company\u2019s subsidiaries
26
32
Total audit fees
588
562
Other assurance services (including a half year review)
116
117
Total fees
704
679
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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. The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is principally derived from higher production in 2025. During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31 December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10). 4. Other general and administrative expenses
2025
2024
$\u2019000
$\u2019000
Depreciation and amortisation
2,049
3,033
Auditor\u2019s remuneration (see below)
704
679
Other general and administrative costs
6,560
7,700
9,313
11,412
5. Share option related expense
2025
2024
$\u2019000
$\u2019000
Share-based payment expense
3,660
3,472
Payments related to share options exercised
2,543
704
Share-based payment related provision for taxes
756
243
6,959
4,419
Under 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). In the event the Company pays dividends to shareholders during the vesting period, upon vesting (assuming the dividend has been paid or gone ex-dividend) 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. The increase in payments related to share options exercised reflects a higher number of options exercised during the year. This was primarily driven by a higher LTIP vesting percentage which is calculated based upon performance conditions of both absolute and relative Total Shareholder Return (\u201cTSR\u201d) (2025: 75% of the 2022 LTIP; 2024: 30% of the 2021 LTIP). In addition, the Year 1 tranche of the 2024 LTIP vested in 2025. The increase was further impacted by a higher share price at the date of exercise (see note 21). 6. Staff costs The average number of employees, including Executive Directors, and contractors employed by the Group was 433 (2024: 411); the number of full-time equivalents of these workers was 287 (2024: 274).
Average number of
Average number of full-time
employees
equivalents
2025
2024
2025
2024
Kurdistan
409
387
263
250
United Kingdom
24
24
24
24
Total
433
411
287
274
Staff costs as follows are shown net of amounts recharged to joint operations:
2025
2024
$\u2019000
$\u2019000
Wages and salaries
39,315
37,833
Social security costs
2,446
2,723
Pension costs
456
472
Share
-based payment (see note 21)
6,959
4,419
49,176
45,447
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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. The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is principally derived from higher production in 2025. During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31 December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10). 4. Other general and administrative expenses
2025
2024
$\u2019000
$\u2019000
Depreciation and amortisation
2,049
3,033
Auditor\u2019s remuneration (see below)
704
679
Other general and administrative costs
6,560
7,700
9,313
11,412
2025
2024
Fees payable to the Company\u2019s auditor:
$\u2019000
$\u2019000
for the audit of the Company\u2019s annual accounts
562
530
for the audit of the Company\u2019s subsidiaries
26
32
Total audit fees
588
562
Other assurance services (including a half year review)
116
117
Total fees
704
679
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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. The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is principally derived from higher production in 2025. During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31 December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "3. Cost of sales
2025
2024
$\u2019000
$\u2019000
Operating costs
52,639
52,435
Capacity building payments
13,583
10,818
Change in oil inventory value
(59)
(168)
Depreciation of oil and gas assets and operational assets (see note 10)
77,308
75,781
Reversal of provision against inventory held for sale
(2,6
27)
-
Loss on disposal of drilling stock
245
-
141,089
138,866
The 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. The depreciation charge is based upon internal reserves and development cost estimates. The increase in charge compared to 2024 is principally derived from higher production in 2025. During the year ended 31 December 2025, inventory formerly held for sale was reassessed to no longer be held for sale. Whilst held for sale this inventory was provided against, upon reassessment this provision has been reversed resulting in a gain of $2.6m in the year ended 31 December 2025 (2024: nil). Following this reversal these items were capitalised as an addition to oil and gas assets (see note 10). 4. Other general and administrative expenses
2025
2024
$\u2019000
$\u2019000
Depreciation and amortisation
2,049
3,033
Auditor\u2019s remuneration (see below)
704
679
Other general and administrative costs
6,560
7,700
9,313
11,412
2025
2024
Fees payable to the Company\u2019s auditor:
$\u2019000
$\u2019000
for the audit of the Company\u2019s annual accounts
562
530
for the audit of the Company\u2019s subsidiaries
26
32
Total audit fees
588
562
Other assurance services (including a half year review)
116
117
Total fees
704
679
5. Share option related expense
2025
2024
$\u2019000
$\u2019000
Share-based payment expense
3,660
3,472
Payments related to share options exercised
2,543
704
Share-based payment related provision for taxes
756
243
6,959
4,419
Under 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). In the event the Company pays dividends to shareholders during the vesting period, upon vesting (assuming the dividend has been paid or gone ex-dividend) 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. The increase in payments related to share options exercised reflects a higher number of options exercised during the year. This was primarily driven by a higher LTIP vesting percentage which is calculated based upon performance conditions of both absolute and relative Total Shareholder Return (\u201cTSR\u201d) (2025: 75% of the 2022 LTIP; 2024: 30% of the 2021 LTIP). In addition, the Year 1 tranche of the 2024 LTIP vested in 2025. The increase was further impacted by a higher share price at the date of exercise (see note 21). 6. Staff costs The average number of employees, including Executive Directors, and contractors employed by the Group was 433 (2024: 411); the number of full-time equivalents of these workers was 287 (2024: 274).
Average number of
Average number of full-time
employees
equivalents
2025
2024
2025
2024
Kurdistan
409
387
263
250
United Kingdom
24
24
24
24
Total
433
411
287
274
Staff costs as follows are shown net of amounts recharged to joint operations:
2025
2024
$\u2019000
$\u2019000
Wages and salaries
39,315
37,833
Social security costs
2,446
2,723
Pension costs
456
472
Share
-based payment (see note 21)
6,959
4,419
49,176
45,447
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "
4. Other general and administrative expenses
2025
2024
$\u2019000
$\u2019000
Depreciation and amortisation
2,049
3,033
Auditor\u2019s remuneration (see below)
704
679
Other general and administrative costs
6,560
7,700
9,313
11,412
2025
2024
Fees payable to the Company\u2019s auditor:
$\u2019000
$\u2019000
for the audit of the Company\u2019s annual accounts
562
530
for the audit of the Company\u2019s subsidiaries
26
32
Total audit fees
588
562
Other assurance services (including a half year review)
116
117
Total fees
704
679
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "
2025
2024
Fees payable to the Company\u2019s auditor:
$\u2019000
$\u2019000
for the audit of the Company\u2019s annual accounts
562
530
for the audit of the Company\u2019s subsidiaries
26
32
Total audit fees
588
562
Other assurance services (including a half year review)
116
117
Total fees
704
679
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "5. Share option related expense
2025
2024
$\u2019000
$\u2019000
Share-based payment expense
3,660
3,472
Payments related to share options exercised
2,543
704
Share-based payment related provision for taxes
756
243
6,959
4,419
Under 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). In the event the Company pays dividends to shareholders during the vesting period, upon vesting (assuming the dividend has been paid or gone ex-dividend) 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. The increase in payments related to share options exercised reflects a higher number of options exercised during the year. This was primarily driven by a higher LTIP vesting percentage which is calculated based upon performance conditions of both absolute and relative Total Shareholder Return (\u201cTSR\u201d) (2025: 75% of the 2022 LTIP; 2024: 30% of the 2021 LTIP). In addition, the Year 1 tranche of the 2024 LTIP vested in 2025. The increase was further impacted by a higher share price at the date of exercise (see note 21).
21. Share-based payments
2025
2024
$\u2019000
$\u2019000
Total share o ptions charge
3,660
3,472
The total share options charge of $3.7 million (2024: $3.5 million) is comprised of $3.5 million (2024: $3.2 million) related to the LTIP plan and
$0.2 million (2024: $0.3 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% TSR
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.
2025
2024
Number of
Number of
share options
share options
\u2019000
\u2019000
Outstanding at 1 January
8,918
8,004
Granted during the year
3,206
3,590
Exercised during the year
(1,845)
(516)
Forfeited during the year
(399)
(288)
Expired during the year
(529)
(1,872)
Outstanding at 31 December
9,351
8,918
Exercisable at 31 December
-
-
The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.16 (2024: \u00a31.48).
The inputs into the calculation of fair values of the share options granted during the year are as follows:
2025
2024
Weighted average share price
\u00a31.57
\u00a31.11
Weighted average exercise price
Nil
Nil
Expected volatility
51.9%
56.1%
Expected life
3 years
3 years
Risk-free rate
4.0%
4.3%
Expected dividend yield (on the basis dividends equivalents received)
Nil
Nil
The options outstanding at 31 December 2025 had a weighted average remaining contractual life of two years (2024: two years).
The aggregate of the estimated fair value of options granted in 2025 is $6.2 million (2024 $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).
2025
2024
Number of
Number of
share options
share options
\u2019000
\u2019000
Outstanding at 1 January
216
216
Exercised during the year
(136)
-
Granted during the year
146
-
Outstanding at 31 December
226
216
Exercisable at 31 December
-
-
The options outstanding at 31 December 2025 had a weighted average remaining contractual life of two years (2024: one year).
The aggregate of the estimated fair value of options granted in 2025 is $0.3 million (2024: no options granted).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
6. Staff costs
The average number of employees, including Executive Directors, and contractors employed by the Group was 433 (2024: 411); the number
of full-time equivalents of these workers was 287 (2024: 274).
Average number of
Average number of full-time
employees
equivalents
2025
2024
2025
2024
Kurdistan
409
387
263
250
United Kingdom
24
24
24
24
Total
433
411
287
274
Staff costs as follows are shown net of amounts recharged to joint operations:
2025
2024
$\u2019000
$\u2019000
Wages and salaries
39,315
37,833
Social security costs
2,446
2,723
Pension costs
456
472
Share
-based payment (see note 21)
6,959
4,419
49,176
45,447
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "Staff costs as follows are shown net of amounts recharged to joint operations:
2025
2024
$\u2019000
$\u2019000
Wages and salaries
39,315
37,833
Social security costs
2,446
2,723
Pension costs
456
472
Share
-based payment (see note 21)
6,959
4,419
49,176
45,447
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-240": { "value": "
7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "7. Finance costs and finance income
2025
2024
$\u2019000
$\u2019000
Lease interest
(161)
(48)
Unwinding of discount on provisions (see note 15)
(1,790)
(1,628)
Interest expense
(25)
-
Total fin ance costs
(1,976)
(1,676)
Finance income
2,740
4,116
Net finance income
764
2,440
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-241": { "value": "
8. Income tax
2025
2024
$\u2019000
$\u2019000
Deferred UK corporation tax credit/(charge) (see note 16)
468
(708)
Tax credit/(charge) attributable to th e Company and its subsidiarie s
468
(708)
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 point and there is no taxation to be paid.
Deferred tax is provided for temporary differences which give rise to such a balance in jurisdictions subject to income tax. All deferred tax arises
in the UK. The annual UK corporation tax rate for the years ended 31 December 2025 and 31 December 2024 was 19% on profits up to \u00a350k
tapered to 25% on profits above \u00a3250k.
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
Share-based
Tax losses
depreciation
payments
carried forward
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
293
482
770
1,545
Tax (charge)/c redit to income state ment
(271)
238
(675)
(708)
Exchange differences
-
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
Tax credit/(charge) to income statement
176
323
(31)
468
Exchange differences
6
60
6
72
At 31 December 2025
204
1,092
69
1,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "
9. Earnings per share
The calculation of the basic and diluted profit per share is based on the following data:
2025
2024
Profit after tax for basic and diluted per share calculations ($\u2019000)
15,134
7,158
Number of shares (\u2018000s):
Basic weighted average number of ordinary shares
217,005
219,562
Basic EPS (cents)
6.97
3.26
The Group applies IAS 33 in determining whether potential common shares are dilutive or anti-dilutive.
Reconciliation of dilutive shares:
Number of shares (\u2018000s)
2025
2024
Basic weighted average number of ordinary shares outstanding
217,005
219,562
Effect of potential dilutive share options
9,557
9,134
Diluted number of ordinary shares outstanding
226,562
228,696
Diluted EPS (cents)
6.68
3.13
The weighted average number of ordinary shares in issue excludes shares held by Employee Benefit Trustee (\u201cEBT\u201d) of 0.1 million, (2024:
0.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "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 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
-
-
(2,040)
(2,040)
Revision to decommissioning asset
(693)
-
-
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
-
-
2,004
2,004
Foreign currency translation differences
-
(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
Year ended 31 December 2025
Opening net book value
385,171
1,773
1,506
388,450
Additions
38,788
365
-
39,153
Disposals\u2019 cost
-
(2,021)
-
(2,021)
Revision to decommissioning asset
(198)
-
-
(198)
Depreciation charge
(77,308)
(475)
(325)
(78,108)
Disposals\u2019 depreciation
-
2,021
-
2,021
Foreign currency translation differences
-
5
102
107
Closing net book value
346,453
1,668
1,283
349,404
At 31 December 2025
Cost
1,049,019
8,035
1,803
1,058,857
Accumulated depreciation
(702,566)
(6,367)
(520)
(709,453)
Net book value
346,453
1,668
1,283
349,404
The net book value of oil and gas assets at 31 December 2025 is comprised of property, plant and equipment relating to the Shaikan block
with a carrying value of $346.5 million (2024: $385.2 million).
The additions to the Shaikan asset amounting to $38.8 million during the year included investment in PF-2 safety upgrades, well workovers
and initial expenditure on the installation of water handling facilities at PF-2 as well as items purchased and paid for in 2022 and 2023 and
subsequently classified as impaired inventory held for sale (see note 3). Upon delisting as held for sale, the items were capitalised as oil and
gas assets at their unimpaired value of $5.4 million (2024: not applicable).
The $0.2 million decrease (2024: $0.7 million decrease) in decommissioning asset value comprises a $1.9 million decrease relating to changes
of inflation and discount rates (2024: $1.1 million), partially offset by an increase of $1.7 million relating to increases in well estimates and
additional facilities works (2024: $0.4 million).
The DD&A charge of $77.3 million (2024: $75.8 million) on oil and gas assets has been included within cost of sales (see note 3). The
depreciation charge of $0.5 million (2024: $0.6 million) on fixtures and equipment and $0.3 million (2024: $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 2025 of $1.3 million (2024: $1.5 million) consisted principally of buildings.
For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and
judgements\u201d section of the Summary of material accounting policies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "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 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
-
-
(2,040)
(2,040)
Revision to decommissioning asset
(693)
-
-
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
-
-
2,004
2,004
Foreign currency translation differences
-
(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
Year ended 31 December 2025
Opening net book value
385,171
1,773
1,506
388,450
Additions
38,788
365
-
39,153
Disposals\u2019 cost
-
(2,021)
-
(2,021)
Revision to decommissioning asset
(198)
-
-
(198)
Depreciation charge
(77,308)
(475)
(325)
(78,108)
Disposals\u2019 depreciation
-
2,021
-
2,021
Foreign currency translation differences
-
5
102
107
Closing net book value
346,453
1,668
1,283
349,404
At 31 December 2025
Cost
1,049,019
8,035
1,803
1,058,857
Accumulated depreciation
(702,566)
(6,367)
(520)
(709,453)
Net book value
346,453
1,668
1,283
349,404
The net book value of oil and gas assets at 31 December 2025 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $346.5 million (2024: $385.2 million). The additions to the Shaikan asset amounting to $38.8 million during the year included investment in PF-2 safety upgrades, well workovers and initial expenditure on the installation of water handling facilities at PF-2 as well as items purchased and paid for in 2022 and 2023 and subsequently classified as impaired inventory held for sale (see note 3). Upon delisting as held for sale, the items were capitalised as oil and gas assets at their unimpaired value of $5.4 million (2024: not applicable). The $0.2 million decrease (2024: $0.7 million decrease) in decommissioning asset value comprises a $1.9 million decrease relating to changes of inflation and discount rates (2024: $1.1 million), partially offset by an increase of $1.7 million relating to increases in well estimates and additional facilities works (2024: $0.4 million). The DD&A charge of $77.3 million (2024: $75.8 million) on oil and gas assets has been included within cost of sales (see note 3). The depreciation charge of $0.5 million (2024: $0.6 million) on fixtures and equipment and $0.3 million (2024: $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 2025 of $1.3 million (2024: $1.5 million) consisted principally of buildings. For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and judgements\u201d section of the Summary of material accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "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 2024
Opening net book value
443,393
2,066
383
445,842
Additions
18,252
284
1,559
20,095
Disposals\u2019 cost
-
-
(2,040)
(2,040)
Revision to decommissioning asset
(693)
-
-
(693)
Depreciation charge
(75,781)
(576)
(394)
(76,751)
Disposals\u2019 depreciation
-
-
2,004
2,004
Foreign currency translation differences
-
(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
Year ended 31 December 2025
Opening net book value
385,171
1,773
1,506
388,450
Additions
38,788
365
-
39,153
Disposals\u2019 cost
-
(2,021)
-
(2,021)
Revision to decommissioning asset
(198)
-
-
(198)
Depreciation charge
(77,308)
(475)
(325)
(78,108)
Disposals\u2019 depreciation
-
2,021
-
2,021
Foreign currency translation differences
-
5
102
107
Closing net book value
346,453
1,668
1,283
349,404
At 31 December 2025
Cost
1,049,019
8,035
1,803
1,058,857
Accumulated depreciation
(702,566)
(6,367)
(520)
(709,453)
Net book value
346,453
1,668
1,283
349,404
The net book value of oil and gas assets at 31 December 2025 is comprised of property, plant and equipment relating to the Shaikan block with a carrying value of $346.5 million (2024: $385.2 million). The additions to the Shaikan asset amounting to $38.8 million during the year included investment in PF-2 safety upgrades, well workovers and initial expenditure on the installation of water handling facilities at PF-2 as well as items purchased and paid for in 2022 and 2023 and subsequently classified as impaired inventory held for sale (see note 3). Upon delisting as held for sale, the items were capitalised as oil and gas assets at their unimpaired value of $5.4 million (2024: not applicable). The $0.2 million decrease (2024: $0.7 million decrease) in decommissioning asset value comprises a $1.9 million decrease relating to changes of inflation and discount rates (2024: $1.1 million), partially offset by an increase of $1.7 million relating to increases in well estimates and additional facilities works (2024: $0.4 million). The DD&A charge of $77.3 million (2024: $75.8 million) on oil and gas assets has been included within cost of sales (see note 3). The depreciation charge of $0.5 million (2024: $0.6 million) on fixtures and equipment and $0.3 million (2024: $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 2025 of $1.3 million (2024: $1.5 million) consisted principally of buildings. For details of the key assumptions and judgements underlying the impairment assessment, refer to the \u201cCritical accounting estimates and judgements\u201d section of the Summary of material accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2025 is as follows:
Proportion of
Place of
ownership
Principal
Name of subsidiary
incorporation
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
5
th
Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
ownership
Principal
Name of joint operation
Location
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 2025 were as follows:
D Thomas \u2013 Non-Executive Chair
M Daryabegui \u2013 Non-Executive Senior Independent Director
C Krajicek \u2013 Non-Executive Director
W Mwaura \u2013 Non-Executive Director
J Balkany \u2013 Non-Executive Director
J Harris \u2013 Chief Executive Officer and Executive Director
G Papineau-Legris \u2013 Chief Financial Officer and Executive Director
J Hulme \u2013 Chief Operating Officer
C Kinahan \u2013 Chief Human Resources 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.
2025
2024
$\u2019000
$\u2019000
Short-term employee benefits
6,166
7,196
Share-based payment - options
2,436
1,493
8,602
8,689
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2025 is as follows:
Proportion of
Place of
ownership
Principal
Name of subsidiary
incorporation
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
5
th
Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
ownership
Principal
Name of joint operation
Location
interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2025 is as follows:
Proportion of
Place of
ownership
Principal
Name of subsidiary
incorporation
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
5
th
Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
ownership
Principal
Name of joint operation
Location
interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "11. Group companies Details of the Company\u2019s subsidiaries and joint operations at 31 December 2025 is as follows:
Proportion of
Place of
ownership
Principal
Name of subsidiary
incorporation
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
5
th
Floor
activities in Kurdistan
Rosebank Centre
11 Bermudiana Road
Pembroke, HM08 Bermuda
Proportion of
ownership
Principal
Name of joint operation
Location
interest
activity
Shaikan
Kurdistan
80%
Production and development
activities
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "
12. Inventories
2025
2024
$\u2019000
$\u2019000
Warehouse stocks and materials
7,481
6,829
Crude oil
293
234
Inventory held for sale
-
2,789
7,774
9,852
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "
13. Trade and other receivables
Non-current receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
84,007
138,175
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
2025
2024
$\u2019000
$\u2019000
Trade receivables
114,835
16,583
Other receivables
8,333
7,291
Prepayments and accrued income
1,897
2,905
Trade and other receivables - current
125,065
26,779
Total tra de and other receivables - current and non-current
209,072
164,954
Reconciliation of trade receivables
2025
2024
$\u2019000
$\u2019000
Amounts related to past due trade receivables
Gross past due trade receivables before impairment allowance
142,745
171,026
Less: Impairment allowance
(8,351)
(16,267)
Carrying value at 31 December
134,394
154,759
Amounts related to trade receivables from 2025 export sales
Gross trade receivables from 2025 export sales before impairment allowance
64,805
-
Less: Impairment allowance
(357)
-
Carrying value at 31 December
64,448
-
Total trade receivables - current and non-current
198,842
154,759
Amounts related to past due trade receivables
Gross past due trade receivables before impairment allowance of $142.7 million (2024: $171.0 million) are comprised of invoiced amounts due
from the KRG, based upon KBT pricing, for crude oil export sales totalling $130.5 million (2024: $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 (2024: $12.2
million). Although no legal right of offset exists, the net balance past due from the KRG comprises $130.5 million (2024: $158.8 million) included
in trade receivables and $7.7 million (2024: $7.7 million) included within current liabilities relating to capacity building payment accrued at 20%
(see note 14), resulting in a net past due receivable balance due from the KRG relating to crude oil sales in 2022 and 2023 of $122.8 million
(2024: $151.1 million).
As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Group
recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Group, its partner and the
KRG. The past due trade receivable balance of $122.8 million above (2024: $151.1 million), comprises $92.1 million (2024: $120.4 million)
cost oil and $30.7 million profit oil (net of Capacity Building Payment). Although no legal right of offset exists, it is expected that $29.6 million
of the past due balance will be offset against amounts due to the KRG (see note 14).
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. With cost oil trade receivables
restricted by the cost pool balance the impact of the proposed pricing mechanism impacts only the value of past due profit oil receivables.
Impairment allowance / Decrease of expected credit loss provision on trade receivables
Although GKP continues to rebill past due cost oil trade receivables (see note 2) and negotiate settlement of past due profit oil as well as
purchased revenue arrears, an ECL of $8.7 million (2024: $16.3 million) was provided against the trade receivables balance in accordance
with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $7.6 million credit to the income statement was recognised due to the decrease in the
ECL provision (2024: credit of $8.2 million) arising principally from the lower past due balances outstanding due to rebilled amounts and an
earlier repayment profile, as well as an earlier expected repayment profile on receivable amounts due under the mechanism agreed within the
2025 export agreements. The Group expects to continue to invoice and recover the cost oil component of past due trade receivables, via
monthly invoicing of exports up to a full 36% GKP entitlement net of capacity building payment.
Amounts related to trade receivables from 2025 export sales
Gross trade receivables, relating to export sales via the reopened ITP in September 2025, of $64.8 million (2024: nil) are amounts due under
contracts signed with the KRG and the Federal Government of Iraq (\u201cFGI\u201d). Outstanding amounts comprise two components:
\u00a7 $32.0 million equivalent to approximately $30/bbl on barrels input into the ITP; cash receipts continue to be received within approximately
two months of production, and one month after those quantities are lifted of at the port of Ceyhan, and
\u00a7 $32.8 million being a reconciliation to GKP\u2019s invoiced 38% pre-capacity building payment entitlement; cash receipts are due following the
conclusion of an independent consultant\u2019s review of the Shaikan Contractor\u2019s invoices and contractual costs.
Although no legal right of offset exists, $3.0 million (2024: nil) relates to capacity building payment accrued at 20% within current liabilities (see
note 14), resulting in a net past due receivable balance due from the KRG relating to 2025 export sales of $61.8 million (2024: nil). This 2025
export sales trade receivable balance of $61.8 million above, comprises $49.7 million cost oil and $12.1 million profit oil (net of capacity building
payment).
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, the estimated timing
of cash receipts and the probability of reaching a commercial settlement.
For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 3.36%. When applied to appropriate receipt profiles,
an increase of the CDS of 2% would increase the ECL provision by $4.4 million, conversely a decrease of the CDS of 2% would decrease the
ECL provision by $4.7 million.
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 $0.1 million (2024: $0.5 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 2025 (2024: nil). No impairments of other receivables
have been recognised during the year (2024: nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "13. Trade and other receivables Non-current receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
84,007
138,175
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
2025
2024
$\u2019000
$\u2019000
Trade receivables
114,835
16,583
Other receivables
8,333
7,291
Prepayments and accrued income
1,897
2,905
Trade and other receivables - current
125,065
26,779
Total tra de and other receivables - current and non-current
209,072
164,954
Reconciliation of trade receivables
2025
2024
$\u2019000
$\u2019000
Amounts related to past due trade receivables
Gross past due trade receivables before impairment allowance
142,745
171,026
Less: Impairment allowance
(8,351)
(16,267)
Carrying value at 31 December
134,394
154,759
Amounts related to trade receivables from 2025 export sales
Gross trade receivables from 2025 export sales before impairment allowance
64,805
-
Less: Impairment allowance
(357)
-
Carrying value at 31 December
64,448
-
Total trade receivables - current and non-current
198,842
154,759
Amounts related to past due trade receivables Gross past due trade receivables before impairment allowance of $142.7 million (2024: $171.0 million) are comprised of invoiced amounts due from the KRG, based upon KBT pricing, for crude oil export sales totalling $130.5 million (2024: $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 (2024: $12.2 million). Although no legal right of offset exists, the net balance past due from the KRG comprises $130.5 million (2024: $158.8 million) included in trade receivables and $7.7 million (2024: $7.7 million) included within current liabilities relating to capacity building payment accrued at 20% (see note 14), resulting in a net past due receivable balance due from the KRG relating to crude oil sales in 2022 and 2023 of $122.8 million (2024: $151.1 million). As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Group recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Group, its partner and the KRG. The past due trade receivable balance of $122.8 million above (2024: $151.1 million), comprises $92.1 million (2024: $120.4 million) cost oil and $30.7 million profit oil (net of Capacity Building Payment). Although no legal right of offset exists, it is expected that $29.6 million of the past due balance will be offset against amounts due to the KRG (see note 14). 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. With cost oil trade receivables restricted by the cost pool balance the impact of the proposed pricing mechanism impacts only the value of past due profit oil receivables. Impairment allowance / Decrease of expected credit loss provision on trade receivables Although GKP continues to rebill past due cost oil trade receivables (see note 2) and negotiate settlement of past due profit oil as well as purchased revenue arrears, an ECL of $8.7 million (2024: $16.3 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $7.6 million credit to the income statement was recognised due to the decrease in the ECL provision (2024: credit of $8.2 million) arising principally from the lower past due balances outstanding due to rebilled amounts and an earlier repayment profile, as well as an earlier expected repayment profile on receivable amounts due under the mechanism agreed within the 2025 export agreements. The Group expects to continue to invoice and recover the cost oil component of past due trade receivables, via monthly invoicing of exports up to a full 36% GKP entitlement net of capacity building payment. Amounts related to trade receivables from 2025 export sales Gross trade receivables, relating to export sales via the reopened ITP in September 2025, of $64.8 million (2024: nil) are amounts due under contracts signed with the KRG and the Federal Government of Iraq (\u201cFGI\u201d). Outstanding amounts comprise two components: \u00a7 $32.0 million equivalent to approximately $30/bbl on barrels input into the ITP; cash receipts continue to be received within approximately two months of production, and one month after those quantities are lifted of at the port of Ceyhan, and \u00a7 $32.8 million being a reconciliation to GKP\u2019s invoiced 38% pre-capacity building payment entitlement; cash receipts are due following the conclusion of an independent consultant\u2019s review of the Shaikan Contractor\u2019s invoices and contractual costs. Although no legal right of offset exists, $3.0 million (2024: nil) relates to capacity building payment accrued at 20% within current liabilities (see note 14), resulting in a net past due receivable balance due from the KRG relating to 2025 export sales of $61.8 million (2024: nil). This 2025 export sales trade receivable balance of $61.8 million above, comprises $49.7 million cost oil and $12.1 million profit oil (net of capacity building payment). 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, the estimated timing of cash receipts and the probability of reaching a commercial settlement. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 3.36%. When applied to appropriate receipt profiles, an increase of the CDS of 2% would increase the ECL provision by $4.4 million, conversely a decrease of the CDS of 2% would decrease the ECL provision by $4.7 million. 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 $0.1 million (2024: $0.5 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 2025 (2024: nil). No impairments of other receivables have been recognised during the year (2024: 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
Share-based
Tax losses
depreciation
payments
carried forward
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
293
482
770
1,545
Tax (charge)/c redit to income state ment
(271)
238
(675)
(708)
Exchange differences
-
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
Tax credit/(charge) to income statement
176
323
(31)
468
Exchange differences
6
60
6
72
At 31 December 2025
204
1,092
69
1,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "Non-current receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
84,007
138,175
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Non-current receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables \u2013 non-current
84,007
138,175
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
2025
2024
$\u2019000
$\u2019000
Trade receivables
114,835
16,583
Other receivables
8,333
7,291
Prepayments and accrued income
1,897
2,905
Trade and other receivables - current
125,065
26,779
Total tra de and other receivables - current and non-current
209,072
164,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "Current receivables
2025
2024
$\u2019000
$\u2019000
Trade receivables
114,835
16,583
Other receivables
8,333
7,291
Prepayments and accrued income
1,897
2,905
Trade and other receivables - current
125,065
26,779
Total tra de and other receivables - current and non-current
209,072
164,954
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "Reconciliation of trade receivables
2025
2024
$\u2019000
$\u2019000
Amounts related to past due trade receivables
Gross past due trade receivables before impairment allowance
142,745
171,026
Less: Impairment allowance
(8,351)
(16,267)
Carrying value at 31 December
134,394
154,759
Amounts related to trade receivables from 2025 export sales
Gross trade receivables from 2025 export sales before impairment allowance
64,805
-
Less: Impairment allowance
(357)
-
Carrying value at 31 December
64,448
-
Total trade receivables - current and non-current
198,842
154,759
Amounts related to past due trade receivables Gross past due trade receivables before impairment allowance of $142.7 million (2024: $171.0 million) are comprised of invoiced amounts due from the KRG, based upon KBT pricing, for crude oil export sales totalling $130.5 million (2024: $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 (2024: $12.2 million). Although no legal right of offset exists, the net balance past due from the KRG comprises $130.5 million (2024: $158.8 million) included in trade receivables and $7.7 million (2024: $7.7 million) included within current liabilities relating to capacity building payment accrued at 20% (see note 14), resulting in a net past due receivable balance due from the KRG relating to crude oil sales in 2022 and 2023 of $122.8 million (2024: $151.1 million). As detailed in the Sales Revenue accounting policies, entitlement has two components: cost oil, which is the mechanism by which the Group recovers its costs incurred, and profit oil, which is the mechanism through which profits are shared between the Group, its partner and the KRG. The past due trade receivable balance of $122.8 million above (2024: $151.1 million), comprises $92.1 million (2024: $120.4 million) cost oil and $30.7 million profit oil (net of Capacity Building Payment). Although no legal right of offset exists, it is expected that $29.6 million of the past due balance will be offset against amounts due to the KRG (see note 14). 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. With cost oil trade receivables restricted by the cost pool balance the impact of the proposed pricing mechanism impacts only the value of past due profit oil receivables. Impairment allowance / Decrease of expected credit loss provision on trade receivables Although GKP continues to rebill past due cost oil trade receivables (see note 2) and negotiate settlement of past due profit oil as well as purchased revenue arrears, an ECL of $8.7 million (2024: $16.3 million) was provided against the trade receivables balance in accordance with IFRS 9 \u2018Financial Instruments\u2019. During the year, a $7.6 million credit to the income statement was recognised due to the decrease in the ECL provision (2024: credit of $8.2 million) arising principally from the lower past due balances outstanding due to rebilled amounts and an earlier repayment profile, as well as an earlier expected repayment profile on receivable amounts due under the mechanism agreed within the 2025 export agreements. The Group expects to continue to invoice and recover the cost oil component of past due trade receivables, via monthly invoicing of exports up to a full 36% GKP entitlement net of capacity building payment. Amounts related to trade receivables from 2025 export sales Gross trade receivables, relating to export sales via the reopened ITP in September 2025, of $64.8 million (2024: nil) are amounts due under contracts signed with the KRG and the Federal Government of Iraq (\u201cFGI\u201d). Outstanding amounts comprise two components: \u00a7 $32.0 million equivalent to approximately $30/bbl on barrels input into the ITP; cash receipts continue to be received within approximately two months of production, and one month after those quantities are lifted of at the port of Ceyhan, and \u00a7 $32.8 million being a reconciliation to GKP\u2019s invoiced 38% pre-capacity building payment entitlement; cash receipts are due following the conclusion of an independent consultant\u2019s review of the Shaikan Contractor\u2019s invoices and contractual costs. Although no legal right of offset exists, $3.0 million (2024: nil) relates to capacity building payment accrued at 20% within current liabilities (see note 14), resulting in a net past due receivable balance due from the KRG relating to 2025 export sales of $61.8 million (2024: nil). This 2025 export sales trade receivable balance of $61.8 million above, comprises $49.7 million cost oil and $12.1 million profit oil (net of capacity building payment). 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, the estimated timing of cash receipts and the probability of reaching a commercial settlement. For the purpose of GKP\u2019s ECL calculation, the KRG's deemed CDS was estimated to be 3.36%. When applied to appropriate receipt profiles, an increase of the CDS of 2% would increase the ECL provision by $4.4 million, conversely a decrease of the CDS of 2% would decrease the ECL provision by $4.7 million. 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 $0.1 million (2024: $0.5 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 2025 (2024: nil). No impairments of other receivables have been recognised during the year (2024: nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "
14. Liabilities
Trade and other payables - current
2025
2024
$\u2019000
$\u2019000
Trade payables
2,520
1,746
Accrued expenditures
26,897
22,228
Amounts due to KRG not expected to be cash settled
87,184
80,905
Capacity building payment due to KRG on past due trade receivables
7,687
7,687
Capacity building payment due to KRG on 2025 export sales trade receivables
3,014
-
Other payables
588
4,080
Lease obligations
424
395
Overlift
-
236
Total tra de and other payables - current
128,314
117,277
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs; the Directors
consider that carrying amounts approximate fair value.
Amounts due to KRG not expected to be cash settled of $87.2 million (2024: $80.9 million) include:
\u00a7 $41.9 million (2024: $40.1 million) expected to be offset against amounts due from the KRG:
\u00a7 $12.3 million relating to profit oil sales up to 2018 that have not been recognised in the financial statements as management consider
that the criteria for revenue recognition have not been satisfied, and;
\u00a7 $29.6 million relating to a partial offset of past due trade receivables (see note 13).
\u00a7 $45.3 million (2024: $40.8 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 Group\u2019s 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 $45.3 million.
Non-current liabilities
2025
2024
$\u2019000
$\u2019000
Non-current lease liability
928
1,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "14. Liabilities Trade and other payables - current
2025
2024
$\u2019000
$\u2019000
Trade payables
2,520
1,746
Accrued expenditures
26,897
22,228
Amounts due to KRG not expected to be cash settled
87,184
80,905
Capacity building payment due to KRG on past due trade receivables
7,687
7,687
Capacity building payment due to KRG on 2025 export sales trade receivables
3,014
-
Other payables
588
4,080
Lease obligations
424
395
Overlift
-
236
Total tra de and other payables - current
128,314
117,277
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs; the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $87.2 million (2024: $80.9 million) include: \u00a7 $41.9 million (2024: $40.1 million) expected to be offset against amounts due from the KRG: \u00a7 $12.3 million relating to profit oil sales up to 2018 that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied, and; \u00a7 $29.6 million relating to a partial offset of past due trade receivables (see note 13). \u00a7 $45.3 million (2024: $40.8 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 Group\u2019s 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 $45.3 million. Non-current liabilities
2025
2024
$\u2019000
$\u2019000
Non-current lease liability
928
1,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "14. Liabilities Trade and other payables - current
2025
2024
$\u2019000
$\u2019000
Trade payables
2,520
1,746
Accrued expenditures
26,897
22,228
Amounts due to KRG not expected to be cash settled
87,184
80,905
Capacity building payment due to KRG on past due trade receivables
7,687
7,687
Capacity building payment due to KRG on 2025 export sales trade receivables
3,014
-
Other payables
588
4,080
Lease obligations
424
395
Overlift
-
236
Total tra de and other payables - current
128,314
117,277
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs; the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $87.2 million (2024: $80.9 million) include: \u00a7 $41.9 million (2024: $40.1 million) expected to be offset against amounts due from the KRG: \u00a7 $12.3 million relating to profit oil sales up to 2018 that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied, and; \u00a7 $29.6 million relating to a partial offset of past due trade receivables (see note 13). \u00a7 $45.3 million (2024: $40.8 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 Group\u2019s 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 $45.3 million. Non-current liabilities
2025
2024
$\u2019000
$\u2019000
Non-current lease liability
928
1,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "14. Liabilities Trade and other payables - current
2025
2024
$\u2019000
$\u2019000
Trade payables
2,520
1,746
Accrued expenditures
26,897
22,228
Amounts due to KRG not expected to be cash settled
87,184
80,905
Capacity building payment due to KRG on past due trade receivables
7,687
7,687
Capacity building payment due to KRG on 2025 export sales trade receivables
3,014
-
Other payables
588
4,080
Lease obligations
424
395
Overlift
-
236
Total tra de and other payables - current
128,314
117,277
Trade payables and accrued expenditures principally comprise amounts outstanding for trade purchases and ongoing costs; the Directors consider that carrying amounts approximate fair value. Amounts due to KRG not expected to be cash settled of $87.2 million (2024: $80.9 million) include: \u00a7 $41.9 million (2024: $40.1 million) expected to be offset against amounts due from the KRG: \u00a7 $12.3 million relating to profit oil sales up to 2018 that have not been recognised in the financial statements as management consider that the criteria for revenue recognition have not been satisfied, and; \u00a7 $29.6 million relating to a partial offset of past due trade receivables (see note 13). \u00a7 $45.3 million (2024: $40.8 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 Group\u2019s 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 $45.3 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Non-current liabilities
2025
2024
$\u2019000
$\u2019000
Non-current lease liability
928
1,112
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "15. Decommissioning provision
2025
2024
$\u2019000
$\u2019000
At 1 January
36,247
35,312
New provisions and changes in estimates
(198)
(693)
Unwinding of discount
1,790
1,628
At 31 December
37,839
36,247
The $0.2 million decrease in new provisions and changes in estimates (2024: $0.7 million decrease) comprises $1.9 million decrease relating to changes of inflation and discount rates (2024: $1.1 million decrease), partially offset by an increase of $1.7 million relating to increases in well estimates and additional facilities works (2024: $0.4 million increase). The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated at 2.25% (2024: 2.5%) and discounted at 4.8 % (2024: 4.9%), 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "15. Decommissioning provision
2025
2024
$\u2019000
$\u2019000
At 1 January
36,247
35,312
New provisions and changes in estimates
(198)
(693)
Unwinding of discount
1,790
1,628
At 31 December
37,839
36,247
The $0.2 million decrease in new provisions and changes in estimates (2024: $0.7 million decrease) comprises $1.9 million decrease relating to changes of inflation and discount rates (2024: $1.1 million decrease), partially offset by an increase of $1.7 million relating to increases in well estimates and additional facilities works (2024: $0.4 million increase). The provision for decommissioning is based on the net present value of the Group\u2019s estimated share of expenditure, inflated at 2.25% (2024: 2.5%) and discounted at 4.8 % (2024: 4.9%), 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 During 2025 and up to the date of this report, the Group continued negotiations with the MNR around a number of historical outstanding Shaikan commercial, financial and accounting matters. The focus of the negotiations includes the settlement of the Group's historical oil sales receivable balance for the outstanding October 2022 to March 2023 invoices, along with other KRG-related assets and liabilities (including the sale of test production oil mentioned below), as well as the agreement of a formal amendment to the PSC to reflect current invoicing terms, outstanding since 2017. The Group has a contingent liability of $27.3 million (31 December 2024: $27.3 million) in relation to the proceeds from the sale of test production oil prior to the approval of the Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. If a cash outflow to the MNR were required in the future, this would result in a corresponding increase to the unrecovered cost pool as the test production revenue is recorded as a reduction of the cost pool by $34 million gross to the Contractor ($27.3 million net to GKP) in the Group\u2019s cost recovery submissions to the MNR, and consequently a potential increase in future cost oil revenue (see note 2). The above negotiations may lead to a revision to the unrecovered cost pool impacting future revenues, the settlement of previously unrecognised assets and liabilities, netting of existing receivable and payable balances, or may require material adjustments to currently recorded balances. Due to the uncertain and range of potential financial outcomes that cannot presently be reliably estimated, no provision for such asset or liability has been recognised within the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "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
Share-based
Tax losses
depreciation
payments
carried forward
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
293
482
770
1,545
Tax (charge)/c redit to income state ment
(271)
238
(675)
(708)
Exchange differences
-
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
Tax credit/(charge) to income statement
176
323
(31)
468
Exchange differences
6
60
6
72
At 31 December 2025
204
1,092
69
1,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "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
Share-based
Tax losses
depreciation
payments
carried forward
Total
$\u2019000
$\u2019000
$\u2019000
$\u2019000
At 1 January 2024
293
482
770
1,545
Tax (charge)/c redit to income state ment
(271)
238
(675)
(708)
Exchange differences
-
(11)
(1)
(12)
At 31 December 2024
22
709
94
825
Tax credit/(charge) to income statement
176
323
(31)
468
Exchange differences
6
60
6
72
At 31 December 2025
204
1,092
69
1,365
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "
17. Financial instruments
2025
2024
$\u2019000
$\u2019000
Financial assets
Cash
78,233
102,346
Receivables
208,541
161,426
286,774
263,772
Financial liabilities
Trade and other payables
129,242
118,152
129,242
118,152
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 an $8.7 million provision against trade receivables (2024: $16.3 million) (see note 13). All financial assets,
except trade receivables containing embedded derivatives, 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 2025, 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 2025, the maximum exposure to credit risk from a trade receivable outstanding from one counterparty is $207.6 million (2024:
$171.0 million). Although the Group expects to recover the full trade receivables balance, a provision of $8.7 million (2024: $16.3 million) was
recognised against the trade receivables balance in accordance with IFRS 9 (see note 13).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
2025
2024
$\u2019000
$\u2019000
Financial assets
Cash
78,233
102,346
Receivables
208,541
161,426
286,774
263,772
Financial liabilities
Trade and other payables
129,242
118,152
129,242
118,152
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "
2025
2024
$\u2019000
$\u2019000
Financial assets
Cash
78,233
102,346
Receivables
208,541
161,426
286,774
263,772
Financial liabilities
Trade and other payables
129,242
118,152
129,242
118,152
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "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 an $8.7 million provision against trade receivables (2024: $16.3 million) (see note 13). All financial assets, except trade receivables containing embedded derivatives, are measured at amortised cost which is materially the same as fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "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 an $8.7 million provision against trade receivables (2024: $16.3 million) (see note 13). All financial assets, except trade receivables containing embedded derivatives, are measured at amortised cost which is materially the same as fair value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "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 2025, 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 2025, the maximum exposure to credit risk from a trade receivable outstanding from one counterparty is $207.6 million (2024: $171.0 million). Although the Group expects to recover the full trade receivables balance, a provision of $8.7 million (2024: $16.3 million) was recognised against the trade receivables balance in accordance with IFRS 9 (see note 13). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "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 2025, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "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 2025, the maximum exposure to credit risk from a trade receivable outstanding from one counterparty is $207.6 million (2024: $171.0 million). Although the Group expects to recover the full trade receivables balance, a provision of $8.7 million (2024: $16.3 million) was recognised against the trade receivables balance in accordance with IFRS 9 (see note 13). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "
18. Share capital
2025
2024
Authorised:
$\u2019000
$\u2019000
Common shares of $1 each
292,105
292,105
Common shares
No. of
Share
Share
Total
shares
capital
premium
amount
\u2018000
$\u2019000
$\u2019000
$\u2019000
Balance 1 January 2024
222,443
222,443
503,312
725,755
Dividends paid
-
-
(34,933)
(34,933)
Shares issued
255
255
-
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
Dividends paid
-
-
(49,846)
(49,846)
Balance 31 December 2025
217,005
217,005
414,139
631,144
At 31 December 2025, a total of 0.1 million common shares at $1 each were held by the EBT (2024: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "18. Share capital
2025
2024
Authorised:
$\u2019000
$\u2019000
Common shares of $1 each
292,105
292,105
Common shares
No. of
Share
Share
Total
shares
capital
premium
amount
\u2018000
$\u2019000
$\u2019000
$\u2019000
Balance 1 January 2024
222,443
222,443
503,312
725,755
Dividends paid
-
-
(34,933)
(34,933)
Shares issued
255
255
-
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
Dividends paid
-
-
(49,846)
(49,846)
Balance 31 December 2025
217,005
217,005
414,139
631,144
At 31 December 2025, a total of 0.1 million common shares at $1 each were held by the EBT (2024: 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
19. Cash flow reconciliation
2025
2024
Notes
$\u2019000
$\u2019000
Cash flows from operating activities
Profit from operations
15,010
4,702
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment (including the right of
use assets)
78,108
76,752
Amortisation of intangible assets
1,248
1,980
Decrease of expected credit loss provision on trade receivables
13
(7,558)
(8,191)
Share
-based payment expense
21
3,660
3,472
Provision against inventory held for sale
3
(2,627)
34
Loss on disposal of drilling stock
3
245
-
Operating cash flows before movements in working capital
88,086
78,749
Decrease in inventories
4,460
49
Increase in trade and other receivables
(36,601)
(1,290)
Increase in trade and other payables
4,436
11,919
Cash generated from operations
60,381
89,427
Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment:
2025
2024
$\u2019000
$\u2019000
Associated cash flows
Additions to property, plant and equipment (see note 10)
39,153
20,102
Movement in working capital
(5,946)
7,083
Non-cash movements
Foreign exchange differences
107
(7)
Purchase of property, plant and equipment
33,314
27,178
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "19. Cash flow reconciliation
2025
2024
Notes
$\u2019000
$\u2019000
Cash flows from operating activities
Profit from operations
15,010
4,702
Adjustments for:
Depreciation, depletion and amortisation of property, plant and equipment (including the right of
use assets)
78,108
76,752
Amortisation of intangible assets
1,248
1,980
Decrease of expected credit loss provision on trade receivables
13
(7,558)
(8,191)
Share
-based payment expense
21
3,660
3,472
Provision against inventory held for sale
3
(2,627)
34
Loss on disposal of drilling stock
3
245
-
Operating cash flows before movements in working capital
88,086
78,749
Decrease in inventories
4,460
49
Increase in trade and other receivables
(36,601)
(1,290)
Increase in trade and other payables
4,436
11,919
Cash generated from operations
60,381
89,427
Reconciliation of property, plant and equipment additions to cash flows from purchase of property, plant and equipment:
2025
2024
$\u2019000
$\u2019000
Associated cash flows
Additions to property, plant and equipment (see note 10)
39,153
20,102
Movement in working capital
(5,946)
7,083
Non-cash movements
Foreign exchange differences
107
(7)
Purchase of property, plant and equipment
33,314
27,178
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "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 2025,
gross capital commitments in relation to the Shaikan Field were estimated to be $13.3 million (2024: $9.2 million). Of this amount, $7.0 million
(2024: nil) relates to a single contractual agreement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "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 2025, gross capital commitments in relation to the Shaikan Field were estimated to be $13.3 million (2024: $9.2 million). Of this amount, $7.0 million (2024: nil) relates to a single contractual agreement. 24. Contingent Liabilities During 2025 and up to the date of this report, the Group continued negotiations with the MNR around a number of historical outstanding Shaikan commercial, financial and accounting matters. The focus of the negotiations includes the settlement of the Group's historical oil sales receivable balance for the outstanding October 2022 to March 2023 invoices, along with other KRG-related assets and liabilities (including the sale of test production oil mentioned below), as well as the agreement of a formal amendment to the PSC to reflect current invoicing terms, outstanding since 2017. The Group has a contingent liability of $27.3 million (31 December 2024: $27.3 million) in relation to the proceeds from the sale of test production oil prior to the approval of the Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. If a cash outflow to the MNR were required in the future, this would result in a corresponding increase to the unrecovered cost pool as the test production revenue is recorded as a reduction of the cost pool by $34 million gross to the Contractor ($27.3 million net to GKP) in the Group\u2019s cost recovery submissions to the MNR, and consequently a potential increase in future cost oil revenue (see note 2). The above negotiations may lead to a revision to the unrecovered cost pool impacting future revenues, the settlement of previously unrecognised assets and liabilities, netting of existing receivable and payable balances, or may require material adjustments to currently recorded balances. Due to the uncertain and range of potential financial outcomes that cannot presently be reliably estimated, no provision for such asset or liability has been recognised within the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
2025
2024
Number of
Number of
share options
share options
\u2019000
\u2019000
Outstanding at 1 January
8,918
8,004
Granted during the year
3,206
3,590
Exercised during the year
(1,845)
(516)
Forfeited during the year
(399)
(288)
Expired during the year
(529)
(1,872)
Outstanding at 31 December
9,351
8,918
Exercisable at 31 December
-
-
The weighted average share price at the date of exercise for share options exercised during the year was \u00a32.16 (2024: \u00a31.48).
2025
2024
Number of
Number of
share options
share options
\u2019000
\u2019000
Outstanding at 1 January
216
216
Exercised during the year
(136)
-
Granted during the year
146
-
Outstanding at 31 December
226
216
Exercisable at 31 December
-
-
The options outstanding at 31 December 2025 had a weighted average remaining contractual life of two years (2024: one year).", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "
22. Dividends
During 2025, a total of $50 million dividends (23.040 US cents per Common Share) were declared and paid to shareholders. In 2024, a total
of $35 million dividends were declared and paid (16.048 US cents per Common Share).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "0.2304", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-287": { "value": "0.16048", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-288": { "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 2025 were as follows: D Thomas \u2013 Non-Executive Chair M Daryabegui \u2013 Non-Executive Senior Independent Director C Krajicek \u2013 Non-Executive Director W Mwaura \u2013 Non-Executive Director J Balkany \u2013 Non-Executive Director J Harris \u2013 Chief Executive Officer and Executive Director G Papineau-Legris \u2013 Chief Financial Officer and Executive Director J Hulme \u2013 Chief Operating Officer C Kinahan \u2013 Chief Human Resources 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.
2025
2024
$\u2019000
$\u2019000
Short-term employee benefits
6,166
7,196
Share-based payment - options
2,436
1,493
8,602
8,689
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Remuneration of Directors and Officers The Directors and Officers who served during the year ended 31 December 2025 were as follows: D Thomas \u2013 Non-Executive Chair M Daryabegui \u2013 Non-Executive Senior Independent Director C Krajicek \u2013 Non-Executive Director W Mwaura \u2013 Non-Executive Director J Balkany \u2013 Non-Executive Director J Harris \u2013 Chief Executive Officer and Executive Director G Papineau-Legris \u2013 Chief Financial Officer and Executive Director J Hulme \u2013 Chief Operating Officer C Kinahan \u2013 Chief Human Resources 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.
2025
2024
$\u2019000
$\u2019000
Short-term employee benefits
6,166
7,196
Share-based payment - options
2,436
1,493
8,602
8,689
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "
24. Contingent Liabilities
During 2025 and up to the date of this report, the Group continued negotiations with the MNR around a number of historical outstanding
Shaikan commercial, financial and accounting matters. The focus of the negotiations includes the settlement of the Group's historical oil sales
receivable balance for the outstanding October 2022 to March 2023 invoices, along with other KRG-related assets and liabilities (including the
sale of test production oil mentioned below), as well as the agreement of a formal amendment to the PSC to reflect current invoicing terms,
outstanding since 2017.
The Group has a contingent liability of $27.3 million (31 December 2024: $27.3 million) in relation to the proceeds from the sale of test
production oil prior to the approval of the Shaikan Field Development Plan (\u201cFDP\u201d) in June 2013. If a cash outflow to the MNR were required
in the future, this would result in a corresponding increase to the unrecovered cost pool as the test production revenue is recorded as a
reduction of the cost pool by $34 million gross to the Contractor ($27.3 million net to GKP) in the Group\u2019s cost recovery submissions to the
MNR, and consequently a potential increase in future cost oil revenue (see note 2).
The above negotiations may lead to a revision to the unrecovered cost pool impacting future revenues, the settlement of previously
unrecognised assets and liabilities, netting of existing receivable and payable balances, or may require material adjustments to currently
recorded balances. Due to the uncertain and range of potential financial outcomes that cannot presently be reliably estimated, no provision for
such asset or liability has been recognised within the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "
25. Subsequent Events
On 18 February 2026 the Company announced the commencement of trading on the Euronext Growth Oslo. The new listing is in addition to
the existing listing on the Main Market of the London Stock Exchange. A total of 538,087 new common shares were issued as a retail offer in
conjunction with the Oslo listing.
On 28 February 2026, the Shaikan Field was shut-in as a safety precaution following the strikes by the US and Israel on Iran and the subsequent
retaliatory strikes in the Middle East, including in the Kurdistan. Production remains shut-in at the date of this report and the Company is taking
all reasonable steps to maintain security and safeguarding the value of the asset during this time. The Company is monitoring for an opportunity
to safely and quickly restart production with an improvement in the security environment.
An interim dividend of $12.5 million was declared in March 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800QTAQOSSTNTPO15", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }