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1. General information
Pharos Energy plc is a company limited by shares and
incorporated in England and Wales under the Companies Act.
The address of the registered office is given on the inside back
cover. The nature of the Group\u2019s operations and its principal
activities are set out in Note 6, in the Operational Review and
Chief Financial Officer\u2019s Statement on pages 29 to 32 and 37
to 44, respectively. Pharos Energy plc is the ultimate parent
company of the Group and except where otherwise indicated the
following accounting policies apply to both the Group and the
Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-8": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-10": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-243": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-11": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-244": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-246": { "value": "2. Material accounting policies information a) Basis of preparation The financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards as issued by the International Accounting Standard Board (IASB) and endorsed by the UK Endorsement Board (UKEB). Going Concern The financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The Directors performed a going concern assessment for a period up to 31 March 2026, to validate the continued application of the going concern basis in the preparation of the financial statements of the Group. Based on the results of the going concern assessment, the Directors have concluded that this basis of preparation is appropriate and that there are no material uncertainties in this regard. The assessment process undertaken included applying appropriate estimates of future production and oil prices together with ensuring that the forecasts included all expenditure that was either committed or expected to be incurred in relation to estimated production volumes, including minimum exploration commitment well due to be drilled on Block 125 by November 2025. Consideration was also given to the potential ongoing impact of geopolitical conflicts and new government policies in the US, with increased uncertainties and volatilities on world commodity markets. This risk has been taken into consideration through downside oil price sensitivities, including the application of a reverse stress test. In addition, consideration has also been given to the ongoing delayed payment of EGPC trade receivables in Egypt and the macro-economic environment in-country which, following the government\u2019s decision to let the Egyptian pound fully float, has caused progressive devaluation of EGP currency against USD. Further details in this area are provided in the Directors\u2019 Report on pages 153 to 157.
Pharos continuously monitors its business activities, financial
position, cash flows and liquidity through detailed forecasts.
Scenarios and sensitivities are also regularly presented to the
Board, including changes in commodity prices and in production
levels from the existing assets, plus other factors that could
affect the Group\u2019s future performance and position. These events
include:
\u2022 A material reduction in the oil price putting pressure on the
Group\u2019s capital available for investment
\u2022 A material reduction in production
\u2022 An unfavourable event resulting in lost production and oil price
shock
A base case forecast has been considered for the going concern
assessment that utilises oil prices of $74.7/bbl in 2025 and $72.9/
bbl in 2026. The key assumptions and related sensitivities include
a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board
has taken into account the risk of a significant fall in oil prices by
a third to $49.5/bbl in April 2025 and gradually recovers to the
base case price over the next 12 months, concurrent with 5%
reductions in Vietnam and Egypt production compared to our
base case from April 2025. Both the base case and RWC take
into account the effect of hedging that has already been put in
place at 31 December 2024 and subsequent hedges placed
in 1Q 2025, now covering c.20% of total group entitlement
production for 2025. We have therefore secured an average
floor price and ceiling price of c. $63.5/bbl and c. $87.6/bbl,
respectively, for the entire hedged volumes in 2025. Under the
RWC scenario, we have identified appropriate mitigating actions,
which could look to defer uncommitted expenditure as required,
reduce head office administrative expenses and elect not to pay
dividends to shareholders.
A reverse stress test has been performed to test for a further
decline in oil price, including mitigating actions, to determine
at what levels oil price would need to reach such that liquidity
headroom runs out. The likelihood of Brent price dropping to such
levels is considered to be remote.
On the basis of the forecasts provided above, the Group is
expected to have sufficient financial headroom for the period up
to 31 March 2026. Based on this analysis, the Directors have a
reasonable expectation that the Group has adequate resources
to continue its operations in the foreseeable future. Therefore,
the Financial Statements have been prepared using the going
concern basis of accounting.
Climate change and the energy transition In preparing the consolidated financial statements, the Directors have considered the impact of climate change and the transition to a low carbon economy, particularly in the context of the risks identified in the TCFD disclosure on pages 80 to 95. The Directors have also considered the impact of climate change in respect of going concern and viability of the Group over the next three years. In particular, the energy transition is likely to impact future oil and gas prices which, in turn, may affect the recoverable amount of the group\u2019s property, plant and equipment (PP&E). The International Energy Agency (IEA) 2024 Energy Outlook report presents a price curve as an output of Net Zero Emissions (NZE). The scenario outlines a pathway to limiting global average temperature rise to 1.5\u00b0C, the Paris Agreement objective, by achieving net zero emissions by 2050. To achieve the NZE target, it is necessary to transition away from fossil fuels towards cleaner, renewable energy sources. The transition will likely lead to a decrease in demand for oil and a corresponding decrease in oil prices. Therefore, according to the IEA, the price curve for oil is expected to be in backwardation with a gradual decline through to 2050. Further details of the key assumptions in this area have been provided in Note 16, including sensitivity analysis outlining the impact on the impairment charges of using the average of the Paris compliant scenarios. In addition to impairment, climate change pressures could curtail the expected useful lives of the group\u2019s oil and gas PP&E, thereby accelerating depreciation charges. However, the group\u2019s producing fields are likely to be fully depreciated within 11 years, during which timeframe it is expected that global demand for oil will remain robust. Accordingly, the impact of climate change on expected useful lives is not considered to be significant. In addition to PP&E, climate change could: (1) adversely impact the future development or viability of exploration and evaluation (E&E) prospects. However, the impact of climate change will be taken into consideration when the field is transferred from exploration to development stage; (2) bring forward the date of decommissioning of the group\u2019s producing oil and gas assets in Vietnam, thereby increasing the net present value of the associated provision. However, decommissioning is currently forecast to occur within the next 7-8 years and, due to the relatively short timeframe, it is not considered that any reasonably possible acceleration in the timing of decommissioning will have a material impact on the provision, assuming the underlying cost estimates remain unchanged. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Governmental and societal responses to climate change risks are still developing, and are interdependent upon each other, and consequently financial statements cannot capture all possible future outcomes as these are not yet known. The Financial Statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventories (Note 19) and the revaluation of certain financial instruments (Note 20). The Financial Statements are presented in US dollars as it is the functional currency of each of the Company\u2019s subsidiary undertakings and is generally accepted practice in the oil and gas sector. The material accounting policies adopted are set out below. b) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have not had an impact on the classification of the Group\u2019s liabilities. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024 year end and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. d) Basis of consolidation The Group Financial Statements consolidate the accounts of Pharos Energy plc and entities controlled by the Company (its subsidiary undertakings) drawn up to the balance sheet date. Control is achieved where the investor is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the elements of control. The results of subsidiaries acquired or sold are consolidated for the periods from or to the date on which control passed. Where necessary, adjustments are made at the Group level to align the accounting policies of the subsidiaries to the Group\u2019s accounting policies. All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the Group are eliminated on consolidation. e) Investments Non-current investments in subsidiaries of the Company are shown at cost less provision for impairment. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. f) Interests in joint arrangements A joint arrangement is an arrangement where two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements where the Group has the rights to assets and obligations for liabilities of the arrangement are classified as joint operations and are accounted for by recognising the Group\u2019s share of assets, liabilities, income and expenses. Joint arrangements where the Group has the rights to the net assets of the arrangement are classified as joint ventures and are accounted for using the equity method of accounting. g) Revenue Revenue represents the fair value of the Group\u2019s share of oil and gas sold during the year on a liftings basis and is recognised when the Group satisfies a performance obligation by transferring oil and gas to a customer. In accordance with the Group\u2019s sales agreements for oil and gas, the title to oil and gas typically transfers to a customer at the same time as the customer takes physical possession of the oil or gas. Typically, at this point in time, the performance obligations of the Group are fully satisfied. Investment revenue is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable. h) Other/restructuring items Other/restructuring items represent income and expenses that arise from events or transactions that are clearly distinct from the ordinary activities of the Group and, therefore, are not expected to recur frequently or regularly. i) Intangible and tangible non-current assets Oil and gas exploration, evaluation and development expenditure The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration and evaluation costs and direct administration costs are initially capitalised as intangible non-current assets in cost centres by well (most typically), field or exploration area, as appropriate. Interest payable is capitalised insofar as it relates to specific development activities. These costs are then written off as exploration costs in the income statement unless commercial reserves have been established or the determination process has not been completed and there are no indicators of impairment. All field development costs are capitalised as property, plant and equipment. Property, plant and equipment related to production activities is amortised in accordance with the Group\u2019s depreciation, depletion and amortisation accounting policy. Depreciation, depletion and amortisation Depletion is provided on oil and gas assets in production using the unit of production method, based on proven and probable reserves, applied to the sum of the total capitalised exploration, evaluation and development costs, together with estimated future development costs at current prices. Oil and gas assets, which have a similar economic life for each field, are aggregated for depreciation purposes. Impairment of value Where there has been a change in economic conditions or in the expected use of a tangible non-current asset that indicates a possible impairment of an asset, management tests the recoverability of the net book value of the asset by comparison with the estimated discounted future net cash flows based on management\u2019s expectations of future oil prices and future costs. Any identified impairment is charged/credited to the income statement in the period in which it is identified. Intangible non-current assets are considered for impairment by reference to the indicators specified in paragraphs 18 to 20 of IFRS 6. The impairment indicators in IFRS 6 for each exploration asset are: The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale.
Other tangible non-current assets
Other tangible non-current assets are stated at historical cost
less accumulated depreciation. Depreciation is provided on a
straight-line basis at rates calculated to write off the cost of those
assets, less residual value, over their expected useful lives of three
to seven years.
Decommissioning
The decommissioning provision is calculated as the net present
value of the Group\u2019s share of the expenditure which is expected
to be incurred at the end of the producing life of each field in the
removal and decommissioning of the production, storage and
transportation facilities currently in place. The cost of recognising
the decommissioning provision is included as part of the cost of
the relevant property, plant and equipment and is thus charged to
the income statement on a unit of production basis in accordance
with the Group\u2019s policy for depletion and depreciation of tangible
non-current assets. Period charges for changes in the net present
value of the decommissioning provision arising from discounting
are included in finance costs.
j) Changes in estimates
The effects of changes in estimates on the unit of production
calculations are accounted for prospectively, from the date of
adoption of the revised estimates, over the estimated remaining
proven and probable reserves.
k) Inventories
Inventories, except for inventories of hydrocarbons, are valued at
the lower of cost and net realisable value. Cost is determined on
a weighted average cost basis and comprises direct purchase
costs. Net realisable value is determined by reference to prices
existing at the balance sheet date.
Physical inventories of hydrocarbons are valued at net realisable
value in line with well established industry practice. Underlifts and
overlifts are valued at market value and are included in accrued
income and prepayments, and accruals and deferred income,
respectively. Changes in hydrocarbon inventories, underlifts and
overlifts are adjusted through cost of sales.
l) Leases
On inception of a contract, the Group assesses whether the
contract is, or contains, a lease. The contract is, or contains, a
lease if it conveys the right to control the use of an identified asset
for a period of time in exchange for consideration. To determine
whether the contract conveys the right to control the use of
an identified asset, the Group assesses whether the contract
involves the use of an identified asset, the Group has the right to
obtain substantially all of the economic benefits from the use of
the asset throughout the period of use, and the Group has the
right to direct the use of the asset.
For short-term leases (lease term less than 12 months) and leases
for which the underlying asset is of low value assets, the Group
has opted to recognise a lease expense on a straight-line basis.
The right of use assets comprise the initial measurement of the
corresponding lease liability, lease payments made at or before
the commencement day, less any lease incentives received
and any initial direct costs. They are subsequently measured
at cost less accumulated depreciation and impairment losses.
The lease liability is initially measured at the present value of the
lease payments that are not paid at the commencement date,
discounted by using the rate implicit in the lease. If this rate
cannot be readily determined, the Group uses its incremental
borrowing rate.
The lease liability is presented as a separate line in the
Consolidated Balance Sheet.
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.
m) Share-based payments
Equity-settled awards under share-based incentive plans
are measured at fair value at the date of grant. 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 the number of equity
instruments that will eventually vest. At each reporting 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 reserves.
For cash-settled share-based payments, a liability is recognised
measured initially at fair value. At each balance sheet date until
the liability is settled, and at the date of settlement, the fair
value of the liability is measured, with any changes in fair value
recognised in profit or loss for the year.
n) Taxation
The tax expense represents the sum of the tax currently payable
and deferred tax.
The tax currently payable is based on taxable profit for the year.
Taxable profit differs from net profit as reported in profit or loss
because it excludes items of income or expense that are taxable
or deductible in other years and it further excludes items that are
never taxable or deductible. The Group\u2019s liability for current tax is
calculated using tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on
differences between the carrying amounts of assets and liabilities
in the financial statements and the corresponding tax bases, 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 sufficient taxable profits will be available to
recover the asset. Deferred tax is not recognised where an asset
or liability is acquired in a transaction which is not a business
combination for an amount which differs from its tax value.
Deferred tax is calculated at the tax rates that are expected
to be applied in the period when the liability is settled or the
asset is realised based on tax 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 dealt with in equity.
o) Financial instruments
Financial assets and financial liabilities are recognised on the
Group\u2019s balance sheet when the Group becomes a party to the
contractual provisions of the instrument.
There are no material financial assets and liabilities for which
differences between carrying amounts and fair values are required
to be disclosed. The classification of financial instruments as
required by IFRS 7 is disclosed in Notes 20, 21, 22, 24 and 33.
Financial asset at fair value through profit or loss
Where a financial instrument is classified as a financial asset at fair
value through profit or loss it is initially recognised at fair value. At
each balance sheet date the fair value is reviewed and any gain
or loss arising is recognised in the income statement. Changes
in the net present value of the financial asset arising from
discounting are included in other income and expense. As at 31
December 2024 and 2023, financial assets classified at fair value
through profit or loss relate to revision of contingent consideration
due from IPR following farm down of the Egypt concessions on
21 March 2022 (see Note 20).
Other financial assets
The amount booked as abandonment fund is the share of the
fair value of the fund net assets. Cash is contributed into the
abandonment funds for both our Vietnam producing fields TGT
and CNV. These abandonment funds are maintained in a bank
account by PetroVietnam and, as Pharos retains the legal rights
and obligations to all monies contributed to the abandonment
funds in accordance with the Petroleum Contracts, pending
commencement of abandonment operations, they are treated as
other non-current assets.
Loans to subsidiaries
Loans to subsidiaries are recognised at amortised cost, less
expected credit losses provision, when required.
Impairment of financial assets
The Group recognises a loss allowance for expected credit losses
on trade receivables and loans to subsidiaries. The amount of
expected credit losses is updated at each reporting date to reflect
changes in credit risk since initial recognition of the respective
financial instrument.
The expected credit losses on these financial assets are
estimated using the Group\u2019s historical credit loss experience,
adjusted for factors that are specific to the debtors, general
economic conditions and an assessment of both the current as
well as the forecast direction of conditions at the reporting date,
including time value of money where appropriate.
Derivative and hedging instruments
Derivatives are initially recognised at fair value on the date that
a derivative contract is entered into, and they are subsequently
re-measured to their fair value at the end of each reporting period.
The accounting for subsequent changes in fair value depends on
whether the derivative is designated as a hedging instrument and,
if so, the nature of the item being hedged.
At inception of the hedge relationship, the Group documents the
economic relationship between hedging instruments and hedged
items, including whether changes in the cash flows of the hedging
instruments are expected to offset changes in the cash flows
of hedged items. The Group documents its risk management
objective and strategy for undertaking its hedge transactions.
Pharos entered into different commodity (zero cost collar) hedges
to protect the Brent component of forecast oil sales and to ensure
future compliance with its obligations under the RBL. Pharos has
designated the zero cost collars as cash flow hedges. For cash
flow hedges, the portion of the gains and losses on the hedging
instrument that is determined to be an effective hedge is taken
to other comprehensive income and the ineffective portion is
recognised in the income statement. The gains and losses taken
to other comprehensive income are subsequently transferred
to the income statement during the period in which the hedged
transaction affects the income statement.
Borrowings
Interest-bearing bank loans are recorded at the proceeds
received, net of direct issue costs. Finance charges, including
any direct issue costs, are accounted for on an accrual basis in
the income statement using the effective interest method and are
added to the carrying amount of the instrument to the extent that
they are not settled in the year in which they arise.
The effective interest method is a method of calculating the
amortised cost of a financial liability and of allocating interest
expense over the relevant period. The effective interest rate is
the rate that exactly discounts estimated future cash payments
(including all fees and transaction costs) through the expected life
of the financial liability to the amortised cost of a financial liability.
The Group derecognises financial liabilities when, and only when,
the Group\u2019s obligations are discharged, cancelled or have expired.
The difference between the carrying amount of the financial
liability derecognised and the consideration paid and payable is
recognised in profit or loss.
When the Group exchanges with the existing lender one debt
instrument into another one with substantially different terms,
such exchange is accounted for as an extinguishment of the
original financial liability and the recognition of a new financial
liability. Similarly, the Group accounts for substantial modification
of terms of an existing liability or part of it as an extinguishment of
the original financial liability and the recognition of a new liability.
It is assumed that the terms are substantially different if the
discounted present value of the cash flows under the new terms,
including any fees paid net of any fees received and discounted
using the original effective interest rate is at least 10 per cent
different from the discounted present value of the remaining cash
flows of the original financial liability. If the modification is not
substantial, the difference between: (1) the carrying amount of the
liability before the modification; and (2) the present value of the
cash flows after modification is recognised in profit or loss as the
modification gain or loss within other gains and losses.
Equity instruments
Equity instruments issued by the Company are recorded at the
proceeds received, net of direct issue costs. Equity instruments
repurchased are deducted from equity at cost.
p) Provisions
A contingent liability is disclosed unless the possibility of an
outflow of resources embodying economic benefits is remote
or the amount of the liability cannot be measured with sufficient
reliability.
Contingent liabilities may develop in a way not initially expected.
Therefore, they are assessed continually to determine whether
an outflow of resources embodying economic benefits has
become probable. If it becomes probable that an outflow of
future economic benefits will be required for an item previously
dealt with as a contingent liability, a provision is recognised in
the financial statements of the period in which the change in
probability occurs.
Provisions are recognised when the Group has a present
obligation (legal or constructive) as a result of a past event, it is
probable that the Group will be required to settle that obligation
and a reliable estimate can be made of the amount of the
obligation.
The amount recognised as a provision is the best estimate of
the consideration required to settle the present obligation at the
reporting date, taking into account the risks and uncertainties
surrounding the obligation. Where a provision is measured using
the cash flows estimated to settle the present obligation, its
carrying amount is the present value of those cash flows (when
the effect of the time value of money is material).
When some or all of the economic benefits required to settle
a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that
reimbursement will be received and the amount of the receivable
can be measured reliably.
Decommissioning provisions:
Provisions for the costs to decommission oil & gas properties
are recognised when the Group has an obligation required by
the terms and conditions of the agreements and when a reliable
estimate can be made.
The provision for the costs of decommissioning oil & gas
properties at the end of their economic lives is estimated using
existing technology, at future prices, depending on the expected
timing of the activity, and discounted using the nominal discount
rate. Estimates are regularly reviewed and adjusted as appropriate
for new circumstances.
q) Foreign currencies
The individual financial statements of each Group company are
stated in the currency of the primary economic environment
in which it operates (its functional currency). Transactions in
currencies other than the entity\u2019s functional currency (foreign
currency) are recorded at the rate of exchange at the date of the
transaction. Monetary assets and liabilities denominated in foreign
currencies at the balance sheet date are recorded at the rates of
exchange prevailing at that date, or if appropriate, at the forward
contract rate. Any resulting gains and losses are included in net
profit or loss for the period.
For the purpose of presenting consolidated financial statements
the results of entities denominated in currencies other than US
dollars are translated at the daily rate of exchange and their
balance sheets at the rates ruling at the balance sheet date.
Any resulting gains or losses are taken to other comprehensive
income.
r) Pension costs The contributions payable in the year in respect of pension costs for defined contribution schemes and other post-retirement benefits are charged to the income statement. Differences between contributions payable in the year and contributions actually paid are shown either as accruals or prepayments in the balance sheet. s) Restatement of current liability As at 31 December 2023, a $1.7m current liability was recognised in respect of the interim dividend announced in December 2023 and paid in January 2024. While preparing these financial statements the Group noted the guidance set out in the ICAEW Technical Release 02/17BL regarding \u201cGuidance on Realised and Distributable Profits under the Companies Act 2006\u201d (TR 02/17BL) which requires a legally binding liability to be established prior to the recognition of an interim dividend. Since this obligation was not legally binding as at 31 December 2023, the comparatives in the Consolidated Balance Sheet and the Consolidated Statements of Changes in Equity as at 31 December 2023 have been restated for the Group and the Company to remove the interim dividend liability. Going forward, the Group will recognise interim dividends only in the period in which they are paid unless applicable accounting practice, standards or guidance changes. This does not constitute any change in the Group\u2019s previously announced dividend policy. t) Restatement of Fixed asset investments and joint arrangements in the Company Comparative information in respect of impairment charge and remaining recoverable amount has been restated in relation to the recognition of an additional impairment of investments in subsidiaries due to an error in calculating the recoverable value of Pharos Energy plc\u2019s investment in Pharos Exploration Limited. The investment balance as at 31 December 2023 was overstated and an impairment charge for the year ended 31 December 2023 was understated by $32.8m, $29.8m of which related to pre- 2023 financial years. As a result of the correction, investment in subsidiaries as at 31 December 2023 decreased from $294.3m to $265.1m and loss for the year increased from $47.0m to $50.0m. The $29.8m additional loss in relation to pre-2023 financial years has been corrected in opening retained earnings as of 1 January 2023 which has the impact of reducing the investment balance as at 1 January 2023 from $335.5m to $305.7m.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-248": { "value": "a) Basis of preparation The financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards as issued by the International Accounting Standard Board (IASB) and endorsed by the UK Endorsement Board (UKEB). Going Concern The financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The Directors performed a going concern assessment for a period up to 31 March 2026, to validate the continued application of the going concern basis in the preparation of the financial statements of the Group. Based on the results of the going concern assessment, the Directors have concluded that this basis of preparation is appropriate and that there are no material uncertainties in this regard. The assessment process undertaken included applying appropriate estimates of future production and oil prices together with ensuring that the forecasts included all expenditure that was either committed or expected to be incurred in relation to estimated production volumes, including minimum exploration commitment well due to be drilled on Block 125 by November 2025. Consideration was also given to the potential ongoing impact of geopolitical conflicts and new government policies in the US, with increased uncertainties and volatilities on world commodity markets. This risk has been taken into consideration through downside oil price sensitivities, including the application of a reverse stress test. In addition, consideration has also been given to the ongoing delayed payment of EGPC trade receivables in Egypt and the macro-economic environment in-country which, following the government\u2019s decision to let the Egyptian pound fully float, has caused progressive devaluation of EGP currency against USD. Further details in this area are provided in the Directors\u2019 Report on pages 153 to 157. Pharos continuously monitors its business activities, financial position, cash flows and liquidity through detailed forecasts. Scenarios and sensitivities are also regularly presented to the Board, including changes in commodity prices and in production levels from the existing assets, plus other factors that could affect the Group\u2019s future performance and position. These events include: \u2022 A material reduction in the oil price putting pressure on the Group\u2019s capital available for investment \u2022 A material reduction in production \u2022 An unfavourable event resulting in lost production and oil price shock A base case forecast has been considered for the going concern assessment that utilises oil prices of $74.7/bbl in 2025 and $72.9/ bbl in 2026. The key assumptions and related sensitivities include a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board has taken into account the risk of a significant fall in oil prices by a third to $49.5/bbl in April 2025 and gradually recovers to the base case price over the next 12 months, concurrent with 5% reductions in Vietnam and Egypt production compared to our base case from April 2025. Both the base case and RWC take into account the effect of hedging that has already been put in place at 31 December 2024 and subsequent hedges placed in 1Q 2025, now covering c.20% of total group entitlement production for 2025. We have therefore secured an average floor price and ceiling price of c. $63.5/bbl and c. $87.6/bbl, respectively, for the entire hedged volumes in 2025. Under the RWC scenario, we have identified appropriate mitigating actions, which could look to defer uncommitted expenditure as required, reduce head office administrative expenses and elect not to pay dividends to shareholders. A reverse stress test has been performed to test for a further decline in oil price, including mitigating actions, to determine at what levels oil price would need to reach such that liquidity headroom runs out. The likelihood of Brent price dropping to such levels is considered to be remote. On the basis of the forecasts provided above, the Group is expected to have sufficient financial headroom for the period up to 31 March 2026. Based on this analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future. Therefore, the Financial Statements have been prepared using the going concern basis of accounting. Climate change and the energy transition In preparing the consolidated financial statements, the Directors have considered the impact of climate change and the transition to a low carbon economy, particularly in the context of the risks identified in the TCFD disclosure on pages 80 to 95. The Directors have also considered the impact of climate change in respect of going concern and viability of the Group over the next three years. In particular, the energy transition is likely to impact future oil and gas prices which, in turn, may affect the recoverable amount of the group\u2019s property, plant and equipment (PP&E). The International Energy Agency (IEA) 2024 Energy Outlook report presents a price curve as an output of Net Zero Emissions (NZE). The scenario outlines a pathway to limiting global average temperature rise to 1.5\u00b0C, the Paris Agreement objective, by achieving net zero emissions by 2050. To achieve the NZE target, it is necessary to transition away from fossil fuels towards cleaner, renewable energy sources. The transition will likely lead to a decrease in demand for oil and a corresponding decrease in oil prices. Therefore, according to the IEA, the price curve for oil is expected to be in backwardation with a gradual decline through to 2050. Further details of the key assumptions in this area have been provided in Note 16, including sensitivity analysis outlining the impact on the impairment charges of using the average of the Paris compliant scenarios. In addition to impairment, climate change pressures could curtail the expected useful lives of the group\u2019s oil and gas PP&E, thereby accelerating depreciation charges. However, the group\u2019s producing fields are likely to be fully depreciated within 11 years, during which timeframe it is expected that global demand for oil will remain robust. Accordingly, the impact of climate change on expected useful lives is not considered to be significant. In addition to PP&E, climate change could: (1) adversely impact the future development or viability of exploration and evaluation (E&E) prospects. However, the impact of climate change will be taken into consideration when the field is transferred from exploration to development stage; (2) bring forward the date of decommissioning of the group\u2019s producing oil and gas assets in Vietnam, thereby increasing the net present value of the associated provision. However, decommissioning is currently forecast to occur within the next 7-8 years and, due to the relatively short timeframe, it is not considered that any reasonably possible acceleration in the timing of decommissioning will have a material impact on the provision, assuming the underlying cost estimates remain unchanged. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Governmental and societal responses to climate change risks are still developing, and are interdependent upon each other, and consequently financial statements cannot capture all possible future outcomes as these are not yet known. The Financial Statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventories (Note 19) and the revaluation of certain financial instruments (Note 20). The Financial Statements are presented in US dollars as it is the functional currency of each of the Company\u2019s subsidiary undertakings and is generally accepted practice in the oil and gas sector. The material accounting policies adopted are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-295": { "value": "
The financial statements have been prepared in accordance with
UK-adopted international accounting standards in conformity with
the requirements of the Companies Act 2006 and International
Financial Reporting Standards as issued by the International
Accounting Standard Board (IASB) and endorsed by the UK
Endorsement Board (UKEB).
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-296": { "value": "Going Concern The financial statements have been prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006. The Directors performed a going concern assessment for a period up to 31 March 2026, to validate the continued application of the going concern basis in the preparation of the financial statements of the Group. Based on the results of the going concern assessment, the Directors have concluded that this basis of preparation is appropriate and that there are no material uncertainties in this regard. The assessment process undertaken included applying appropriate estimates of future production and oil prices together with ensuring that the forecasts included all expenditure that was either committed or expected to be incurred in relation to estimated production volumes, including minimum exploration commitment well due to be drilled on Block 125 by November 2025. Consideration was also given to the potential ongoing impact of geopolitical conflicts and new government policies in the US, with increased uncertainties and volatilities on world commodity markets. This risk has been taken into consideration through downside oil price sensitivities, including the application of a reverse stress test. In addition, consideration has also been given to the ongoing delayed payment of EGPC trade receivables in Egypt and the macro-economic environment in-country which, following the government\u2019s decision to let the Egyptian pound fully float, has caused progressive devaluation of EGP currency against USD. Further details in this area are provided in the Directors\u2019 Report on pages 153 to 157. Pharos continuously monitors its business activities, financial position, cash flows and liquidity through detailed forecasts. Scenarios and sensitivities are also regularly presented to the Board, including changes in commodity prices and in production levels from the existing assets, plus other factors that could affect the Group\u2019s future performance and position. These events include: \u2022 A material reduction in the oil price putting pressure on the Group\u2019s capital available for investment \u2022 A material reduction in production \u2022 An unfavourable event resulting in lost production and oil price shock A base case forecast has been considered for the going concern assessment that utilises oil prices of $74.7/bbl in 2025 and $72.9/ bbl in 2026. The key assumptions and related sensitivities include a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board has taken into account the risk of a significant fall in oil prices by a third to $49.5/bbl in April 2025 and gradually recovers to the base case price over the next 12 months, concurrent with 5% reductions in Vietnam and Egypt production compared to our base case from April 2025. Both the base case and RWC take into account the effect of hedging that has already been put in place at 31 December 2024 and subsequent hedges placed in 1Q 2025, now covering c.20% of total group entitlement production for 2025. We have therefore secured an average floor price and ceiling price of c. $63.5/bbl and c. $87.6/bbl, respectively, for the entire hedged volumes in 2025. Under the RWC scenario, we have identified appropriate mitigating actions, which could look to defer uncommitted expenditure as required, reduce head office administrative expenses and elect not to pay dividends to shareholders. A reverse stress test has been performed to test for a further decline in oil price, including mitigating actions, to determine at what levels oil price would need to reach such that liquidity headroom runs out. The likelihood of Brent price dropping to such levels is considered to be remote. On the basis of the forecasts provided above, the Group is expected to have sufficient financial headroom for the period up to 31 March 2026. Based on this analysis, the Directors have a reasonable expectation that the Group has adequate resources to continue its operations in the foreseeable future. Therefore, the Financial Statements have been prepared using the going concern basis of accounting. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-298": { "value": "Climate change and the energy transition In preparing the consolidated financial statements, the Directors have considered the impact of climate change and the transition to a low carbon economy, particularly in the context of the risks identified in the TCFD disclosure on pages 80 to 95. The Directors have also considered the impact of climate change in respect of going concern and viability of the Group over the next three years. In particular, the energy transition is likely to impact future oil and gas prices which, in turn, may affect the recoverable amount of the group\u2019s property, plant and equipment (PP&E). The International Energy Agency (IEA) 2024 Energy Outlook report presents a price curve as an output of Net Zero Emissions (NZE). The scenario outlines a pathway to limiting global average temperature rise to 1.5\u00b0C, the Paris Agreement objective, by achieving net zero emissions by 2050. To achieve the NZE target, it is necessary to transition away from fossil fuels towards cleaner, renewable energy sources. The transition will likely lead to a decrease in demand for oil and a corresponding decrease in oil prices. Therefore, according to the IEA, the price curve for oil is expected to be in backwardation with a gradual decline through to 2050. Further details of the key assumptions in this area have been provided in Note 16, including sensitivity analysis outlining the impact on the impairment charges of using the average of the Paris compliant scenarios. In addition to impairment, climate change pressures could curtail the expected useful lives of the group\u2019s oil and gas PP&E, thereby accelerating depreciation charges. However, the group\u2019s producing fields are likely to be fully depreciated within 11 years, during which timeframe it is expected that global demand for oil will remain robust. Accordingly, the impact of climate change on expected useful lives is not considered to be significant. In addition to PP&E, climate change could: (1) adversely impact the future development or viability of exploration and evaluation (E&E) prospects. However, the impact of climate change will be taken into consideration when the field is transferred from exploration to development stage; (2) bring forward the date of decommissioning of the group\u2019s producing oil and gas assets in Vietnam, thereby increasing the net present value of the associated provision. However, decommissioning is currently forecast to occur within the next 7-8 years and, due to the relatively short timeframe, it is not considered that any reasonably possible acceleration in the timing of decommissioning will have a material impact on the provision, assuming the underlying cost estimates remain unchanged. The Directors are aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Governmental and societal responses to climate change risks are still developing, and are interdependent upon each other, and consequently financial statements cannot capture all possible future outcomes as these are not yet known. The Financial Statements have been prepared under the historical cost basis, except for the valuation of hydrocarbon inventories (Note 19) and the revaluation of certain financial instruments (Note 20). The Financial Statements are presented in US dollars as it is the functional currency of each of the Company\u2019s subsidiary undertakings and is generally accepted practice in the oil and gas sector. The material accounting policies adopted are set out below. ", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForClimateChangeAndTheEnergyTransition", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-324": { "value": "The Financial Statements are presented in US dollars as it is the functional currency of each of the Company\u2019s subsidiary undertakings and is generally accepted practice in the oil and gas sector. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-249": { "value": "
b) New and amended standards adopted by the
Group
A number of new or amended standards became applicable for
the current reporting period.
Amendments to IFRS 16 \u2013 Lease Liability in a Sale and
Leaseback
The amendments in IFRS 16 specify the requirements that a
seller-lessee uses in measuring the lease liability arising in a sale
and leaseback transaction, to ensure the seller-lessee does not
recognise any amount of the gain or loss that relates to the right
of use it retains.
The amendments had no impact on the Group\u2019s financial
statements.
Amendments to IAS 1 - Classification of Liabilities as
Current or Non-current
The amendments to IAS 1 specify the requirements for classifying
liabilities as current or non-current.
The amendments clarify:
\u2022 What is meant by a right to defer settlement
\u2022 That a right to defer must exist at the end of the reporting
period
\u2022 That classification is unaffected by the likelihood that an entity
will exercise its deferral right
\u2022 That only if an embedded derivative in a convertible liability
is itself an equity instrument would the terms of a liability not
impact its classification
In addition, an entity is required to disclose when a liability arising
from a loan agreement is classified as non-current and the entity\u2019s
right to defer settlement is contingent on compliance with future
covenants within twelve months.
The amendments have not had an impact on the classification of
the Group\u2019s liabilities.
Supplier Finance Arrangements - Amendments to IAS 7
and IFRS 7
The amendments to IAS 7 Statement of Cash Flows and IFRS
7 Financial Instruments: Disclosures clarify the characteristics of
supplier finance arrangements and require additional disclosure
of such arrangements. The disclosure requirements in the
amendments are intended to assist users of financial statements
in understanding the effects of supplier finance arrangements on
an entity\u2019s liabilities, cash flows and exposure to liquidity risk.
The amendments had no impact on the Group\u2019s financial
statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-297": { "value": "b) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have not had an impact on the classification of the Group\u2019s liabilities. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024 year end and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-325": { "value": "b) New and amended standards adopted by the Group A number of new or amended standards became applicable for the current reporting period. Amendments to IFRS 16 \u2013 Lease Liability in a Sale and Leaseback The amendments in IFRS 16 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right of use it retains. The amendments had no impact on the Group\u2019s financial statements. Amendments to IAS 1 - Classification of Liabilities as Current or Non-current The amendments to IAS 1 specify the requirements for classifying liabilities as current or non-current. The amendments clarify: \u2022 What is meant by a right to defer settlement \u2022 That a right to defer must exist at the end of the reporting period \u2022 That classification is unaffected by the likelihood that an entity will exercise its deferral right \u2022 That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity\u2019s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments have not had an impact on the classification of the Group\u2019s liabilities. Supplier Finance Arrangements - Amendments to IAS 7 and IFRS 7 The amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity\u2019s liabilities, cash flows and exposure to liquidity risk. The amendments had no impact on the Group\u2019s financial statements. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2024 year end and have not been early adopted by the Group. These standards are not expected to have a material impact on the Group in the current or future reporting periods nor on foreseeable future transactions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-250": { "value": "
c) New standards and interpretations not yet
adopted
Certain new accounting standards and interpretations have been
published that are not mandatory for 31 December 2024 year end
and have not been early adopted by the Group. These standards
are not expected to have a material impact on the Group in the
current or future reporting periods nor on foreseeable future
transactions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-252": { "value": "
d) Basis of consolidation
The Group Financial Statements consolidate the accounts of
Pharos Energy plc and entities controlled by the Company (its
subsidiary undertakings) drawn up to the balance sheet date.
Control is achieved where the investor is exposed or has rights to
variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee.
The Company reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to one
or more of the elements of control. The results of subsidiaries
acquired or sold are consolidated for the periods from or to the
date on which control passed.
Where necessary, adjustments are made at the Group level to
align the accounting policies of the subsidiaries to the Group\u2019s
accounting policies.
All intragroup assets and liabilities, equity, income, expenses and
cash flows relating to transactions between the members of the
Group are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-251": { "value": "
e) Investments
Non-current investments in subsidiaries of the Company are
shown at cost less provision for impairment. An impairment
loss is recognised for the amount by which the asset\u2019s carrying
amount exceeds its recoverable amount. The recoverable amount
is the higher of an asset\u2019s fair value less costs of disposal and
value in use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-253": { "value": "
f) Interests in joint arrangements
A joint arrangement is an arrangement where two or more parties
have joint control. Joint control is the contractually agreed sharing
of control of an arrangement, which exists only when decisions
about the relevant activities require the unanimous consent
of the parties sharing control. Joint arrangements where the
Group has the rights to assets and obligations for liabilities of the
arrangement are classified as joint operations and are accounted
for by recognising the Group\u2019s share of assets, liabilities, income
and expenses.
Joint arrangements where the Group has the rights to the net
assets of the arrangement are classified as joint ventures and are
accounted for using the equity method of accounting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-299": { "value": "f) Interests in joint arrangements A joint arrangement is an arrangement where two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements where the Group has the rights to assets and obligations for liabilities of the arrangement are classified as joint operations and are accounted for by recognising the Group\u2019s share of assets, liabilities, income and expenses. Joint arrangements where the Group has the rights to the net assets of the arrangement are classified as joint ventures and are accounted for using the equity method of accounting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-254": { "value": "
g) Revenue
Revenue represents the fair value of the Group\u2019s share of oil and
gas sold during the year on a liftings basis and is recognised
when the Group satisfies a performance obligation by transferring
oil and gas to a customer. In accordance with the Group\u2019s sales
agreements for oil and gas, the title to oil and gas typically
transfers to a customer at the same time as the customer takes
physical possession of the oil or gas. Typically, at this point in
time, the performance obligations of the Group are fully satisfied.
Investment revenue is accrued on a time basis, by reference
to the principal outstanding and at the effective interest rate
applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-255": { "value": "
h) Other/restructuring items
Other/restructuring items represent income and expenses that
arise from events or transactions that are clearly distinct from the
ordinary activities of the Group and, therefore, are not expected to
recur frequently or regularly.
", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForOtherRestructuringItems", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-256": { "value": "i) Intangible and tangible non-current assets Oil and gas exploration, evaluation and development expenditure The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration and evaluation costs and direct administration costs are initially capitalised as intangible non-current assets in cost centres by well (most typically), field or exploration area, as appropriate. Interest payable is capitalised insofar as it relates to specific development activities. These costs are then written off as exploration costs in the income statement unless commercial reserves have been established or the determination process has not been completed and there are no indicators of impairment. All field development costs are capitalised as property, plant and equipment. Property, plant and equipment related to production activities is amortised in accordance with the Group\u2019s depreciation, depletion and amortisation accounting policy. Depreciation, depletion and amortisation Depletion is provided on oil and gas assets in production using the unit of production method, based on proven and probable reserves, applied to the sum of the total capitalised exploration, evaluation and development costs, together with estimated future development costs at current prices. Oil and gas assets, which have a similar economic life for each field, are aggregated for depreciation purposes. Impairment of value Where there has been a change in economic conditions or in the expected use of a tangible non-current asset that indicates a possible impairment of an asset, management tests the recoverability of the net book value of the asset by comparison with the estimated discounted future net cash flows based on management\u2019s expectations of future oil prices and future costs. Any identified impairment is charged/credited to the income statement in the period in which it is identified. Intangible non-current assets are considered for impairment by reference to the indicators specified in paragraphs 18 to 20 of IFRS 6. The impairment indicators in IFRS 6 for each exploration asset are: The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. Other tangible non-current assets Other tangible non-current assets are stated at historical cost less accumulated depreciation. Depreciation is provided on a straight-line basis at rates calculated to write off the cost of those assets, less residual value, over their expected useful lives of three to seven years. Decommissioning The decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure which is expected to be incurred at the end of the producing life of each field in the removal and decommissioning of the production, storage and transportation facilities currently in place. The cost of recognising the decommissioning provision is included as part of the cost of the relevant property, plant and equipment and is thus charged to the income statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation of tangible non-current assets. Period charges for changes in the net present value of the decommissioning provision arising from discounting are included in finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-300": { "value": "i) Intangible and tangible non-current assets Oil and gas exploration, evaluation and development expenditure The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration and evaluation costs and direct administration costs are initially capitalised as intangible non-current assets in cost centres by well (most typically), field or exploration area, as appropriate. Interest payable is capitalised insofar as it relates to specific development activities. These costs are then written off as exploration costs in the income statement unless commercial reserves have been established or the determination process has not been completed and there are no indicators of impairment. All field development costs are capitalised as property, plant and equipment. Property, plant and equipment related to production activities is amortised in accordance with the Group\u2019s depreciation, depletion and amortisation accounting policy. Depreciation, depletion and amortisation Depletion is provided on oil and gas assets in production using the unit of production method, based on proven and probable reserves, applied to the sum of the total capitalised exploration, evaluation and development costs, together with estimated future development costs at current prices. Oil and gas assets, which have a similar economic life for each field, are aggregated for depreciation purposes. Impairment of value Where there has been a change in economic conditions or in the expected use of a tangible non-current asset that indicates a possible impairment of an asset, management tests the recoverability of the net book value of the asset by comparison with the estimated discounted future net cash flows based on management\u2019s expectations of future oil prices and future costs. Any identified impairment is charged/credited to the income statement in the period in which it is identified. Intangible non-current assets are considered for impairment by reference to the indicators specified in paragraphs 18 to 20 of IFRS 6. The impairment indicators in IFRS 6 for each exploration asset are: The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. Other tangible non-current assets Other tangible non-current assets are stated at historical cost less accumulated depreciation. Depreciation is provided on a straight-line basis at rates calculated to write off the cost of those assets, less residual value, over their expected useful lives of three to seven years. Decommissioning The decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure which is expected to be incurred at the end of the producing life of each field in the removal and decommissioning of the production, storage and transportation facilities currently in place. The cost of recognising the decommissioning provision is included as part of the cost of the relevant property, plant and equipment and is thus charged to the income statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation of tangible non-current assets. Period charges for changes in the net present value of the decommissioning provision arising from discounting are included in finance costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-327": { "value": "
Oil and gas exploration, evaluation and development
expenditure
The Group adopts the successful efforts method of accounting for
exploration and evaluation costs. Pre-licence costs are expensed
in the period in which they are incurred. All licence acquisition,
exploration and evaluation costs and direct administration costs
are initially capitalised as intangible non-current assets in cost
centres by well (most typically), field or exploration area, as
appropriate. Interest payable is capitalised insofar as it relates to
specific development activities.
These costs are then written off as exploration costs in the
income statement unless commercial reserves have been
established or the determination process has not been completed
and there are no indicators of impairment.
All field development costs are capitalised as property, plant
and equipment. Property, plant and equipment related to
production activities is amortised in accordance with the Group\u2019s
depreciation, depletion and amortisation accounting policy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "value": "Oil and gas exploration, evaluation and development expenditure The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration and evaluation costs and direct administration costs are initially capitalised as intangible non-current assets in cost centres by well (most typically), field or exploration area, as appropriate. Interest payable is capitalised insofar as it relates to specific development activities. These costs are then written off as exploration costs in the income statement unless commercial reserves have been established or the determination process has not been completed and there are no indicators of impairment. All field development costs are capitalised as property, plant and equipment. Property, plant and equipment related to production activities is amortised in accordance with the Group\u2019s depreciation, depletion and amortisation accounting policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "value": "Oil and gas exploration, evaluation and development expenditure The Group adopts the successful efforts method of accounting for exploration and evaluation costs. Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition, exploration and evaluation costs and direct administration costs are initially capitalised as intangible non-current assets in cost centres by well (most typically), field or exploration area, as appropriate. Interest payable is capitalised insofar as it relates to specific development activities. These costs are then written off as exploration costs in the income statement unless commercial reserves have been established or the determination process has not been completed and there are no indicators of impairment. All field development costs are capitalised as property, plant and equipment. Property, plant and equipment related to production activities is amortised in accordance with the Group\u2019s depreciation, depletion and amortisation accounting policy. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-326": { "value": "
Depreciation, depletion and amortisation
Depletion is provided on oil and gas assets in production using
the unit of production method, based on proven and probable
reserves, applied to the sum of the total capitalised exploration,
evaluation and development costs, together with estimated future
development costs at current prices. Oil and gas assets, which
have a similar economic life for each field, are aggregated for
depreciation purposes.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-328": { "value": "
Impairment of value
Where there has been a change in economic conditions or in
the expected use of a tangible non-current asset that indicates
a possible impairment of an asset, management tests the
recoverability of the net book value of the asset by comparison
with the estimated discounted future net cash flows based on
management\u2019s expectations of future oil prices and future costs.
Any identified impairment is charged/credited to the income
statement in the period in which it is identified.
Intangible non-current assets are considered for impairment by
reference to the indicators specified in paragraphs 18 to 20 of
IFRS 6. The impairment indicators in IFRS 6 for each exploration
asset are:
The period for which the entity has the right to explore in the
specific area has expired during the period or will expire in the
near future, and is not expected to be renewed;
Substantive expenditure on further exploration for and evaluation
of mineral resources in the specific area is neither budgeted nor
planned;
Exploration for and evaluation of mineral resources in the
specific area have not led to the discovery of commercially viable
quantities of mineral resources and the entity has decided to
discontinue such activities in the specific area; and
Sufficient data exists to indicate that, although a development in
the specific area is likely to proceed, the carrying amount of the
exploration and evaluation asset is unlikely to be recovered in full
from successful development or by sale.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "value": "Impairment of value Where there has been a change in economic conditions or in the expected use of a tangible non-current asset that indicates a possible impairment of an asset, management tests the recoverability of the net book value of the asset by comparison with the estimated discounted future net cash flows based on management\u2019s expectations of future oil prices and future costs. Any identified impairment is charged/credited to the income statement in the period in which it is identified. Intangible non-current assets are considered for impairment by reference to the indicators specified in paragraphs 18 to 20 of IFRS 6. The impairment indicators in IFRS 6 for each exploration asset are: The period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; Exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables and loans to subsidiaries. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The expected credit losses on these financial assets are estimated using the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-329": { "value": "Decommissioning The decommissioning provision is calculated as the net present value of the Group\u2019s share of the expenditure which is expected to be incurred at the end of the producing life of each field in the removal and decommissioning of the production, storage and transportation facilities currently in place. The cost of recognising the decommissioning provision is included as part of the cost of the relevant property, plant and equipment and is thus charged to the income statement on a unit of production basis in accordance with the Group\u2019s policy for depletion and depreciation of tangible non-current assets. Period charges for changes in the net present value of the decommissioning provision arising from discounting are included in finance costs. p) Provisions A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote or the amount of the liability cannot be measured with sufficient reliability. Contingent liabilities may develop in a way not initially expected. Therefore, they are assessed continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Decommissioning provisions: Provisions for the costs to decommission oil & gas properties are recognised when the Group has an obligation required by the terms and conditions of the agreements and when a reliable estimate can be made. The provision for the costs of decommissioning oil & gas properties at the end of their economic lives is estimated using existing technology, at future prices, depending on the expected timing of the activity, and discounted using the nominal discount rate. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-257": { "value": "j) Changes in estimates The effects of changes in estimates on the unit of production calculations are accounted for prospectively, from the date of adoption of the revised estimates, over the estimated remaining proven and probable reserves. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingEstimatesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-258": { "value": "k) Inventories Inventories, except for inventories of hydrocarbons, are valued at the lower of cost and net realisable value. Cost is determined on a weighted average cost basis and comprises direct purchase costs. Net realisable value is determined by reference to prices existing at the balance sheet date. Physical inventories of hydrocarbons are valued at net realisable value in line with well established industry practice. Underlifts and overlifts are valued at market value and are included in accrued income and prepayments, and accruals and deferred income, respectively. Changes in hydrocarbon inventories, underlifts and overlifts are adjusted through cost of sales. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-259": { "value": "l) Leases On inception of a contract, the Group assesses whether the contract is, or contains, a lease. The contract is, or contains, a lease if it conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To determine whether the contract conveys the right to control the use of an identified asset, the Group assesses whether the contract involves the use of an identified asset, the Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use, and the Group has the right to direct the use of the asset. For short-term leases (lease term less than 12 months) and leases for which the underlying asset is of low value assets, the Group has opted to recognise a lease expense on a straight-line basis. The right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day, less any lease incentives received and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Group uses its incremental borrowing rate. The lease liability is presented as a separate line in the Consolidated Balance Sheet. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-260": { "value": "m) Share-based payments Equity-settled awards under share-based incentive plans are measured at fair value at the date of grant. 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 the number of equity instruments that will eventually vest. At each reporting 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 reserves. For cash-settled share-based payments, a liability is recognised measured initially at fair value. At each balance sheet date until the liability is settled, and at the date of settlement, the fair value of the liability is measured, with any changes in fair value recognised in profit or loss for the year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-301": { "value": "n) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases, 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 sufficient taxable profits will be available to recover the asset. Deferred tax is not recognised where an asset or liability is acquired in a transaction which is not a business combination for an amount which differs from its tax value. Deferred tax is calculated at the tax rates that are expected to be applied in the period when the liability is settled or the asset is realised based on tax 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 dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-261": { "value": "n) Taxation The tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases, 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 sufficient taxable profits will be available to recover the asset. Deferred tax is not recognised where an asset or liability is acquired in a transaction which is not a business combination for an amount which differs from its tax value. Deferred tax is calculated at the tax rates that are expected to be applied in the period when the liability is settled or the asset is realised based on tax 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 dealt with in equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-262": { "value": "o) Financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. There are no material financial assets and liabilities for which differences between carrying amounts and fair values are required to be disclosed. The classification of financial instruments as required by IFRS 7 is disclosed in Notes 20, 21, 22, 24 and 33. Financial asset at fair value through profit or loss Where a financial instrument is classified as a financial asset at fair value through profit or loss it is initially recognised at fair value. At each balance sheet date the fair value is reviewed and any gain or loss arising is recognised in the income statement. Changes in the net present value of the financial asset arising from discounting are included in other income and expense. As at 31 December 2024 and 2023, financial assets classified at fair value through profit or loss relate to revision of contingent consideration due from IPR following farm down of the Egypt concessions on 21 March 2022 (see Note 20). Other financial assets The amount booked as abandonment fund is the share of the fair value of the fund net assets. Cash is contributed into the abandonment funds for both our Vietnam producing fields TGT and CNV. These abandonment funds are maintained in a bank account by PetroVietnam and, as Pharos retains the legal rights and obligations to all monies contributed to the abandonment funds in accordance with the Petroleum Contracts, pending commencement of abandonment operations, they are treated as other non-current assets. Loans to subsidiaries Loans to subsidiaries are recognised at amortised cost, less expected credit losses provision, when required. Impairment of financial assets The Group recognises a loss allowance for expected credit losses on trade receivables and loans to subsidiaries. The amount of expected credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. The expected credit losses on these financial assets are estimated using the Group\u2019s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Derivative and hedging instruments Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Pharos entered into different commodity (zero cost collar) hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL. Pharos has designated the zero cost collars as cash flow hedges. For cash flow hedges, the portion of the gains and losses on the hedging instrument that is determined to be an effective hedge is taken to other comprehensive income and the ineffective portion is recognised in the income statement. The gains and losses taken to other comprehensive income are subsequently transferred to the income statement during the period in which the hedged transaction affects the income statement. Borrowings Interest-bearing bank loans are recorded at the proceeds received, net of direct issue costs. Finance charges, including any direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and transaction costs) through the expected life of the financial liability to the amortised cost of a financial liability. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. Equity instruments Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. Equity instruments repurchased are deducted from equity at cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-302": { "value": "Financial asset at fair value through profit or loss Where a financial instrument is classified as a financial asset at fair value through profit or loss it is initially recognised at fair value. At each balance sheet date the fair value is reviewed and any gain or loss arising is recognised in the income statement. Changes in the net present value of the financial asset arising from discounting are included in other income and expense. As at 31 December 2024 and 2023, financial assets classified at fair value through profit or loss relate to revision of contingent consideration due from IPR following farm down of the Egypt concessions on 21 March 2022 (see Note 20). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-303": { "value": "Loans to subsidiaries Loans to subsidiaries are recognised at amortised cost, less expected credit losses provision, when required. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-330": { "value": "Derivative and hedging instruments Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Pharos entered into different commodity (zero cost collar) hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL. Pharos has designated the zero cost collars as cash flow hedges. For cash flow hedges, the portion of the gains and losses on the hedging instrument that is determined to be an effective hedge is taken to other comprehensive income and the ineffective portion is recognised in the income statement. The gains and losses taken to other comprehensive income are subsequently transferred to the income statement during the period in which the hedged transaction affects the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "Derivative and hedging instruments Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Pharos entered into different commodity (zero cost collar) hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL. Pharos has designated the zero cost collars as cash flow hedges. For cash flow hedges, the portion of the gains and losses on the hedging instrument that is determined to be an effective hedge is taken to other comprehensive income and the ineffective portion is recognised in the income statement. The gains and losses taken to other comprehensive income are subsequently transferred to the income statement during the period in which the hedged transaction affects the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-304": { "value": "Derivative and hedging instruments Derivatives are initially recognised at fair value on the date that a derivative contract is entered into, and they are subsequently re-measured to their fair value at the end of each reporting period. The accounting for subsequent changes in fair value depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. At inception of the hedge relationship, the Group documents the economic relationship between hedging instruments and hedged items, including whether changes in the cash flows of the hedging instruments are expected to offset changes in the cash flows of hedged items. The Group documents its risk management objective and strategy for undertaking its hedge transactions. Pharos entered into different commodity (zero cost collar) hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL. Pharos has designated the zero cost collars as cash flow hedges. For cash flow hedges, the portion of the gains and losses on the hedging instrument that is determined to be an effective hedge is taken to other comprehensive income and the ineffective portion is recognised in the income statement. The gains and losses taken to other comprehensive income are subsequently transferred to the income statement during the period in which the hedged transaction affects the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-331": { "value": "Borrowings Interest-bearing bank loans are recorded at the proceeds received, net of direct issue costs. Finance charges, including any direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and transaction costs) through the expected life of the financial liability to the amortised cost of a financial liability. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-305": { "value": "Borrowings Interest-bearing bank loans are recorded at the proceeds received, net of direct issue costs. Finance charges, including any direct issue costs, are accounted for on an accrual basis in the income statement using the effective interest method and are added to the carrying amount of the instrument to the extent that they are not settled in the year in which they arise. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and transaction costs) through the expected life of the financial liability to the amortised cost of a financial liability. The Group derecognises financial liabilities when, and only when, the Group\u2019s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss. When the Group exchanges with the existing lender one debt instrument into another one with substantially different terms, such exchange is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, the Group accounts for substantial modification of terms of an existing liability or part of it as an extinguishment of the original financial liability and the recognition of a new liability. It is assumed that the terms are substantially different if the discounted present value of the cash flows under the new terms, including any fees paid net of any fees received and discounted using the original effective interest rate is at least 10 per cent different from the discounted present value of the remaining cash flows of the original financial liability. If the modification is not substantial, the difference between: (1) the carrying amount of the liability before the modification; and (2) the present value of the cash flows after modification is recognised in profit or loss as the modification gain or loss within other gains and losses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-264": { "value": "p) Provisions A contingent liability is disclosed unless the possibility of an outflow of resources embodying economic benefits is remote or the amount of the liability cannot be measured with sufficient reliability. Contingent liabilities may develop in a way not initially expected. Therefore, they are assessed continually to determine whether an outflow of resources embodying economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. Decommissioning provisions: Provisions for the costs to decommission oil & gas properties are recognised when the Group has an obligation required by the terms and conditions of the agreements and when a reliable estimate can be made. The provision for the costs of decommissioning oil & gas properties at the end of their economic lives is estimated using existing technology, at future prices, depending on the expected timing of the activity, and discounted using the nominal discount rate. Estimates are regularly reviewed and adjusted as appropriate for new circumstances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-265": { "value": "q) Foreign currencies The individual financial statements of each Group company are stated in the currency of the primary economic environment in which it operates (its functional currency). Transactions in currencies other than the entity\u2019s functional currency (foreign currency) are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are recorded at the rates of exchange prevailing at that date, or if appropriate, at the forward contract rate. Any resulting gains and losses are included in net profit or loss for the period. For the purpose of presenting consolidated financial statements the results of entities denominated in currencies other than US dollars are translated at the daily rate of exchange and their balance sheets at the rates ruling at the balance sheet date. Any resulting gains or losses are taken to other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-266": { "value": "
r) Pension costs
The contributions payable in the year in respect of pension costs
for defined contribution schemes and other post-retirement
benefits are charged to the income statement. Differences
between contributions payable in the year and contributions
actually paid are shown either as accruals or prepayments in the
balance sheet.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-267": { "value": "
s) Restatement of current liability
As at 31 December 2023, a $1.7m current liability was
recognised in respect of the interim dividend announced in
December 2023 and paid in January 2024. While preparing
these financial statements the Group noted the guidance set out
in the ICAEW Technical Release 02/17BL regarding \u201cGuidance
on Realised and Distributable Profits under the Companies Act
2006\u201d (TR 02/17BL) which requires a legally binding liability to
be established prior to the recognition of an interim dividend.
Since this obligation was not legally binding as at 31 December
2023, the comparatives in the Consolidated Balance Sheet
and the Consolidated Statements of Changes in Equity as at
31 December 2023 have been restated for the Group and the
Company to remove the interim dividend liability. Going forward,
the Group will recognise interim dividends only in the period
in which they are paid unless applicable accounting practice,
standards or guidance changes. This does not constitute any
change in the Group\u2019s previously announced dividend policy.
", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForRestatementOfCurrentLiability", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-263": { "value": "
t) Restatement of Fixed asset investments and
joint arrangements in the Company
Comparative information in respect of impairment charge and
remaining recoverable amount has been restated in relation to
the recognition of an additional impairment of investments in
subsidiaries due to an error in calculating the recoverable value
of Pharos Energy plc\u2019s investment in Pharos Exploration Limited.
The investment balance as at 31 December 2023 was overstated
and an impairment charge for the year ended 31 December 2023
was understated by $32.8m, $29.8m of which related to pre-
2023 financial years. As a result of the correction, investment in
subsidiaries as at 31 December 2023 decreased from $294.3m to
$265.1m and loss for the year increased from $47.0m to $50.0m.
The $29.8m additional loss in relation to pre-2023 financial years
has been corrected in opening retained earnings as of 1 January
2023 which has the impact of reducing the investment balance as
at 1 January 2023 from $335.5m to $305.7m.
", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForRestatementOfFixedAssetInvestmentsAndJointArrangementsInTheCompany", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-268": { "value": "
3. Financial risk management
The Board reviews and agrees policies for managing financial
risks that may affect the Group. In certain cases the Board
delegates responsibility for such reviews and policy setting to the
Audit and Risk Committee. The principal financial risks affecting
the Group are discussed in the Risk Management Report on
pages 45 to 56 and in Note 36.
36. Financial instruments
Financial Risk Management: Objectives and Policies
The main risks arising from the Group\u2019s financial instruments are
commodity price risk, liquidity risk, credit risk, foreign currency
risk, interest rate risk and capital risk management. The Board
of Pharos regularly reviews and agrees policies for managing
financial risks that may affect the Group. In certain cases, the
Board delegates responsibility for such reviews and policy setting
to the Audit Risk Committee. The management of these risks is
carried out by monitoring of cash flows, investment and funding
requirements using a variety of techniques. These potential
exposures are managed while ensuring that the Company and
the Group have adequate liquidity at all times in order to meet
their immediate cash requirements. There are no significant
concentrations of risks unless otherwise stated. The Group does
not enter into or trade financial instruments, including derivatives,
for speculative purposes.
The primary financial assets and liabilities comprise cash, short-
and medium-term deposits, money market liquidity funds, intra
group loans, trade receivables and other receivables and financial
liabilities held at amortised cost. The Group\u2019s strategy has been
to finance its operations through a mixture of retained profits and
bank borrowings. Other alternatives such as equity issues are
reviewed by the Board, when appropriate.
Commodity Price Risk
Commodity price risk arises principally from the Group\u2019s Vietnam
and Egypt production, which could adversely affect revenue
and debt availability due to changes in commodity prices. To
reduce risk from Vietnam production, in 2023 the Company
and its partners signed a three year sales contract for all TGT
oil cargoes with BSR to cover the period 1 January 2024 to 7
December 2026. The premium on Brent for the Term Sales Period
will continue to be agreed every six months, which provides the
Group with significant downside price protection for production
from our largest Vietnam field, and protects margins through
eliminating export duty and additional transportation costs to
overseas customers.
The Group measures commodity price risk through an analysis of
the potential impact of changing commodity prices. Based on this
analysis and considering materiality and the potential business
impact, the Group may choose to hedge.
During 2024, Pharos entered into different zero cost collar hedges
to protect the Brent component of forecast oil sales and to ensure
future compliance with its obligations under the RBL over the
producing assets in Vietnam. The current commodity hedges
run until June 2025 and are settled monthly. Details of current
hedging arrangements and the categorisation of the instruments
in the fair value hierarchy can be found in Note 25.
Transacted derivatives are designated as cash flow hedge
relationships to minimise accounting income statement volatility.
The Group is required to assess the likely effectiveness of any
proposed cash flow hedging relationship and demonstrate that
the hedging relationship is expected to be highly effective prior to
entering into a hedging instrument and at subsequent reporting
dates.
Liquidity Risk
Pharos closely monitors and manages its liquidity risk using both
short- and long-term cash flow projections, supplemented by
debt and equity financing plans and active portfolio management.
Cash forecasts are regularly produced and sensitivities run for
different scenarios including, but not limited to, changes in asset
production profiles and cost schedules.
Details of the Group\u2019s borrowings and debt facilities can be
found in Note 24. The Group is subject to half-yearly forecast
liquidity tests as part of the redetermination process for the RBL
facility agreement. The Group has complied with the liquidity
requirements of this test at all times during the year, with the last
redetermination taking place in June 2024. The RBL loan was
repaid in full during September 2024 and the facility matures in
July 2025.
The Group invests cash in a combination of money market
liquidity funds and term deposits with a number of international
and UK financial institutions, ensuring sufficient liquidity to enable
the Group to meet its short- and medium-term expenditure
requirements. This includes funding total shareholder returns
in the form of dividends and share buy backs, which totalled
$8.8m in the year (2023: $8.4m). A further interim dividend of
$1.8m (2023: $1.7m) was paid in January 2025 and the latest
$3.0m share buyback programme (the Second Programme
Extension) completed in January 2025. The Group ensures that
cash forecasts and sensitivity analyses are robust to meet these
funding requirements. Further information can be found in Note
27 and Note 29.
Credit Risk
Credit risk arises from cash and cash equivalents, investments
with banks and financial institutions, trade and other receivables
and joint operation receivables.
Customers and joint operation partners are subject to a risk
assessment using publicly available information and credit
reference agencies, with follow-up due diligence and monitoring if
required.
Investment credit risk for investments with banks and other
financial institutions is managed by the Group Treasury function
in accordance with the Board-approved policies of the Group.
These policies limit counterparty exposure, maturity, collateral and
take account of published ratings, market measures and other
market information.
The Company\u2019s policy is to invest with banks or other financial
institutions that, firstly, offer the greatest degree of security in the
view of the Group and, secondly, the most competitive interest
rates. The Board continually re-assesses the Group\u2019s policy and
updates as required.
The maximum credit risk exposure relating to financial assets is
represented by the carrying value as at the balance sheet date.
The Group\u2019s trade receivables in Note 20, although 100% (2023:
100%) concentrated with two customers across both Vietnam
and Egypt producing assets, are predominantly with a major oil &
gas company and the subsidiary of a government regulated entity.
The credit default risk is therefore deemed to be low and there
is no history of default, despite the payment delays from EGPC
and significant devaluation of the Egyptian Pound against the US
Dollar discussed in the following section.
Foreign Currency Risk
Pharos manages exposures that arise from non-functional
currency receipts and payments by matching receipts and
payments in the same currency and actively managing the
residual net position. The Group does not hedge any foreign
exchange exposure.
The Group also aims where possible to hold surplus cash, debt
and working capital balances in the functional currency of the
subsidiary, thereby matching the reporting currency and functional
currency of most companies in the Group. This minimises the
impact of foreign exchange movements on the Group\u2019s Balance
Sheet. Oil and gas sales in Vietnam are raised and settled through
a combination of Vietnamese Dong (VND) and US Dollars (USD),
along with associated tax and royalty payments. The Group holds
a number of VND and USD bank accounts that provide a natural
hedge against foreign exchange movements.
In the Egypt business, macroeconomic volatility has seen both
a significant devaluation of the Egyptian Pound and continued
restrictions on outgoing US Dollar transfers by the Central Bank
of Egypt. The Company has opted not to accept the payment
of trade receivables balance in Egyptian Pounds unless required
for operations. The progressive devaluation of EGP against USD,
which has continued since the Egyptian government decided to
fully float EGP currency in March 2024, means that it remains
preferable to hold USD denominated receivables. However, as a
result of the carry with IPR having been fully utilised, the Group
opted to accept the payment of part receivables balance in
EGP from April 2024 in order to cover operational expenditure
and other expenses in local currencies. As a result, Pharos\u2019
receivables have decreased to $28.1m at 31 December 2024,
after expected credit loss provision of $1.4m (2023: $33.4m
receivables after credit loss provision of $4.0m).
Positive announcements by the Egyptian Government highlighted
in the CFO Statement, combined with the Company agreeing with
the operator of the Egypt concessions, IPR, to pay a significant
proportion of post-carry cash calls in EGP, means that the Group
is optimistic that its receivables position and liquidity will continue
to improve during 2025.
The Group\u2019s UK head office contributes the majority of
administrative costs which are denominated in GBP. The level
of monetary working capital balances denominated in GBP
is relatively low and therefore the Group\u2019s exposure to foreign
currency changes for all currencies is not considered to be
material.
Interest Rate Risk
The replacement of benchmark interest rates such as LIBOR
and other IBORs has been a priority for global regulators. The
Group has closely monitored the market and output from the
various industry working groups managing the transition to new
benchmark interest rates. This includes announcements made by
LIBOR regulators (including the Financial Conduct Authority (FCA)
and the US Commodity Futures Trading Commission regarding
the transition away from LIBOR (including GBP LIBOR and USD
LIBOR)). The Company\u2019s principal borrowings, in the form of the
RBL loan and the NBE UK Uncommitted Revolving Credit facility,
both switched from USD LIBOR to SOFR plus CAS interest rates
from 1 July 2023.
As at 31 December 2024, the Group\u2019s principal borrowings have
been repaid in full as described in Note 24 and the Group is
debt free (2023: $40.5m). The Group has therefore reduced its
interest rate risk and is not currently exposed to future interest
rate volatility. The Group\u2019s interest received on cash and cash
equivalents is immaterial.
Capital Risk Management
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising
the return to shareholders through the optimisation of the debt and equity balances. To this extent, following a period of improved
commodity prices, the Group committed to shareholder returns during 2024 in the form of both share buybacks and dividends to
shareholders. The Group\u2019s overall strategy remains unchanged from 2023.
The capital structure of the Group consists of net cash (cash and borrowings disclosed in Note 20 and 24, respectively) and equity
(comprising issued share capital, reserves and retained earnings as disclosed in Notes 27 to 28). Management reviews the capital
structure on a semi-annual basis, and most of the capital expenditure incurred is discretionary. The Group is not subject to any
externally imposed capital requirements and is in a net cash, debt free financial position as at 31 December 2024.
Please see Non-IFRS Measures (Unaudited) for net cash and gearing ratios as at 31 December 2024 and 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-269": { "value": "
4. Critical judgements and accounting
estimates
a) Critical judgements in applying the Group\u2019s
accounting policies
In the process of applying the Group\u2019s accounting policies
described in Note 2, management has made judgements that
may have a significant effect on the amounts recognised in the
financial statements. These are discussed below:
Oil and gas assets
Note 2(i) describes the judgements necessary to implement the
Group\u2019s policy with respect to the carrying value of intangible
exploration and evaluation assets.
Management considers these assets for impairment at least
annually with reference to indicators in IFRS 6. Note 15 discloses
the carrying value of intangible exploration and evaluation
assets along with details of impairment charges that arose
during the year. Further, Note 2(i) describes the Group\u2019s policy
regarding reclassification of intangible assets to tangible assets.
Management considers the appropriateness of asset classification
at least annually.
b) Key sources of estimation uncertainty
The key assumptions concerning the future, and other key
sources of estimation uncertainty at the balance sheet date, other
than those mentioned above, 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:
Oil and gas reserves and DD&A
Note 2(i) sets out the Group\u2019s accounting policy on DD&A. Proven
and probable reserves are estimated using standard recognised
evaluation techniques and are disclosed on pages 121 to 123.
The estimate is reviewed at least twice a year and is audited by
third party reservoir engineers at year end. Future development
costs are estimated taking into account the level of development
required to produce the reserves by reference to operators, where
applicable, and internal engineers. As discussed in the Reserves
Committee Report on pages 121 to 123, the Vietnam and Egypt
fields\u2019 proved and probable reserves estimates have been revised
based on ongoing work of ERCE and audited by our Reserves
Auditors, McDaniel. Reserves estimates are inherently uncertain,
especially in the early stages of a field\u2019s life, and are routinely
revised over the producing lives of oil and gas fields as new
information becomes available, judgements are taken over the life
of the licence, and as economic conditions evolve. Such revisions
may impact the Group\u2019s future financial position and results, in
particular, in relation to DD&A and impairment testing of oil and
gas property, plant and equipment.
Impairment of producing oil and gas assets
If impairment indicators are identified in relation to a producing
oil and gas field, management is required to carry out an
assessment in accordance with IAS 36 \u2018Impairment of Assets\u2019
by comparing the net carrying value of the assets and liabilities
which represent the field cash generating unit (CGU) with the
estimated recoverable amount of the field. Management generally
determines the recoverable amount of the field by estimating its
value in use, using a discounted cash flow method. Calculating
the net present value of the discounted cash flows involves
key assumptions which include commodity prices, 2P reserves
estimates and discount rates. Other assumptions include
production profiles, future operating and capital expenditures
and the relevant fiscal terms. Further information relating to the
specific assumptions and uncertainties relevant to impairment
tests performed in the year are discussed in Note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-270": { "value": "
5. Total revenue
An analysis of the Group\u2019s revenue is as follows:
2024 2023
$ million $ million
Oil and gas sales (see Note 6) 136.1 168.1
Realised losses on commodity hedges (0.1) (0.2)
(see Note 6 and Note 25) 136.0 167.9
Investment revenue 0.4 0.2
136.4 168.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-271": { "value": "
6. Segment information
The Group has one principal business activity being oil and gas exploration and production. The Group\u2019s operations are located in South
East Asia and Egypt (the Group\u2019s operating segments). There are no inter-segment sales. South East Asia and Egypt form the basis on
which the Group reports its segment information.
2024
SE Asia Egypt Unallocated Group
$ million $ million $ million $ million
Oil and gas sales (see Note 5)
115.4
20.7
\u2013
136.1
Realised loss on commodity hedges (see Note 5 and Note 25)
\u2013
\u2013
(0.1)
(0.1)
Total revenue
115.4
20.7
(0.1)
136.0
Cost of sales
(75.6)
(14.2)
\u2013
(89.8)
Impairment reversal \u2013 Financial asset (see Note 20)
\u2013
2.5
\u2013
2.5
Administrative expenses
\u2013
\u2013
(9.1)
(9.1)
Depreciation, depletion and amortisation - Oil and gas (see Note 7 and Note 16)
(42.1)
(5.0)
\u2013
(47.1)
Depreciation, depletion and amortisation - Other (see Note 16)
\u2013
(0.2)
\u2013
(0.2)
Other operating costs (see Note 8)
\u2013
\u2013
(0.8)
(0.8)
Pre-licence costs
\u2013
\u2013
(0.8)
(0.8)
Impairment charge \u2013 Intangible assets (see Note 15)
\u2013
(2.0)
\u2013
(2.0)
Impairment reversal - PP&E (see Note 16)
23.4
4.9
\u2013
28.3
Gain on fair value movement of financial asset (see Note 20)
\u2013
0.3
\u2013
0.3
Profit/(loss) before tax
1
60.9
11.3
(11.5)
60.7
Tax charge on operations (see Note 12)
(26.8)
(1.9)
\u2013
(28.7)
Tax charge on impairment reversal (see Note 12)
(8.4)
\u2013
\u2013
(8.4)
2023
SE Asia Egypt Unallocated Group
$ million $ million $ million $ million
Oil and gas sales (see Note 5)
149.2
18.9
\u2013
168.1
Realised loss on commodity hedges
(see Note 5 and Note 25)
\u2013
\u2013
(0.2)
(0.2)
Total revenue
149.2
18.9
(0.2)
167.9
Cost of sales
(95.6)
(13.4)
\u2013
(109.0)
Impairment charge \u2013 Financial asset (see Note 20)
\u2013
(2.2)
\u2013
(2.2)
Administrative expenses
\u2013
\u2013
(9.0)
(9.0)
Depreciation, depletion and amortisation - Oil and gas (see Note 7 and Note 16)
(51.0)
(4.4)
\u2013
(55.4)
Depreciation, depletion and amortisation - Other (see Note 16)
\u2013
(0.2)
\u2013
(0.2)
Pre-licence costs
\u2013
(0.4)
\u2013
(0.4)
Impairment charge \u2013 Intangible assets (see Note 15)
\u2013
(6.5)
\u2013
(6.5)
Impairment charge - PP&E (see Note 16)
(46.0)
(12.9)
\u2013
(58.9)
Loss on fair value movement of financial asset (see Note 20)
\u2013
(0.3)
\u2013
(0.3)
Profit/(loss) before tax
1
5.6
(18.4)
(16.2)
(29.0)
Tax charge on operations (see Note 12)
(36.0)
\u2013
\u2013
(36.0)
Tax credit on impairment charge (see Note 12)
16.2
\u2013
\u2013
16.2
1) Unallocated amounts included in profit/(loss) before tax comprise corporate costs not attributable to an operating segment, investment revenue, other gains
and losses and finance costs.
The accounting policies of the reportable segments are the same as the Group\u2019s accounting policies as described in Note 2.
Included in revenues arising from South East Asia and Egypt are revenues of $115.4m and $20.7m which arose from the Group\u2019s two
largest customers, who contributed more than 10% to the Group\u2019s oil and gas revenue (2023: $149.2m and $18.9m in South East Asia
and Egypt from the Group\u2019s two largest customers).
Geographical information
The Group\u2019s oil and gas revenue and non-current assets
(excluding other assets) by geographical location are separately
detailed below where they exceed 10% of total revenue or non-
current assets, respectively:
Revenue
All of the Group\u2019s oil and gas revenue is derived from foreign
countries. The Group\u2019s oil and gas revenue by geographical
location is determined by reference to the final destination of oil or
gas sold.
2024 2023
$ million $ million
Vietnam
115.4
149.2
Egypt
20.7
18.9
136.1
168.1
Non-current assets
2024 2023
$ million $ million
Vietnam
233.5
240.4
Egypt
62.0
57.6
295.5
298.0
Excludes other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-13": { "value": "The Group has one principal business activity being oil and gas exploration and production.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-12": { "value": "South East Asia and Egypt", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-332": { "value": "Geographical information The Group\u2019s oil and gas revenue and non-current assets (excluding other assets) by geographical location are separately detailed below where they exceed 10% of total revenue or non- current assets, respectively: Revenue All of the Group\u2019s oil and gas revenue is derived from foreign countries. The Group\u2019s oil and gas revenue by geographical location is determined by reference to the final destination of oil or gas sold.
2024 2023
$ million $ million
Vietnam
115.4
149.2
Egypt
20.7
18.9
136.1
168.1
Non-current assets
2024 2023
$ million $ million
Vietnam
233.5
240.4
Egypt
62.0
57.6
295.5
298.0
Excludes other assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-306": { "value": "Geographical information The Group\u2019s oil and gas revenue and non-current assets (excluding other assets) by geographical location are separately detailed below where they exceed 10% of total revenue or non- current assets, respectively: Revenue All of the Group\u2019s oil and gas revenue is derived from foreign countries. The Group\u2019s oil and gas revenue by geographical location is determined by reference to the final destination of oil or gas sold.
2024 2023
$ million $ million
Vietnam
115.4
149.2
Egypt
20.7
18.9
136.1
168.1
Non-current assets
2024 2023
$ million $ million
Vietnam
233.5
240.4
Egypt
62.0
57.6
295.5
298.0
Excludes other assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-272": { "value": "
7. Cost of sales
2024 2023
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
47.1 55.4
Production based taxes 9.2 10.5
Production operating costs 39.5 39.1
Change in inventories (6.0) 4.0
89.8 109.0
Impairment (reversal)/charge \u2013 (2.5) 2.2
financial asset (see Note 20) 87.3 111.2
8. Other operating costs and Other/
restructuring expense
2024 2023
Other operating costs $ million $ million
Share based payments 0.6 \u2013
Other 0.2 \u2013
0.8 \u2013
Share based payments of $0.6m relate to the posthumous
vesting of share scheme awards to the former CEO of the
Company, settled in cash and paid to his estate with the
agreement of the executor. This cash settlement was provided for
in the relevant share scheme rules and formally approved by the
Remuneration Committee.
Other costs of $0.2m were incurred in relation to the closure of
the Group\u2019s US office.
2024 2023
Other/restructuring expense $ million $ million
Redundancy costs 0.4 \u2013
Other \u2013 0.6
0.4 0.6
In 2024, Other/restructuring expenses included $0.4m of
redundancy costs relating to the Egypt office in Cairo. In 2023,
other expenses of $0.6m were due to changes in the best
estimate of the adjustment relating to the interim period between
the economic date of 1 July 2020 and the completion date of the
disposal of 55% interest in the Egypt concessions.
10. Auditor\u2019s remuneration
The analysis of the auditor\u2019s remuneration is as follows:
2024 2023
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
781 574
Fees payable to the Company\u2019s auditor and their associates for
other services to the Group:
Audit of the Company\u2019s subsidiaries \u2013 11
Total audit fees 781 585
Audit related assurance services 141 141
\u2013 half year review
Other assurance services \u2013 37
Total non-audit fees 141 178
The non-audit fees during 2024 constituted the half year review
(2023: half year review and other assurance services associated
primarily with the agreed upon procedures relating to the Vietnam
region).
Ernst & Young LLP succeeded Deloitte LLP as external auditor
with effect from 1 January 2024. During the second half of 2023
and the early part of 2024, Ernst & Young LLP \u201cshadowed\u201d
Deloitte\u2019s work as external auditor, with a view to preserving
know-how and experience and encouraging a seamless
transition. Shareholders approved the appointment of Ernst &
Young LLP as external auditor for the financial year commencing
1 January 2024 at the 2024 AGM.
All non-audit fees were fully approved by the Audit and Risk
Committee, having concluded such services were compatible
with auditor independence and were consistent with relevant
ethical guidance in place.
Details of the Company\u2019s policy on the use of auditors for non-
audit services are set out in the Audit and Risk Committee Report
on pages 128 to 134.
Fees payable to Ernst & Young LLP for non-audit services to the
Company are not required to be disclosed separately because
the consolidated financial statements disclose such fees on a
consolidated basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-308": { "value": "7. Cost of sales
2024 2023
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
47.1 55.4
Production based taxes 9.2 10.5
Production operating costs 39.5 39.1
Change in inventories (6.0) 4.0
89.8 109.0
Impairment (reversal)/charge \u2013 (2.5) 2.2
financial asset (see Note 20) 87.3 111.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-334": { "value": "7. Cost of sales
2024 2023
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
47.1 55.4
Production based taxes 9.2 10.5
Production operating costs 39.5 39.1
Change in inventories (6.0) 4.0
89.8 109.0
Impairment (reversal)/charge \u2013 (2.5) 2.2
financial asset (see Note 20) 87.3 111.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "value": "7. Cost of sales
2024 2023
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
47.1 55.4
Production based taxes 9.2 10.5
Production operating costs 39.5 39.1
Change in inventories (6.0) 4.0
89.8 109.0
Impairment (reversal)/charge \u2013 (2.5) 2.2
financial asset (see Note 20) 87.3 111.2
8. Other operating costs and Other/ restructuring expense
2024 2023
Other operating costs $ million $ million
Share based payments 0.6 \u2013
Other 0.2 \u2013
0.8 \u2013
Share based payments of $0.6m relate to the posthumous vesting of share scheme awards to the former CEO of the Company, settled in cash and paid to his estate with the agreement of the executor. This cash settlement was provided for in the relevant share scheme rules and formally approved by the Remuneration Committee. Other costs of $0.2m were incurred in relation to the closure of the Group\u2019s US office.
2024 2023
Other/restructuring expense $ million $ million
Redundancy costs 0.4 \u2013
Other \u2013 0.6
0.4 0.6
In 2024, Other/restructuring expenses included $0.4m of redundancy costs relating to the Egypt office in Cairo. In 2023, other expenses of $0.6m were due to changes in the best estimate of the adjustment relating to the interim period between the economic date of 1 July 2020 and the completion date of the disposal of 55% interest in the Egypt concessions. 10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2024 2023
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
781 574
Fees payable to the Company\u2019s auditor and their associates for
other services to the Group:
Audit of the Company\u2019s subsidiaries \u2013 11
Total audit fees 781 585
Audit related assurance services 141 141
\u2013 half year review
Other assurance services \u2013 37
Total non-audit fees 141 178
The non-audit fees during 2024 constituted the half year review (2023: half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region). Ernst & Young LLP succeeded Deloitte LLP as external auditor with effect from 1 January 2024. During the second half of 2023 and the early part of 2024, Ernst & Young LLP \u201cshadowed\u201d Deloitte\u2019s work as external auditor, with a view to preserving know-how and experience and encouraging a seamless transition. Shareholders approved the appointment of Ernst & Young LLP as external auditor for the financial year commencing 1 January 2024 at the 2024 AGM. All non-audit fees were fully approved by the Audit and Risk Committee, having concluded such services were compatible with auditor independence and were consistent with relevant ethical guidance in place. Details of the Company\u2019s policy on the use of auditors for non- audit services are set out in the Audit and Risk Committee Report on pages 128 to 134. Fees payable to Ernst & Young LLP for non-audit services to the Company are not required to be disclosed separately because the consolidated financial statements disclose such fees on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "value": "7. Cost of sales
2024 2023
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
47.1 55.4
Production based taxes 9.2 10.5
Production operating costs 39.5 39.1
Change in inventories (6.0) 4.0
89.8 109.0
Impairment (reversal)/charge \u2013 (2.5) 2.2
financial asset (see Note 20) 87.3 111.2
8. Other operating costs and Other/ restructuring expense
2024 2023
Other operating costs $ million $ million
Share based payments 0.6 \u2013
Other 0.2 \u2013
0.8 \u2013
Share based payments of $0.6m relate to the posthumous vesting of share scheme awards to the former CEO of the Company, settled in cash and paid to his estate with the agreement of the executor. This cash settlement was provided for in the relevant share scheme rules and formally approved by the Remuneration Committee. Other costs of $0.2m were incurred in relation to the closure of the Group\u2019s US office.
2024 2023
Other/restructuring expense $ million $ million
Redundancy costs 0.4 \u2013
Other \u2013 0.6
0.4 0.6
In 2024, Other/restructuring expenses included $0.4m of redundancy costs relating to the Egypt office in Cairo. In 2023, other expenses of $0.6m were due to changes in the best estimate of the adjustment relating to the interim period between the economic date of 1 July 2020 and the completion date of the disposal of 55% interest in the Egypt concessions. 10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2024 2023
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
781 574
Fees payable to the Company\u2019s auditor and their associates for
other services to the Group:
Audit of the Company\u2019s subsidiaries \u2013 11
Total audit fees 781 585
Audit related assurance services 141 141
\u2013 half year review
Other assurance services \u2013 37
Total non-audit fees 141 178
The non-audit fees during 2024 constituted the half year review (2023: half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region). Ernst & Young LLP succeeded Deloitte LLP as external auditor with effect from 1 January 2024. During the second half of 2023 and the early part of 2024, Ernst & Young LLP \u201cshadowed\u201d Deloitte\u2019s work as external auditor, with a view to preserving know-how and experience and encouraging a seamless transition. Shareholders approved the appointment of Ernst & Young LLP as external auditor for the financial year commencing 1 January 2024 at the 2024 AGM. All non-audit fees were fully approved by the Audit and Risk Committee, having concluded such services were compatible with auditor independence and were consistent with relevant ethical guidance in place. Details of the Company\u2019s policy on the use of auditors for non- audit services are set out in the Audit and Risk Committee Report on pages 128 to 134. Fees payable to Ernst & Young LLP for non-audit services to the Company are not required to be disclosed separately because the consolidated financial statements disclose such fees on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-273": { "value": "
9. Finance costs
2024 2023
$ million $ million
Unwinding of discount on provisions 2.2 2.0
(see Note 26)
Interest expense and similar fees 1.1 7.7
(see Note 24)
Net foreign exchange losses 0.6 0.5
3.9 10.2
In 2024, $2.2m relates to the unwinding of discount on the
provisions for decommissioning (2023: $2.0m). The provisions
are based on the net present value of the Group\u2019s share of the
expenditure which will be incurred at the end of the producing
life of TGT and CNV (currently estimated to be 7-8 years) in the
removal and decommissioning of the facilities currently in place
(see Note 26).
Following the June 2024 redetermination and the $20.0m
repayment of principal in relation to the Group\u2019s reserve based
lending facility, there was a change in estimated future cash flows.
The RBL loan facility was voluntarily repaid early and in full on 17
September 2024, and a credit of $1.3m was recognised in the
income statement.
In 2023, following the June and December 2023 redeterminations
and the $35.0m repayment of principal in relation to the Group\u2019s
reserve based lending facility, there was a change in estimated
future cash flows. As a result, a charge of $2.7m was recognised
in profit and loss, offset by an amortisation adjustment of $(1.4)m.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-307": { "value": "9. Finance costs
2024 2023
$ million $ million
Unwinding of discount on provisions 2.2 2.0
(see Note 26)
Interest expense and similar fees 1.1 7.7
(see Note 24)
Net foreign exchange losses 0.6 0.5
3.9 10.2
In 2024, $2.2m relates to the unwinding of discount on the provisions for decommissioning (2023: $2.0m). The provisions are based on the net present value of the Group\u2019s share of the expenditure which will be incurred at the end of the producing life of TGT and CNV (currently estimated to be 7-8 years) in the removal and decommissioning of the facilities currently in place (see Note 26). Following the June 2024 redetermination and the $20.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. The RBL loan facility was voluntarily repaid early and in full on 17 September 2024, and a credit of $1.3m was recognised in the income statement. In 2023, following the June and December 2023 redeterminations and the $35.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. As a result, a charge of $2.7m was recognised in profit and loss, offset by an amortisation adjustment of $(1.4)m.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-333": { "value": "9. Finance costs
2024 2023
$ million $ million
Unwinding of discount on provisions 2.2 2.0
(see Note 26)
Interest expense and similar fees 1.1 7.7
(see Note 24)
Net foreign exchange losses 0.6 0.5
3.9 10.2
In 2024, $2.2m relates to the unwinding of discount on the provisions for decommissioning (2023: $2.0m). The provisions are based on the net present value of the Group\u2019s share of the expenditure which will be incurred at the end of the producing life of TGT and CNV (currently estimated to be 7-8 years) in the removal and decommissioning of the facilities currently in place (see Note 26). Following the June 2024 redetermination and the $20.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. The RBL loan facility was voluntarily repaid early and in full on 17 September 2024, and a credit of $1.3m was recognised in the income statement. In 2023, following the June and December 2023 redeterminations and the $35.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. As a result, a charge of $2.7m was recognised in profit and loss, offset by an amortisation adjustment of $(1.4)m.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-355": { "value": "9. Finance costs
2024 2023
$ million $ million
Unwinding of discount on provisions 2.2 2.0
(see Note 26)
Interest expense and similar fees 1.1 7.7
(see Note 24)
Net foreign exchange losses 0.6 0.5
3.9 10.2
In 2024, $2.2m relates to the unwinding of discount on the provisions for decommissioning (2023: $2.0m). The provisions are based on the net present value of the Group\u2019s share of the expenditure which will be incurred at the end of the producing life of TGT and CNV (currently estimated to be 7-8 years) in the removal and decommissioning of the facilities currently in place (see Note 26). Following the June 2024 redetermination and the $20.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. The RBL loan facility was voluntarily repaid early and in full on 17 September 2024, and a credit of $1.3m was recognised in the income statement. In 2023, following the June and December 2023 redeterminations and the $35.0m repayment of principal in relation to the Group\u2019s reserve based lending facility, there was a change in estimated future cash flows. As a result, a charge of $2.7m was recognised in profit and loss, offset by an amortisation adjustment of $(1.4)m.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-309": { "value": "10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2024 2023
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
781 574
Fees payable to the Company\u2019s auditor and their associates for
other services to the Group:
Audit of the Company\u2019s subsidiaries \u2013 11
Total audit fees 781 585
Audit related assurance services 141 141
\u2013 half year review
Other assurance services \u2013 37
Total non-audit fees 141 178
The non-audit fees during 2024 constituted the half year review (2023: half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region). Ernst & Young LLP succeeded Deloitte LLP as external auditor with effect from 1 January 2024. During the second half of 2023 and the early part of 2024, Ernst & Young LLP \u201cshadowed\u201d Deloitte\u2019s work as external auditor, with a view to preserving know-how and experience and encouraging a seamless transition. Shareholders approved the appointment of Ernst & Young LLP as external auditor for the financial year commencing 1 January 2024 at the 2024 AGM. All non-audit fees were fully approved by the Audit and Risk Committee, having concluded such services were compatible with auditor independence and were consistent with relevant ethical guidance in place. Details of the Company\u2019s policy on the use of auditors for non- audit services are set out in the Audit and Risk Committee Report on pages 128 to 134. Fees payable to Ernst & Young LLP for non-audit services to the Company are not required to be disclosed separately because the consolidated financial statements disclose such fees on a consolidated basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-274": { "value": "
11. Staff costs
The average monthly number of employees of the Group including
Executive Directors was 35 (2023: 38), of which 31 (2023: 34)
were administrative personnel and 4 (2023: 4) were operations
personnel. Their aggregate remuneration comprised:
Group
2024 2023
$ million $ million
Wages and salaries 6.1 6.1
Social security costs 0.8 0.6
Share-based payment expense 1.2 1.3
(see Note 31)
Other pension costs under money 0.5 0.5
purchase schemes
Other benefits 0.3 0.7
8.9 9.2
In accordance with the Group\u2019s accounting policy $3.7m (2023:
$3.3m) of the Group\u2019s staff costs above have been capitalised,
of which $2.8m (2023: $2.5m) relates to our Vietnam assets and
$0.9m (2023: $0.8m) relates to our Egypt assets.
In 2024, total staff costs were $8.9m (2023: $9.2m) and includes
the costs of head office and Pharos\u2019 subsidiary employees.
Excluding the impact of IFRS 2 share-based payment expense
and bonuses paid to staff, the underlying costs have fallen 9%
year on year to $5.3m (2023: $5.8m).
In 2024, redundancy costs of $0.4m for the Egypt office in Cairo
were disclosed in other/restructuring expense in the income
statement (see Note 8). A further $0.1m of redundancy costs
were incurred for one employee as a result of the closure of the
Group\u2019s US office and disclosed in Other operating expenses in
the income statement (see Note 8).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-275": { "value": "
12. Tax
2024 2023
$ million $ million
Current tax
Corporation income tax 36.0 44.7
Adjustments in respect of prior years 1.8 (0.2)
37.8 44.5
Deferred tax
Deferred tax credit on operations (9.1) (8.5)
(see Note 23)
Deferred tax charge/(credit) on impairment 8.4 (16.2)
(see Note 16 and 23) (0.7) (24.7)
Total tax charge 37.1 19.8
The Group\u2019s corporation tax is calculated at 50% (2023: 50%)
of the estimated assessable profit for the year in Vietnam. In
Egypt, under the terms of the concession, any local taxes arising
are settled by EGPC. During 2024 and 2023, both current and
deferred taxation have arisen in overseas jurisdictions only.
The charge for the year can be reconciled to the profit/(loss) per
the income statement as follows:
2024 2023
$ million $ million
Profit/(loss) before tax 60.7 (29.0)
Tax at 50% (2023: 50%) 30.4 (14.5)
Effects of:
Non-taxable income (5.8) \u2013
Non-deductible expenses 8.1 18.0
Egypt taxation at different rate to Vietnam (2.0) \u2013
effective tax rate
Tax losses not recognised 4.9 16.5
Utilisation of tax losses (0.3) \u2013
Adjustments to tax charge in respect of
prior periods
1.8 (0.2)
Tax charge for the year 37.1 19.8
The prevailing tax rate in Vietnam, where the Group produces oil
and gas, is 50%. The tax charge in future periods may also be
affected by the factors in the reconciliation above.
In 2024, non-taxable income relates to the tax impact of Vietnam
impairment reversals of $(3.3)m in relation to the non-cost
recovery pool and Egypt impairment reversal of $(2.5)m. Non-
deductible expenses primarily relate to Vietnam DD&A charges
for costs previously capitalised, which are non-deductible for
Vietnamese tax purposes of $6.2m (2023: Vietnam impairment
charges of $6.8m in respect of the non-cost recovery pool and
DD&A charges for costs previously capitalised of $10.4m). A
further $0.9m (2023: $0.8m) relates to non-deductible corporate
costs including share scheme incentives and $1.0m (2023: $nil) in
relation to impairment of Egypt intangible assets.
The Egypt concessions are subject to corporate income tax
at the standard rate of 40.55%, however responsibility for
payment of corporate income taxes falls upon EGPC on behalf
of Pharos El Fayum (PEF). The Group records a tax charge, with
a corresponding increase in revenue, for the tax paid by EGPC
on its behalf. As PEF became profitable in 2024, reversing the
historic tax loss position since first production, this led to a $1.9m
tax charge being recorded.
The effect from tax losses not recognised in 2024 relates to costs,
primarily of the Company, deductible for tax in the UK but not
expected to be utilised in the foreseeable future.
23. Deferred tax
The following are the major deferred tax liabilities recognised by the Group and movements thereon during the current and prior
reporting period:
Accelerated tax Other temporary
depreciation differences Group
$ million $ million $ million
As at 1 January 2023
89.2
3.7
92.9
Credit to income (see Note 12)
(22.8)
(1.9)
(24.7)
As at 1 January 2024
66.4
1.8
68.2
(Credit)/charge to income (see Note 12)
(3.7)
3.0
(0.7)
As at 31 December 2024
62.7
4.8
67.5
The credit to income includes a deferred tax charge of $8.4m (2023: $(16.2)m credit) that arises from the impairment reversal of the TGT
and CNV producing assets as discussed in Note 16.
There are no unrecognised deferred taxation balances at either balance sheet date except in relation to gross losses that are not
expected to be utilised in the amount of $214.0m (2023: $155.2m). The gross losses have no expiry date.
A UK entity in the Group has entered into commodity swaps designated as cash flow hedges. In accordance with IAS 12, a deferred tax
asset has not been recognised in relation to the hedging losses of $0.1m (2023: $0.2m losses) recorded in the year as it is unlikely that
the UK tax group will generate sufficient taxable profit in the future, against which the deductible temporary differences can be utilised.
There are no temporary differences relating to unremitted earnings of overseas subsidiaries as the Group is able to control the timing of
the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-276": { "value": "
13. Profit/(loss) attributable to
Pharos Energy plc
The profit for the financial year in the accounts of the Company
was $35.0m inclusive of dividends from subsidiary undertakings
(2023: restated loss of $50.0m). As provided by section 408 of
the Companies Act 2006, no income statement or statement of
comprehensive income is presented in respect of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-277": { "value": "
14. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Group
2024 2023
$ million $ million
Gain/(loss) for the purposes of basic 23.6 (48.8)
earnings per share
Effect of dilutive potential ordinary shares \u2013 (0.9) \u2013
Cash settled share awards and options
Gain/(loss) for the purposes of diluted 22.7 (48.8)
earnings per share
Number of shares
(million)
2024 2023
Weighted average number of ordinary 417.0 427.2
shares
Effect of dilutive potential ordinary shares \u2013 2.7 \u2013
Share awards and options
Weighted average number of ordinary
shares for the purpose of diluted profit/ 419.7 427.2
(loss) per share
In accordance with IAS 33 \u201cEarnings per Share\u201d, the effects of
2.9m antidilutive potential shares have not been included when
calculating dilutive earnings per share for the year ended 31
December 2023, as the Group was loss making.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-278": { "value": "
15. Intangible assets
Group
2024 2023
$ million $ million
Exploration and evaluation expenditure
As at 1 January 18.2 16.5
Additions 5.6 11.1
Transfer to property, plant and equipment \u2013 (2.9)
Impairment \u2013 Intangibles (2.0) (6.5)
As at 31 December 21.8 18.2
Intangible assets at 2024 year-end comprise the Group\u2019s exploration
and evaluation projects which are pending determination. Included
in the additions is Blocks 125 & 126 in Vietnam $2.8m (2023:
$3.1m) and Egypt $2.8m (2023: $8.0m), of which $0.6m (2023:
$6.7m) relates to North Beni Suef.
In 2020, an IFRS 6 impairment indicator was triggered following
the Group\u2019s decision to defer all non-essential investment in
Vietnam and Egypt at this point. No substantive expenditure for
its exploration areas in Vietnam and Egypt was either budgeted
or planned in the near future. Exploration costs including costs
associated with Blocks 125 & 126 in Vietnam of $17.9m and costs
associated with Egypt projects in the amount of $5.3m ($2.4m
share post-farm out) were written off in the income statement in
accordance with the Group\u2019s accounting policy on oil and gas
exploration and evaluation expenditure.
During 2023, approval was received from the Vietnamese
Government in June for the two-year extension to Phase One of the
Exploration Period under Blocks 125 & 126 PSC to 8 November
2025. In July 2023, the Company published an independent report
prepared by ERCE on Blocks 125 & 126 in Vietnam which makes
estimates of prospective oil resources with an aggregated gross
unrisked Mean of 13,328 MMstb, covering those Prospects and
Leads already identified. The report supports the Company\u2019s internal
assessments and paves the way for further work to develop new
Leads and mature Leads to Prospects. Detailed drilling engineering
studies for the proposed well on Prospect A commenced in 3Q
2024, with long lead items ordered to progress the opportunity
on Blocks 125 & 126. The Company is continuing its discussions
with potential farm-in partners and rig contractors to complete
all necessary work to drill the first exploration well on this basin-
opening play. Whilst ongoing costs for exploration are therefore
forecasted and funds are available for future exploration, there is
insufficient certainty of full recovery to justify the reversal of the
previous impairment charges in 2020. The accumulated impairment
charges against Vietnam exploration and evaluation expenditure at
31 December 2024 therefore remains at $17.9m (2023: $17.9m).
In Egypt, as part of the planned work programme for 2024, an
exploration well was drilled on El Fayum in August 2024. Testing
of the well was carried out at the beginning of February 2025. IPR,
the operator of the El Fayum Concession, applied to EGPC for
commercial discovery declaration and early production permission
in February 2025. There were total Exploration and evaluation
expenditure impairment charges of $2.0m in the year (2023: $6.5m),
which included $1.4m write-off of an El Fayum exploration well in
the Abu Roash G and Upper Bahariya formations drilled during
2023 following expiration of the licence, and $0.6m relating to NBS,
$0.3m of which was seismic processing carried out during 2024
and $0.3m related to a dry hole well, NBS-SW5X.
On NBS, the first exploration commitment well (NBS-SW1X) was
declared a commercial discovery in September 2023 and put
on production in December 2023. As a result, exploration costs
of $2.9m relating to the development lease were reclassified to
property, plant and equipment during the prior year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-310": { "value": "15. Intangible assets
Group
2024 2023
$ million $ million
Exploration and evaluation expenditure
As at 1 January 18.2 16.5
Additions 5.6 11.1
Transfer to property, plant and equipment \u2013 (2.9)
Impairment \u2013 Intangibles (2.0) (6.5)
As at 31 December 21.8 18.2
Intangible assets at 2024 year-end comprise the Group\u2019s exploration and evaluation projects which are pending determination. Included in the additions is Blocks 125 & 126 in Vietnam $2.8m (2023: $3.1m) and Egypt $2.8m (2023: $8.0m), of which $0.6m (2023: $6.7m) relates to North Beni Suef. In 2020, an IFRS 6 impairment indicator was triggered following the Group\u2019s decision to defer all non-essential investment in Vietnam and Egypt at this point. No substantive expenditure for its exploration areas in Vietnam and Egypt was either budgeted or planned in the near future. Exploration costs including costs associated with Blocks 125 & 126 in Vietnam of $17.9m and costs associated with Egypt projects in the amount of $5.3m ($2.4m share post-farm out) were written off in the income statement in accordance with the Group\u2019s accounting policy on oil and gas exploration and evaluation expenditure. During 2023, approval was received from the Vietnamese Government in June for the two-year extension to Phase One of the Exploration Period under Blocks 125 & 126 PSC to 8 November 2025. In July 2023, the Company published an independent report prepared by ERCE on Blocks 125 & 126 in Vietnam which makes estimates of prospective oil resources with an aggregated gross unrisked Mean of 13,328 MMstb, covering those Prospects and Leads already identified. The report supports the Company\u2019s internal assessments and paves the way for further work to develop new Leads and mature Leads to Prospects. Detailed drilling engineering studies for the proposed well on Prospect A commenced in 3Q 2024, with long lead items ordered to progress the opportunity on Blocks 125 & 126. The Company is continuing its discussions with potential farm-in partners and rig contractors to complete all necessary work to drill the first exploration well on this basin- opening play. Whilst ongoing costs for exploration are therefore forecasted and funds are available for future exploration, there is insufficient certainty of full recovery to justify the reversal of the previous impairment charges in 2020. The accumulated impairment charges against Vietnam exploration and evaluation expenditure at 31 December 2024 therefore remains at $17.9m (2023: $17.9m). In Egypt, as part of the planned work programme for 2024, an exploration well was drilled on El Fayum in August 2024. Testing of the well was carried out at the beginning of February 2025. IPR, the operator of the El Fayum Concession, applied to EGPC for commercial discovery declaration and early production permission in February 2025. There were total Exploration and evaluation expenditure impairment charges of $2.0m in the year (2023: $6.5m), which included $1.4m write-off of an El Fayum exploration well in the Abu Roash G and Upper Bahariya formations drilled during 2023 following expiration of the licence, and $0.6m relating to NBS, $0.3m of which was seismic processing carried out during 2024 and $0.3m related to a dry hole well, NBS-SW5X. On NBS, the first exploration commitment well (NBS-SW1X) was declared a commercial discovery in September 2023 and put on production in December 2023. As a result, exploration costs of $2.9m relating to the development lease were reclassified to property, plant and equipment during the prior year.", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-335": { "value": "15. Intangible assets
Group
2024 2023
$ million $ million
Exploration and evaluation expenditure
As at 1 January 18.2 16.5
Additions 5.6 11.1
Transfer to property, plant and equipment \u2013 (2.9)
Impairment \u2013 Intangibles (2.0) (6.5)
As at 31 December 21.8 18.2
Intangible assets at 2024 year-end comprise the Group\u2019s exploration and evaluation projects which are pending determination. Included in the additions is Blocks 125 & 126 in Vietnam $2.8m (2023: $3.1m) and Egypt $2.8m (2023: $8.0m), of which $0.6m (2023: $6.7m) relates to North Beni Suef. In 2020, an IFRS 6 impairment indicator was triggered following the Group\u2019s decision to defer all non-essential investment in Vietnam and Egypt at this point. No substantive expenditure for its exploration areas in Vietnam and Egypt was either budgeted or planned in the near future. Exploration costs including costs associated with Blocks 125 & 126 in Vietnam of $17.9m and costs associated with Egypt projects in the amount of $5.3m ($2.4m share post-farm out) were written off in the income statement in accordance with the Group\u2019s accounting policy on oil and gas exploration and evaluation expenditure. During 2023, approval was received from the Vietnamese Government in June for the two-year extension to Phase One of the Exploration Period under Blocks 125 & 126 PSC to 8 November 2025. In July 2023, the Company published an independent report prepared by ERCE on Blocks 125 & 126 in Vietnam which makes estimates of prospective oil resources with an aggregated gross unrisked Mean of 13,328 MMstb, covering those Prospects and Leads already identified. The report supports the Company\u2019s internal assessments and paves the way for further work to develop new Leads and mature Leads to Prospects. Detailed drilling engineering studies for the proposed well on Prospect A commenced in 3Q 2024, with long lead items ordered to progress the opportunity on Blocks 125 & 126. The Company is continuing its discussions with potential farm-in partners and rig contractors to complete all necessary work to drill the first exploration well on this basin- opening play. Whilst ongoing costs for exploration are therefore forecasted and funds are available for future exploration, there is insufficient certainty of full recovery to justify the reversal of the previous impairment charges in 2020. The accumulated impairment charges against Vietnam exploration and evaluation expenditure at 31 December 2024 therefore remains at $17.9m (2023: $17.9m). In Egypt, as part of the planned work programme for 2024, an exploration well was drilled on El Fayum in August 2024. Testing of the well was carried out at the beginning of February 2025. IPR, the operator of the El Fayum Concession, applied to EGPC for commercial discovery declaration and early production permission in February 2025. There were total Exploration and evaluation expenditure impairment charges of $2.0m in the year (2023: $6.5m), which included $1.4m write-off of an El Fayum exploration well in the Abu Roash G and Upper Bahariya formations drilled during 2023 following expiration of the licence, and $0.6m relating to NBS, $0.3m of which was seismic processing carried out during 2024 and $0.3m related to a dry hole well, NBS-SW5X. On NBS, the first exploration commitment well (NBS-SW1X) was declared a commercial discovery in September 2023 and put on production in December 2023. As a result, exploration costs of $2.9m relating to the development lease were reclassified to property, plant and equipment during the prior year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-279": { "value": "
16. Property, plant and equipment and right of use assets
Group
Oil and gas
properties Other Total
$ million $ million $ million
Cost
As at 1 January 2023
1,101.8
1.1
1,102.9
Additions
11.9
0.2
12.1
Transfer from intangible assets
2.9
\u2013
2.9
Revision in decommissioning asset (see Note 26)
(2.5)
\u2013
(2.5)
As at 1 January 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision in decommissioning asset (see Note 26)
(4.9)
\u2013
(4.9)
As at 31 December 2024
1,127.0
1.3
1,128.3
Depreciation, depletion and impairment
As at 1 January 2023
720.5
0.6
721.1
Charge for the year
55.4
0.2
55.6
Impairment charge
58.9
\u2013
58.9
As at
1 January 2024
834.8
0.8
835.6
Charge for the year
47.1
0.2
47.3
Impairment reversal
(28.3)
\u2013
(28.3)
As at 31 December 2024
853.6
1.0
854.6
Carrying amount
As at 31 December 2024
273.4
0.3
273.7
As at 31 December 2023
279.3
0.5
279.8
Property, plant and equipment
273.2
0.3
273.5
Right of use asset (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
278.8
0.5
279.3
Right of use assets (see Note 33)
0.5
\u2013
0.5
As at 31 December 2023
279.3
0.5
279.8
As a result of previously recognised impairment losses, combined with the licence extensions, and movements in 2P reserves, we
have tested each of our oil and gas producing properties for impairment. The results of these impairment tests are summarised on the
next page. For each producing property, the recoverable amount has been determined using the value in use method. The recoverable
amount is calculated using a discounted cash flow valuation of the 2P production profile.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2024
Pre-tax impairment reversal
19.8
3.6
4.9
\u2013
28.3
Deferred tax charge
(7.1)
(1.3)
\u2013
\u2013
(8.4)
Post-tax impairment reversal
12.7
2.3
4.9
\u2013
19.9
Reconciliation of carrying amount:
As at 1 January 2024
158.6
65.0
54.7
1.0
279.3
Additions
12.8
1.0
3.5
0.5
17.8
Changes in decommissioning asset
1
(4.9)
\u2013
\u2013
\u2013
(4.9)
DD&A
(32.7)
(9.4)
(4.6)
(0.4)
(47.1)
Impairment reversal
19.8
3.6
4.9
\u2013
28.3
As at 31 December 2024
153.6
60.2
58.5
1.1
273.4
2023
Pre-tax impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
Deferred tax charge
16.5
(0.3)
\u2013
\u2013
16.2
Post-tax impairment charge
(29.8)
\u2013
(11.0)
(1.9)
(42.7)
Reconciliation of carrying amount:
As at 1 January 2023
242.4
76.4
62.5
\u2013
381.3
Additions
1.3
3.0
7.6
\u2013
11.9
Transfer from intangible assets
\u2013
\u2013
\u2013
2.9
2.9
Changes in decommissioning asset
1
\u2013
(2.5)
\u2013
\u2013
(2.5)
DD&A
(38.8)
(12.2)
(4.4)
\u2013
(55.4)
Impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
As at 31 December 2023
158.6
65.0
54.7
1.0
279.3
1) Changes in decommissioning asset for TGT are due to a change in discount rate and field abandonment plan, including two new infill wells completed in
October 2024. CNV reflects a change in discount rate, offset by a revision to the field abandonment plan (2023: immaterial change in discount rate only for
TGT; change in field abandonment plan and discount rate for CNV)
Vietnam
The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate and 2P reserves. In 2024, for both
TGT and CNV, there was an upwards technical revision of 2P reserves following the granting of 5-year extensions to the Petroleum
contracts and a decrease in discount rate, which has led to impairment reversals for both fields. As at 31 December 2024, the
recoverable value of the assets are estimated based on a post-tax nominal discount rate of 10.7% (2023: 12.6%) and a Brent oil price
of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: Brent oil price of
$81.5/bbl in 2024, $79.0/bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter).
Testing of sensitivity cases indicated that a $5/bbl reduction in long-term oil price used when determining the value in use method would
result in post-tax impairment charges (compared to new NBV, post-impairment reversal) of $13.7m on TGT and $3.1m on CNV. A 1%
increase in discount rate would result in post-tax impairments of $2.5m on TGT and $0.9m on CNV (compared to new NBV, post-
impairment reversal).
We have also run sensitivities utilising the IEA (International Energy Agency) scenarios described as being consistent with achieving the
COP26 agreement goal to reach net zero by 2050 (the \u201cNet Zero price scenario\u201d). The nominal Brent prices used in this scenario were
as follows; $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $65.8/bbl in 2028, $57.2/bbl in 2029, $48.2/bbl in 2030, $48.2/
bbl in 2031, $48.2/bbl in 2032 and $48.1/bbl in 2033. Using these prices and a 10.7% discount rate would result in additional post-tax
impairment charges (compared to new NBV, post-impairment reversal) of $20.5m on TGT and $5.2m on CNV.
Egypt
The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate, capital spend and 2P reserves. In
2024, there was a decrease in the discount factor which has led to an impairment reversal for El Fayum, partially offset by a downwards
technical revision of El Fayum 2P reserves due to change in the development plan. As at 31 December 2024, the recoverable value of
El Fayum is estimated based on a post-tax nominal discount rate of 14.9% (2023: 18.0%) and a Brent oil price of $74.2/bbl in 2025,
$72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: an oil price of $81.5/bbl in 2024, $79.0/
bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). For NBS, no material impairment arose as a result of
the above impairment considerations.
Testing of sensitivity cases indicated that a $5/bbl reduction in long term oil price used when determining the value in use method would
result in an impairment charge (compared to new NBV, post-impairment reversal) of $6.6m for El Fayum. A 1% increase in discount
rate would result in impairment charges of $2.2m on El Fayum (compared to new NBV, post-impairment reversal). We have also run a
sensitivity using 14.9% discount rate and the Net Zero price scenario which would result in an additional impairment of $30.2m on El
Fayum (compared to new NBV, post-impairment reversal).
Other considerations
It is not considered possible to provide meaningful sensitivities in relation to 2P reserves for any of the Group\u2019s oil and gas producing
properties, as the impact of any changes in 2P reserves on recoverable amount would depend on a variety of factors, including the
timing of changes in production profile and the consequential effect on the expenditure required to both develop and extract the
reserves.
Other fixed assets comprise office fixtures and fittings and computer equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-311": { "value": "16. Property, plant and equipment and right of use assets
Group
Oil and gas
properties Other Total
$ million $ million $ million
Cost
As at 1 January 2023
1,101.8
1.1
1,102.9
Additions
11.9
0.2
12.1
Transfer from intangible assets
2.9
\u2013
2.9
Revision in decommissioning asset (see Note 26)
(2.5)
\u2013
(2.5)
As at 1 January 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision in decommissioning asset (see Note 26)
(4.9)
\u2013
(4.9)
As at 31 December 2024
1,127.0
1.3
1,128.3
Depreciation, depletion and impairment
As at 1 January 2023
720.5
0.6
721.1
Charge for the year
55.4
0.2
55.6
Impairment charge
58.9
\u2013
58.9
As at
1 January 2024
834.8
0.8
835.6
Charge for the year
47.1
0.2
47.3
Impairment reversal
(28.3)
\u2013
(28.3)
As at 31 December 2024
853.6
1.0
854.6
Carrying amount
As at 31 December 2024
273.4
0.3
273.7
As at 31 December 2023
279.3
0.5
279.8
Property, plant and equipment
273.2
0.3
273.5
Right of use asset (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
278.8
0.5
279.3
Right of use assets (see Note 33)
0.5
\u2013
0.5
As at 31 December 2023
279.3
0.5
279.8
As a result of previously recognised impairment losses, combined with the licence extensions, and movements in 2P reserves, we have tested each of our oil and gas producing properties for impairment. The results of these impairment tests are summarised on the next page. For each producing property, the recoverable amount has been determined using the value in use method. The recoverable amount is calculated using a discounted cash flow valuation of the 2P production profile.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2024
Pre-tax impairment reversal
19.8
3.6
4.9
\u2013
28.3
Deferred tax charge
(7.1)
(1.3)
\u2013
\u2013
(8.4)
Post-tax impairment reversal
12.7
2.3
4.9
\u2013
19.9
Reconciliation of carrying amount:
As at 1 January 2024
158.6
65.0
54.7
1.0
279.3
Additions
12.8
1.0
3.5
0.5
17.8
Changes in decommissioning asset
1
(4.9)
\u2013
\u2013
\u2013
(4.9)
DD&A
(32.7)
(9.4)
(4.6)
(0.4)
(47.1)
Impairment reversal
19.8
3.6
4.9
\u2013
28.3
As at 31 December 2024
153.6
60.2
58.5
1.1
273.4
2023
Pre-tax impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
Deferred tax charge
16.5
(0.3)
\u2013
\u2013
16.2
Post-tax impairment charge
(29.8)
\u2013
(11.0)
(1.9)
(42.7)
Reconciliation of carrying amount:
As at 1 January 2023
242.4
76.4
62.5
\u2013
381.3
Additions
1.3
3.0
7.6
\u2013
11.9
Transfer from intangible assets
\u2013
\u2013
\u2013
2.9
2.9
Changes in decommissioning asset
1
\u2013
(2.5)
\u2013
\u2013
(2.5)
DD&A
(38.8)
(12.2)
(4.4)
\u2013
(55.4)
Impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
As at 31 December 2023
158.6
65.0
54.7
1.0
279.3
1) Changes in decommissioning asset for TGT are due to a change in discount rate and field abandonment plan, including two new infill wells completed in October 2024. CNV reflects a change in discount rate, offset by a revision to the field abandonment plan (2023: immaterial change in discount rate only for TGT; change in field abandonment plan and discount rate for CNV) Vietnam The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate and 2P reserves. In 2024, for both TGT and CNV, there was an upwards technical revision of 2P reserves following the granting of 5-year extensions to the Petroleum contracts and a decrease in discount rate, which has led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets are estimated based on a post-tax nominal discount rate of 10.7% (2023: 12.6%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: Brent oil price of $81.5/bbl in 2024, $79.0/bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). Testing of sensitivity cases indicated that a $5/bbl reduction in long-term oil price used when determining the value in use method would result in post-tax impairment charges (compared to new NBV, post-impairment reversal) of $13.7m on TGT and $3.1m on CNV. A 1% increase in discount rate would result in post-tax impairments of $2.5m on TGT and $0.9m on CNV (compared to new NBV, post- impairment reversal). We have also run sensitivities utilising the IEA (International Energy Agency) scenarios described as being consistent with achieving the COP26 agreement goal to reach net zero by 2050 (the \u201cNet Zero price scenario\u201d). The nominal Brent prices used in this scenario were as follows; $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $65.8/bbl in 2028, $57.2/bbl in 2029, $48.2/bbl in 2030, $48.2/ bbl in 2031, $48.2/bbl in 2032 and $48.1/bbl in 2033. Using these prices and a 10.7% discount rate would result in additional post-tax impairment charges (compared to new NBV, post-impairment reversal) of $20.5m on TGT and $5.2m on CNV. Egypt The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate, capital spend and 2P reserves. In 2024, there was a decrease in the discount factor which has led to an impairment reversal for El Fayum, partially offset by a downwards technical revision of El Fayum 2P reserves due to change in the development plan. As at 31 December 2024, the recoverable value of El Fayum is estimated based on a post-tax nominal discount rate of 14.9% (2023: 18.0%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: an oil price of $81.5/bbl in 2024, $79.0/ bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). For NBS, no material impairment arose as a result of the above impairment considerations. Testing of sensitivity cases indicated that a $5/bbl reduction in long term oil price used when determining the value in use method would result in an impairment charge (compared to new NBV, post-impairment reversal) of $6.6m for El Fayum. A 1% increase in discount rate would result in impairment charges of $2.2m on El Fayum (compared to new NBV, post-impairment reversal). We have also run a sensitivity using 14.9% discount rate and the Net Zero price scenario which would result in an additional impairment of $30.2m on El Fayum (compared to new NBV, post-impairment reversal). Other considerations It is not considered possible to provide meaningful sensitivities in relation to 2P reserves for any of the Group\u2019s oil and gas producing properties, as the impact of any changes in 2P reserves on recoverable amount would depend on a variety of factors, including the timing of changes in production profile and the consequential effect on the expenditure required to both develop and extract the reserves. Other fixed assets comprise office fixtures and fittings and computer equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-336": { "value": "16. Property, plant and equipment and right of use assets
Group
Oil and gas
properties Other Total
$ million $ million $ million
Cost
As at 1 January 2023
1,101.8
1.1
1,102.9
Additions
11.9
0.2
12.1
Transfer from intangible assets
2.9
\u2013
2.9
Revision in decommissioning asset (see Note 26)
(2.5)
\u2013
(2.5)
As at 1 January 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision in decommissioning asset (see Note 26)
(4.9)
\u2013
(4.9)
As at 31 December 2024
1,127.0
1.3
1,128.3
Depreciation, depletion and impairment
As at 1 January 2023
720.5
0.6
721.1
Charge for the year
55.4
0.2
55.6
Impairment charge
58.9
\u2013
58.9
As at
1 January 2024
834.8
0.8
835.6
Charge for the year
47.1
0.2
47.3
Impairment reversal
(28.3)
\u2013
(28.3)
As at 31 December 2024
853.6
1.0
854.6
Carrying amount
As at 31 December 2024
273.4
0.3
273.7
As at 31 December 2023
279.3
0.5
279.8
Property, plant and equipment
273.2
0.3
273.5
Right of use asset (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
278.8
0.5
279.3
Right of use assets (see Note 33)
0.5
\u2013
0.5
As at 31 December 2023
279.3
0.5
279.8
As a result of previously recognised impairment losses, combined with the licence extensions, and movements in 2P reserves, we have tested each of our oil and gas producing properties for impairment. The results of these impairment tests are summarised on the next page. For each producing property, the recoverable amount has been determined using the value in use method. The recoverable amount is calculated using a discounted cash flow valuation of the 2P production profile.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2024
Pre-tax impairment reversal
19.8
3.6
4.9
\u2013
28.3
Deferred tax charge
(7.1)
(1.3)
\u2013
\u2013
(8.4)
Post-tax impairment reversal
12.7
2.3
4.9
\u2013
19.9
Reconciliation of carrying amount:
As at 1 January 2024
158.6
65.0
54.7
1.0
279.3
Additions
12.8
1.0
3.5
0.5
17.8
Changes in decommissioning asset
1
(4.9)
\u2013
\u2013
\u2013
(4.9)
DD&A
(32.7)
(9.4)
(4.6)
(0.4)
(47.1)
Impairment reversal
19.8
3.6
4.9
\u2013
28.3
As at 31 December 2024
153.6
60.2
58.5
1.1
273.4
2023
Pre-tax impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
Deferred tax charge
16.5
(0.3)
\u2013
\u2013
16.2
Post-tax impairment charge
(29.8)
\u2013
(11.0)
(1.9)
(42.7)
Reconciliation of carrying amount:
As at 1 January 2023
242.4
76.4
62.5
\u2013
381.3
Additions
1.3
3.0
7.6
\u2013
11.9
Transfer from intangible assets
\u2013
\u2013
\u2013
2.9
2.9
Changes in decommissioning asset
1
\u2013
(2.5)
\u2013
\u2013
(2.5)
DD&A
(38.8)
(12.2)
(4.4)
\u2013
(55.4)
Impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
As at 31 December 2023
158.6
65.0
54.7
1.0
279.3
1) Changes in decommissioning asset for TGT are due to a change in discount rate and field abandonment plan, including two new infill wells completed in October 2024. CNV reflects a change in discount rate, offset by a revision to the field abandonment plan (2023: immaterial change in discount rate only for TGT; change in field abandonment plan and discount rate for CNV) Vietnam The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate and 2P reserves. In 2024, for both TGT and CNV, there was an upwards technical revision of 2P reserves following the granting of 5-year extensions to the Petroleum contracts and a decrease in discount rate, which has led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets are estimated based on a post-tax nominal discount rate of 10.7% (2023: 12.6%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: Brent oil price of $81.5/bbl in 2024, $79.0/bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). Testing of sensitivity cases indicated that a $5/bbl reduction in long-term oil price used when determining the value in use method would result in post-tax impairment charges (compared to new NBV, post-impairment reversal) of $13.7m on TGT and $3.1m on CNV. A 1% increase in discount rate would result in post-tax impairments of $2.5m on TGT and $0.9m on CNV (compared to new NBV, post- impairment reversal). We have also run sensitivities utilising the IEA (International Energy Agency) scenarios described as being consistent with achieving the COP26 agreement goal to reach net zero by 2050 (the \u201cNet Zero price scenario\u201d). The nominal Brent prices used in this scenario were as follows; $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $65.8/bbl in 2028, $57.2/bbl in 2029, $48.2/bbl in 2030, $48.2/ bbl in 2031, $48.2/bbl in 2032 and $48.1/bbl in 2033. Using these prices and a 10.7% discount rate would result in additional post-tax impairment charges (compared to new NBV, post-impairment reversal) of $20.5m on TGT and $5.2m on CNV. Egypt The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate, capital spend and 2P reserves. In 2024, there was a decrease in the discount factor which has led to an impairment reversal for El Fayum, partially offset by a downwards technical revision of El Fayum 2P reserves due to change in the development plan. As at 31 December 2024, the recoverable value of El Fayum is estimated based on a post-tax nominal discount rate of 14.9% (2023: 18.0%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: an oil price of $81.5/bbl in 2024, $79.0/ bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). For NBS, no material impairment arose as a result of the above impairment considerations. Testing of sensitivity cases indicated that a $5/bbl reduction in long term oil price used when determining the value in use method would result in an impairment charge (compared to new NBV, post-impairment reversal) of $6.6m for El Fayum. A 1% increase in discount rate would result in impairment charges of $2.2m on El Fayum (compared to new NBV, post-impairment reversal). We have also run a sensitivity using 14.9% discount rate and the Net Zero price scenario which would result in an additional impairment of $30.2m on El Fayum (compared to new NBV, post-impairment reversal). Other considerations It is not considered possible to provide meaningful sensitivities in relation to 2P reserves for any of the Group\u2019s oil and gas producing properties, as the impact of any changes in 2P reserves on recoverable amount would depend on a variety of factors, including the timing of changes in production profile and the consequential effect on the expenditure required to both develop and extract the reserves. Other fixed assets comprise office fixtures and fittings and computer equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "value": "16. Property, plant and equipment and right of use assets
Group
Oil and gas
properties Other Total
$ million $ million $ million
Cost
As at 1 January 2023
1,101.8
1.1
1,102.9
Additions
11.9
0.2
12.1
Transfer from intangible assets
2.9
\u2013
2.9
Revision in decommissioning asset (see Note 26)
(2.5)
\u2013
(2.5)
As at 1 January 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision in decommissioning asset (see Note 26)
(4.9)
\u2013
(4.9)
As at 31 December 2024
1,127.0
1.3
1,128.3
Depreciation, depletion and impairment
As at 1 January 2023
720.5
0.6
721.1
Charge for the year
55.4
0.2
55.6
Impairment charge
58.9
\u2013
58.9
As at
1 January 2024
834.8
0.8
835.6
Charge for the year
47.1
0.2
47.3
Impairment reversal
(28.3)
\u2013
(28.3)
As at 31 December 2024
853.6
1.0
854.6
Carrying amount
As at 31 December 2024
273.4
0.3
273.7
As at 31 December 2023
279.3
0.5
279.8
Property, plant and equipment
273.2
0.3
273.5
Right of use asset (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
278.8
0.5
279.3
Right of use assets (see Note 33)
0.5
\u2013
0.5
As at 31 December 2023
279.3
0.5
279.8
As a result of previously recognised impairment losses, combined with the licence extensions, and movements in 2P reserves, we have tested each of our oil and gas producing properties for impairment. The results of these impairment tests are summarised on the next page. For each producing property, the recoverable amount has been determined using the value in use method. The recoverable amount is calculated using a discounted cash flow valuation of the 2P production profile.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2024
Pre-tax impairment reversal
19.8
3.6
4.9
\u2013
28.3
Deferred tax charge
(7.1)
(1.3)
\u2013
\u2013
(8.4)
Post-tax impairment reversal
12.7
2.3
4.9
\u2013
19.9
Reconciliation of carrying amount:
As at 1 January 2024
158.6
65.0
54.7
1.0
279.3
Additions
12.8
1.0
3.5
0.5
17.8
Changes in decommissioning asset
1
(4.9)
\u2013
\u2013
\u2013
(4.9)
DD&A
(32.7)
(9.4)
(4.6)
(0.4)
(47.1)
Impairment reversal
19.8
3.6
4.9
\u2013
28.3
As at 31 December 2024
153.6
60.2
58.5
1.1
273.4
2023
Pre-tax impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
Deferred tax charge
16.5
(0.3)
\u2013
\u2013
16.2
Post-tax impairment charge
(29.8)
\u2013
(11.0)
(1.9)
(42.7)
Reconciliation of carrying amount:
As at 1 January 2023
242.4
76.4
62.5
\u2013
381.3
Additions
1.3
3.0
7.6
\u2013
11.9
Transfer from intangible assets
\u2013
\u2013
\u2013
2.9
2.9
Changes in decommissioning asset
1
\u2013
(2.5)
\u2013
\u2013
(2.5)
DD&A
(38.8)
(12.2)
(4.4)
\u2013
(55.4)
Impairment (charge)/reversal
(46.3)
0.3
(11.0)
(1.9)
(58.9)
As at 31 December 2023
158.6
65.0
54.7
1.0
279.3
1) Changes in decommissioning asset for TGT are due to a change in discount rate and field abandonment plan, including two new infill wells completed in October 2024. CNV reflects a change in discount rate, offset by a revision to the field abandonment plan (2023: immaterial change in discount rate only for TGT; change in field abandonment plan and discount rate for CNV) Vietnam The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate and 2P reserves. In 2024, for both TGT and CNV, there was an upwards technical revision of 2P reserves following the granting of 5-year extensions to the Petroleum contracts and a decrease in discount rate, which has led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets are estimated based on a post-tax nominal discount rate of 10.7% (2023: 12.6%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: Brent oil price of $81.5/bbl in 2024, $79.0/bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). Testing of sensitivity cases indicated that a $5/bbl reduction in long-term oil price used when determining the value in use method would result in post-tax impairment charges (compared to new NBV, post-impairment reversal) of $13.7m on TGT and $3.1m on CNV. A 1% increase in discount rate would result in post-tax impairments of $2.5m on TGT and $0.9m on CNV (compared to new NBV, post- impairment reversal). We have also run sensitivities utilising the IEA (International Energy Agency) scenarios described as being consistent with achieving the COP26 agreement goal to reach net zero by 2050 (the \u201cNet Zero price scenario\u201d). The nominal Brent prices used in this scenario were as follows; $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $65.8/bbl in 2028, $57.2/bbl in 2029, $48.2/bbl in 2030, $48.2/ bbl in 2031, $48.2/bbl in 2032 and $48.1/bbl in 2033. Using these prices and a 10.7% discount rate would result in additional post-tax impairment charges (compared to new NBV, post-impairment reversal) of $20.5m on TGT and $5.2m on CNV. Egypt The key assumptions to which the recoverable amount is most sensitive are oil price, discount rate, capital spend and 2P reserves. In 2024, there was a decrease in the discount factor which has led to an impairment reversal for El Fayum, partially offset by a downwards technical revision of El Fayum 2P reserves due to change in the development plan. As at 31 December 2024, the recoverable value of El Fayum is estimated based on a post-tax nominal discount rate of 14.9% (2023: 18.0%) and a Brent oil price of $74.2/bbl in 2025, $72.9/bbl in 2026, $74.0/bbl in 2027, $75.8/bbl in 2028 plus inflation of 2.0% thereafter (2023: an oil price of $81.5/bbl in 2024, $79.0/ bbl in 2025, $79.2/bbl in 2026, $76.3/bbl in 2027 plus inflation of 2.0% thereafter). For NBS, no material impairment arose as a result of the above impairment considerations. Testing of sensitivity cases indicated that a $5/bbl reduction in long term oil price used when determining the value in use method would result in an impairment charge (compared to new NBV, post-impairment reversal) of $6.6m for El Fayum. A 1% increase in discount rate would result in impairment charges of $2.2m on El Fayum (compared to new NBV, post-impairment reversal). We have also run a sensitivity using 14.9% discount rate and the Net Zero price scenario which would result in an additional impairment of $30.2m on El Fayum (compared to new NBV, post-impairment reversal). Other considerations It is not considered possible to provide meaningful sensitivities in relation to 2P reserves for any of the Group\u2019s oil and gas producing properties, as the impact of any changes in 2P reserves on recoverable amount would depend on a variety of factors, including the timing of changes in production profile and the consequential effect on the expenditure required to both develop and extract the reserves. Other fixed assets comprise office fixtures and fittings and computer equipment.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-280": { "value": "
17. Fixed asset investments and joint arrangements
The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2024.
Country Country Percentage Registered
of incorporation
of operation
Principal activity
holding
Footnotes
address
OPECO Vietnam Limited
Cook Islands
Vietnam
Oil and gas development
100
2,4
e
and production
SOCO Vietnam Limited
Cayman Islands
Vietnam
Oil and gas development
100
2,3
d
and production
Pharos Exploration Limited
Jersey
\u2013
Investment holding
100
1
a
Pharos SEA Limited
Jersey
\u2013
Investment holding
100
1
a
SOCO Exploration (Vietnam) Limited
Cayman Islands
Vietnam
Oil and gas exploration
100
2,5
d
OPECO, Inc
USA
\u2013
Investment holding
100
2,4
c
Oil and gas exploration,
Pharos El Fayum
Cayman Islands
Egypt
development and
100
1,6
d
production
SOCO Management Services, Inc.
USA
USA
Management services
100
2
c
Pharos Energy Israel Limited
UK
Israel
Extraction of crude
100
1
b
petroleum
Footnotes: Group investments 1) Investments held directly by Pharos Energy Plc. 2) Investments held indirectly by Pharos Energy Plc. Joint operations 3) SOCO Vietnam Ltd holds a 28.5% working interest in Block 16-1, TGT Field (reducing to a 23.67% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. SOCO Vietnam Ltd holds a 25% working interest in Block 9-2, CNV Field (reducing to a 20% working interest with effect from 16 December 2027). The Field operational base is development/production and is operated by Hoan Vu Joint Operating Company which is registered in Vietnam. 4) OPECO Vietnam Limited holds a 2% working interest in Block 16-1, TGT Field (reducing to a 1.66% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. 5) SOCO Exploration (Vietnam) Limited holds a 70% working interest in Blocks 125 & 126 and is the Operator. The operating office is registered in Vietnam. The main activity is exploration. 6) Pharos El Fayum holds a 45% working interest in the El Fayum Concession and a 45% working interest in the North Beni Suef Concession. Both Concessions are in their development/production phase. The remaining 55% working interest in each Concession is held by IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG. IPR Lake Qarun is nominally the operator of both Concessions, but development and production operations on the Concession are undertaken through the joint operating companies Petrosilah (in the case of El Fayum) and Petro Beni Suef (in the case of North Beni Suef). In practice, Petro Beni Suef subcontracts most or all of its operating activity to Petrosilah. Each joint operating company is an Egyptian joint stock company owned jointly by IPR Lake Qarun, Pharos El Fayum and the Egyptian state oil and gas company Egyptian General Petroleum Corporation (EGPC). Registered addresses a) c/o Gen II (Jersey) Limited (formerly Crestbridge Limited), 47 The Esplanade, St. Helier, Jersey, JE1 0BD b) Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH, United Kingdom c) c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA d) c/o Trident Trust Company (Cayman) Limited, One Capital Place, P.O. Box 847, Grand Cayman, KY1-1103, Cayman Islands e) c/o Portcullis (Cook Islands) Ltd, Portcullis Chambers, Tutakimoa Road, Avarua, Rarotonga, Cook Islands Divestments: No subsidiary undertakings were dissolved during the year. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital.
Investments
2023
2024
Restated
1
$ million $ million
Subsidiary undertakings
As at 1 January 261.5 305.7
Additions to investments 0.9 7.9
Impairment reversal/(charge) 24.6 (52.1)
As at 31 December
287.0
261.5
1) See Note 2(t) At each year end, the carrying value of investments in subsidiaries is compared against recoverable amount determined using the net asset value method as proxy to fair value, which constitutes a level 3 valuation within the fair value hierarchy. During 2024, the Company recorded a net impairment reversal of $24.6m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations (2023: net impairment charge of $52.1m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2024 2023
2024 Remaining 2023 Remaining
Trigger for (Impairment)/ recoverable (Impairment)/ recoverable
2024 reversal amount reversal amount
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
(0.2)
21.8
0.1
21.1
Pharos SEA Limited
2
15.3
179.9
(33.7)
164.6
Pharos El Fayum
2
9.5
85.3
(18.5)
75.8
Pharos Energy Israel Limited
\u2013
\u2013
\u2013
\u2013
Total
24.6
287.0
(52.1)
261.5
1) Reduction in net asset value of direct and indirect subsidiaries 2) Increase in net asset value as a result of impairment reversal of producing assets in direct and indirect subsidiaries. The Directors believe that the carrying value of the investments is supported by their underlying net assets. Sensitivities As detailed in Note 16, the recoverable amount of property, plant and equipment supporting the investment value will be affected by the potential future changes to oil prices, discount rates and 2P reserves. All impairment assessments are prepared on a value in use basis using discounted future cash flows based on 2P reserves profiles. Testing of sensitivity cases indicated that a $5/bbl reduction in long- term oil price used when determining the value in use method would result in an investment impairment charge of $23.4m (compared to new carrying value, post-impairment reversal). A 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). The value of property, plant and equipment supporting the investment value will also be impacted by the potential future impact of climate change. Based on the Net Zero price scenario disclosed in Note 16, the potential write-off of investments would be $55.9m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $18.4m (2023: $16.8m) include contributions of $1.8m to the Pharos Employee Benefit Trust (see Note 28), which is separate entity and not an extension of Pharos Energy plc. Loans to subsidiary undertakings are unsecured, non-interest bearing and payable on demand. There is no expectation that loans will be repaid in the next twelve months and have consequently been disclosed in non-current assets. The carrying value of the loans is compared to liquid assets held by the subsidiary and an assessment is made on the ability of the entity to settle the liability. For 2024, a loss allowance reversal of $1.2m was recognised in relation to loans to subsidiary undertakings during the year (2023: $0.3m loss). Audit exemptions for subsidiary company The Group has elected to take advantage of the exemption from audit available under section 479A of the Companies Act 2006 in respect of its wholly owned subsidiary, Pharos Energy Israel Limited (incorporated in England and Wales with company number 12645819), for the year ended 31 December 2024. The exemption is available for qualifying subsidiaries that fulfil a set of conditions. As a result, statutory financial statements will not be audited for Pharos Energy Israel Limited. In accordance with section 479C of the Companies Act 2006, the Company will guarantee the liabilities and commitments of Pharos Energy Israel Limited. As at 31 December 2024, there are no liabilities and commitments outstanding (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-312": { "value": "17. Fixed asset investments and joint arrangements The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2024.
Country Country Percentage Registered
of incorporation
of operation
Principal activity
holding
Footnotes
address
OPECO Vietnam Limited
Cook Islands
Vietnam
Oil and gas development
100
2,4
e
and production
SOCO Vietnam Limited
Cayman Islands
Vietnam
Oil and gas development
100
2,3
d
and production
Pharos Exploration Limited
Jersey
\u2013
Investment holding
100
1
a
Pharos SEA Limited
Jersey
\u2013
Investment holding
100
1
a
SOCO Exploration (Vietnam) Limited
Cayman Islands
Vietnam
Oil and gas exploration
100
2,5
d
OPECO, Inc
USA
\u2013
Investment holding
100
2,4
c
Oil and gas exploration,
Pharos El Fayum
Cayman Islands
Egypt
development and
100
1,6
d
production
SOCO Management Services, Inc.
USA
USA
Management services
100
2
c
Pharos Energy Israel Limited
UK
Israel
Extraction of crude
100
1
b
petroleum
Footnotes:
Group investments
1) Investments held directly by Pharos Energy Plc.
2) Investments held indirectly by Pharos Energy Plc.
Joint operations
3) SOCO Vietnam Ltd holds a 28.5% working interest in Block 16-1, TGT Field (reducing to a 23.67% working interest with effect from
8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company
which is registered in Vietnam. SOCO Vietnam Ltd holds a 25% working interest in Block 9-2, CNV Field (reducing to a 20% working
interest with effect from 16 December 2027). The Field operational base is development/production and is operated by Hoan Vu
Joint Operating Company which is registered in Vietnam.
4) OPECO Vietnam Limited holds a 2% working interest in Block 16-1, TGT Field (reducing to a 1.66% working interest with effect from
8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company
which is registered in Vietnam.
5) SOCO Exploration (Vietnam) Limited holds a 70% working interest in Blocks 125 & 126 and is the Operator. The operating office is
registered in Vietnam. The main activity is exploration.
6) Pharos El Fayum holds a 45% working interest in the El Fayum Concession and a 45% working interest in the North Beni Suef
Concession. Both Concessions are in their development/production phase. The remaining 55% working interest in each Concession
is held by IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG. IPR Lake Qarun is
nominally the operator of both Concessions, but development and production operations on the Concession are undertaken through
the joint operating companies Petrosilah (in the case of El Fayum) and Petro Beni Suef (in the case of North Beni Suef). In practice,
Petro Beni Suef subcontracts most or all of its operating activity to Petrosilah. Each joint operating company is an Egyptian joint
stock company owned jointly by IPR Lake Qarun, Pharos El Fayum and the Egyptian state oil and gas company Egyptian General
Petroleum Corporation (EGPC).
Registered addresses
a) c/o Gen II (Jersey) Limited (formerly Crestbridge Limited), 47 The Esplanade, St. Helier, Jersey, JE1 0BD
b) Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH, United Kingdom
c) c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA
d) c/o Trident Trust Company (Cayman) Limited, One Capital Place, P.O. Box 847, Grand Cayman, KY1-1103, Cayman Islands
e) c/o Portcullis (Cook Islands) Ltd, Portcullis Chambers, Tutakimoa Road, Avarua, Rarotonga, Cook Islands
Divestments:
No subsidiary undertakings were dissolved during the year.
The Company\u2019s investments in subsidiary undertakings are held in the form of share capital.
Investments
2023
2024
Restated
1
$ million $ million
Subsidiary undertakings
As at 1 January 261.5 305.7
Additions to investments 0.9 7.9
Impairment reversal/(charge) 24.6 (52.1)
As at 31 December
287.0
261.5
1) See Note 2(t)
At each year end, the carrying value of investments in subsidiaries is compared against recoverable amount determined using the net
asset value method as proxy to fair value, which constitutes a level 3 valuation within the fair value hierarchy. During 2024, the Company
recorded a net impairment reversal of $24.6m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and
Egypt operations (2023: net impairment charge of $52.1m in investments in subsidiaries in relation to the underlying net asset values of
Vietnam and Egypt operations).
2024 2023
2024 Remaining 2023 Remaining
Trigger for (Impairment)/ recoverable (Impairment)/ recoverable
2024 reversal amount reversal amount
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
(0.2)
21.8
0.1
21.1
Pharos SEA Limited
2
15.3
179.9
(33.7)
164.6
Pharos El Fayum
2
9.5
85.3
(18.5)
75.8
Pharos Energy Israel Limited
\u2013
\u2013
\u2013
\u2013
Total
24.6
287.0
(52.1)
261.5
1) Reduction in net asset value of direct and indirect subsidiaries
2) Increase in net asset value as a result of impairment reversal of producing assets in direct and indirect subsidiaries.
The Directors believe that the carrying value of the investments is supported by their underlying net assets.
Sensitivities
As detailed in Note 16, the recoverable amount of property, plant and equipment supporting the investment value will be affected by the
potential future changes to oil prices, discount rates and 2P reserves. All impairment assessments are prepared on a value in use basis
using discounted future cash flows based on 2P reserves profiles. Testing of sensitivity cases indicated that a $5/bbl reduction in long-
term oil price used when determining the value in use method would result in an investment impairment charge of $23.4m (compared to
new carrying value, post-impairment reversal). A 1% increase in discount rate would result in an investment impairment charge of $5.6m
(compared to new carrying value, post-impairment reversal).
The value of property, plant and equipment supporting the investment value will also be impacted by the potential future impact of
climate change. Based on the Net Zero price scenario disclosed in Note 16, the potential write-off of investments would be $55.9m
(compared to new carrying value, post-impairment reversal).
Loans to subsidiaries
The Company\u2019s loans to subsidiary undertakings of $18.4m (2023: $16.8m) include contributions of $1.8m to the Pharos Employee
Benefit Trust (see Note 28), which is separate entity and not an extension of Pharos Energy plc. Loans to subsidiary undertakings are
unsecured, non-interest bearing and payable on demand. There is no expectation that loans will be repaid in the next twelve months
and have consequently been disclosed in non-current assets. The carrying value of the loans is compared to liquid assets held by the
subsidiary and an assessment is made on the ability of the entity to settle the liability. For 2024, a loss allowance reversal of $1.2m was
recognised in relation to loans to subsidiary undertakings during the year (2023: $0.3m loss).
Audit exemptions for subsidiary company
The Group has elected to take advantage of the exemption from audit available under section 479A of the Companies Act 2006
in respect of its wholly owned subsidiary, Pharos Energy Israel Limited (incorporated in England and Wales with company number
12645819), for the year ended 31 December 2024. The exemption is available for qualifying subsidiaries that fulfil a set of conditions.
As a result, statutory financial statements will not be audited for Pharos Energy Israel Limited. In accordance with section 479C of the
Companies Act 2006, the Company will guarantee the liabilities and commitments of Pharos Energy Israel Limited. As at 31 December
2024, there are no liabilities and commitments outstanding (2023: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-337": { "value": "17. Fixed asset investments and joint arrangements The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2024.
Country Country Percentage Registered
of incorporation
of operation
Principal activity
holding
Footnotes
address
OPECO Vietnam Limited
Cook Islands
Vietnam
Oil and gas development
100
2,4
e
and production
SOCO Vietnam Limited
Cayman Islands
Vietnam
Oil and gas development
100
2,3
d
and production
Pharos Exploration Limited
Jersey
\u2013
Investment holding
100
1
a
Pharos SEA Limited
Jersey
\u2013
Investment holding
100
1
a
SOCO Exploration (Vietnam) Limited
Cayman Islands
Vietnam
Oil and gas exploration
100
2,5
d
OPECO, Inc
USA
\u2013
Investment holding
100
2,4
c
Oil and gas exploration,
Pharos El Fayum
Cayman Islands
Egypt
development and
100
1,6
d
production
SOCO Management Services, Inc.
USA
USA
Management services
100
2
c
Pharos Energy Israel Limited
UK
Israel
Extraction of crude
100
1
b
petroleum
Footnotes: Group investments 1) Investments held directly by Pharos Energy Plc. 2) Investments held indirectly by Pharos Energy Plc. Joint operations 3) SOCO Vietnam Ltd holds a 28.5% working interest in Block 16-1, TGT Field (reducing to a 23.67% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. SOCO Vietnam Ltd holds a 25% working interest in Block 9-2, CNV Field (reducing to a 20% working interest with effect from 16 December 2027). The Field operational base is development/production and is operated by Hoan Vu Joint Operating Company which is registered in Vietnam. 4) OPECO Vietnam Limited holds a 2% working interest in Block 16-1, TGT Field (reducing to a 1.66% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. 5) SOCO Exploration (Vietnam) Limited holds a 70% working interest in Blocks 125 & 126 and is the Operator. The operating office is registered in Vietnam. The main activity is exploration. 6) Pharos El Fayum holds a 45% working interest in the El Fayum Concession and a 45% working interest in the North Beni Suef Concession. Both Concessions are in their development/production phase. The remaining 55% working interest in each Concession is held by IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG. IPR Lake Qarun is nominally the operator of both Concessions, but development and production operations on the Concession are undertaken through the joint operating companies Petrosilah (in the case of El Fayum) and Petro Beni Suef (in the case of North Beni Suef). In practice, Petro Beni Suef subcontracts most or all of its operating activity to Petrosilah. Each joint operating company is an Egyptian joint stock company owned jointly by IPR Lake Qarun, Pharos El Fayum and the Egyptian state oil and gas company Egyptian General Petroleum Corporation (EGPC). Registered addresses a) c/o Gen II (Jersey) Limited (formerly Crestbridge Limited), 47 The Esplanade, St. Helier, Jersey, JE1 0BD b) Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH, United Kingdom c) c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA d) c/o Trident Trust Company (Cayman) Limited, One Capital Place, P.O. Box 847, Grand Cayman, KY1-1103, Cayman Islands e) c/o Portcullis (Cook Islands) Ltd, Portcullis Chambers, Tutakimoa Road, Avarua, Rarotonga, Cook Islands Divestments: No subsidiary undertakings were dissolved during the year. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital.
Investments
2023
2024
Restated
1
$ million $ million
Subsidiary undertakings
As at 1 January 261.5 305.7
Additions to investments 0.9 7.9
Impairment reversal/(charge) 24.6 (52.1)
As at 31 December
287.0
261.5
1) See Note 2(t) At each year end, the carrying value of investments in subsidiaries is compared against recoverable amount determined using the net asset value method as proxy to fair value, which constitutes a level 3 valuation within the fair value hierarchy. During 2024, the Company recorded a net impairment reversal of $24.6m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations (2023: net impairment charge of $52.1m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2024 2023
2024 Remaining 2023 Remaining
Trigger for (Impairment)/ recoverable (Impairment)/ recoverable
2024 reversal amount reversal amount
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
(0.2)
21.8
0.1
21.1
Pharos SEA Limited
2
15.3
179.9
(33.7)
164.6
Pharos El Fayum
2
9.5
85.3
(18.5)
75.8
Pharos Energy Israel Limited
\u2013
\u2013
\u2013
\u2013
Total
24.6
287.0
(52.1)
261.5
1) Reduction in net asset value of direct and indirect subsidiaries 2) Increase in net asset value as a result of impairment reversal of producing assets in direct and indirect subsidiaries. The Directors believe that the carrying value of the investments is supported by their underlying net assets. Sensitivities As detailed in Note 16, the recoverable amount of property, plant and equipment supporting the investment value will be affected by the potential future changes to oil prices, discount rates and 2P reserves. All impairment assessments are prepared on a value in use basis using discounted future cash flows based on 2P reserves profiles. Testing of sensitivity cases indicated that a $5/bbl reduction in long- term oil price used when determining the value in use method would result in an investment impairment charge of $23.4m (compared to new carrying value, post-impairment reversal). A 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). The value of property, plant and equipment supporting the investment value will also be impacted by the potential future impact of climate change. Based on the Net Zero price scenario disclosed in Note 16, the potential write-off of investments would be $55.9m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $18.4m (2023: $16.8m) include contributions of $1.8m to the Pharos Employee Benefit Trust (see Note 28), which is separate entity and not an extension of Pharos Energy plc. Loans to subsidiary undertakings are unsecured, non-interest bearing and payable on demand. There is no expectation that loans will be repaid in the next twelve months and have consequently been disclosed in non-current assets. The carrying value of the loans is compared to liquid assets held by the subsidiary and an assessment is made on the ability of the entity to settle the liability. For 2024, a loss allowance reversal of $1.2m was recognised in relation to loans to subsidiary undertakings during the year (2023: $0.3m loss). Audit exemptions for subsidiary company The Group has elected to take advantage of the exemption from audit available under section 479A of the Companies Act 2006 in respect of its wholly owned subsidiary, Pharos Energy Israel Limited (incorporated in England and Wales with company number 12645819), for the year ended 31 December 2024. The exemption is available for qualifying subsidiaries that fulfil a set of conditions. As a result, statutory financial statements will not be audited for Pharos Energy Israel Limited. In accordance with section 479C of the Companies Act 2006, the Company will guarantee the liabilities and commitments of Pharos Energy Israel Limited. As at 31 December 2024, there are no liabilities and commitments outstanding (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "value": "17. Fixed asset investments and joint arrangements The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2024.
Country Country Percentage Registered
of incorporation
of operation
Principal activity
holding
Footnotes
address
OPECO Vietnam Limited
Cook Islands
Vietnam
Oil and gas development
100
2,4
e
and production
SOCO Vietnam Limited
Cayman Islands
Vietnam
Oil and gas development
100
2,3
d
and production
Pharos Exploration Limited
Jersey
\u2013
Investment holding
100
1
a
Pharos SEA Limited
Jersey
\u2013
Investment holding
100
1
a
SOCO Exploration (Vietnam) Limited
Cayman Islands
Vietnam
Oil and gas exploration
100
2,5
d
OPECO, Inc
USA
\u2013
Investment holding
100
2,4
c
Oil and gas exploration,
Pharos El Fayum
Cayman Islands
Egypt
development and
100
1,6
d
production
SOCO Management Services, Inc.
USA
USA
Management services
100
2
c
Pharos Energy Israel Limited
UK
Israel
Extraction of crude
100
1
b
petroleum
Footnotes: Group investments 1) Investments held directly by Pharos Energy Plc. 2) Investments held indirectly by Pharos Energy Plc. Joint operations 3) SOCO Vietnam Ltd holds a 28.5% working interest in Block 16-1, TGT Field (reducing to a 23.67% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. SOCO Vietnam Ltd holds a 25% working interest in Block 9-2, CNV Field (reducing to a 20% working interest with effect from 16 December 2027). The Field operational base is development/production and is operated by Hoan Vu Joint Operating Company which is registered in Vietnam. 4) OPECO Vietnam Limited holds a 2% working interest in Block 16-1, TGT Field (reducing to a 1.66% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. 5) SOCO Exploration (Vietnam) Limited holds a 70% working interest in Blocks 125 & 126 and is the Operator. The operating office is registered in Vietnam. The main activity is exploration. 6) Pharos El Fayum holds a 45% working interest in the El Fayum Concession and a 45% working interest in the North Beni Suef Concession. Both Concessions are in their development/production phase. The remaining 55% working interest in each Concession is held by IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG. IPR Lake Qarun is nominally the operator of both Concessions, but development and production operations on the Concession are undertaken through the joint operating companies Petrosilah (in the case of El Fayum) and Petro Beni Suef (in the case of North Beni Suef). In practice, Petro Beni Suef subcontracts most or all of its operating activity to Petrosilah. Each joint operating company is an Egyptian joint stock company owned jointly by IPR Lake Qarun, Pharos El Fayum and the Egyptian state oil and gas company Egyptian General Petroleum Corporation (EGPC). Registered addresses a) c/o Gen II (Jersey) Limited (formerly Crestbridge Limited), 47 The Esplanade, St. Helier, Jersey, JE1 0BD b) Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH, United Kingdom c) c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA d) c/o Trident Trust Company (Cayman) Limited, One Capital Place, P.O. Box 847, Grand Cayman, KY1-1103, Cayman Islands e) c/o Portcullis (Cook Islands) Ltd, Portcullis Chambers, Tutakimoa Road, Avarua, Rarotonga, Cook Islands Divestments: No subsidiary undertakings were dissolved during the year. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital.
Investments
2023
2024
Restated
1
$ million $ million
Subsidiary undertakings
As at 1 January 261.5 305.7
Additions to investments 0.9 7.9
Impairment reversal/(charge) 24.6 (52.1)
As at 31 December
287.0
261.5
1) See Note 2(t) At each year end, the carrying value of investments in subsidiaries is compared against recoverable amount determined using the net asset value method as proxy to fair value, which constitutes a level 3 valuation within the fair value hierarchy. During 2024, the Company recorded a net impairment reversal of $24.6m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations (2023: net impairment charge of $52.1m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2024 2023
2024 Remaining 2023 Remaining
Trigger for (Impairment)/ recoverable (Impairment)/ recoverable
2024 reversal amount reversal amount
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
(0.2)
21.8
0.1
21.1
Pharos SEA Limited
2
15.3
179.9
(33.7)
164.6
Pharos El Fayum
2
9.5
85.3
(18.5)
75.8
Pharos Energy Israel Limited
\u2013
\u2013
\u2013
\u2013
Total
24.6
287.0
(52.1)
261.5
1) Reduction in net asset value of direct and indirect subsidiaries 2) Increase in net asset value as a result of impairment reversal of producing assets in direct and indirect subsidiaries. The Directors believe that the carrying value of the investments is supported by their underlying net assets. Sensitivities As detailed in Note 16, the recoverable amount of property, plant and equipment supporting the investment value will be affected by the potential future changes to oil prices, discount rates and 2P reserves. All impairment assessments are prepared on a value in use basis using discounted future cash flows based on 2P reserves profiles. Testing of sensitivity cases indicated that a $5/bbl reduction in long- term oil price used when determining the value in use method would result in an investment impairment charge of $23.4m (compared to new carrying value, post-impairment reversal). A 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). The value of property, plant and equipment supporting the investment value will also be impacted by the potential future impact of climate change. Based on the Net Zero price scenario disclosed in Note 16, the potential write-off of investments would be $55.9m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $18.4m (2023: $16.8m) include contributions of $1.8m to the Pharos Employee Benefit Trust (see Note 28), which is separate entity and not an extension of Pharos Energy plc. Loans to subsidiary undertakings are unsecured, non-interest bearing and payable on demand. There is no expectation that loans will be repaid in the next twelve months and have consequently been disclosed in non-current assets. The carrying value of the loans is compared to liquid assets held by the subsidiary and an assessment is made on the ability of the entity to settle the liability. For 2024, a loss allowance reversal of $1.2m was recognised in relation to loans to subsidiary undertakings during the year (2023: $0.3m loss). Audit exemptions for subsidiary company The Group has elected to take advantage of the exemption from audit available under section 479A of the Companies Act 2006 in respect of its wholly owned subsidiary, Pharos Energy Israel Limited (incorporated in England and Wales with company number 12645819), for the year ended 31 December 2024. The exemption is available for qualifying subsidiaries that fulfil a set of conditions. As a result, statutory financial statements will not be audited for Pharos Energy Israel Limited. In accordance with section 479C of the Companies Act 2006, the Company will guarantee the liabilities and commitments of Pharos Energy Israel Limited. As at 31 December 2024, there are no liabilities and commitments outstanding (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "value": "17. Fixed asset investments and joint arrangements The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2024.
Country Country Percentage Registered
of incorporation
of operation
Principal activity
holding
Footnotes
address
OPECO Vietnam Limited
Cook Islands
Vietnam
Oil and gas development
100
2,4
e
and production
SOCO Vietnam Limited
Cayman Islands
Vietnam
Oil and gas development
100
2,3
d
and production
Pharos Exploration Limited
Jersey
\u2013
Investment holding
100
1
a
Pharos SEA Limited
Jersey
\u2013
Investment holding
100
1
a
SOCO Exploration (Vietnam) Limited
Cayman Islands
Vietnam
Oil and gas exploration
100
2,5
d
OPECO, Inc
USA
\u2013
Investment holding
100
2,4
c
Oil and gas exploration,
Pharos El Fayum
Cayman Islands
Egypt
development and
100
1,6
d
production
SOCO Management Services, Inc.
USA
USA
Management services
100
2
c
Pharos Energy Israel Limited
UK
Israel
Extraction of crude
100
1
b
petroleum
Footnotes: Group investments 1) Investments held directly by Pharos Energy Plc. 2) Investments held indirectly by Pharos Energy Plc. Joint operations 3) SOCO Vietnam Ltd holds a 28.5% working interest in Block 16-1, TGT Field (reducing to a 23.67% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. SOCO Vietnam Ltd holds a 25% working interest in Block 9-2, CNV Field (reducing to a 20% working interest with effect from 16 December 2027). The Field operational base is development/production and is operated by Hoan Vu Joint Operating Company which is registered in Vietnam. 4) OPECO Vietnam Limited holds a 2% working interest in Block 16-1, TGT Field (reducing to a 1.66% working interest with effect from 8 December 2026). The Field operational base is development/production and is operated by Hoang Long Joint Operating Company which is registered in Vietnam. 5) SOCO Exploration (Vietnam) Limited holds a 70% working interest in Blocks 125 & 126 and is the Operator. The operating office is registered in Vietnam. The main activity is exploration. 6) Pharos El Fayum holds a 45% working interest in the El Fayum Concession and a 45% working interest in the North Beni Suef Concession. Both Concessions are in their development/production phase. The remaining 55% working interest in each Concession is held by IPR Lake Qarun Petroleum Co (\"IPR Lake Qarun\"), a wholly owned subsidiary of IPR Energy AG. IPR Lake Qarun is nominally the operator of both Concessions, but development and production operations on the Concession are undertaken through the joint operating companies Petrosilah (in the case of El Fayum) and Petro Beni Suef (in the case of North Beni Suef). In practice, Petro Beni Suef subcontracts most or all of its operating activity to Petrosilah. Each joint operating company is an Egyptian joint stock company owned jointly by IPR Lake Qarun, Pharos El Fayum and the Egyptian state oil and gas company Egyptian General Petroleum Corporation (EGPC). Registered addresses a) c/o Gen II (Jersey) Limited (formerly Crestbridge Limited), 47 The Esplanade, St. Helier, Jersey, JE1 0BD b) Eastcastle House, 27/28 Eastcastle Street, London W1W 8DH, United Kingdom c) c/o The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USA d) c/o Trident Trust Company (Cayman) Limited, One Capital Place, P.O. Box 847, Grand Cayman, KY1-1103, Cayman Islands e) c/o Portcullis (Cook Islands) Ltd, Portcullis Chambers, Tutakimoa Road, Avarua, Rarotonga, Cook Islands Divestments: No subsidiary undertakings were dissolved during the year. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital.
Investments
2023
2024
Restated
1
$ million $ million
Subsidiary undertakings
As at 1 January 261.5 305.7
Additions to investments 0.9 7.9
Impairment reversal/(charge) 24.6 (52.1)
As at 31 December
287.0
261.5
1) See Note 2(t) At each year end, the carrying value of investments in subsidiaries is compared against recoverable amount determined using the net asset value method as proxy to fair value, which constitutes a level 3 valuation within the fair value hierarchy. During 2024, the Company recorded a net impairment reversal of $24.6m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations (2023: net impairment charge of $52.1m in investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2024 2023
2024 Remaining 2023 Remaining
Trigger for (Impairment)/ recoverable (Impairment)/ recoverable
2024 reversal amount reversal amount
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
(0.2)
21.8
0.1
21.1
Pharos SEA Limited
2
15.3
179.9
(33.7)
164.6
Pharos El Fayum
2
9.5
85.3
(18.5)
75.8
Pharos Energy Israel Limited
\u2013
\u2013
\u2013
\u2013
Total
24.6
287.0
(52.1)
261.5
1) Reduction in net asset value of direct and indirect subsidiaries 2) Increase in net asset value as a result of impairment reversal of producing assets in direct and indirect subsidiaries. The Directors believe that the carrying value of the investments is supported by their underlying net assets. Sensitivities As detailed in Note 16, the recoverable amount of property, plant and equipment supporting the investment value will be affected by the potential future changes to oil prices, discount rates and 2P reserves. All impairment assessments are prepared on a value in use basis using discounted future cash flows based on 2P reserves profiles. Testing of sensitivity cases indicated that a $5/bbl reduction in long- term oil price used when determining the value in use method would result in an investment impairment charge of $23.4m (compared to new carrying value, post-impairment reversal). A 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). The value of property, plant and equipment supporting the investment value will also be impacted by the potential future impact of climate change. Based on the Net Zero price scenario disclosed in Note 16, the potential write-off of investments would be $55.9m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $18.4m (2023: $16.8m) include contributions of $1.8m to the Pharos Employee Benefit Trust (see Note 28), which is separate entity and not an extension of Pharos Energy plc. Loans to subsidiary undertakings are unsecured, non-interest bearing and payable on demand. There is no expectation that loans will be repaid in the next twelve months and have consequently been disclosed in non-current assets. The carrying value of the loans is compared to liquid assets held by the subsidiary and an assessment is made on the ability of the entity to settle the liability. For 2024, a loss allowance reversal of $1.2m was recognised in relation to loans to subsidiary undertakings during the year (2023: $0.3m loss). Audit exemptions for subsidiary company The Group has elected to take advantage of the exemption from audit available under section 479A of the Companies Act 2006 in respect of its wholly owned subsidiary, Pharos Energy Israel Limited (incorporated in England and Wales with company number 12645819), for the year ended 31 December 2024. The exemption is available for qualifying subsidiaries that fulfil a set of conditions. As a result, statutory financial statements will not be audited for Pharos Energy Israel Limited. In accordance with section 479C of the Companies Act 2006, the Company will guarantee the liabilities and commitments of Pharos Energy Israel Limited. As at 31 December 2024, there are no liabilities and commitments outstanding (2023: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-281": { "value": "
18. Other non-current assets
Group
2024 2023
$ million $ million
Amounts falling due after one year:
Abandonment security fund 56.0 53.7
Contingent consideration on Egypt farm-out (see Note 20) 1.8 4.9
57.8 58.6
Other non-current assets mainly comprise the Group\u2019s share of cash contributions made into two abandonment security funds which
were established to ensure that sufficient funds exist to meet future abandonment obligations on TGT and CNV fields. The funds are
maintained in a bank account by PetroVietnam and the JOC partners retain the legal rights and obligations to all monies contributed to
the abandonment funds, pending commencement of abandonment operations. The Group does not expect to receive cash or another
financial asset from PetroVietnam. During 2024, the Group has contributed $2.3m (2023: $3.5m). As at 31 December 2024, the Group\u2019s
total contribution to the funds was $56.0m (2023: $53.7m).
A further $1.8m (2023: $4.9m) relates to contingent consideration due from the farm-out with IPR in Egypt. The contingent
consideration is dependent on the average Brent Price for 2025 (with floor and cap at $62/bbl and c.$90/bbl respectively). The
contingent consideration is calculated yearly and is capped at a maximum total payment of $20.0m (see Note 20).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "value": "18. Other non-current assets
Group
2024 2023
$ million $ million
Amounts falling due after one year:
Abandonment security fund 56.0 53.7
Contingent consideration on Egypt farm-out (see Note 20) 1.8 4.9
57.8 58.6
Other non-current assets mainly comprise the Group\u2019s share of cash contributions made into two abandonment security funds which were established to ensure that sufficient funds exist to meet future abandonment obligations on TGT and CNV fields. The funds are maintained in a bank account by PetroVietnam and the JOC partners retain the legal rights and obligations to all monies contributed to the abandonment funds, pending commencement of abandonment operations. The Group does not expect to receive cash or another financial asset from PetroVietnam. During 2024, the Group has contributed $2.3m (2023: $3.5m). As at 31 December 2024, the Group\u2019s total contribution to the funds was $56.0m (2023: $53.7m). A further $1.8m (2023: $4.9m) relates to contingent consideration due from the farm-out with IPR in Egypt. The contingent consideration is dependent on the average Brent Price for 2025 (with floor and cap at $62/bbl and c.$90/bbl respectively). The contingent consideration is calculated yearly and is capped at a maximum total payment of $20.0m (see Note 20). 20. Trade and other receivables
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 40.5 50.8 \u2013 \u2013
Other receivables 4.5 9.5 \u2013 \u2013
Prepayments and accrued income 2.8 1.9 0.5 0.4
Derivative financial instruments (see Note 25) 0.1 0.1 \u2013 \u2013
47.9 62.3 0.5 0.4
There is no material difference between the carrying amount of trade and other receivables and their fair value. Included in trade receivables arising from South East Asia and Egypt at 31 December 2024 are trade receivables of $12.4m and $28.1m (after risk factor provision of $1.4m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2023: $17.4m and $33.4m, after risk factor provision of $4.0m for Egypt, from the Group\u2019s two largest customers in South East Asia and Egypt respectively). In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2023: nil). In Egypt, receivables due over one year at 31 December 2024 amount to $8.4m (2023: $13.7m). No interest is charged on outstanding trade receivables. Trade and other receivables are financial assets and are measured at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. As mentioned above, 100% (2023: 100%) of our trade receivables are concentrated with two largest customers, one of them being a subsidiary of a government regulated entity and the other being a major global oil & gas company. As of 31 December 2024, an ECL provision of $1.4m (2023: $4.0m) has been recorded against trade receivables in Egypt. Following the carry with IPR having been fully utilised by April 2024, the Group opted to accept the payment of part receivables balance in EGP in order to cover operational expenditure, cash calls and other expenses in local currency. These factors have accelerated the recovery of Egyptian trade receivables during 2024. For 2024, the movement in the ECL provision of $2.5m is recorded as \u201cImpairment reversal \u2013 Financial asset\u201d (2023: $2.2m charge) on the face of the Income Statement as part of Cost of Sales (see Note 7). Included in other receivables in 2023 was the remaining balance of disproportionate funding contribution from IPR following completion of the farm-out transaction of Egyptian assets (carry). The carry decreases every month against the cash calls received from IPR. The total carry of $35.9m (2023: $31.0m) was utilised in full by April 2024. The movement during the year of $5.0m has been disclosed in \u201cConsideration in relation to farm out of Egyptian assets\u201d in the cash flow as part of investing activities. The final consideration is still being finalised between IPR and Pharos. The financial exposure from finalising the consideration to Pharos, reflecting the remaining amounts still under discussion, is considered immaterial to the financial statements. A further $3.3m included in other receivables relates to current contingent consideration due from the farm-out with IPR. As at 31 December 2024, the contingent consideration receivable amounts to $5.1m, $3.3m in current trade and other receivables and $1.8m in other non-current assets (2023: $8.5m, $3.6m in current trade and other receivables and $4.9m in other non-current assets). Testing of sensitivity for a $5/bbl reduction in long-term oil price used would result in a $0.8m decrease in contingent consideration to $4.3m. On 1 June 2024, contingent consideration of $3.6m in respect of the average Brent price during 2023 was received from IPR. The fair value movement of $0.3m, relating to revision of the contingent consideration, was credited to the income statement during 2024 (2023: $0.3m charge). 23. Deferred tax The following are the major deferred tax liabilities recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated tax Other temporary
depreciation differences Group
$ million $ million $ million
As at 1 January 2023
89.2
3.7
92.9
Credit to income (see Note 12)
(22.8)
(1.9)
(24.7)
As at 1 January 2024
66.4
1.8
68.2
(Credit)/charge to income (see Note 12)
(3.7)
3.0
(0.7)
As at 31 December 2024
62.7
4.8
67.5
The credit to income includes a deferred tax charge of $8.4m (2023: $(16.2)m credit) that arises from the impairment reversal of the TGT and CNV producing assets as discussed in Note 16. There are no unrecognised deferred taxation balances at either balance sheet date except in relation to gross losses that are not expected to be utilised in the amount of $214.0m (2023: $155.2m). The gross losses have no expiry date. A UK entity in the Group has entered into commodity swaps designated as cash flow hedges. In accordance with IAS 12, a deferred tax asset has not been recognised in relation to the hedging losses of $0.1m (2023: $0.2m losses) recorded in the year as it is unlikely that the UK tax group will generate sufficient taxable profit in the future, against which the deductible temporary differences can be utilised. There are no temporary differences relating to unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-282": { "value": "
19. Inventories
Group
2024 2023
$ million $ million
Crude oil and condensate 9.3 3.3
9.3 3.3
Crude oil and condensate are valued at net realisable value in line with well established industry practice with changes in hydrocarbon
inventories adjusted through cost of sales (see Note 7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-283": { "value": "
20. Trade and other receivables
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 40.5 50.8 \u2013 \u2013
Other receivables 4.5 9.5 \u2013 \u2013
Prepayments and accrued income 2.8 1.9 0.5 0.4
Derivative financial instruments (see Note 25) 0.1 0.1 \u2013 \u2013
47.9 62.3 0.5 0.4
There is no material difference between the carrying amount of trade and other receivables and their fair value.
Included in trade receivables arising from South East Asia and Egypt at 31 December 2024 are trade receivables of $12.4m and
$28.1m (after risk factor provision of $1.4m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2023: $17.4m
and $33.4m, after risk factor provision of $4.0m for Egypt, from the Group\u2019s two largest customers in South East Asia and Egypt
respectively).
In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2023: nil). In Egypt,
receivables due over one year at 31 December 2024 amount to $8.4m (2023: $13.7m). No interest is charged on outstanding trade
receivables.
Trade and other receivables are financial assets and are measured at amortised cost. The Group applies the IFRS 9 simplified approach
to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. As mentioned
above, 100% (2023: 100%) of our trade receivables are concentrated with two largest customers, one of them being a subsidiary of
a government regulated entity and the other being a major global oil & gas company. As of 31 December 2024, an ECL provision of
$1.4m (2023: $4.0m) has been recorded against trade receivables in Egypt. Following the carry with IPR having been fully utilised by
April 2024, the Group opted to accept the payment of part receivables balance in EGP in order to cover operational expenditure, cash
calls and other expenses in local currency. These factors have accelerated the recovery of Egyptian trade receivables during 2024. For
2024, the movement in the ECL provision of $2.5m is recorded as \u201cImpairment reversal \u2013 Financial asset\u201d (2023: $2.2m charge) on the
face of the Income Statement as part of Cost of Sales (see Note 7).
Included in other receivables in 2023 was the remaining balance of disproportionate funding contribution from IPR following completion
of the farm-out transaction of Egyptian assets (carry). The carry decreases every month against the cash calls received from IPR. The
total carry of $35.9m (2023: $31.0m) was utilised in full by April 2024. The movement during the year of $5.0m has been disclosed in
\u201cConsideration in relation to farm out of Egyptian assets\u201d in the cash flow as part of investing activities. The final consideration is still
being finalised between IPR and Pharos. The financial exposure from finalising the consideration to Pharos, reflecting the remaining
amounts still under discussion, is considered immaterial to the financial statements.
A further $3.3m included in other receivables relates to current contingent consideration due from the farm-out with IPR. As at 31
December 2024, the contingent consideration receivable amounts to $5.1m, $3.3m in current trade and other receivables and $1.8m in
other non-current assets (2023: $8.5m, $3.6m in current trade and other receivables and $4.9m in other non-current assets). Testing of
sensitivity for a $5/bbl reduction in long-term oil price used would result in a $0.8m decrease in contingent consideration to $4.3m. On 1
June 2024, contingent consideration of $3.6m in respect of the average Brent price during 2023 was received from IPR.
The fair value movement of $0.3m, relating to revision of the contingent consideration, was credited to the income statement during
2024 (2023: $0.3m charge).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-313": { "value": "
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 40.5 50.8 \u2013 \u2013
Other receivables 4.5 9.5 \u2013 \u2013
Prepayments and accrued income 2.8 1.9 0.5 0.4
Derivative financial instruments (see Note 25) 0.1 0.1 \u2013 \u2013
47.9 62.3 0.5 0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-338": { "value": "
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 40.5 50.8 \u2013 \u2013
Other receivables 4.5 9.5 \u2013 \u2013
Prepayments and accrued income 2.8 1.9 0.5 0.4
Derivative financial instruments (see Note 25) 0.1 0.1 \u2013 \u2013
47.9 62.3 0.5 0.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-339": { "value": "Included in trade receivables arising from South East Asia and Egypt at 31 December 2024 are trade receivables of $12.4m and $28.1m (after risk factor provision of $1.4m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2023: $17.4m and $33.4m, after risk factor provision of $4.0m for Egypt, from the Group\u2019s two largest customers in South East Asia and Egypt respectively). In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2023: nil). In Egypt, receivables due over one year at 31 December 2024 amount to $8.4m (2023: $13.7m). No interest is charged on outstanding trade receivables. Trade and other receivables are financial assets and are measured at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECL) which uses a lifetime expected loss allowance for all trade receivables. As mentioned above, 100% (2023: 100%) of our trade receivables are concentrated with two largest customers, one of them being a subsidiary of a government regulated entity and the other being a major global oil & gas company. As of 31 December 2024, an ECL provision of $1.4m (2023: $4.0m) has been recorded against trade receivables in Egypt. Following the carry with IPR having been fully utilised by April 2024, the Group opted to accept the payment of part receivables balance in EGP in order to cover operational expenditure, cash calls and other expenses in local currency. These factors have accelerated the recovery of Egyptian trade receivables during 2024. For 2024, the movement in the ECL provision of $2.5m is recorded as \u201cImpairment reversal \u2013 Financial asset\u201d (2023: $2.2m charge) on the face of the Income Statement as part of Cost of Sales (see Note 7). Included in other receivables in 2023 was the remaining balance of disproportionate funding contribution from IPR following completion of the farm-out transaction of Egyptian assets (carry). The carry decreases every month against the cash calls received from IPR. The total carry of $35.9m (2023: $31.0m) was utilised in full by April 2024. The movement during the year of $5.0m has been disclosed in \u201cConsideration in relation to farm out of Egyptian assets\u201d in the cash flow as part of investing activities. The final consideration is still being finalised between IPR and Pharos. The financial exposure from finalising the consideration to Pharos, reflecting the remaining amounts still under discussion, is considered immaterial to the financial statements. A further $3.3m included in other receivables relates to current contingent consideration due from the farm-out with IPR. As at 31 December 2024, the contingent consideration receivable amounts to $5.1m, $3.3m in current trade and other receivables and $1.8m in other non-current assets (2023: $8.5m, $3.6m in current trade and other receivables and $4.9m in other non-current assets). Testing of sensitivity for a $5/bbl reduction in long-term oil price used would result in a $0.8m decrease in contingent consideration to $4.3m. On 1 June 2024, contingent consideration of $3.6m in respect of the average Brent price during 2023 was received from IPR. The fair value movement of $0.3m, relating to revision of the contingent consideration, was credited to the income statement during 2024 (2023: $0.3m charge). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-284": { "value": "
21. Cash and cash equivalents
As at 31 December 2024, cash and cash equivalents was $16.5m (2023: $32.6m). Of this balance, $0.1m (2023: $1.2m) were in
Money Market Funds that are valued at quoted prices of the funds in the active markets for the financial instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-285": { "value": "
22. Trade and other payables
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
1) See Note 2(s)
There is no material difference between the carrying value of trade payables and their fair value. The above trade and other payables are
financial liabilities, held at amortised cost and are not discounted as the impact would not be material.
The Group does not utilise any supplier financing (reverse factoring) arrangements. The Group has financial risk management policies in
place to ensure that all payables are paid within the pre-agreed credit terms. Further information relating to financial risks and how the
Group mitigates these risks are discussed in the Risk Management Report and Principle Risks and Mitigations on pages 45 to 56.
As at 31 December 2024, other payables includes $0.5m (2023: $0.8m) in relation to the assignment fee payable to EGPC for the sale
of 55% of the Group\u2019s operated interest in each of our Egyptian Concessions, El Fayum and North Beni Suef, to IPR. $0.3m is booked
as current other payable and $0.2m as non-current other payable. Following receipt of contingent consideration amounting to $3.6m,
an assignment bonus of $0.4m was offset against trade receivables from EGPC. A further $6.1m (2023: $7.6m) of other payables relate
to JOC and JV payables for Vietnam and Egypt operations respectively.
Accruals and deferred income include $0.6m (2023: $0.4m) in respect of a royalty provision for Egypt and reflects the amount payable
in the next year. The royalty provision relates to a historical arrangement granting a 3% royalty on Pharos\u2019s share of profit oil and excess
cost recovery from El Fayum in Egypt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-314": { "value": "22. Trade and other payables
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
1) See Note 2(s) There is no material difference between the carrying value of trade payables and their fair value. The above trade and other payables are financial liabilities, held at amortised cost and are not discounted as the impact would not be material. The Group does not utilise any supplier financing (reverse factoring) arrangements. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Further information relating to financial risks and how the Group mitigates these risks are discussed in the Risk Management Report and Principle Risks and Mitigations on pages 45 to 56. As at 31 December 2024, other payables includes $0.5m (2023: $0.8m) in relation to the assignment fee payable to EGPC for the sale of 55% of the Group\u2019s operated interest in each of our Egyptian Concessions, El Fayum and North Beni Suef, to IPR. $0.3m is booked as current other payable and $0.2m as non-current other payable. Following receipt of contingent consideration amounting to $3.6m, an assignment bonus of $0.4m was offset against trade receivables from EGPC. A further $6.1m (2023: $7.6m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2023: $0.4m) in respect of a royalty provision for Egypt and reflects the amount payable in the next year. The royalty provision relates to a historical arrangement granting a 3% royalty on Pharos\u2019s share of profit oil and excess cost recovery from El Fayum in Egypt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-340": { "value": "22. Trade and other payables
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
1) See Note 2(s) There is no material difference between the carrying value of trade payables and their fair value. The above trade and other payables are financial liabilities, held at amortised cost and are not discounted as the impact would not be material. The Group does not utilise any supplier financing (reverse factoring) arrangements. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Further information relating to financial risks and how the Group mitigates these risks are discussed in the Risk Management Report and Principle Risks and Mitigations on pages 45 to 56. As at 31 December 2024, other payables includes $0.5m (2023: $0.8m) in relation to the assignment fee payable to EGPC for the sale of 55% of the Group\u2019s operated interest in each of our Egyptian Concessions, El Fayum and North Beni Suef, to IPR. $0.3m is booked as current other payable and $0.2m as non-current other payable. Following receipt of contingent consideration amounting to $3.6m, an assignment bonus of $0.4m was offset against trade receivables from EGPC. A further $6.1m (2023: $7.6m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2023: $0.4m) in respect of a royalty provision for Egypt and reflects the amount payable in the next year. The royalty provision relates to a historical arrangement granting a 3% royalty on Pharos\u2019s share of profit oil and excess cost recovery from El Fayum in Egypt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "22. Trade and other payables
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
1) See Note 2(s) There is no material difference between the carrying value of trade payables and their fair value. The above trade and other payables are financial liabilities, held at amortised cost and are not discounted as the impact would not be material. The Group does not utilise any supplier financing (reverse factoring) arrangements. The Group has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. Further information relating to financial risks and how the Group mitigates these risks are discussed in the Risk Management Report and Principle Risks and Mitigations on pages 45 to 56. As at 31 December 2024, other payables includes $0.5m (2023: $0.8m) in relation to the assignment fee payable to EGPC for the sale of 55% of the Group\u2019s operated interest in each of our Egyptian Concessions, El Fayum and North Beni Suef, to IPR. $0.3m is booked as current other payable and $0.2m as non-current other payable. Following receipt of contingent consideration amounting to $3.6m, an assignment bonus of $0.4m was offset against trade receivables from EGPC. A further $6.1m (2023: $7.6m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2023: $0.4m) in respect of a royalty provision for Egypt and reflects the amount payable in the next year. The royalty provision relates to a historical arrangement granting a 3% royalty on Pharos\u2019s share of profit oil and excess cost recovery from El Fayum in Egypt. 23. Deferred tax The following are the major deferred tax liabilities recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated tax Other temporary
depreciation differences Group
$ million $ million $ million
As at 1 January 2023
89.2
3.7
92.9
Credit to income (see Note 12)
(22.8)
(1.9)
(24.7)
As at 1 January 2024
66.4
1.8
68.2
(Credit)/charge to income (see Note 12)
(3.7)
3.0
(0.7)
As at 31 December 2024
62.7
4.8
67.5
The credit to income includes a deferred tax charge of $8.4m (2023: $(16.2)m credit) that arises from the impairment reversal of the TGT and CNV producing assets as discussed in Note 16. There are no unrecognised deferred taxation balances at either balance sheet date except in relation to gross losses that are not expected to be utilised in the amount of $214.0m (2023: $155.2m). The gross losses have no expiry date. A UK entity in the Group has entered into commodity swaps designated as cash flow hedges. In accordance with IAS 12, a deferred tax asset has not been recognised in relation to the hedging losses of $0.1m (2023: $0.2m losses) recorded in the year as it is unlikely that the UK tax group will generate sufficient taxable profit in the future, against which the deductible temporary differences can be utilised. There are no temporary differences relating to unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "value": "
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "value": "
Group
Company
2023 2023
2024
Restated
1
2024
Restated
1
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 8.0 9.6 1.7 1.8
Accruals and deferred income 4.2 2.9 1.2 0.5
Other taxation and social security 2.1 \u2013 0.9 \u2013
14.3 12.5 3.8 2.3
Amounts falling due after one year:
Other payables 0.2 0.5 \u2013 \u2013
0.2 0.5 \u2013 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-315": { "value": "23. Deferred tax The following are the major deferred tax liabilities recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated tax Other temporary
depreciation differences Group
$ million $ million $ million
As at 1 January 2023
89.2
3.7
92.9
Credit to income (see Note 12)
(22.8)
(1.9)
(24.7)
As at 1 January 2024
66.4
1.8
68.2
(Credit)/charge to income (see Note 12)
(3.7)
3.0
(0.7)
As at 31 December 2024
62.7
4.8
67.5
The credit to income includes a deferred tax charge of $8.4m (2023: $(16.2)m credit) that arises from the impairment reversal of the TGT and CNV producing assets as discussed in Note 16. There are no unrecognised deferred taxation balances at either balance sheet date except in relation to gross losses that are not expected to be utilised in the amount of $214.0m (2023: $155.2m). The gross losses have no expiry date. A UK entity in the Group has entered into commodity swaps designated as cash flow hedges. In accordance with IAS 12, a deferred tax asset has not been recognised in relation to the hedging losses of $0.1m (2023: $0.2m losses) recorded in the year as it is unlikely that the UK tax group will generate sufficient taxable profit in the future, against which the deductible temporary differences can be utilised. There are no temporary differences relating to unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-341": { "value": "23. Deferred tax The following are the major deferred tax liabilities recognised by the Group and movements thereon during the current and prior reporting period:
Accelerated tax Other temporary
depreciation differences Group
$ million $ million $ million
As at 1 January 2023
89.2
3.7
92.9
Credit to income (see Note 12)
(22.8)
(1.9)
(24.7)
As at 1 January 2024
66.4
1.8
68.2
(Credit)/charge to income (see Note 12)
(3.7)
3.0
(0.7)
As at 31 December 2024
62.7
4.8
67.5
The credit to income includes a deferred tax charge of $8.4m (2023: $(16.2)m credit) that arises from the impairment reversal of the TGT and CNV producing assets as discussed in Note 16. There are no unrecognised deferred taxation balances at either balance sheet date except in relation to gross losses that are not expected to be utilised in the amount of $214.0m (2023: $155.2m). The gross losses have no expiry date. A UK entity in the Group has entered into commodity swaps designated as cash flow hedges. In accordance with IAS 12, a deferred tax asset has not been recognised in relation to the hedging losses of $0.1m (2023: $0.2m losses) recorded in the year as it is unlikely that the UK tax group will generate sufficient taxable profit in the future, against which the deductible temporary differences can be utilised. There are no temporary differences relating to unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-286": { "value": "
24. Borrowings
Changes in liabilities arising from financing activities:
Group
2024 2024 2024 2023
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
9.2
31.3
40.5
74.2
Proceeds from Uncommitted Revolving credit facility
2.2
\u2013
2.2
9.2
Repayments of borrowings
(11.4)
(30.0)
(41.4)
(44.2)
Interest expense and similar fees
(see Note 9)
0.4
0.7
1.1
7.7
Interest paid during the year
(0.4)
(2.0)
(2.4)
(6.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
Current
\u2013
\u2013
\u2013
29.5
Non-current
\u2013
\u2013
\u2013
11.0
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
See Note 33 for movements in lease liabilities which, together with borrowings, represent the Group\u2019s financing related liabilities.
Reserve Based Lending facility (RBL)
In September 2018, the Group signed a $125m Reserve Based Lending facility secured against the Group\u2019s producing assets in
Vietnam. The RBL had a five-year term and was due to mature in September 2023. In July 2021, the Group completed the refinancing
of its RBL. The new RBL provides access up to a committed US$100m with a further US$50m available on an uncommitted
\u201caccordion\u201d basis, has a four-year term that matures in July 2025 and bears a per annum interest rate of 5.25% plus Compound SOFR
plus CAS (Credit Adjustment Spread). Until June 2023, the RBL bore a per annum interest of 4.75% plus USD LIBOR.
The maximum borrowing base available under the RBL is revised every six months via a redetermination process by the relevant banks,
based on an estimate of the value of the Group\u2019s reserves from its producing interests in Vietnam.
The RBL loan facility was repaid in full on 17 September 2024 and it was agreed to voluntarily reduce the borrowing base to $0.1m.
The RBL is subject to a number of financial covenants, which will continue to apply up to the date of maturity, all of which have been
complied with during the 2024 and 2023 reporting periods.
Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK)
In November 2024, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up
to $10m until 5 November 2025 (2023: $18m).
Loans are available for up to one year from the date of utilisation. The loan bore a per annum interest rate of USD LIBOR plus 3.00% for
initial advances and 3.50% for any extensions beyond 180 days from the date of the utilisation until 30 June 2023. From 1 July 2023,
the loan bears a per annum interest rate of Term SOFR plus 3.50% for initial advances and 4.00% for any extensions beyond 180 days
from the date of the utilisation.
The carrying amount of the trade receivables include receivables in Egypt which are subject to an Uncommitted Revolving Credit Facility
for Discounting (with Recourse) arrangement. This facility was put in place to mitigate the risk of late payment. Under this arrangement,
Pharos is able to access cash from the facility using the El Fayum oil sales invoices as evidence to support its ability to repay the facility.
The oil sales invoices remain due to Pharos and it retains the credit risk. The Group therefore continues to recognise the receivables in
their entirety in its balance sheet.
The facility was repaid in full in August 2024 (2023: $9.2m, presented as borrowing under current liabilities). Performance under the
facility agreement was subject to a parent company guarantee from Pharos Energy plc.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2024 2024 2024 2023
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
9.2
31.3
40.5
74.2
Proceeds from Uncommitted Revolving credit facility
2.2
\u2013
2.2
9.2
Repayments of borrowings
(11.4)
(30.0)
(41.4)
(44.2)
Interest expense and similar fees
(see Note 9)
0.4
0.7
1.1
7.7
Interest paid during the year
(0.4)
(2.0)
(2.4)
(6.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
Current
\u2013
\u2013
\u2013
29.5
Non-current
\u2013
\u2013
\u2013
11.0
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
See Note 33 for movements in lease liabilities which, together with borrowings, represent the Group\u2019s financing related liabilities. Reserve Based Lending facility (RBL) In September 2018, the Group signed a $125m Reserve Based Lending facility secured against the Group\u2019s producing assets in Vietnam. The RBL had a five-year term and was due to mature in September 2023. In July 2021, the Group completed the refinancing of its RBL. The new RBL provides access up to a committed US$100m with a further US$50m available on an uncommitted \u201caccordion\u201d basis, has a four-year term that matures in July 2025 and bears a per annum interest rate of 5.25% plus Compound SOFR plus CAS (Credit Adjustment Spread). Until June 2023, the RBL bore a per annum interest of 4.75% plus USD LIBOR. The maximum borrowing base available under the RBL is revised every six months via a redetermination process by the relevant banks, based on an estimate of the value of the Group\u2019s reserves from its producing interests in Vietnam. The RBL loan facility was repaid in full on 17 September 2024 and it was agreed to voluntarily reduce the borrowing base to $0.1m. The RBL is subject to a number of financial covenants, which will continue to apply up to the date of maturity, all of which have been complied with during the 2024 and 2023 reporting periods. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In November 2024, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 5 November 2025 (2023: $18m). Loans are available for up to one year from the date of utilisation. The loan bore a per annum interest rate of USD LIBOR plus 3.00% for initial advances and 3.50% for any extensions beyond 180 days from the date of the utilisation until 30 June 2023. From 1 July 2023, the loan bears a per annum interest rate of Term SOFR plus 3.50% for initial advances and 4.00% for any extensions beyond 180 days from the date of the utilisation. The carrying amount of the trade receivables include receivables in Egypt which are subject to an Uncommitted Revolving Credit Facility for Discounting (with Recourse) arrangement. This facility was put in place to mitigate the risk of late payment. Under this arrangement, Pharos is able to access cash from the facility using the El Fayum oil sales invoices as evidence to support its ability to repay the facility. The oil sales invoices remain due to Pharos and it retains the credit risk. The Group therefore continues to recognise the receivables in their entirety in its balance sheet. The facility was repaid in full in August 2024 (2023: $9.2m, presented as borrowing under current liabilities). Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-342": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2024 2024 2024 2023
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
9.2
31.3
40.5
74.2
Proceeds from Uncommitted Revolving credit facility
2.2
\u2013
2.2
9.2
Repayments of borrowings
(11.4)
(30.0)
(41.4)
(44.2)
Interest expense and similar fees
(see Note 9)
0.4
0.7
1.1
7.7
Interest paid during the year
(0.4)
(2.0)
(2.4)
(6.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
Current
\u2013
\u2013
\u2013
29.5
Non-current
\u2013
\u2013
\u2013
11.0
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
See Note 33 for movements in lease liabilities which, together with borrowings, represent the Group\u2019s financing related liabilities. Reserve Based Lending facility (RBL) In September 2018, the Group signed a $125m Reserve Based Lending facility secured against the Group\u2019s producing assets in Vietnam. The RBL had a five-year term and was due to mature in September 2023. In July 2021, the Group completed the refinancing of its RBL. The new RBL provides access up to a committed US$100m with a further US$50m available on an uncommitted \u201caccordion\u201d basis, has a four-year term that matures in July 2025 and bears a per annum interest rate of 5.25% plus Compound SOFR plus CAS (Credit Adjustment Spread). Until June 2023, the RBL bore a per annum interest of 4.75% plus USD LIBOR. The maximum borrowing base available under the RBL is revised every six months via a redetermination process by the relevant banks, based on an estimate of the value of the Group\u2019s reserves from its producing interests in Vietnam. The RBL loan facility was repaid in full on 17 September 2024 and it was agreed to voluntarily reduce the borrowing base to $0.1m. The RBL is subject to a number of financial covenants, which will continue to apply up to the date of maturity, all of which have been complied with during the 2024 and 2023 reporting periods. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In November 2024, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 5 November 2025 (2023: $18m). Loans are available for up to one year from the date of utilisation. The loan bore a per annum interest rate of USD LIBOR plus 3.00% for initial advances and 3.50% for any extensions beyond 180 days from the date of the utilisation until 30 June 2023. From 1 July 2023, the loan bears a per annum interest rate of Term SOFR plus 3.50% for initial advances and 4.00% for any extensions beyond 180 days from the date of the utilisation. The carrying amount of the trade receivables include receivables in Egypt which are subject to an Uncommitted Revolving Credit Facility for Discounting (with Recourse) arrangement. This facility was put in place to mitigate the risk of late payment. Under this arrangement, Pharos is able to access cash from the facility using the El Fayum oil sales invoices as evidence to support its ability to repay the facility. The oil sales invoices remain due to Pharos and it retains the credit risk. The Group therefore continues to recognise the receivables in their entirety in its balance sheet. The facility was repaid in full in August 2024 (2023: $9.2m, presented as borrowing under current liabilities). Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-316": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2024 2024 2024 2023
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
9.2
31.3
40.5
74.2
Proceeds from Uncommitted Revolving credit facility
2.2
\u2013
2.2
9.2
Repayments of borrowings
(11.4)
(30.0)
(41.4)
(44.2)
Interest expense and similar fees
(see Note 9)
0.4
0.7
1.1
7.7
Interest paid during the year
(0.4)
(2.0)
(2.4)
(6.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
Current
\u2013
\u2013
\u2013
29.5
Non-current
\u2013
\u2013
\u2013
11.0
Carrying value as of 31 December
\u2013
\u2013
\u2013
40.5
See Note 33 for movements in lease liabilities which, together with borrowings, represent the Group\u2019s financing related liabilities. Reserve Based Lending facility (RBL) In September 2018, the Group signed a $125m Reserve Based Lending facility secured against the Group\u2019s producing assets in Vietnam. The RBL had a five-year term and was due to mature in September 2023. In July 2021, the Group completed the refinancing of its RBL. The new RBL provides access up to a committed US$100m with a further US$50m available on an uncommitted \u201caccordion\u201d basis, has a four-year term that matures in July 2025 and bears a per annum interest rate of 5.25% plus Compound SOFR plus CAS (Credit Adjustment Spread). Until June 2023, the RBL bore a per annum interest of 4.75% plus USD LIBOR. The maximum borrowing base available under the RBL is revised every six months via a redetermination process by the relevant banks, based on an estimate of the value of the Group\u2019s reserves from its producing interests in Vietnam. The RBL loan facility was repaid in full on 17 September 2024 and it was agreed to voluntarily reduce the borrowing base to $0.1m. The RBL is subject to a number of financial covenants, which will continue to apply up to the date of maturity, all of which have been complied with during the 2024 and 2023 reporting periods. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In November 2024, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 5 November 2025 (2023: $18m). Loans are available for up to one year from the date of utilisation. The loan bore a per annum interest rate of USD LIBOR plus 3.00% for initial advances and 3.50% for any extensions beyond 180 days from the date of the utilisation until 30 June 2023. From 1 July 2023, the loan bears a per annum interest rate of Term SOFR plus 3.50% for initial advances and 4.00% for any extensions beyond 180 days from the date of the utilisation. The carrying amount of the trade receivables include receivables in Egypt which are subject to an Uncommitted Revolving Credit Facility for Discounting (with Recourse) arrangement. This facility was put in place to mitigate the risk of late payment. Under this arrangement, Pharos is able to access cash from the facility using the El Fayum oil sales invoices as evidence to support its ability to repay the facility. The oil sales invoices remain due to Pharos and it retains the credit risk. The Group therefore continues to recognise the receivables in their entirety in its balance sheet. The facility was repaid in full in August 2024 (2023: $9.2m, presented as borrowing under current liabilities). Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. 25. Hedge transactions During 2024, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL over the producing assets in Vietnam and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2024, the commodity hedges run until June 2025 and are settled monthly. For full year 2024, 31% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $63.4/bbl and $89.2/bbl, respectively. The Group\u2019s RBL requires the Company to hedge at least 35% of Vietnam RBL production volumes and the current hedging programme meets this requirement through to June 2025, leaving 72% of 1H 2025 Group production unhedged as at 31 December 2024 (2023: 36% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $64.5/bbl and $100.8/bbl). Following the termination of the RBL agreement effective July 2025, the Group has decided to continue hedging to mitigate the risk of a sharp decline in Brent price. As a result, the company placed two further hedges in January 2025 through which the company has hedged 20% of total forecast group entitlement production for 2025. A summary of hedges outstanding as at 31 December 2024 is presented below, which are all zero cost collar.
1Q25
2Q25
Production hedge per quarter - 000/bbls
150
90
Min. Average value of hedge - $/bbl
63.60
64.00
Max. Average value of hedge - $/bbl
88.94
90.17
Pharos has designated the zero cost collars as cash flow hedges. This means that the effective portion of unrealised gains or losses on open positions will be reflected in other comprehensive income. Every month, the realised gain or loss will be reflected in the revenue line of the income statement. For the year end 31 December 2024, a loss of $0.1m was realised (2023: loss of $0.2m). The outstanding unrealised gain on open positions as at 31 December 2024 amounts to $0.1m (2023: $0.1m). The carrying amount of the zero cost collars is based on the fair value determined by a financial institution. As all material inputs are observable, they are categorised within Level 2 in the fair value hierarchy. It is presented in \u201cTrade and other receivables\u201d or \u201cTrade and other payables\u201d in the consolidated statement of financial position. The receivable position as of December 2024 was $0.1m (2023: $0.1m). 36. Financial instruments Financial Risk Management: Objectives and Policies The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk, foreign currency risk, interest rate risk and capital risk management. The Board of Pharos regularly reviews and agrees policies for managing financial risks that may affect the Group. In certain cases, the Board delegates responsibility for such reviews and policy setting to the Audit Risk Committee. The management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, intra group loans, trade receivables and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy has been to finance its operations through a mixture of retained profits and bank borrowings. Other alternatives such as equity issues are reviewed by the Board, when appropriate. Commodity Price Risk Commodity price risk arises principally from the Group\u2019s Vietnam and Egypt production, which could adversely affect revenue and debt availability due to changes in commodity prices. To reduce risk from Vietnam production, in 2023 the Company and its partners signed a three year sales contract for all TGT oil cargoes with BSR to cover the period 1 January 2024 to 7 December 2026. The premium on Brent for the Term Sales Period will continue to be agreed every six months, which provides the Group with significant downside price protection for production from our largest Vietnam field, and protects margins through eliminating export duty and additional transportation costs to overseas customers. The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. During 2024, Pharos entered into different zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL over the producing assets in Vietnam. The current commodity hedges run until June 2025 and are settled monthly. Details of current hedging arrangements and the categorisation of the instruments in the fair value hierarchy can be found in Note 25. Transacted derivatives are designated as cash flow hedge relationships to minimise accounting income statement volatility. The Group is required to assess the likely effectiveness of any proposed cash flow hedging relationship and demonstrate that the hedging relationship is expected to be highly effective prior to entering into a hedging instrument and at subsequent reporting dates. Liquidity Risk Pharos closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, supplemented by debt and equity financing plans and active portfolio management. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in asset production profiles and cost schedules. Details of the Group\u2019s borrowings and debt facilities can be found in Note 24. The Group is subject to half-yearly forecast liquidity tests as part of the redetermination process for the RBL facility agreement. The Group has complied with the liquidity requirements of this test at all times during the year, with the last redetermination taking place in June 2024. The RBL loan was repaid in full during September 2024 and the facility matures in July 2025. The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements. This includes funding total shareholder returns in the form of dividends and share buy backs, which totalled $8.8m in the year (2023: $8.4m). A further interim dividend of $1.8m (2023: $1.7m) was paid in January 2025 and the latest $3.0m share buyback programme (the Second Programme Extension) completed in January 2025. The Group ensures that cash forecasts and sensitivity analyses are robust to meet these funding requirements. Further information can be found in Note 27 and Note 29. Credit Risk Credit risk arises from cash and cash equivalents, investments with banks and financial institutions, trade and other receivables and joint operation receivables. Customers and joint operation partners are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. Investment credit risk for investments with banks and other financial institutions is managed by the Group Treasury function in accordance with the Board-approved policies of the Group. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The Company\u2019s policy is to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. The Board continually re-assesses the Group\u2019s policy and updates as required. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. The Group\u2019s trade receivables in Note 20, although 100% (2023: 100%) concentrated with two customers across both Vietnam and Egypt producing assets, are predominantly with a major oil & gas company and the subsidiary of a government regulated entity. The credit default risk is therefore deemed to be low and there is no history of default, despite the payment delays from EGPC and significant devaluation of the Egyptian Pound against the US Dollar discussed in the following section. Foreign Currency Risk Pharos manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position. The Group does not hedge any foreign exchange exposure. The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet. Oil and gas sales in Vietnam are raised and settled through a combination of Vietnamese Dong (VND) and US Dollars (USD), along with associated tax and royalty payments. The Group holds a number of VND and USD bank accounts that provide a natural hedge against foreign exchange movements. In the Egypt business, macroeconomic volatility has seen both a significant devaluation of the Egyptian Pound and continued restrictions on outgoing US Dollar transfers by the Central Bank of Egypt. The Company has opted not to accept the payment of trade receivables balance in Egyptian Pounds unless required for operations. The progressive devaluation of EGP against USD, which has continued since the Egyptian government decided to fully float EGP currency in March 2024, means that it remains preferable to hold USD denominated receivables. However, as a result of the carry with IPR having been fully utilised, the Group opted to accept the payment of part receivables balance in EGP from April 2024 in order to cover operational expenditure and other expenses in local currencies. As a result, Pharos\u2019 receivables have decreased to $28.1m at 31 December 2024, after expected credit loss provision of $1.4m (2023: $33.4m receivables after credit loss provision of $4.0m). Positive announcements by the Egyptian Government highlighted in the CFO Statement, combined with the Company agreeing with the operator of the Egypt concessions, IPR, to pay a significant proportion of post-carry cash calls in EGP, means that the Group is optimistic that its receivables position and liquidity will continue to improve during 2025. The Group\u2019s UK head office contributes the majority of administrative costs which are denominated in GBP. The level of monetary working capital balances denominated in GBP is relatively low and therefore the Group\u2019s exposure to foreign currency changes for all currencies is not considered to be material. Interest Rate Risk The replacement of benchmark interest rates such as LIBOR and other IBORs has been a priority for global regulators. The Group has closely monitored the market and output from the various industry working groups managing the transition to new benchmark interest rates. This includes announcements made by LIBOR regulators (including the Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission regarding the transition away from LIBOR (including GBP LIBOR and USD LIBOR)). The Company\u2019s principal borrowings, in the form of the RBL loan and the NBE UK Uncommitted Revolving Credit facility, both switched from USD LIBOR to SOFR plus CAS interest rates from 1 July 2023. As at 31 December 2024, the Group\u2019s principal borrowings have been repaid in full as described in Note 24 and the Group is debt free (2023: $40.5m). The Group has therefore reduced its interest rate risk and is not currently exposed to future interest rate volatility. The Group\u2019s interest received on cash and cash equivalents is immaterial. Capital Risk Management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders through the optimisation of the debt and equity balances. To this extent, following a period of improved commodity prices, the Group committed to shareholder returns during 2024 in the form of both share buybacks and dividends to shareholders. The Group\u2019s overall strategy remains unchanged from 2023. The capital structure of the Group consists of net cash (cash and borrowings disclosed in Note 20 and 24, respectively) and equity (comprising issued share capital, reserves and retained earnings as disclosed in Notes 27 to 28). Management reviews the capital structure on a semi-annual basis, and most of the capital expenditure incurred is discretionary. The Group is not subject to any externally imposed capital requirements and is in a net cash, debt free financial position as at 31 December 2024. Please see Non-IFRS Measures (Unaudited) for net cash and gearing ratios as at 31 December 2024 and 31 December 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-287": { "value": "
25. Hedge transactions
During 2024, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future
compliance with its obligations under the RBL over the producing assets in Vietnam and to provide downside protection to cash flows
in the event of commodity prices falling.
At 31 December 2024, the commodity hedges run until June 2025 and are settled monthly. For full year 2024, 31% of the Group\u2019s total
production was hedged, securing average floor and ceiling prices for the hedged volumes at $63.4/bbl and $89.2/bbl, respectively. The
Group\u2019s RBL requires the Company to hedge at least 35% of Vietnam RBL production volumes and the current hedging programme
meets this requirement through to June 2025, leaving 72% of 1H 2025 Group production unhedged as at 31 December 2024 (2023:
36% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $64.5/bbl and
$100.8/bbl). Following the termination of the RBL agreement effective July 2025, the Group has decided to continue hedging to mitigate
the risk of a sharp decline in Brent price. As a result, the company placed two further hedges in January 2025 through which the
company has hedged 20% of total forecast group entitlement production for 2025.
A summary of hedges outstanding as at 31 December 2024 is presented below, which are all zero cost collar.
1Q25
2Q25
Production hedge per quarter - 000/bbls
150
90
Min. Average value of hedge - $/bbl
63.60
64.00
Max. Average value of hedge - $/bbl
88.94
90.17
Pharos has designated the zero cost collars as cash flow hedges. This means that the effective portion of unrealised gains or losses on
open positions will be reflected in other comprehensive income. Every month, the realised gain or loss will be reflected in the revenue
line of the income statement. For the year end 31 December 2024, a loss of $0.1m was realised (2023: loss of $0.2m). The outstanding
unrealised gain on open positions as at 31 December 2024 amounts to $0.1m (2023: $0.1m).
The carrying amount of the zero cost collars is based on the fair value determined by a financial institution. As all material inputs are
observable, they are categorised within Level 2 in the fair value hierarchy. It is presented in \u201cTrade and other receivables\u201d or \u201cTrade and
other payables\u201d in the consolidated statement of financial position. The receivable position as of December 2024 was $0.1m (2023:
$0.1m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-343": { "value": "25. Hedge transactions During 2024, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL over the producing assets in Vietnam and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2024, the commodity hedges run until June 2025 and are settled monthly. For full year 2024, 31% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $63.4/bbl and $89.2/bbl, respectively. The Group\u2019s RBL requires the Company to hedge at least 35% of Vietnam RBL production volumes and the current hedging programme meets this requirement through to June 2025, leaving 72% of 1H 2025 Group production unhedged as at 31 December 2024 (2023: 36% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $64.5/bbl and $100.8/bbl). Following the termination of the RBL agreement effective July 2025, the Group has decided to continue hedging to mitigate the risk of a sharp decline in Brent price. As a result, the company placed two further hedges in January 2025 through which the company has hedged 20% of total forecast group entitlement production for 2025. A summary of hedges outstanding as at 31 December 2024 is presented below, which are all zero cost collar.
1Q25
2Q25
Production hedge per quarter - 000/bbls
150
90
Min. Average value of hedge - $/bbl
63.60
64.00
Max. Average value of hedge - $/bbl
88.94
90.17
Pharos has designated the zero cost collars as cash flow hedges. This means that the effective portion of unrealised gains or losses on open positions will be reflected in other comprehensive income. Every month, the realised gain or loss will be reflected in the revenue line of the income statement. For the year end 31 December 2024, a loss of $0.1m was realised (2023: loss of $0.2m). The outstanding unrealised gain on open positions as at 31 December 2024 amounts to $0.1m (2023: $0.1m). The carrying amount of the zero cost collars is based on the fair value determined by a financial institution. As all material inputs are observable, they are categorised within Level 2 in the fair value hierarchy. It is presented in \u201cTrade and other receivables\u201d or \u201cTrade and other payables\u201d in the consolidated statement of financial position. The receivable position as of December 2024 was $0.1m (2023: $0.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgedItemsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "value": "25. Hedge transactions During 2024, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL over the producing assets in Vietnam and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2024, the commodity hedges run until June 2025 and are settled monthly. For full year 2024, 31% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $63.4/bbl and $89.2/bbl, respectively. The Group\u2019s RBL requires the Company to hedge at least 35% of Vietnam RBL production volumes and the current hedging programme meets this requirement through to June 2025, leaving 72% of 1H 2025 Group production unhedged as at 31 December 2024 (2023: 36% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $64.5/bbl and $100.8/bbl). Following the termination of the RBL agreement effective July 2025, the Group has decided to continue hedging to mitigate the risk of a sharp decline in Brent price. As a result, the company placed two further hedges in January 2025 through which the company has hedged 20% of total forecast group entitlement production for 2025. A summary of hedges outstanding as at 31 December 2024 is presented below, which are all zero cost collar.
1Q25
2Q25
Production hedge per quarter - 000/bbls
150
90
Min. Average value of hedge - $/bbl
63.60
64.00
Max. Average value of hedge - $/bbl
88.94
90.17
Pharos has designated the zero cost collars as cash flow hedges. This means that the effective portion of unrealised gains or losses on open positions will be reflected in other comprehensive income. Every month, the realised gain or loss will be reflected in the revenue line of the income statement. For the year end 31 December 2024, a loss of $0.1m was realised (2023: loss of $0.2m). The outstanding unrealised gain on open positions as at 31 December 2024 amounts to $0.1m (2023: $0.1m). The carrying amount of the zero cost collars is based on the fair value determined by a financial institution. As all material inputs are observable, they are categorised within Level 2 in the fair value hierarchy. It is presented in \u201cTrade and other receivables\u201d or \u201cTrade and other payables\u201d in the consolidated statement of financial position. The receivable position as of December 2024 was $0.1m (2023: $0.1m). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-288": { "value": "
26. Long-term provisions
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Decommissioning provision 51.1 53.8 \u2013 \u2013
51.1 53.8 \u2013 \u2013
Group
2024 2023
Movement in decommissioning $ million $ million
As at 1 January 53.8 54.3
New provisions and changes in estimates (4.9) (2.5)
Unwinding of discount (see Note 9) 2.2 2.0
As at 31 December
51.1
53.8
The provision for decommissioning is based on the net present value of the Group\u2019s share of the expenditure which will be incurred
at the end of the producing life of the TGT and CNV fields in Vietnam (currently estimated to be 7-8 years) in the removal and
decommissioning of the facilities currently in place. The provision is calculated using an inflation rate of 2.0% (2023: 2.0%) and a
discount rate of 4.6% (2023: 3.9%). The $4.9m decrease in the provision in 2024 was driven by the increase in discount rate from 3.9%
to 4.6% for both fields and revised abandonment plans for both TGT and CNV. The $2.5m decrease in provision in 2023 was driven by
a revision to the CNV field abandonment plan, which was formally agreed by all partners in April 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-317": { "value": "26. Long-term provisions
Group
Company
2024 2023 2024 2023
$ million $ million $ million $ million
Decommissioning provision 51.1 53.8 \u2013 \u2013
51.1 53.8 \u2013 \u2013
Group
2024 2023
Movement in decommissioning $ million $ million
As at 1 January 53.8 54.3
New provisions and changes in estimates (4.9) (2.5)
Unwinding of discount (see Note 9) 2.2 2.0
As at 31 December
51.1
53.8
The provision for decommissioning is based on the net present value of the Group\u2019s share of the expenditure which will be incurred at the end of the producing life of the TGT and CNV fields in Vietnam (currently estimated to be 7-8 years) in the removal and decommissioning of the facilities currently in place. The provision is calculated using an inflation rate of 2.0% (2023: 2.0%) and a discount rate of 4.6% (2023: 3.9%). The $4.9m decrease in the provision in 2024 was driven by the increase in discount rate from 3.9% to 4.6% for both fields and revised abandonment plans for both TGT and CNV. The $2.5m decrease in provision in 2023 was driven by a revision to the CNV field abandonment plan, which was formally agreed by all partners in April 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-289": { "value": "
27. Share capital and Share premium
Share capital
Ordinary Shares of \u00a30.05 each
Group and Company
2024 2023 2024 2023
Shares Shares $ million $ million
Issued and fully paid 424,178,662 432,026,943 33.1 33.7
Group and Company
2024 2023
$ million $ million
As at 1 January 33.7 34.3
Share buy back (0.6) (0.6)
Issued and fully paid 33.1 33.7
Share premium
Group and Company
2024 2023
$ million $ million
As at 1 January and 31 December 58.0 58.0
As at 31 December 2024, authorised share capital comprised 600 million (2023: 600 million) ordinary shares of \u00a30.05 each with a total
nominal value of \u00a330m (2023: \u00a330m).
In December 2023, the Company announced the continuation of a further $3m share buyback programme, the Second Programme
Extension, of which $2.7m had been incurred by the end of December 2024 and 8.9 million shares were bought at a daily average
share price of 23.6p. The programme completed in full during January 2025. A further $0.2m outflow during the year was associated
with completion of the First Programme Extension on 26 February 2024. During 2024, a total of 9.7 million shares were bought at a
daily average share price of 23.4p.
28. Other reserves
Group
Capital
redemption Merger Hedging Share-based
reserve
reserve
1
Own shares reserve payments Total
$ million $ million $ million $ million $ million $ million
As at 1 January 2023
100.9
194.0
(42.7)
(0.7)
2.1
253.6
Other comprehensive income
\u2013
\u2013
\u2013
0.8
\u2013
0.8
Share buy back
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.0
1.0
Transfer relating to share-based payments
\u2013
\u2013
0.1
\u2013
(0.7)
(0.6)
As at 1 January 2024
101.5
194.0
(42.6)
0.1
2.4
255.4
Share buy back
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Shares purchased
\u2013
\u2013
(0.9)
\u2013
\u2013
(0.9)
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.7
1.7
Transfer relating to share-based payments
\u2013
\u2013
2.2
\u2013
(0.9)
1.3
As at 31 December 2024
102.1
194.0
(41.3)
0.1
3.2
258.1
1) Merger reserve includes $138.1m (2023: $138.1m) which is distributable in accordance with the Companies Act 2006. Total distributable reserves at 31
December 2024 are $79.7m (2023: $66.2m).
Company
Capital
redemption Merger Share-based
reserve reserve Own shares payments Total
$ million $ million $ million $ million $ million
As at 1 January 2023
100.9
137.1
(40.3)
2.0
199.7
Share buy back
0.6
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
1.0
1.0
Transfer relating to share-based payments
\u2013
\u2013
\u2013
(0.7)
(0.7)
As at 1 January 2024
101.5
137.1
(40.3)
2.3
200.6
Share buy back
0.6
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
1.7
1.7
Transfer relating to share-based payments
\u2013
\u2013
\u2013
(0.9)
(0.9)
As at 31 December 2024
102.1
137.1
(40.3)
3.1
202.0
The Group\u2019s other reserves comprise reserves arising in respect of merger relief, upon the purchase of the Company\u2019s own shares held
in treasury and held by the Pharos Employee Benefit Trust (\u2018the Trust\u2019), as well as hedging and share-based payments.
The number of treasury shares held by Pharos Energy Plc and the number of shares held by the Trust at 31 December 2024 was
9,122,268 (2023: 9,122,268) and 3,784,406 (2023: 2,126,857) respectively. The market price of the shares at 31 December 2024 was
\u00a30.2430 (2023: \u00a30.2130). The Trust, a discretionary trust, holds shares for the purpose of satisfying employee share schemes, details of
which are set out in Note 31 and in the Directors\u2019 Remuneration Committee Report on pages 135 to 152.
The Group has an obligation to make regular contributions to the Trust to enable it to meet its financing costs. Rights to dividends on
the shares held by the Trust have been waived by the trustees. The trustees purchase shares in the open market which are recognised
by the Group as own shares within the Statement of Changes in Equity and by the Company as an intercompany receivable. When
award conditions are met, the shares held by the Trust are transferred to Plan participants.
29. Distribution to shareholders
2024 2023 2023
2024 Pence per
Restated
1
Pence per
Amounts recognised as distributions to equity holders in the year: $ million ordinary share $ million ordinary share
Prior year interim dividend, paid in the year
1.7
0.330
\u2013 \u2013
Prior year final dividend, paid in the year
4.2
0.770
5.6 1.000
Total dividend, paid in year
5.9
1.100
5.6 1.000
Interim dividend for the year ended 31 December 2024
1.8
0.363
Proposed final dividend for the year ended 31 December 2024
4.4
0.847
1) See Note 2(s)
The proposed final dividend for the year ended 31 December 2024 of 0.847 pence per share takes the 2024 full-year dividend to 1.21
pence per share, in excess of the minimum 10% of Operating Cash Flow (OCF) per the Company\u2019s dividend policy and 10% higher than
prior year.
The interim dividend for the year ended 31 December 2023 of 0.330 pence per share ($1.7m) was paid on 24 January 2024. The final
dividend for the year ended 31 December 2023 of 0.770 pence per share ($4.2m) was approved by the shareholders at the Company\u2019s
AGM in May 2024 and subsequently paid on 19 July 2024.
The interim dividend for the year ended 31 December 2024 of 0.363 pence per share ($1.8m) was paid on 22 January 2025 to
shareholders on the register as at 20 December 2024. The proposed final dividend of 0.847 pence per share ($4.4m) in respect of the
year ended 31 December 2024 is payable on 18 July 2025 to all shareholders on the register at the close of business on 13 June 2025,
subject to approval at the Company\u2019s AGM in May 2025.
30. Retained (deficit) / earnings
Group
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2023
(20.4)
5.1
(15.3)
Loss for the year
(48.8)
\u2013
(48.8)
Share buy back
(2.8)
\u2013
(2.8)
Distributions to shareholders (Restated
1
)
(5.6)
\u2013
(5.6)
Transfer relating to share-based payments
0.6
\u2013
0.6
As at 1 January 2024 (Restated
1
)
(77.0)
5.1
(71.9)
Profit for the year
23.6
\u2013
23.6
Share buy back
(2.9)
\u2013
(2.9)
Distributions to shareholders
(5.9)
\u2013
(5.9)
Transfer relating to share-based payments
(1.3)
\u2013
(1.3)
As at 31 December 2024
(63.5)
5.1
(58.4)
Company
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2023 (Restated
1
)
265.0
(222.1)
42.9
Loss for the year
(50.0)
\u2013
(50.0)
Share buy back
(2.8)
\u2013
(2.8)
Distributions to shareholders (Restated
1
)
(5.6)
\u2013
(5.6)
Transfer relating to share-based payments
0.6
\u2013
0.6
As at 1 January 2024 (Restated
1
)
207.2
(222.1)
(14.9)
Profit for the year
35.0
\u2013
35.0
Share buy back
(2.9)
\u2013
(2.9)
Distributions to shareholders
(5.9)
\u2013
(5.9)
Transfer relating to share-based payments
(1.3)
\u2013
(1.3)
As at 31 December 2024
232.1
(222.1)
10.0
1) See Notes 2(s) and 2(t)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-318": { "value": "27. Share capital and Share premium Share capital Ordinary Shares of \u00a30.05 each
Group and Company
2024 2023 2024 2023
Shares Shares $ million $ million
Issued and fully paid 424,178,662 432,026,943 33.1 33.7
Group and Company
2024 2023
$ million $ million
As at 1 January 33.7 34.3
Share buy back (0.6) (0.6)
Issued and fully paid 33.1 33.7
Share premium
Group and Company
2024 2023
$ million $ million
As at 1 January and 31 December 58.0 58.0
As at 31 December 2024, authorised share capital comprised 600 million (2023: 600 million) ordinary shares of \u00a30.05 each with a total nominal value of \u00a330m (2023: \u00a330m). In December 2023, the Company announced the continuation of a further $3m share buyback programme, the Second Programme Extension, of which $2.7m had been incurred by the end of December 2024 and 8.9 million shares were bought at a daily average share price of 23.6p. The programme completed in full during January 2025. A further $0.2m outflow during the year was associated with completion of the First Programme Extension on 26 February 2024. During 2024, a total of 9.7 million shares were bought at a daily average share price of 23.4p. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-319": { "value": "28. Other reserves
Group
Capital
redemption Merger Hedging Share-based
reserve
reserve
1
Own shares reserve payments Total
$ million $ million $ million $ million $ million $ million
As at 1 January 2023
100.9
194.0
(42.7)
(0.7)
2.1
253.6
Other comprehensive income
\u2013
\u2013
\u2013
0.8
\u2013
0.8
Share buy back
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.0
1.0
Transfer relating to share-based payments
\u2013
\u2013
0.1
\u2013
(0.7)
(0.6)
As at 1 January 2024
101.5
194.0
(42.6)
0.1
2.4
255.4
Share buy back
0.6
\u2013
\u2013
\u2013
\u2013
0.6
Shares purchased
\u2013
\u2013
(0.9)
\u2013
\u2013
(0.9)
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.7
1.7
Transfer relating to share-based payments
\u2013
\u2013
2.2
\u2013
(0.9)
1.3
As at 31 December 2024
102.1
194.0
(41.3)
0.1
3.2
258.1
1) Merger reserve includes $138.1m (2023: $138.1m) which is distributable in accordance with the Companies Act 2006. Total distributable reserves at 31 December 2024 are $79.7m (2023: $66.2m).
Company
Capital
redemption Merger Share-based
reserve reserve Own shares payments Total
$ million $ million $ million $ million $ million
As at 1 January 2023
100.9
137.1
(40.3)
2.0
199.7
Share buy back
0.6
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
1.0
1.0
Transfer relating to share-based payments
\u2013
\u2013
\u2013
(0.7)
(0.7)
As at 1 January 2024
101.5
137.1
(40.3)
2.3
200.6
Share buy back
0.6
\u2013
\u2013
\u2013
0.6
Share-based payments
\u2013
\u2013
\u2013
1.7
1.7
Transfer relating to share-based payments
\u2013
\u2013
\u2013
(0.9)
(0.9)
As at 31 December 2024
102.1
137.1
(40.3)
3.1
202.0
The Group\u2019s other reserves comprise reserves arising in respect of merger relief, upon the purchase of the Company\u2019s own shares held in treasury and held by the Pharos Employee Benefit Trust (\u2018the Trust\u2019), as well as hedging and share-based payments. The number of treasury shares held by Pharos Energy Plc and the number of shares held by the Trust at 31 December 2024 was 9,122,268 (2023: 9,122,268) and 3,784,406 (2023: 2,126,857) respectively. The market price of the shares at 31 December 2024 was \u00a30.2430 (2023: \u00a30.2130). The Trust, a discretionary trust, holds shares for the purpose of satisfying employee share schemes, details of which are set out in Note 31 and in the Directors\u2019 Remuneration Committee Report on pages 135 to 152. The Group has an obligation to make regular contributions to the Trust to enable it to meet its financing costs. Rights to dividends on the shares held by the Trust have been waived by the trustees. The trustees purchase shares in the open market which are recognised by the Group as own shares within the Statement of Changes in Equity and by the Company as an intercompany receivable. When award conditions are met, the shares held by the Trust are transferred to Plan participants. 30. Retained (deficit) / earnings
Group
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2023
(20.4)
5.1
(15.3)
Loss for the year
(48.8)
\u2013
(48.8)
Share buy back
(2.8)
\u2013
(2.8)
Distributions to shareholders (Restated
1
)
(5.6)
\u2013
(5.6)
Transfer relating to share-based payments
0.6
\u2013
0.6
As at 1 January 2024 (Restated
1
)
(77.0)
5.1
(71.9)
Profit for the year
23.6
\u2013
23.6
Share buy back
(2.9)
\u2013
(2.9)
Distributions to shareholders
(5.9)
\u2013
(5.9)
Transfer relating to share-based payments
(1.3)
\u2013
(1.3)
As at 31 December 2024
(63.5)
5.1
(58.4)
Company
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2023 (Restated
1
)
265.0
(222.1)
42.9
Loss for the year
(50.0)
\u2013
(50.0)
Share buy back
(2.8)
\u2013
(2.8)
Distributions to shareholders (Restated
1
)
(5.6)
\u2013
(5.6)
Transfer relating to share-based payments
0.6
\u2013
0.6
As at 1 January 2024 (Restated
1
)
207.2
(222.1)
(14.9)
Profit for the year
35.0
\u2013
35.0
Share buy back
(2.9)
\u2013
(2.9)
Distributions to shareholders
(5.9)
\u2013
(5.9)
Transfer relating to share-based payments
(1.3)
\u2013
(1.3)
As at 31 December 2024
232.1
(222.1)
10.0
1) See Notes 2(s) and 2(t)", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "The Group\u2019s other reserves comprise reserves arising in respect of merger relief, upon the purchase of the Company\u2019s own shares held in treasury and held by the Pharos Employee Benefit Trust (\u2018the Trust\u2019), as well as hedging and share-based payments. The number of treasury shares held by Pharos Energy Plc and the number of shares held by the Trust at 31 December 2024 was 9,122,268 (2023: 9,122,268) and 3,784,406 (2023: 2,126,857) respectively. The market price of the shares at 31 December 2024 was \u00a30.2430 (2023: \u00a30.2130). The Trust, a discretionary trust, holds shares for the purpose of satisfying employee share schemes, details of which are set out in Note 31 and in the Directors\u2019 Remuneration Committee Report on pages 135 to 152. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-320": { "value": "29. Distribution to shareholders
2024 2023 2023
2024 Pence per
Restated
1
Pence per
Amounts recognised as distributions to equity holders in the year: $ million ordinary share $ million ordinary share
Prior year interim dividend, paid in the year
1.7
0.330
\u2013 \u2013
Prior year final dividend, paid in the year
4.2
0.770
5.6 1.000
Total dividend, paid in year
5.9
1.100
5.6 1.000
Interim dividend for the year ended 31 December 2024
1.8
0.363
Proposed final dividend for the year ended 31 December 2024
4.4
0.847
1) See Note 2(s) The proposed final dividend for the year ended 31 December 2024 of 0.847 pence per share takes the 2024 full-year dividend to 1.21 pence per share, in excess of the minimum 10% of Operating Cash Flow (OCF) per the Company\u2019s dividend policy and 10% higher than prior year. The interim dividend for the year ended 31 December 2023 of 0.330 pence per share ($1.7m) was paid on 24 January 2024. The final dividend for the year ended 31 December 2023 of 0.770 pence per share ($4.2m) was approved by the shareholders at the Company\u2019s AGM in May 2024 and subsequently paid on 19 July 2024. The interim dividend for the year ended 31 December 2024 of 0.363 pence per share ($1.8m) was paid on 22 January 2025 to shareholders on the register as at 20 December 2024. The proposed final dividend of 0.847 pence per share ($4.4m) in respect of the year ended 31 December 2024 is payable on 18 July 2025 to all shareholders on the register at the close of business on 13 June 2025, subject to approval at the Company\u2019s AGM in May 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "0.00847", "decimals": 5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-290": { "value": "
31. Incentive plans
Details of the Group\u2019s employee incentive schemes are set out below. Additional information regarding the schemes is included in the
Directors\u2019 Remuneration Committee Report on pages 135 to 152. The Group recognised total expenses of $1.2m (2023: $1.3m) in
respect of the schemes during the year.
Long Term Incentive Plan
The Company operates a LTIP for employees of the Group. Awards vest over a period of three years, subject to criteria based on
their individual performance. For Executive and senior management the LTIP measures and targets are based on relative TSR (35%
weighting), absolute TSR (20% weighting), cash flow from operations (15% weighting), ROCE (15% weighting) and an ESG condition
(15% weighting). Awards are normally forfeited if the employee leaves the Group before the award vests. Awards normally expire at the
end of ten years following the date of grant, subject to the requirement to exercise certain awards prior to 15 March of the year following
vesting.
The Board has a policy requiring Executive Directors to build a minimum shareholding of 200% of their annual salary. Additionally, LTIP
awards to the Executive Directors have a two-year holding period following vesting. This is intended to emphasise a commitment to
the alignment of Executive Directors with shareholders and a focus on long term stewardship. Please refer to Directors\u2019 Remuneration
Committee Report for further details.
Awards would normally be part cash and part equity-settled through a transfer at nil consideration of the Company\u2019s ordinary shares. 3,525,696 awards were exercised during 2024 (2023: 267,779 shares exercised). The Company has no legal or constructive obligation to repurchase or settle awards in cash. Details of awards outstanding during the year are as follows:
2024 2023
No. of share No. of share
awards awards
As at 1 January 20,153,833 17,642,212
Adjustments
1
998,049 882,124
Granted 7,042,038 7,347,221
Exercised (3,525,696) (267,779)
Forfeited during the year (2,553,573) (5,449,945)
As at 31 December 22,114,651 20,153,833
Exercisable as at 31 December 2,893,353 664,243
1) In accordance with Share Scheme rules, adjustments were made for the payment of dividends. The weighted average market price at the date of exercise during 2024 was \u00a30.22 (2023: \u00a30.23). The weighted average exercise price was Nil. Awards outstanding at the end of the year have a weighted average remaining contractual life of 1.13 years (2023: 1.4 years). The weighted average market price and estimated fair value of the 2024 grants (at grant date) were \u00a30.22 and \u00a30.19, respectively. The fair value of the LTIPs granted during 2024 has been provided by a Remuneration Consultant, which estimates the Company\u2019s performance against the targets using a Stochastic and Black Scholes model. The future vesting proportion in 2024 was 90% (2023: 77%). The main assumptions for the calculation are as follows:
2024 2023
Volatility 3.04% 11.94%
Risk free rate of interest 4.53% 3.21%
Correlation with comparator group n/a n/a
Other Share Schemes The Company operates a discretionary share option scheme for employees of the Group. Awards vest over a three-year period, and are normally forfeited if the employee leaves the Group before the option vests. Vested options are exercisable at a price equal to the average quoted market price of the Company\u2019s shares on the date of grant and are expected to be equity-settled. The Company has no legal or constructive obligation to repurchase or settle options in cash. Unexercised options expire at the end of a ten-year period. Other than to Directors, the Company can also grant options with a zero exercise price or with an exercise price which is set below the market price of the Company\u2019s shares on the date of grant. Such options, which are included in the table below, are granted by reference to the rules of the discretionary share option scheme and are expected to be equity-settled. The Company can additionally grant awards under the Deferred Share Bonus Plan with a zero exercise price or with an exercise price which is set below the market price of the Company\u2019s shares on the date of grant. Awards vest over a two-year period, and are normally forfeited if the employee leaves the Group before the option vests. Such awards, which are also included in the table below, are expected to be cash-settled.
No. of share No. of share
awards awards
As at 1 January 4,860,374 2,886,857
Adjustments
1
233,075 148,069
Granted 1,501,418 1,875,448
Forfeited during the year (27,413) (50,000)
Exercised (2,239,619) \u2013
As at 31 December 4,327,835 4,860,374
Exercisable as at 31 December 1,012,762 578,172
1) In accordance with Share Scheme rules, adjustments were made for the payment of dividends. The weighted average market price at the date of exercise during 2024 was \u00a30.23 (there were no share options exercised during 2023). The weighted average exercise price was Nil. Awards outstanding at the end of the year have a weighted average remaining contractual life of 7.6 years (2023: 8 years). The fair value of the awards granted during 2024 and 2023 have been estimated using Black Scholes model, based on the market price at date of grant and a nil exercise price.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-321": { "value": "
No. of share No. of share
awards awards
As at 1 January 4,860,374 2,886,857
Adjustments
1
233,075 148,069
Granted 1,501,418 1,875,448
Forfeited during the year (27,413) (50,000)
Exercised (2,239,619) \u2013
As at 31 December 4,327,835 4,860,374
Exercisable as at 31 December 1,012,762 578,172
1) In accordance with Share Scheme rules, adjustments were made for the payment of dividends.
The weighted average market price at the date of exercise during 2024 was \u00a30.23 (there were no share options exercised during 2023).
The weighted average exercise price was Nil. Awards outstanding at the end of the year have a weighted average remaining contractual
life of 7.6 years (2023: 8 years).
The fair value of the awards granted during 2024 and 2023 have been estimated using Black Scholes model, based on the market price
at date of grant and a nil exercise price.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-291": { "value": "
32. Reconciliation of operating profit/(loss) to operating cash flows
Group
Company
2023
2024 2023 2024
Restated
1
$ million $ million $ million $ million
Operating profit/(loss) 64.3 (18.1) 20.6 (61.6)
Share-based payments 0.9 0.9 0.9 0.9
Depletion, depreciation and amortisation 47.3 55.6 \u2013 \u2013
Impairment (reversal)/charge (26.3) 65.4 (31.2) 52.4
Taxes paid-in-kind (1.9) \u2013 \u2013 \u2013
Operating cash flows before movements in working capital
84.3
103.8 (9.7) (8.3)
(Increase)/decrease in inventories (6.0) 3.9 \u2013 \u2013
Decrease/(increase)/ in receivables
2
11.3 (19.1) (1.7) (0.2)
(Decrease)/increase in payables (0.3) 0.2 (0.1) 0.1
Cash generated by (used in) operations
89.3
88.8 (11.5) (8.4)
Interest received 0.4 0.4 0.3 0.3
Other/restructuring expense outflow (0.4) \u2013 \u2013 \u2013
Income taxes paid (35.3) (44.3) \u2013 \u2013
Net cash from (used in) operating activities
54.0
44.9 (11.2) (8.1)
1) See Notes 2(s) and 2(t)
2) Includes $2.5m decrease (2023: $2.2m increase) in expected credit losses in respect of Egypt trade receivables.
During the year, a total of $0.5m of trade receivables due from EGPC in Egypt were settled by way of non-cash offset, of which $0.4m
relates to the assignment bonus settled upon receipt of contingent consideration in relation to IPR Farm out and $0.1m to the training
bonuses settled with EGPC.
During 2023, a total of $3.2m of trade receivables due from EGPC in Egypt were settled by way of non-cash offset, out of which $2.2m
relates to a second instalment of assignment bonus due to EGPC in relation to the IPR Farm out, $0.5m relates to a bonus due to
EGPC for the NBS development lease and $0.5m relates to training bonuses and fees paid to EGPC for participation in a bid round
process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-292": { "value": "
33. Lease arrangements
For short-term leases (lease term less than 12 months) and leases for which the underlying asset is of low value, the Group has opted to
recognise a lease expense on a straight-line basis as permitted under IFRS 16.
2024 2023
$ million $ million
Lease liability recognised as at 1 January
0.5
0.8
Principal repayments (0.3) (0.3)
Lease liability recognised as at 31 December
0.2
0.5
Of which are:
Current lease liabilities 0.2 0.3
Non-current lease liabilities \u2013 0.2
Right of use assets recognised as at 1 January
0.5
0.8
New leases \u2013 \u2013
Depreciation (0.3) (0.3)
Right of use asset recognised as at 31 December
0.2
0.5
Of which are:
Oil & Gas properties 0.2 0.5
During 2022, Pharos signed a new agreement for rental of gas
generators in Egypt, the agreement is effective from August 2022
to October 2025 and is accounted for as a lease under IFRS 16.
Pharos 45% share of the asset and liability which is applicable
post completion of the Farm out (21 March 2022) has been
recognised accordingly. The lease was measured at the present
value of the lease payments, discounted using the incremental
borrowing rate at the start of the lease, 6.3%.
The following table presents the amounts reported in the income
statement for short-term leases:
Operating lease expenses 2024 2023
by segment $ million $ million
SE Asia 9.9 10.1
Egypt 0.3 1.4
10.2 11.5
At 31 December 2024, the Group is committed to its share of
$9.6m (2023: $10.8m) for short-term leases of less than 12
months and which accordingly are not included in the above.
Certain short-term leases contain discretionary options to extend
the lease period. These future periods are only included in the
assessment of the lease term after consideration of the economic
incentives and if it is reasonably certain that the option will be
exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-293": { "value": "
34. Capital commitments
At 31 December 2024, the Group had exploration licence
commitments not accrued of approximately $24.8m (2023:
$26.3m), out of which $0.2m related to NBS was already incurred
and currently awaiting approval from EGPC.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-322": { "value": "34. Capital commitments At 31 December 2024, the Group had exploration licence commitments not accrued of approximately $24.8m (2023: $26.3m), out of which $0.2m related to NBS was already incurred and currently awaiting approval from EGPC.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-294": { "value": "
35. Related party transactions
During 2024, there were no costs incurred by the Company in
respect of services rendered between Group companies (2023:
$0.01m).
Remuneration of key management personnel
The remuneration of the Directors of the Company, who are
considered to be its key management personnel, is set out below
in aggregate for each of the categories specified in IAS 24 Related
Party Disclosures. Further information about the remuneration of
individual Directors is provided in the audited part of the Directors\u2019
Remuneration Committee Report on pages 135 to 152.
2024 2023
$ million $ million
Short-term employee benefits 4.0 2.7
Post-employment benefits 0.2 0.1
Share-based payments 1.0 1.8
5.2 4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "35. Related party transactions During 2024, there were no costs incurred by the Company in respect of services rendered between Group companies (2023: $0.01m). Remuneration of key management personnel The remuneration of the Directors of the Company, who are considered to be its key management personnel, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Committee Report on pages 135 to 152.
2024 2023
$ million $ million
Short-term employee benefits 4.0 2.7
Post-employment benefits 0.2 0.1
Share-based payments 1.0 1.8
5.2 4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-323": { "value": "Remuneration of key management personnel The remuneration of the Directors of the Company, who are considered to be its key management personnel, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures. Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u2019 Remuneration Committee Report on pages 135 to 152.
2024 2023
$ million $ million
Short-term employee benefits 4.0 2.7
Post-employment benefits 0.2 0.1
Share-based payments 1.0 1.8
5.2 4.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-347": { "value": "Financial Risk Management: Objectives and Policies The main risks arising from the Group\u2019s financial instruments are commodity price risk, liquidity risk, credit risk, foreign currency risk, interest rate risk and capital risk management. The Board of Pharos regularly reviews and agrees policies for managing financial risks that may affect the Group. In certain cases, the Board delegates responsibility for such reviews and policy setting to the Audit Risk Committee. The management of these risks is carried out by monitoring of cash flows, investment and funding requirements using a variety of techniques. These potential exposures are managed while ensuring that the Company and the Group have adequate liquidity at all times in order to meet their immediate cash requirements. There are no significant concentrations of risks unless otherwise stated. The Group does not enter into or trade financial instruments, including derivatives, for speculative purposes. The primary financial assets and liabilities comprise cash, short- and medium-term deposits, money market liquidity funds, intra group loans, trade receivables and other receivables and financial liabilities held at amortised cost. The Group\u2019s strategy has been to finance its operations through a mixture of retained profits and bank borrowings. Other alternatives such as equity issues are reviewed by the Board, when appropriate. Capital Risk Management The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to shareholders through the optimisation of the debt and equity balances. To this extent, following a period of improved commodity prices, the Group committed to shareholder returns during 2024 in the form of both share buybacks and dividends to shareholders. The Group\u2019s overall strategy remains unchanged from 2023. The capital structure of the Group consists of net cash (cash and borrowings disclosed in Note 20 and 24, respectively) and equity (comprising issued share capital, reserves and retained earnings as disclosed in Notes 27 to 28). Management reviews the capital structure on a semi-annual basis, and most of the capital expenditure incurred is discretionary. The Group is not subject to any externally imposed capital requirements and is in a net cash, debt free financial position as at 31 December 2024. Please see Non-IFRS Measures (Unaudited) for net cash and gearing ratios as at 31 December 2024 and 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "Commodity Price Risk Commodity price risk arises principally from the Group\u2019s Vietnam and Egypt production, which could adversely affect revenue and debt availability due to changes in commodity prices. To reduce risk from Vietnam production, in 2023 the Company and its partners signed a three year sales contract for all TGT oil cargoes with BSR to cover the period 1 January 2024 to 7 December 2026. The premium on Brent for the Term Sales Period will continue to be agreed every six months, which provides the Group with significant downside price protection for production from our largest Vietnam field, and protects margins through eliminating export duty and additional transportation costs to overseas customers. The Group measures commodity price risk through an analysis of the potential impact of changing commodity prices. Based on this analysis and considering materiality and the potential business impact, the Group may choose to hedge. During 2024, Pharos entered into different zero cost collar hedges to protect the Brent component of forecast oil sales and to ensure future compliance with its obligations under the RBL over the producing assets in Vietnam. The current commodity hedges run until June 2025 and are settled monthly. Details of current hedging arrangements and the categorisation of the instruments in the fair value hierarchy can be found in Note 25. Transacted derivatives are designated as cash flow hedge relationships to minimise accounting income statement volatility. The Group is required to assess the likely effectiveness of any proposed cash flow hedging relationship and demonstrate that the hedging relationship is expected to be highly effective prior to entering into a hedging instrument and at subsequent reporting dates. Foreign Currency Risk Pharos manages exposures that arise from non-functional currency receipts and payments by matching receipts and payments in the same currency and actively managing the residual net position. The Group does not hedge any foreign exchange exposure. The Group also aims where possible to hold surplus cash, debt and working capital balances in the functional currency of the subsidiary, thereby matching the reporting currency and functional currency of most companies in the Group. This minimises the impact of foreign exchange movements on the Group\u2019s Balance Sheet. Oil and gas sales in Vietnam are raised and settled through a combination of Vietnamese Dong (VND) and US Dollars (USD), along with associated tax and royalty payments. The Group holds a number of VND and USD bank accounts that provide a natural hedge against foreign exchange movements. In the Egypt business, macroeconomic volatility has seen both a significant devaluation of the Egyptian Pound and continued restrictions on outgoing US Dollar transfers by the Central Bank of Egypt. The Company has opted not to accept the payment of trade receivables balance in Egyptian Pounds unless required for operations. The progressive devaluation of EGP against USD, which has continued since the Egyptian government decided to fully float EGP currency in March 2024, means that it remains preferable to hold USD denominated receivables. However, as a result of the carry with IPR having been fully utilised, the Group opted to accept the payment of part receivables balance in EGP from April 2024 in order to cover operational expenditure and other expenses in local currencies. As a result, Pharos\u2019 receivables have decreased to $28.1m at 31 December 2024, after expected credit loss provision of $1.4m (2023: $33.4m receivables after credit loss provision of $4.0m). Positive announcements by the Egyptian Government highlighted in the CFO Statement, combined with the Company agreeing with the operator of the Egypt concessions, IPR, to pay a significant proportion of post-carry cash calls in EGP, means that the Group is optimistic that its receivables position and liquidity will continue to improve during 2025. The Group\u2019s UK head office contributes the majority of administrative costs which are denominated in GBP. The level of monetary working capital balances denominated in GBP is relatively low and therefore the Group\u2019s exposure to foreign currency changes for all currencies is not considered to be material. Interest Rate Risk The replacement of benchmark interest rates such as LIBOR and other IBORs has been a priority for global regulators. The Group has closely monitored the market and output from the various industry working groups managing the transition to new benchmark interest rates. This includes announcements made by LIBOR regulators (including the Financial Conduct Authority (FCA) and the US Commodity Futures Trading Commission regarding the transition away from LIBOR (including GBP LIBOR and USD LIBOR)). The Company\u2019s principal borrowings, in the form of the RBL loan and the NBE UK Uncommitted Revolving Credit facility, both switched from USD LIBOR to SOFR plus CAS interest rates from 1 July 2023. As at 31 December 2024, the Group\u2019s principal borrowings have been repaid in full as described in Note 24 and the Group is debt free (2023: $40.5m). The Group has therefore reduced its interest rate risk and is not currently exposed to future interest rate volatility. The Group\u2019s interest received on cash and cash equivalents is immaterial. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "value": "Liquidity Risk Pharos closely monitors and manages its liquidity risk using both short- and long-term cash flow projections, supplemented by debt and equity financing plans and active portfolio management. Cash forecasts are regularly produced and sensitivities run for different scenarios including, but not limited to, changes in asset production profiles and cost schedules. Details of the Group\u2019s borrowings and debt facilities can be found in Note 24. The Group is subject to half-yearly forecast liquidity tests as part of the redetermination process for the RBL facility agreement. The Group has complied with the liquidity requirements of this test at all times during the year, with the last redetermination taking place in June 2024. The RBL loan was repaid in full during September 2024 and the facility matures in July 2025. The Group invests cash in a combination of money market liquidity funds and term deposits with a number of international and UK financial institutions, ensuring sufficient liquidity to enable the Group to meet its short- and medium-term expenditure requirements. This includes funding total shareholder returns in the form of dividends and share buy backs, which totalled $8.8m in the year (2023: $8.4m). A further interim dividend of $1.8m (2023: $1.7m) was paid in January 2025 and the latest $3.0m share buyback programme (the Second Programme Extension) completed in January 2025. The Group ensures that cash forecasts and sensitivity analyses are robust to meet these funding requirements. Further information can be found in Note 27 and Note 29. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "value": "Credit Risk Credit risk arises from cash and cash equivalents, investments with banks and financial institutions, trade and other receivables and joint operation receivables. Customers and joint operation partners are subject to a risk assessment using publicly available information and credit reference agencies, with follow-up due diligence and monitoring if required. Investment credit risk for investments with banks and other financial institutions is managed by the Group Treasury function in accordance with the Board-approved policies of the Group. These policies limit counterparty exposure, maturity, collateral and take account of published ratings, market measures and other market information. The Company\u2019s policy is to invest with banks or other financial institutions that, firstly, offer the greatest degree of security in the view of the Group and, secondly, the most competitive interest rates. The Board continually re-assesses the Group\u2019s policy and updates as required. The maximum credit risk exposure relating to financial assets is represented by the carrying value as at the balance sheet date. The Group\u2019s trade receivables in Note 20, although 100% (2023: 100%) concentrated with two customers across both Vietnam and Egypt producing assets, are predominantly with a major oil & gas company and the subsidiary of a government regulated entity. The credit default risk is therefore deemed to be low and there is no history of default, despite the payment delays from EGPC and significant devaluation of the Egyptian Pound against the US Dollar discussed in the following section. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-245": { "value": "27/28 Eastcastle Street, London W1W 8DH, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }