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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 31 to 34 and 39 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "Pharos Energy plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "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.
Going Concern
The Directors performed a going concern assessment for the
period up to 31 March 2027, to validate the continued application
of the going concern basis in the preparation of the financial
statements of the Group and the Company. 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. For
Vietnam assets, three infill wells and one appraisal well on TGT,
plus one infill well and one appraisal well on CNV, have been
factored into the forecast. TGT-18X, which commenced drilling
in December 2025, is currently under test, oil is present and a
62% success rate has been applied. For Egypt assets, forecast
projections include a one-rig drilling programme, where El Fayum
has twenty-one producing wells and six injectors, and NBS has
nine wells, over the next three years.
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 reduction in the oil price putting pressure on the Group\u2019s
capital available for investment
\u2022 A reduction in production
\u2022 An unfavourable event resulting in a combination of lost
production and oil price reduction
A base case forecast has been considered for the going concern
assessment that utilises oil prices of $62.4/bbl in 2026 and $66.0/
bbl in 2027. The key assumptions and related sensitivities include
a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board
has taken into account the risk of reduction in oil prices by 10% to
$56.0/bbl in March 2026 for the next twelve months, concurrent
with 5% reductions in Vietnam and Egypt production compared
to our base case from March 2026. Additionally, CNV appraisal
well 5X is assumed to be a dry hole and Egypt is based on 1P
production in the RWC scenario. Both the base case and RWC
take into account the effect of hedging that has already been put in
place at 31 December 2025 and subsequent hedges placed in Q1
2026, now covering c.19% of total group entitlement production
for 2026. These are a combination of zero cost collars, premium
collars and put options. We have therefore secured an average floor
price and ceiling price of c.$59.0/bbl and c.$74.7/bbl, respectively,
for the entire hedged volumes in 2026. Under the RWC scenario,
we have identified appropriate mitigating actions, including a partial
drawdown on the NBE credit facility in Q2 2026, reduction in head
office administrative expenses and a decision not to pay dividends
to shareholders from 2027.
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 2027. 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 81 to 96. 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) 2025 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. By 2030, the IEA\u2019s Sustainable Development Scenario
(SDS) assumes that developing and emerging economies with Net
Zero pledges will have implemented an effective carbon price of
$40 per tonne of CO
2
. The IEA\u2019s Stated Policies Scenario (STEPS)
assumes that operations in Egypt and Vietnam will not be subject
to a carbon price within 5 years.
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 10 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. All amounts are presented to the nearest $0.1m, unless otherwise stated. The material accounting policies adopted are set out below. b) New and amended standards and interpretations adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments that apply for the first time in 2025, but do not have an impact on the Group\u2019s financial statements are: Lack of exchangeability \u2013 Amendments to IAS 21 The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. The Group has assessed the amendments to IAS 21 on Lack of Exchangeability and concluded that they are not applicable, as the currencies in which the Group operates (USD, EGP, VND and GBP) are considered exchangeable. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 year end and have not been early adopted by the Group. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, replacing IAS 1 Presentation of Financial Statements. IFRS 18 introduces new presentation requirements for the statement of profit or loss, including specified totals and subtotals, and requires entities to classify income and expenses into five categories: operating, investing, financing, income taxes, and discontinued operations. It also adds disclosure requirements for management-defined performance measures and sets new rules for aggregation and disaggregation in financial statements and notes. Additionally, amendments to IAS 7 Statement of Cash Flows change the indirect method\u2019s starting point to operating profit or loss and remove options for classifying dividends and interest. Consequential amendments were also made to other standards. IFRS 18 and \u2018Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019 are being assessed for the impact and other standards are not expected to have a material impact on the primary financial statements and notes to the financial statements. 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. 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 2025 and 2024, 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 hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. Pharos has designated the hedge instruments 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 deferred tax liability Comparative information in respect of the deferred tax liability has been restated in relation to an adjustment made to correct excess cost recovery considered in the deferred tax calculations in respect of years prior to 2024. The deferred tax liability as at 31 December 2024 was overstated by $4.9m. As a result of the correction, the deferred tax liability decreased from $67.5m to $62.6m as at 31 December 2024. As the error related to years prior to 2024, the opening retained deficit has been restated, resulting in a decrease from $(71.9)m to $(67.0)m as at 1 January 2024 and from $(58.4)m to $(53.5)m as at 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "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. Going Concern The Directors performed a going concern assessment for the period up to 31 March 2027, to validate the continued application of the going concern basis in the preparation of the financial statements of the Group and the Company. 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. For Vietnam assets, three infill wells and one appraisal well on TGT, plus one infill well and one appraisal well on CNV, have been factored into the forecast. TGT-18X, which commenced drilling in December 2025, is currently under test, oil is present and a 62% success rate has been applied. For Egypt assets, forecast projections include a one-rig drilling programme, where El Fayum has twenty-one producing wells and six injectors, and NBS has nine wells, over the next three years. 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 reduction in the oil price putting pressure on the Group\u2019s capital available for investment \u2022 A reduction in production \u2022 An unfavourable event resulting in a combination of lost production and oil price reduction A base case forecast has been considered for the going concern assessment that utilises oil prices of $62.4/bbl in 2026 and $66.0/ bbl in 2027. The key assumptions and related sensitivities include a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board has taken into account the risk of reduction in oil prices by 10% to $56.0/bbl in March 2026 for the next twelve months, concurrent with 5% reductions in Vietnam and Egypt production compared to our base case from March 2026. Additionally, CNV appraisal well 5X is assumed to be a dry hole and Egypt is based on 1P production in the RWC scenario. Both the base case and RWC take into account the effect of hedging that has already been put in place at 31 December 2025 and subsequent hedges placed in Q1 2026, now covering c.19% of total group entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options. We have therefore secured an average floor price and ceiling price of c.$59.0/bbl and c.$74.7/bbl, respectively, for the entire hedged volumes in 2026. Under the RWC scenario, we have identified appropriate mitigating actions, including a partial drawdown on the NBE credit facility in Q2 2026, reduction in head office administrative expenses and a decision not to pay dividends to shareholders from 2027. 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 2027. 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 81 to 96. 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) 2025 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. By 2030, the IEA\u2019s Sustainable Development Scenario (SDS) assumes that developing and emerging economies with Net Zero pledges will have implemented an effective carbon price of $40 per tonne of CO2 . The IEA\u2019s Stated Policies Scenario (STEPS) assumes that operations in Egypt and Vietnam will not be subject to a carbon price within 5 years. 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 10 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. All amounts are presented to the nearest $0.1m, unless otherwise stated. The material accounting policies adopted are set out below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "Going Concern The Directors performed a going concern assessment for the period up to 31 March 2027, to validate the continued application of the going concern basis in the preparation of the financial statements of the Group and the Company. 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. For Vietnam assets, three infill wells and one appraisal well on TGT, plus one infill well and one appraisal well on CNV, have been factored into the forecast. TGT-18X, which commenced drilling in December 2025, is currently under test, oil is present and a 62% success rate has been applied. For Egypt assets, forecast projections include a one-rig drilling programme, where El Fayum has twenty-one producing wells and six injectors, and NBS has nine wells, over the next three years. 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 reduction in the oil price putting pressure on the Group\u2019s capital available for investment \u2022 A reduction in production \u2022 An unfavourable event resulting in a combination of lost production and oil price reduction A base case forecast has been considered for the going concern assessment that utilises oil prices of $62.4/bbl in 2026 and $66.0/ bbl in 2027. The key assumptions and related sensitivities include a \u201cReasonable Worst Case\u201d (RWC) scenario, where the Board has taken into account the risk of reduction in oil prices by 10% to $56.0/bbl in March 2026 for the next twelve months, concurrent with 5% reductions in Vietnam and Egypt production compared to our base case from March 2026. Additionally, CNV appraisal well 5X is assumed to be a dry hole and Egypt is based on 1P production in the RWC scenario. Both the base case and RWC take into account the effect of hedging that has already been put in place at 31 December 2025 and subsequent hedges placed in Q1 2026, now covering c.19% of total group entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options. We have therefore secured an average floor price and ceiling price of c.$59.0/bbl and c.$74.7/bbl, respectively, for the entire hedged volumes in 2026. Under the RWC scenario, we have identified appropriate mitigating actions, including a partial drawdown on the NBE credit facility in Q2 2026, reduction in head office administrative expenses and a decision not to pay dividends to shareholders from 2027. 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 2027. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "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 81 to 96. 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) 2025 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. By 2030, the IEA\u2019s Sustainable Development Scenario (SDS) assumes that developing and emerging economies with Net Zero pledges will have implemented an effective carbon price of $40 per tonne of CO2 . The IEA\u2019s Stated Policies Scenario (STEPS) assumes that operations in Egypt and Vietnam will not be subject to a carbon price within 5 years. 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 10 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. All amounts are presented to the nearest $0.1m, unless otherwise stated. The material accounting policies adopted are set out below. ", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForClimateChangeAndTheEnergyTransition", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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. All amounts are presented to the nearest $0.1m, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "
b) New and amended standards and
interpretations adopted by the Group
The Group applied for the first time certain standards and
amendments, which are effective for annual periods beginning on
or after 1 January 2025 (unless otherwise stated). The Group has
not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective. Amendments that
apply for the first time in 2025, but do not have an impact on the
Group\u2019s financial statements are:
Lack of exchangeability \u2013 Amendments to IAS 21
The amendment to IAS 21 specifies how an entity should assess
whether a currency is exchangeable and how it should determine
a spot exchange rate when exchangeability is lacking.
A currency is considered to be exchangeable into another
currency when an entity is able to obtain the other currency within
a time frame that allows for a normal administrative delay and
through a market or exchange mechanism in which an exchange
transaction would create enforceable rights and obligations.
The Group has assessed the amendments to IAS 21 on Lack of
Exchangeability and concluded that they are not applicable, as
the currencies in which the Group operates (USD, EGP, VND and
GBP) are considered exchangeable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "b) New and amended standards and interpretations adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments that apply for the first time in 2025, but do not have an impact on the Group\u2019s financial statements are: Lack of exchangeability \u2013 Amendments to IAS 21 The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. The Group has assessed the amendments to IAS 21 on Lack of Exchangeability and concluded that they are not applicable, as the currencies in which the Group operates (USD, EGP, VND and GBP) are considered exchangeable. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 year end and have not been early adopted by the Group. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, replacing IAS 1 Presentation of Financial Statements. IFRS 18 introduces new presentation requirements for the statement of profit or loss, including specified totals and subtotals, and requires entities to classify income and expenses into five categories: operating, investing, financing, income taxes, and discontinued operations. It also adds disclosure requirements for management-defined performance measures and sets new rules for aggregation and disaggregation in financial statements and notes. Additionally, amendments to IAS 7 Statement of Cash Flows change the indirect method\u2019s starting point to operating profit or loss and remove options for classifying dividends and interest. Consequential amendments were also made to other standards. IFRS 18 and \u2018Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019 are being assessed for the impact and other standards are not expected to have a material impact on the primary financial statements and notes to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "b) New and amended standards and interpretations adopted by the Group The Group applied for the first time certain standards and amendments, which are effective for annual periods beginning on or after 1 January 2025 (unless otherwise stated). The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Amendments that apply for the first time in 2025, but do not have an impact on the Group\u2019s financial statements are: Lack of exchangeability \u2013 Amendments to IAS 21 The amendment to IAS 21 specifies how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. A currency is considered to be exchangeable into another currency when an entity is able to obtain the other currency within a time frame that allows for a normal administrative delay and through a market or exchange mechanism in which an exchange transaction would create enforceable rights and obligations. The Group has assessed the amendments to IAS 21 on Lack of Exchangeability and concluded that they are not applicable, as the currencies in which the Group operates (USD, EGP, VND and GBP) are considered exchangeable. c) New standards and interpretations not yet adopted Certain new accounting standards and interpretations have been published that are not mandatory for 31 December 2025 year end and have not been early adopted by the Group. IFRS 18 Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, replacing IAS 1 Presentation of Financial Statements. IFRS 18 introduces new presentation requirements for the statement of profit or loss, including specified totals and subtotals, and requires entities to classify income and expenses into five categories: operating, investing, financing, income taxes, and discontinued operations. It also adds disclosure requirements for management-defined performance measures and sets new rules for aggregation and disaggregation in financial statements and notes. Additionally, amendments to IAS 7 Statement of Cash Flows change the indirect method\u2019s starting point to operating profit or loss and remove options for classifying dividends and interest. Consequential amendments were also made to other standards. IFRS 18 and \u2018Classification and Measurement of Financial Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019 are being assessed for the impact and other standards are not expected to have a material impact on the primary financial statements and notes to the financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "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 2025 year end
and have not been early adopted by the Group.
IFRS 18 Presentation and Disclosure in Financial
Statements
In April 2024, the IASB issued IFRS 18, replacing IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
presentation requirements for the statement of profit or loss,
including specified totals and subtotals, and requires entities to
classify income and expenses into five categories: operating,
investing, financing, income taxes, and discontinued operations.
It also adds disclosure requirements for management-defined
performance measures and sets new rules for aggregation and
disaggregation in financial statements and notes.
Additionally, amendments to IAS 7 Statement of Cash Flows
change the indirect method\u2019s starting point to operating profit or
loss and remove options for classifying dividends and interest.
Consequential amendments were also made to other standards.
IFRS 18 and \u2018Classification and Measurement of Financial
Instruments \u2013 Amendments to IFRS 9 and IFRS 7\u2019 are being
assessed for the impact and other standards are not expected to
have a material impact on the primary financial statements and
notes to the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "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. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "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 2025 and 2024, 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 hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. Pharos has designated the hedge instruments 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "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 2025
and 2024, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "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 hedges to protect the
Brent component of forecast oil sales and to provide downside
protection to cash flows in the event of commodity prices falling.
Pharos has designated the hedge instruments 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "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 hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. Pharos has designated the hedge instruments 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. Pharos has designated the hedge instruments 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "
s) Restatement of deferred tax
liability
Comparative information in respect of the
deferred tax liability has been restated in
relation to an adjustment made to correct
excess cost recovery considered in the
deferred tax calculations in respect of years
prior to 2024. The deferred tax liability as
at 31 December 2024 was overstated
by $4.9m. As a result of the correction,
the deferred tax liability decreased from
$67.5m to $62.6m as at 31 December
2024. As the error related to years prior
to 2024, the opening retained deficit has
been restated, resulting in a decrease from
$(71.9)m to $(67.0)m as at 1 January 2024
and from $(58.4)m to $(53.5)m as at 31
December 2024.
", "dimensions": { "concept": "pharosenergyplc:DescriptionOfAccountingPolicyForRestatementOfDeferredTaxLiability", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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, 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 2025, Pharos entered into different zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. The current commodity hedges run until March 2026 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 remains debt free following the full and
voluntary repayment of the RBL loan in September 2024 and the
facility matured 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 $6.8m in
the year (2024: $8.8m). A further interim dividend of $2.2m (2024:
$1.8m) was paid in January 2026. 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% (2024:
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 as a
result of macroeconomic factors in Egypt.
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 over the past few
years has seen a significant devaluation of the Egyptian Pound,
which continued following a decision by the Egyptian government
to fully float EGP currency in March 2024. It remains preferable to
hold USD denominated receivables, however the Group opts to
accept the payment of part receivables balance in EGP in order
to cover operational expenditure and other expenses in local
currencies. On 31 December 2025, $20 million was recovered
from EGPC which reduced the outstanding receivable balance
to $7.3m, after expected credit loss provision of $0.1m (2024:
$28.1m receivables after credit loss provision of $1.4m).
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 in recent
years. The Group has closely monitored the market and the output
from the various industry working groups managing the transition
to new benchmark interest rates.
The Group\u2019s principal borrowings were repaid in full during 2024,
as described in Note 24, and the Group has remained debt
free throughout 2025. As a result, the Group has no significant
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 2025 in the form of both share buybacks and dividends to shareholders. The Group\u2019s overall strategy remains unchanged from 2024. 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 2025. Please see Non-IFRS Measures (Unaudited) for net cash and gearing ratios as at 31 December 2025 and 31 December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 124.
The estimate is reviewed at least twice a year and revisions
during 2025 have been prepared by the Company. As a result of
the ongoing drilling campaign in Vietnam, and the Group is also
awaiting parliamentary approval of the consolidated concession
agreements in Egypt, with improved fiscal terms, the Reserves
Committee agreed that the next Competent Person\u2019s Report
(CPR) by third party reservoir engineers will take place ahead of
preparing the Interim Results for the six months ended 30 June
2026. 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.
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.
As at 31 December 2025, following an assessment of both internal
and external indicators of impairment, no impairment indicators
were identified in respect of the Group\u2019s producing oil and gas
assets and, accordingly, no impairment tests were required. The
assessment was based on a post-tax nominal discount rate of
9.0% for Vietnam assets and 12.5% for Egypt assets, and a Brent
oil price assumption of $62.0/bbl in 2026, $66.0/bbl in 2027,
$70.0/bbl in 2028, $72.0/bbl in 2029 and $73.0/bbl in 2030 plus
inflation of 2.0% thereafter. Further information relating to the
specific assumptions and uncertainties relevant to management\u2019s
impairment assessments are discussed in Note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "
5. Total revenue
An analysis of the Group\u2019s revenue is as follows:
2025 2024
$ million $ million
Oil and gas sales (see Note 6) 114.6 136.1
Realised losses on commodity hedges \u2013 (0.1)
(see Note 6 and Note 25) 114.6 136.0
Investment revenue 0.5 0.4
115.1 136.4
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.
2025 2024
$ million $ million
Vietnam
99.8
115.4
Egypt
14.8
20.7
114.6
136.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "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.
2025
SE Asia Egypt
Unallocated
1
Group
$ million $ million $ million $ million
Oil and gas sales (see Note 5)
99.8
14.8
\u2013
114.6
Realised loss on commodity hedges (see Note 5 and Note 25)
\u2013
\u2013
\u2013
\u2013
Total revenue
99.8
14.8
\u2013
114.6
Cost of sales
(81.0)
(16.7)
\u2013
(97.7)
Impairment reversal \u2013 Financial asset (see Note 20)
\u2013
1.3
\u2013
1.3
Administrative expenses
\u2013
\u2013
(8.8)
(8.8)
Depreciation, depletion and amortisation - Oil and gas (see Note 7 and Note 16)
(41.4)
(5.0)
\u2013
(46.4)
Depreciation, depletion and amortisation - Other (see Note 16)
\u2013
(0.2)
\u2013
(0.2)
Other operating costs (see Note 8)
\u2013
\u2013
(0.3)
(0.3)
Pre-licence costs
\u2013
\u2013
(0.4)
(0.4)
Loss on fair value movement of financial asset
2
(see Note 20)
\u2013
(0.5)
\u2013
(0.5)
Profit/(loss) before tax
16.5
(1.3)
(8.7)
6.5
Tax charge on operations (see Note 12)
(12.7)
(0.4)
\u2013
(13.1)
2024
SE Asia Egypt
Unallocated
1
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
2
(see Note 20)
\u2013
0.3
\u2013
0.3
Profit/(loss) before tax
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 reversals (see Note 12)
(8.4)
\u2013
\u2013
(8.4)
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.
2) Relates to the revision of contingent consideration due from the farm-out of the Egyptian concessions with IPR, partially offset by the movement in contingent
liability (assignment fee) owed to EGPC.
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 $99.8m and $14.8m which arose from the Group\u2019s two
customers, who contributed more than 10% to the Group\u2019s oil and gas revenue (2024: $115.4m and $20.7m in South East Asia and
Egypt from the Group\u2019s two 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.
2025 2024
$ million $ million
Vietnam
99.8
115.4
Egypt
14.8
20.7
114.6
136.1
Non-current assets
1
2025 2024
$ million $ million
Vietnam
217.6
233.5
Egypt
59.1
62.0
United Kingdom
0.2
\u2013
276.9
295.5
1) Excludes other assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "Group has one principal business activity being oil and gas exploration and production.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "South East Asia and Egypt", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
2025 2024
$ million $ million
Vietnam
99.8
115.4
Egypt
14.8
20.7
114.6
136.1
Non-current assets1
2025 2024
$ million $ million
Vietnam
217.6
233.5
Egypt
59.1
62.0
United Kingdom
0.2
\u2013
276.9
295.5
1) Excludes other assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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.
2025 2024
$ million $ million
Vietnam
99.8
115.4
Egypt
14.8
20.7
114.6
136.1
Non-current assets1
2025 2024
$ million $ million
Vietnam
217.6
233.5
Egypt
59.1
62.0
United Kingdom
0.2
\u2013
276.9
295.5
1) Excludes other assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "
7. Cost of sales
2025 2024
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
46.4 47.1
Production operating costs 40.8 39.5
Production based taxes 7.3 9.2
Change in inventories 3.2 (6.0)
97.7 89.8
Impairment reversal \u2013 financial (1.3) (2.5)
asset (see Note 20) 96.4 87.3
8. Other operating costs and Other/
restructuring expense
2025 2024
Other operating costs $ million $ million
Share based payments \u2013 0.6
Other 0.3 0.2
0.3 0.8
In 2024, 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.
2025 2024
Other/restructuring expense $ million $ million
Redundancy costs \u2013 0.4
\u2013 0.4
In 2024, Other/restructuring expenses included $0.4m of
redundancy costs relating to the Egypt office in Cairo.
10. Auditor\u2019s remuneration
The analysis of the auditor\u2019s remuneration is as follows:
2025 2024
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
746 781
Total audit fees 746 781
Audit related assurance services \u2013 half year 119 141
review
Other assurance services 35 \u2013
Total non-audit fees 154 141
The non-audit fees during 2025 constituted the half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region (2024: half year review). 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 129 to 136 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "7. Cost of sales
2025 2024
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
46.4 47.1
Production operating costs 40.8 39.5
Production based taxes 7.3 9.2
Change in inventories 3.2 (6.0)
97.7 89.8
Impairment reversal \u2013 financial (1.3) (2.5)
asset (see Note 20) 96.4 87.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "7. Cost of sales
2025 2024
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
46.4 47.1
Production operating costs 40.8 39.5
Production based taxes 7.3 9.2
Change in inventories 3.2 (6.0)
97.7 89.8
Impairment reversal \u2013 financial (1.3) (2.5)
asset (see Note 20) 96.4 87.3
8. Other operating costs and Other/ restructuring expense
2025 2024
Other operating costs $ million $ million
Share based payments \u2013 0.6
Other 0.3 0.2
0.3 0.8
In 2024, 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.
2025 2024
Other/restructuring expense $ million $ million
Redundancy costs \u2013 0.4
\u2013 0.4
In 2024, Other/restructuring expenses included $0.4m of redundancy costs relating to the Egypt office in Cairo. 10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2025 2024
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
746 781
Total audit fees 746 781
Audit related assurance services \u2013 half year 119 141
review
Other assurance services 35 \u2013
Total non-audit fees 154 141
The non-audit fees during 2025 constituted the half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region (2024: half year review). 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 129 to 136 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "7. Cost of sales
2025 2024
$ million $ million
Depreciation, depletion and
amortisation (see Note 16)
46.4 47.1
Production operating costs 40.8 39.5
Production based taxes 7.3 9.2
Change in inventories 3.2 (6.0)
97.7 89.8
Impairment reversal \u2013 financial (1.3) (2.5)
asset (see Note 20) 96.4 87.3
8. Other operating costs and Other/ restructuring expense
2025 2024
Other operating costs $ million $ million
Share based payments \u2013 0.6
Other 0.3 0.2
0.3 0.8
In 2024, 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.
2025 2024
Other/restructuring expense $ million $ million
Redundancy costs \u2013 0.4
\u2013 0.4
In 2024, Other/restructuring expenses included $0.4m of redundancy costs relating to the Egypt office in Cairo. 10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2025 2024
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
746 781
Total audit fees 746 781
Audit related assurance services \u2013 half year 119 141
review
Other assurance services 35 \u2013
Total non-audit fees 154 141
The non-audit fees during 2025 constituted the half year review
and other assurance services associated primarily with the agreed
upon procedures relating to the Vietnam region (2024: half year
review).
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 129 to 136
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "
9. Finance costs
2025 2024
$ million $ million
Unwinding of discount on provisions 2.3 2.2
(see Note 26)
Interest expense and similar fees \u2013 1.1
(see Note 24)
Net foreign exchange (gains)/losses (0.1) 0.6
2.2 3.9
In 2025, $2.3m relates to the unwinding of discount on the
provisions for decommissioning (2024: $2.2m). 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).
Interest expense and similar fees for 2024 relates to interest paid
on the Group\u2019s reserve based lending facility and an uncommitted
revolving credit facility with the National Bank of Egypt (UK)
Limited (NBE UK). The RBL loan facility was voluntarily repaid
early and in full on 17 September 2024 and the NBE UK facility
was repaid in full in August 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "9. Finance costs
2025 2024
$ million $ million
Unwinding of discount on provisions 2.3 2.2
(see Note 26)
Interest expense and similar fees \u2013 1.1
(see Note 24)
Net foreign exchange (gains)/losses (0.1) 0.6
2.2 3.9
In 2025, $2.3m relates to the unwinding of discount on the provisions for decommissioning (2024: $2.2m). 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). Interest expense and similar fees for 2024 relates to interest paid on the Group\u2019s reserve based lending facility and an uncommitted revolving credit facility with the National Bank of Egypt (UK) Limited (NBE UK). The RBL loan facility was voluntarily repaid early and in full on 17 September 2024 and the NBE UK facility was repaid in full in August 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "9. Finance costs
2025 2024
$ million $ million
Unwinding of discount on provisions 2.3 2.2
(see Note 26)
Interest expense and similar fees \u2013 1.1
(see Note 24)
Net foreign exchange (gains)/losses (0.1) 0.6
2.2 3.9
In 2025, $2.3m relates to the unwinding of discount on the provisions for decommissioning (2024: $2.2m). 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). Interest expense and similar fees for 2024 relates to interest paid on the Group\u2019s reserve based lending facility and an uncommitted revolving credit facility with the National Bank of Egypt (UK) Limited (NBE UK). The RBL loan facility was voluntarily repaid early and in full on 17 September 2024 and the NBE UK facility was repaid in full in August 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "9. Finance costs
2025 2024
$ million $ million
Unwinding of discount on provisions 2.3 2.2
(see Note 26)
Interest expense and similar fees \u2013 1.1
(see Note 24)
Net foreign exchange (gains)/losses (0.1) 0.6
2.2 3.9
In 2025, $2.3m relates to the unwinding of discount on the provisions for decommissioning (2024: $2.2m). 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). Interest expense and similar fees for 2024 relates to interest paid on the Group\u2019s reserve based lending facility and an uncommitted revolving credit facility with the National Bank of Egypt (UK) Limited (NBE UK). The RBL loan facility was voluntarily repaid early and in full on 17 September 2024 and the NBE UK facility was repaid in full in August 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "10. Auditor\u2019s remuneration The analysis of the auditor\u2019s remuneration is as follows:
2025 2024
$000s $000s
Fees payable to the Company\u2019s auditor
and their associates for the audit of the
Company\u2019s annual accounts
746 781
Total audit fees 746 781
Audit related assurance services \u2013 half year 119 141
review
Other assurance services 35 \u2013
Total non-audit fees 154 141
The non-audit fees during 2025 constituted the half year review and other assurance services associated primarily with the agreed upon procedures relating to the Vietnam region (2024: half year review). 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 129 to 136 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "
11. Staff costs
The average monthly number of employees of the Group including
Executive Directors was 33 (2024: 35), of which 29 (2024: 31)
were administrative personnel and 4 (2024: 4) were operations
personnel. Their aggregate remuneration comprised:
Group
2025 2024
$ million $ million
Wages and salaries 5.4 6.1
Share-based payment expense 1.4 1.2
(see Note 31)
Social security costs 0.8 0.8
Other pension costs under money purchase 0.5 0.5
schemes
Other benefits 0.3 0.3
8.4 8.9
In accordance with the Group\u2019s accounting policy $4.4m (2024:
$3.7m) of the Group\u2019s head office staff costs above have been
capitalised, of which $3.4m (2024: $2.8m) relates to our Vietnam
assets and $1.0m (2024: $0.9m) relates to our Egypt assets.
In 2025, total staff costs were $8.4m (2024: $8.9m) 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 6%
year on year to $5.0m (2024: $5.3m).
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "
12. Income tax charge
2025 2024
$ million $ million
Current income tax
Current income tax charge 29.4 36.0
Adjustments to tax charge in respect of
prior years
(0.2) 1.8
29.2 37.8
Deferred tax
Deferred tax credit on operations (see Note (16.1) (9.1)
23)
Deferred tax charge on net impairment \u2013 8.4
reversal (see Note 16 and 23) (16.1) (0.7)
Income tax charge reported in the 13.1 37.1
consolidated income statement
The Group\u2019s corporation tax is calculated at 50% (2024: 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 on behalf of the Group. During 2025 and
2024, 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:
2025 2024
$ million $ million
Profit before tax 6.5 60.7
Tax at 50% (2024: 50%) 3.3 30.4
Effects of:
Non-taxable income \u2013 (5.8)
Non-deductible expenses 6.5 8.1
Egypt taxation at different rate to Vietnam (0.1) (2.0)
effective tax rate
Tax losses not recognised 3.6 4.9
Utilisation of tax losses \u2013 (0.3)
Adjustments to tax charge in respect (0.2) 1.8
of prior years
Tax charge for the year 13.1 37.1
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 $4.5m (2024: $6.2m). 2025 also includes $1.2m
of non-deductible expenses for Egypt operations. A further $0.8m
(2024: $0.9m) relates to non-deductible corporate costs including
share scheme incentives. In 2024, non-deductible expenses also
included the tax impact of Egypt intangible impairment charges of
$1.0m.
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 $0.4m (2024:
$1.9m) tax charge being recorded.
The effect from tax losses not recognised in 2025 and 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 2024 restated
1
61.5
1.8
63.3
Credit/(charge) to income (see Note 12)
(3.7)
3.0
(0.7)
As at 1 January 2025 restated
1
57.8
4.8
62.6
Credit to income (see Note 12)
(14.5)
(1.6)
(16.1)
As at 31 December 2025
43.3
3.2
46.5
1) See Note 2(s)
In 2024, the credit to income includes a deferred tax charge of $8.4m 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 $245.1m (2024: $237.8m), inclusive of $23.0m (2024: $23.0m) of disallowed tax interest
amounts. The gross losses are in UK group entities and 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 recorded in 2024 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 were no realised
hedging gains or losses during 2025.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "
13. Profit attributable to Pharos Energy plc
The profit for the financial year in the accounts of the Company
was $14.1m inclusive of dividends from subsidiary undertakings
(2024: $35.0m). 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "
14. Earnings per share
The calculation of the basic and diluted earnings per share is
based on the following data:
Group
2025 2024
$ million $ million
(Loss)/gain for the purposes of basic (6.6) 23.6
earnings per share
Effect of dilutive potential ordinary shares \u2013 \u2013 (0.9)
Cash settled share awards and options
(Loss)/gain for the purposes of diluted (6.6) 22.7
earnings per share
Number of shares
(million)
2025
2024
Weighted average number of ordinary 413.1 417.0
shares
Effect of dilutive potential ordinary shares \u2013 \u2013 2.7
Share awards and options
Weighted average number of ordinary
shares for the purpose of diluted profit/ 413.1 419.7
(loss) per share
In accordance with IAS 33 \u201cEarnings per Share\u201d, the effects of
13.0m antidilutive potential shares have not been included when
calculating dilutive earnings per share for the year ended 31
December 2025, as the Group was loss making.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "
15. Intangible assets
Group
2025 2024
$ million $ million
Exploration and evaluation expenditure
As at 1 January 21.8 18.2
Additions 7.6 5.6
Transfer to property, plant and equipment (2.9) \u2013
Impairment \u2013 Intangibles \u2013 (2.0)
As at 31 December 26.5 21.8
Intangible assets at 2025 year-end comprise the Group\u2019s
exploration and evaluation projects which are pending
determination. Included in the additions is Blocks 125 & 126 in
Vietnam $6.9m (2024: $2.8m), including $3.7m of drill casings and
long-lead items ahead of drilling the first commitment well, and
Egypt $0.7m (2024: $2.8m).
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 June 2025, approval was received from the
Vietnamese Government for a further two-year extension of the
Exploration Period (from 9 November 2025 to 8 November 2027).
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 third quarter of 2024, with long lead items ordered
to progress the opportunity on Blocks 125. 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 2025 therefore remains at
$17.9m (2024: $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. The development lease was approved and first
production commenced at the end of June 2025. As a result,
exploration costs of $2.9m were reclassified to property, plant and
equipment in 1H 2025 and the net book value of Egypt exploration
and evaluation expenditure at 31 December 2025 stood at $nil
(2024: $2.2m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "15. Intangible assets
Group
2025 2024
$ million $ million
Exploration and evaluation expenditure
As at 1 January 21.8 18.2
Additions 7.6 5.6
Transfer to property, plant and equipment (2.9) \u2013
Impairment \u2013 Intangibles \u2013 (2.0)
As at 31 December 26.5 21.8
Intangible assets at 2025 year-end comprise the Group\u2019s exploration and evaluation projects which are pending determination. Included in the additions is Blocks 125 & 126 in Vietnam $6.9m (2024: $2.8m), including $3.7m of drill casings and long-lead items ahead of drilling the first commitment well, and Egypt $0.7m (2024: $2.8m). 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 June 2025, approval was received from the Vietnamese Government for a further two-year extension of the Exploration Period (from 9 November 2025 to 8 November 2027). 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 third quarter of 2024, with long lead items ordered to progress the opportunity on Blocks 125. 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 2025 therefore remains at $17.9m (2024: $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. The development lease was approved and first production commenced at the end of June 2025. As a result, exploration costs of $2.9m were reclassified to property, plant and equipment in 1H 2025 and the net book value of Egypt exploration and evaluation expenditure at 31 December 2025 stood at $nil (2024: $2.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "15. Intangible assets
Group
2025 2024
$ million $ million
Exploration and evaluation expenditure
As at 1 January 21.8 18.2
Additions 7.6 5.6
Transfer to property, plant and equipment (2.9) \u2013
Impairment \u2013 Intangibles \u2013 (2.0)
As at 31 December 26.5 21.8
Intangible assets at 2025 year-end comprise the Group\u2019s exploration and evaluation projects which are pending determination. Included in the additions is Blocks 125 & 126 in Vietnam $6.9m (2024: $2.8m), including $3.7m of drill casings and long-lead items ahead of drilling the first commitment well, and Egypt $0.7m (2024: $2.8m). 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 June 2025, approval was received from the Vietnamese Government for a further two-year extension of the Exploration Period (from 9 November 2025 to 8 November 2027). 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 third quarter of 2024, with long lead items ordered to progress the opportunity on Blocks 125. 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 2025 therefore remains at $17.9m (2024: $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. The development lease was approved and first production commenced at the end of June 2025. As a result, exploration costs of $2.9m were reclassified to property, plant and equipment in 1H 2025 and the net book value of Egypt exploration and evaluation expenditure at 31 December 2025 stood at $nil (2024: $2.2m).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "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 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision to decommissioning (see Note 26)
(4.9)
\u2013
(4.9)
As at 1 January 2025
1,127.0
1.3
1,128.3
Additions
17.1
0.2
17.3
Transfer from intangible assets
2.9
\u2013
2.9
Disposals
\u2013
(0.2)
(0.2)
Revision to decommissioning (see Note 26)
3.1
\u2013
3.1
As at 31 December 2025
1,150.1
1.3
1,151.4
Depreciation, depletion and impairment
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
1 January 2025
853.6
1.0
854.6
Charge for the year
46.4
0.2
46.6
Disposals
\u2013
(0.2)
(0.2)
As at 31 December 2025
900.0
1.0
901.0
Carrying amount
As at 31 December 2025
250.1
0.3
250.4
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
250.1
0.3
250.4
Right of use asset (see Note 33)
\u2013
\u2013
\u2013
As at 31 December 2025
250.1
0.3
250.4
Property, plant and equipment
273.2
0.3
273.5
Right of use assets (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
We have evaluated each of our oil and gas producing properties for impairment or impairment reversal triggers. For each producing
property where triggers are identified, the recoverable amount held would be determined using the value in use method and is calculated
using a discounted cash flow valuation of the 2P production profile.
The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030 and 7% in the longer-term compared to the forecast at
the end of 2024 and does not indicate a significant change in the underlying value of oil and gas assets. Furthermore, there were no
significant changes to macroeconomic factors such as risk-free rate, equity market risk premium and country risk premiums, plus the
overall market outlook remains stable. Forecast production volumes for Vietnam remain comparable to year end 2024 forecast, and the
Group is currently in the process of a drilling campaign in Vietnam, with two infill wells that completed before year end and were brought
into production. For Egypt assets, there were some delays in the execution of the El Fayum development plan, but not significant enough
to adversely impact the asset valuation. As a result, after examining both internal and external indicators of impairment, the Group
determined that no impairments or impairment reversal indicators were identified on any of the Group\u2019s oil and gas producing properties
and no impairment tests were performed as at 31 December 2025.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2025
Pre-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
\u2013
\u2013
\u2013
\u2013
\u2013
Post-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Reconciliation of carrying amount:
As at 1 January 2025
153.6
60.2
58.5
1.1
273.4
Additions
10.8
4.8
1.4
0.1
17.1
Transfer from intangible assets
\u2013
\u2013
2.9
\u2013
2.9
Revision to decommissioning
1
2.0
1.1
\u2013
\u2013
3.1
DD&A
(32.9)
(8.5)
(4.8)
(0.2)
(46.4)
As at 31 December 2025
133.5
57.6
58.0
1.0
250.1
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
Revision to decommissioning
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
1) Revision to decommissioning for TGT is due to a change in discount rate and field abandonment plan, including one new appraisal well that commenced
drilling in December 2025. CNV reflects a change in discount rate and field abandonment plan, including one new infill well that commenced drilling in
December 2025 (2024: change in discount rate and field abandonment plan, including two new infill wells completed in October 2024 for TGT; change in
discount rate, offset by a revision to the field abandonment plan for CNV).
2024 impairment considerations
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 led to impairment reversals for both fields. As at 31 December 2024, the recoverable
value of the assets was estimated based on a post-tax nominal discount rate of 10.7% 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
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).
Sensitivities were also run 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 was estimated based on a post-tax nominal discount rate of 14.9% 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. 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 also ran a sensitivity
using 14.9% discount rate and the Net Zero price scenario 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision to decommissioning (see Note 26)
(4.9)
\u2013
(4.9)
As at 1 January 2025
1,127.0
1.3
1,128.3
Additions
17.1
0.2
17.3
Transfer from intangible assets
2.9
\u2013
2.9
Disposals
\u2013
(0.2)
(0.2)
Revision to decommissioning (see Note 26)
3.1
\u2013
3.1
As at 31 December 2025
1,150.1
1.3
1,151.4
Depreciation, depletion and impairment
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
1 January 2025
853.6
1.0
854.6
Charge for the year
46.4
0.2
46.6
Disposals
\u2013
(0.2)
(0.2)
As at 31 December 2025
900.0
1.0
901.0
Carrying amount
As at 31 December 2025
250.1
0.3
250.4
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
250.1
0.3
250.4
Right of use asset (see Note 33)
\u2013
\u2013
\u2013
As at 31 December 2025
250.1
0.3
250.4
Property, plant and equipment
273.2
0.3
273.5
Right of use assets (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
We have evaluated each of our oil and gas producing properties for impairment or impairment reversal triggers. For each producing property where triggers are identified, the recoverable amount held would be determined using the value in use method and is calculated using a discounted cash flow valuation of the 2P production profile. The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030 and 7% in the longer-term compared to the forecast at the end of 2024 and does not indicate a significant change in the underlying value of oil and gas assets. Furthermore, there were no significant changes to macroeconomic factors such as risk-free rate, equity market risk premium and country risk premiums, plus the overall market outlook remains stable. Forecast production volumes for Vietnam remain comparable to year end 2024 forecast, and the Group is currently in the process of a drilling campaign in Vietnam, with two infill wells that completed before year end and were brought into production. For Egypt assets, there were some delays in the execution of the El Fayum development plan, but not significant enough to adversely impact the asset valuation. As a result, after examining both internal and external indicators of impairment, the Group determined that no impairments or impairment reversal indicators were identified on any of the Group\u2019s oil and gas producing properties and no impairment tests were performed as at 31 December 2025.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2025
Pre-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
\u2013
\u2013
\u2013
\u2013
\u2013
Post-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Reconciliation of carrying amount:
As at 1 January 2025
153.6
60.2
58.5
1.1
273.4
Additions
10.8
4.8
1.4
0.1
17.1
Transfer from intangible assets
\u2013
\u2013
2.9
\u2013
2.9
Revision to decommissioning
1
2.0
1.1
\u2013
\u2013
3.1
DD&A
(32.9)
(8.5)
(4.8)
(0.2)
(46.4)
As at 31 December 2025
133.5
57.6
58.0
1.0
250.1
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
Revision to decommissioning
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
1) Revision to decommissioning for TGT is due to a change in discount rate and field abandonment plan, including one new appraisal well that commenced drilling in December 2025. CNV reflects a change in discount rate and field abandonment plan, including one new infill well that commenced drilling in December 2025 (2024: change in discount rate and field abandonment plan, including two new infill wells completed in October 2024 for TGT; change in discount rate, offset by a revision to the field abandonment plan for CNV). 2024 impairment considerations 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 led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets was estimated based on a post-tax nominal discount rate of 10.7% 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 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). Sensitivities were also run 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 was estimated based on a post-tax nominal discount rate of 14.9% 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. 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 also ran a sensitivity using 14.9% discount rate and the Net Zero price scenario 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "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 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision to decommissioning (see Note 26)
(4.9)
\u2013
(4.9)
As at 1 January 2025
1,127.0
1.3
1,128.3
Additions
17.1
0.2
17.3
Transfer from intangible assets
2.9
\u2013
2.9
Disposals
\u2013
(0.2)
(0.2)
Revision to decommissioning (see Note 26)
3.1
\u2013
3.1
As at 31 December 2025
1,150.1
1.3
1,151.4
Depreciation, depletion and impairment
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
1 January 2025
853.6
1.0
854.6
Charge for the year
46.4
0.2
46.6
Disposals
\u2013
(0.2)
(0.2)
As at 31 December 2025
900.0
1.0
901.0
Carrying amount
As at 31 December 2025
250.1
0.3
250.4
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
250.1
0.3
250.4
Right of use asset (see Note 33)
\u2013
\u2013
\u2013
As at 31 December 2025
250.1
0.3
250.4
Property, plant and equipment
273.2
0.3
273.5
Right of use assets (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
We have evaluated each of our oil and gas producing properties for impairment or impairment reversal triggers. For each producing property where triggers are identified, the recoverable amount held would be determined using the value in use method and is calculated using a discounted cash flow valuation of the 2P production profile. The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030 and 7% in the longer-term compared to the forecast at the end of 2024 and does not indicate a significant change in the underlying value of oil and gas assets. Furthermore, there were no significant changes to macroeconomic factors such as risk-free rate, equity market risk premium and country risk premiums, plus the overall market outlook remains stable. Forecast production volumes for Vietnam remain comparable to year end 2024 forecast, and the Group is currently in the process of a drilling campaign in Vietnam, with two infill wells that completed before year end and were brought into production. For Egypt assets, there were some delays in the execution of the El Fayum development plan, but not significant enough to adversely impact the asset valuation. As a result, after examining both internal and external indicators of impairment, the Group determined that no impairments or impairment reversal indicators were identified on any of the Group\u2019s oil and gas producing properties and no impairment tests were performed as at 31 December 2025.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2025
Pre-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
\u2013
\u2013
\u2013
\u2013
\u2013
Post-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Reconciliation of carrying amount:
As at 1 January 2025
153.6
60.2
58.5
1.1
273.4
Additions
10.8
4.8
1.4
0.1
17.1
Transfer from intangible assets
\u2013
\u2013
2.9
\u2013
2.9
Revision to decommissioning
1
2.0
1.1
\u2013
\u2013
3.1
DD&A
(32.9)
(8.5)
(4.8)
(0.2)
(46.4)
As at 31 December 2025
133.5
57.6
58.0
1.0
250.1
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
Revision to decommissioning
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
1) Revision to decommissioning for TGT is due to a change in discount rate and field abandonment plan, including one new appraisal well that commenced drilling in December 2025. CNV reflects a change in discount rate and field abandonment plan, including one new infill well that commenced drilling in December 2025 (2024: change in discount rate and field abandonment plan, including two new infill wells completed in October 2024 for TGT; change in discount rate, offset by a revision to the field abandonment plan for CNV). 2024 impairment considerations 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 led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets was estimated based on a post-tax nominal discount rate of 10.7% 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 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). Sensitivities were also run 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 was estimated based on a post-tax nominal discount rate of 14.9% 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. 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 also ran a sensitivity using 14.9% discount rate and the Net Zero price scenario 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision to decommissioning (see Note 26)
(4.9)
\u2013
(4.9)
As at 1 January 2025
1,127.0
1.3
1,128.3
Additions
17.1
0.2
17.3
Transfer from intangible assets
2.9
\u2013
2.9
Disposals
\u2013
(0.2)
(0.2)
Revision to decommissioning (see Note 26)
3.1
\u2013
3.1
As at 31 December 2025
1,150.1
1.3
1,151.4
Depreciation, depletion and impairment
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
1 January 2025
853.6
1.0
854.6
Charge for the year
46.4
0.2
46.6
Disposals
\u2013
(0.2)
(0.2)
As at 31 December 2025
900.0
1.0
901.0
Carrying amount
As at 31 December 2025
250.1
0.3
250.4
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
250.1
0.3
250.4
Right of use asset (see Note 33)
\u2013
\u2013
\u2013
As at 31 December 2025
250.1
0.3
250.4
Property, plant and equipment
273.2
0.3
273.5
Right of use assets (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
We have evaluated each of our oil and gas producing properties for impairment or impairment reversal triggers. For each producing property where triggers are identified, the recoverable amount held would be determined using the value in use method and is calculated using a discounted cash flow valuation of the 2P production profile. The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030 and 7% in the longer-term compared to the forecast at the end of 2024 and does not indicate a significant change in the underlying value of oil and gas assets. Furthermore, there were no significant changes to macroeconomic factors such as risk-free rate, equity market risk premium and country risk premiums, plus the overall market outlook remains stable. Forecast production volumes for Vietnam remain comparable to year end 2024 forecast, and the Group is currently in the process of a drilling campaign in Vietnam, with two infill wells that completed before year end and were brought into production. For Egypt assets, there were some delays in the execution of the El Fayum development plan, but not significant enough to adversely impact the asset valuation. As a result, after examining both internal and external indicators of impairment, the Group determined that no impairments or impairment reversal indicators were identified on any of the Group\u2019s oil and gas producing properties and no impairment tests were performed as at 31 December 2025.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2025
Pre-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
\u2013
\u2013
\u2013
\u2013
\u2013
Post-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Reconciliation of carrying amount:
As at 1 January 2025
153.6
60.2
58.5
1.1
273.4
Additions
10.8
4.8
1.4
0.1
17.1
Transfer from intangible assets
\u2013
\u2013
2.9
\u2013
2.9
Revision to decommissioning
1
2.0
1.1
\u2013
\u2013
3.1
DD&A
(32.9)
(8.5)
(4.8)
(0.2)
(46.4)
As at 31 December 2025
133.5
57.6
58.0
1.0
250.1
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
Revision to decommissioning
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
1) Revision to decommissioning for TGT is due to a change in discount rate and field abandonment plan, including one new appraisal well that commenced drilling in December 2025. CNV reflects a change in discount rate and field abandonment plan, including one new infill well that commenced drilling in December 2025 (2024: change in discount rate and field abandonment plan, including two new infill wells completed in October 2024 for TGT; change in discount rate, offset by a revision to the field abandonment plan for CNV). 2024 impairment considerations 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 led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets was estimated based on a post-tax nominal discount rate of 10.7% 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 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). Sensitivities were also run 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 was estimated based on a post-tax nominal discount rate of 14.9% 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. 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 also ran a sensitivity using 14.9% discount rate and the Net Zero price scenario 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "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 2024
1,114.1
1.3
1,115.4
Additions
17.8
\u2013
17.8
Revision to decommissioning (see Note 26)
(4.9)
\u2013
(4.9)
As at 1 January 2025
1,127.0
1.3
1,128.3
Additions
17.1
0.2
17.3
Transfer from intangible assets
2.9
\u2013
2.9
Disposals
\u2013
(0.2)
(0.2)
Revision to decommissioning (see Note 26)
3.1
\u2013
3.1
As at 31 December 2025
1,150.1
1.3
1,151.4
Depreciation, depletion and impairment
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
1 January 2025
853.6
1.0
854.6
Charge for the year
46.4
0.2
46.6
Disposals
\u2013
(0.2)
(0.2)
As at 31 December 2025
900.0
1.0
901.0
Carrying amount
As at 31 December 2025
250.1
0.3
250.4
As at 31 December 2024
273.4
0.3
273.7
Property, plant and equipment
250.1
0.3
250.4
Right of use asset (see Note 33)
\u2013
\u2013
\u2013
As at 31 December 2025
250.1
0.3
250.4
Property, plant and equipment
273.2
0.3
273.5
Right of use assets (see Note 33)
0.2
\u2013
0.2
As at 31 December 2024
273.4
0.3
273.7
We have evaluated each of our oil and gas producing properties for impairment or impairment reversal triggers. For each producing property where triggers are identified, the recoverable amount held would be determined using the value in use method and is calculated using a discounted cash flow valuation of the 2P production profile. The average Brent price forecast as at Dec 2025 fell by 9% for 2026 to 2030 and 7% in the longer-term compared to the forecast at the end of 2024 and does not indicate a significant change in the underlying value of oil and gas assets. Furthermore, there were no significant changes to macroeconomic factors such as risk-free rate, equity market risk premium and country risk premiums, plus the overall market outlook remains stable. Forecast production volumes for Vietnam remain comparable to year end 2024 forecast, and the Group is currently in the process of a drilling campaign in Vietnam, with two infill wells that completed before year end and were brought into production. For Egypt assets, there were some delays in the execution of the El Fayum development plan, but not significant enough to adversely impact the asset valuation. As a result, after examining both internal and external indicators of impairment, the Group determined that no impairments or impairment reversal indicators were identified on any of the Group\u2019s oil and gas producing properties and no impairment tests were performed as at 31 December 2025.
TGT CNV El Fayum NBS Total
Summary of Impairments - Oil and Gas properties $m $m $m $m $m
2025
Pre-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred tax charge
\u2013
\u2013
\u2013
\u2013
\u2013
Post-tax impairment reversal
\u2013
\u2013
\u2013
\u2013
\u2013
Reconciliation of carrying amount:
As at 1 January 2025
153.6
60.2
58.5
1.1
273.4
Additions
10.8
4.8
1.4
0.1
17.1
Transfer from intangible assets
\u2013
\u2013
2.9
\u2013
2.9
Revision to decommissioning
1
2.0
1.1
\u2013
\u2013
3.1
DD&A
(32.9)
(8.5)
(4.8)
(0.2)
(46.4)
As at 31 December 2025
133.5
57.6
58.0
1.0
250.1
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
Revision to decommissioning
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
1) Revision to decommissioning for TGT is due to a change in discount rate and field abandonment plan, including one new appraisal well that commenced drilling in December 2025. CNV reflects a change in discount rate and field abandonment plan, including one new infill well that commenced drilling in December 2025 (2024: change in discount rate and field abandonment plan, including two new infill wells completed in October 2024 for TGT; change in discount rate, offset by a revision to the field abandonment plan for CNV). 2024 impairment considerations 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 led to impairment reversals for both fields. As at 31 December 2024, the recoverable value of the assets was estimated based on a post-tax nominal discount rate of 10.7% 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 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). Sensitivities were also run 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 was estimated based on a post-tax nominal discount rate of 14.9% 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. 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 also ran a sensitivity using 14.9% discount rate and the Net Zero price scenario 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:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "
17. Investments and Loans to subsidiaries
The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2025.
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
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 (\u201cIPR Lake Qarun\u201d), 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). On 5 October 2025, Pharos El Fayum and IPR Lake Qarun, as the \u201cContractor\u201d parties under the El Fayum and North Beni Suef Concessions, received approval from the board of EGPC for the consolidation of the two Concessions under a new Concession Agreement, also including certain additional exploration areas. The consolidation is subject to the agreement and execution of the new Concession Agreement to replace the two existing Concession Agreements and Egyptian parliamentary ratification, expected to occur during 2026. 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: The following subsidiary undertaking was dissolved during the year: SOCO Management Services, Inc, a company incorporated in Delaware, United States of America, and a wholly owned subsidiary of the Group, was dissolved on 30 May 2025. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital and capital contributions in the form of intercompany funding.
Investments
2025 2024
$ million $ million
Subsidiary undertakings
As at 1 January 287.0 261.5
Additions
1
10.9 0.9
Repayments
2
(7.9) \u2013
Impairment reversal \u2013 24.6
As at 31 December
290.0
287.0
1) In 2025, additions relate to intercompany funding of Pharos Exploration Limited. 2) In 2025, repayments relate to return of capital from Pharos SEA Limited.
At each year end, if there is an impairment trigger, the carrying value of the investments in subsidiaries is compared against the
recoverable amount of net assets in the subsidiaries, which mainly includes the operating assets as referred to in Note 16. After examining
both internal and external indicators of impairment, the Group determined that no impairment or impairment reversal indicators were
identified and no impairment tests were considered necessary as at 31 December 2025 (2024: net impairment reversal of $24.6m in
investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2025 2025 2024
(Impairment)/ Carrying (Impairment)/ 2024
Trigger for 2024 reversal value reversal Carrying value
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
\u2013
32.7
(0.2)
21.8
Pharos SEA Limited
2
\u2013
172.0
15.3
179.9
Pharos El Fayum
2 \u2013 85.3
9.5 85.3
Total \u2013 290.0
24.6 287.0
1) Reduction in net asset recoverable value of direct and indirect subsidiaries.
2) Increase in net asset recoverable 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 recoverable amount.
Sensitivities
Testing of sensitivity cases at 31 December 2024 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).
For discount rate sensitivity, at 2024 year end a 1% increase in discount rate would result in an investment impairment charge of $5.6m
(compared to new carrying value, post-impairment reversal).
Loans to subsidiaries
The Company\u2019s loans to subsidiary undertakings of $13.2m (2024: $18.4m) include contributions of $0.6m (2024: $1.8m) to the
Pharos Employee Benefit Trust (see Note 28), which is a 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 such loans 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 2025, a loss allowance
reversal of $0.5m was recognised in relation to loans to subsidiary undertakings during the year (2024: $1.2m reversal).
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 2025. 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
2025, there are no liabilities and commitments outstanding (2024: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "17. Investments and Loans to subsidiaries The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2025.
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
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 (\u201cIPR Lake Qarun\u201d), 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). On 5 October 2025, Pharos El Fayum and IPR Lake Qarun, as the \u201cContractor\u201d parties under the El Fayum and North Beni Suef Concessions, received approval from the board of EGPC for the consolidation of the two Concessions under a new Concession Agreement, also including certain additional exploration areas. The consolidation is subject to the agreement and execution of the new Concession Agreement to replace the two existing Concession Agreements and Egyptian parliamentary ratification, expected to occur during 2026. 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: The following subsidiary undertaking was dissolved during the year: SOCO Management Services, Inc, a company incorporated in Delaware, United States of America, and a wholly owned subsidiary of the Group, was dissolved on 30 May 2025. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital and capital contributions in the form of intercompany funding.
Investments
2025 2024
$ million $ million
Subsidiary undertakings
As at 1 January 287.0 261.5
Additions
1
10.9 0.9
Repayments
2
(7.9) \u2013
Impairment reversal \u2013 24.6
As at 31 December
290.0
287.0
1) In 2025, additions relate to intercompany funding of Pharos Exploration Limited. 2) In 2025, repayments relate to return of capital from Pharos SEA Limited. At each year end, if there is an impairment trigger, the carrying value of the investments in subsidiaries is compared against the recoverable amount of net assets in the subsidiaries, which mainly includes the operating assets as referred to in Note 16. After examining both internal and external indicators of impairment, the Group determined that no impairment or impairment reversal indicators were identified and no impairment tests were considered necessary as at 31 December 2025 (2024: net impairment reversal of $24.6m in
investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2025 2025 2024
(Impairment)/ Carrying (Impairment)/ 2024
Trigger for 2024 reversal value reversal Carrying value
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
\u2013
32.7
(0.2)
21.8
Pharos SEA Limited
2
\u2013
172.0
15.3
179.9
Pharos El Fayum 2 \u2013 85.3 9.5 85.3 Total \u2013 290.0 24.6 287.0 1) Reduction in net asset recoverable value of direct and indirect subsidiaries. 2) Increase in net asset recoverable 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 recoverable amount. Sensitivities Testing of sensitivity cases at 31 December 2024 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). For discount rate sensitivity, at 2024 year end a 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $13.2m (2024: $18.4m) include contributions of $0.6m (2024: $1.8m) to the Pharos Employee Benefit Trust (see Note 28), which is a 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 such loans 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 2025, a loss allowance reversal of $0.5m was recognised in relation to loans to subsidiary undertakings during the year (2024: $1.2m reversal). 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 2025. 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 2025, there are no liabilities and commitments outstanding (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "17. Investments and Loans to subsidiaries The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2025.
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
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 (\u201cIPR Lake Qarun\u201d), 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). On 5 October 2025, Pharos El Fayum and IPR Lake Qarun, as the \u201cContractor\u201d parties under the El Fayum and North Beni Suef Concessions, received approval from the board of EGPC for the consolidation of the two Concessions under a new Concession Agreement, also including certain additional exploration areas. The consolidation is subject to the agreement and execution of the new Concession Agreement to replace the two existing Concession Agreements and Egyptian parliamentary ratification, expected to occur during 2026. 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: The following subsidiary undertaking was dissolved during the year: SOCO Management Services, Inc, a company incorporated in Delaware, United States of America, and a wholly owned subsidiary of the Group, was dissolved on 30 May 2025. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital and capital contributions in the form of intercompany funding.
Investments
2025 2024
$ million $ million
Subsidiary undertakings
As at 1 January 287.0 261.5
Additions
1
10.9 0.9
Repayments
2
(7.9) \u2013
Impairment reversal \u2013 24.6
As at 31 December
290.0
287.0
1) In 2025, additions relate to intercompany funding of Pharos Exploration Limited. 2) In 2025, repayments relate to return of capital from Pharos SEA Limited. At each year end, if there is an impairment trigger, the carrying value of the investments in subsidiaries is compared against the recoverable amount of net assets in the subsidiaries, which mainly includes the operating assets as referred to in Note 16. After examining both internal and external indicators of impairment, the Group determined that no impairment or impairment reversal indicators were identified and no impairment tests were considered necessary as at 31 December 2025 (2024: net impairment reversal of $24.6m in
investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2025 2025 2024
(Impairment)/ Carrying (Impairment)/ 2024
Trigger for 2024 reversal value reversal Carrying value
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
\u2013
32.7
(0.2)
21.8
Pharos SEA Limited
2
\u2013
172.0
15.3
179.9
Pharos El Fayum 2 \u2013 85.3 9.5 85.3 Total \u2013 290.0 24.6 287.0 1) Reduction in net asset recoverable value of direct and indirect subsidiaries. 2) Increase in net asset recoverable 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 recoverable amount. Sensitivities Testing of sensitivity cases at 31 December 2024 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). For discount rate sensitivity, at 2024 year end a 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $13.2m (2024: $18.4m) include contributions of $0.6m (2024: $1.8m) to the Pharos Employee Benefit Trust (see Note 28), which is a 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 such loans 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 2025, a loss allowance reversal of $0.5m was recognised in relation to loans to subsidiary undertakings during the year (2024: $1.2m reversal). 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 2025. 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 2025, there are no liabilities and commitments outstanding (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "17. Investments and Loans to subsidiaries The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2025.
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
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 (\u201cIPR Lake Qarun\u201d), 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). On 5 October 2025, Pharos El Fayum and IPR Lake Qarun, as the \u201cContractor\u201d parties under the El Fayum and North Beni Suef Concessions, received approval from the board of EGPC for the consolidation of the two Concessions under a new Concession Agreement, also including certain additional exploration areas. The consolidation is subject to the agreement and execution of the new Concession Agreement to replace the two existing Concession Agreements and Egyptian parliamentary ratification, expected to occur during 2026. 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: The following subsidiary undertaking was dissolved during the year: SOCO Management Services, Inc, a company incorporated in Delaware, United States of America, and a wholly owned subsidiary of the Group, was dissolved on 30 May 2025. The Company\u2019s investments in subsidiary undertakings are held in the form of share capital and capital contributions in the form of intercompany funding.
Investments
2025 2024
$ million $ million
Subsidiary undertakings
As at 1 January 287.0 261.5
Additions
1
10.9 0.9
Repayments
2
(7.9) \u2013
Impairment reversal \u2013 24.6
As at 31 December
290.0
287.0
1) In 2025, additions relate to intercompany funding of Pharos Exploration Limited. 2) In 2025, repayments relate to return of capital from Pharos SEA Limited. At each year end, if there is an impairment trigger, the carrying value of the investments in subsidiaries is compared against the recoverable amount of net assets in the subsidiaries, which mainly includes the operating assets as referred to in Note 16. After examining both internal and external indicators of impairment, the Group determined that no impairment or impairment reversal indicators were identified and no impairment tests were considered necessary as at 31 December 2025 (2024: net impairment reversal of $24.6m in
investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2025 2025 2024
(Impairment)/ Carrying (Impairment)/ 2024
Trigger for 2024 reversal value reversal Carrying value
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
\u2013
32.7
(0.2)
21.8
Pharos SEA Limited
2
\u2013
172.0
15.3
179.9
Pharos El Fayum 2 \u2013 85.3 9.5 85.3 Total \u2013 290.0 24.6 287.0 1) Reduction in net asset recoverable value of direct and indirect subsidiaries. 2) Increase in net asset recoverable 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 recoverable amount. Sensitivities Testing of sensitivity cases at 31 December 2024 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). For discount rate sensitivity, at 2024 year end a 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $13.2m (2024: $18.4m) include contributions of $0.6m (2024: $1.8m) to the Pharos Employee Benefit Trust (see Note 28), which is a 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 such loans 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 2025, a loss allowance reversal of $0.5m was recognised in relation to loans to subsidiary undertakings during the year (2024: $1.2m reversal). 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 2025. 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 2025, there are no liabilities and commitments outstanding (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "17. Investments and Loans to subsidiaries The Company and the Group had investments in the following subsidiary undertakings as at 31 December 2025.
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
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 (\u201cIPR Lake Qarun\u201d), 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). On 5 October 2025, Pharos El Fayum and IPR Lake Qarun, as the \u201cContractor\u201d parties under the El
Fayum and North Beni Suef Concessions, received approval from the board of EGPC for the consolidation of the two Concessions
under a new Concession Agreement, also including certain additional exploration areas. The consolidation is subject to the agreement
and execution of the new Concession Agreement to replace the two existing Concession Agreements and Egyptian parliamentary
ratification, expected to occur during 2026.
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:
The following subsidiary undertaking was dissolved during the year:
SOCO Management Services, Inc, a company incorporated in Delaware, United States of America, and a wholly owned subsidiary of the
Group, was dissolved on 30 May 2025.
The Company\u2019s investments in subsidiary undertakings are held in the form of share capital and capital contributions in the form of
intercompany funding.
Investments
2025 2024
$ million $ million
Subsidiary undertakings
As at 1 January 287.0 261.5
Additions
1
10.9 0.9
Repayments
2
(7.9) \u2013
Impairment reversal \u2013 24.6
As at 31 December
290.0
287.0
1) In 2025, additions relate to intercompany funding of Pharos Exploration Limited.
2) In 2025, repayments relate to return of capital from Pharos SEA Limited.
At each year end, if there is an impairment trigger, the carrying value of the investments in subsidiaries is compared against the recoverable amount of net assets in the subsidiaries, which mainly includes the operating assets as referred to in Note 16. After examining both internal and external indicators of impairment, the Group determined that no impairment or impairment reversal indicators were identified and no impairment tests were considered necessary as at 31 December 2025 (2024: net impairment reversal of $24.6m in
investments in subsidiaries in relation to the underlying net asset values of Vietnam and Egypt operations).
2025 2025 2024
(Impairment)/ Carrying (Impairment)/ 2024
Trigger for 2024 reversal value reversal Carrying value
Impairment $ million $ million $ million $ million
Pharos Exploration Limited
1
\u2013
32.7
(0.2)
21.8
Pharos SEA Limited
2
\u2013
172.0
15.3
179.9
Pharos El Fayum 2 \u2013 85.3 9.5 85.3 Total \u2013 290.0 24.6 287.0 1) Reduction in net asset recoverable value of direct and indirect subsidiaries. 2) Increase in net asset recoverable 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 recoverable amount. Sensitivities Testing of sensitivity cases at 31 December 2024 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). For discount rate sensitivity, at 2024 year end a 1% increase in discount rate would result in an investment impairment charge of $5.6m (compared to new carrying value, post-impairment reversal). Loans to subsidiaries The Company\u2019s loans to subsidiary undertakings of $13.2m (2024: $18.4m) include contributions of $0.6m (2024: $1.8m) to the Pharos Employee Benefit Trust (see Note 28), which is a 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 such loans 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 2025, a loss allowance reversal of $0.5m was recognised in relation to loans to subsidiary undertakings during the year (2024: $1.2m reversal). 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 2025. 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 2025, there are no liabilities and commitments outstanding (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "
18. Other non-current assets
Group
2025 2024
$ million $ million
Abandonment security fund 59.9 56.0
Contingent consideration on Egypt farm-out (see Note 20) \u2013 1.8
59.9 57.8
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 2025, the Group has contributed $3.9m (2024: $2.3m). As at 31 December 2025, the Group\u2019s
total contribution to the funds was $59.9m (2024: $56.0m).
In 2024, a further $1.8m related 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "18. Other non-current assets
Group
2025 2024
$ million $ million
Abandonment security fund 59.9 56.0
Contingent consideration on Egypt farm-out (see Note 20) \u2013 1.8
59.9 57.8
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 2025, the Group has contributed $3.9m (2024: $2.3m). As at 31 December 2025, the Group\u2019s total contribution to the funds was $59.9m (2024: $56.0m). In 2024, a further $1.8m related 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
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 14.6 40.5 \u2013 \u2013
Other receivables 4.4 4.5 \u2013 \u2013
Prepayments and accrued income 0.4 2.8 0.4 0.5
Derivative financial instruments (see Note 25) \u2013 0.1 \u2013 \u2013
19.4 47.9 0.4 0.5
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 2025 are trade receivables of $7.3m and $7.3m (after expected credit losses provision of $0.1m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2024: $12.4m and $28.1m, after expected credit losses provision of $1.4m for Egypt, respectively, which arose from the Group\u2019s two largest customers). The 2025 movement of $25.9m (2024: $10.3m) is primarily driven by $20.8m decrease in Egypt trade receivable following $20m payment from EGPC on the last day of the year, which reduced the outstanding receivable balance to $7.4m (prior to risk factor provision of $0.1m); its lowest level since December 2021. In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2024: nil). In Egypt, there are no receivables due over one year at 31 December 2025 (2024: $8.4m). 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% (2024: 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 2025, an ECL provision of $0.1m (2024: $1.4m) has been recorded against trade receivables in Egypt. For 2025, the movement in the ECL provision of $1.3m is recorded as \u201cImpairment reversal \u2013 Financial asset\u201d (2024: $2.5m) on the face of the Income Statement as part of Cost of Sales (see Note 7). As at 31 December 2025, other receivables includes $1.7m in relation to current contingent consideration due from the farm-out with IPR (2024: $5.1m, $3.3m in current trade and other receivables and $1.8m in other non-current assets). During 2025, contingent consideration of $2.9m in respect of the average Brent price during 2024 was received from IPR and a further $0.3m will be received in 2026. An additional $1.1m of other receivables (2024: $0.8m) relates to amounts recoverable from JOC operations in Vietnam. The fair value movement of $0.5m, relating to revision of the contingent consideration, was debited to the income statement during 2025 (2024: $0.3m credit). 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 2024 restated
1
61.5
1.8
63.3
Credit/(charge) to income (see Note 12)
(3.7)
3.0
(0.7)
As at 1 January 2025 restated
1
57.8
4.8
62.6
Credit to income (see Note 12)
(14.5)
(1.6)
(16.1)
As at 31 December 2025
43.3
3.2
46.5
1) See Note 2(s) In 2024, the credit to income includes a deferred tax charge of $8.4m 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 $245.1m (2024: $237.8m), inclusive of $23.0m (2024: $23.0m) of disallowed tax interest amounts. The gross losses are in UK group entities and 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 recorded in 2024 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 were no realised hedging gains or losses during 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-282": { "value": "
19. Inventories
Group
2025 2024
$ million $ million
Crude oil and condensate 6.1 9.3
6.1 9.3
Crude oil and condensate are valued at net realisable value with changes in hydrocarbon inventories adjusted through cost of sales (see
Note 7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-283": { "value": "20. Trade and other receivables
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 14.6 40.5 \u2013 \u2013
Other receivables 4.4 4.5 \u2013 \u2013
Prepayments and accrued income 0.4 2.8 0.4 0.5
Derivative financial instruments (see Note 25) \u2013 0.1 \u2013 \u2013
19.4 47.9 0.4 0.5
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 2025 are trade receivables of $7.3m and $7.3m (after expected credit losses provision of $0.1m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2024: $12.4m and $28.1m, after expected credit losses provision of $1.4m for Egypt, respectively, which arose from the Group\u2019s two largest customers). The 2025 movement of $25.9m (2024: $10.3m) is primarily driven by $20.8m decrease in Egypt trade receivable following $20m payment from EGPC on the last day of the year, which reduced the outstanding receivable balance to $7.4m (prior to risk factor provision of $0.1m); its lowest level since December 2021. In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2024: nil). In Egypt, there are no receivables due over one year at 31 December 2025 (2024: $8.4m). 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% (2024: 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 2025, an ECL provision of $0.1m (2024: $1.4m) has been recorded against trade receivables in Egypt. For 2025, the movement in the ECL provision of $1.3m is recorded as \u201cImpairment reversal \u2013 Financial asset\u201d (2024: $2.5m) on the face of the Income Statement as part of Cost of Sales (see Note 7). As at 31 December 2025, other receivables includes $1.7m in relation to current contingent consideration due from the farm-out with IPR (2024: $5.1m, $3.3m in current trade and other receivables and $1.8m in other non-current assets). During 2025, contingent consideration of $2.9m in respect of the average Brent price during 2024 was received from IPR and a further $0.3m will be received in 2026. An additional $1.1m of other receivables (2024: $0.8m) relates to amounts recoverable from JOC operations in Vietnam. The fair value movement of $0.5m, relating to revision of the contingent consideration, was debited to the income statement during 2025 (2024: $0.3m credit). ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 14.6 40.5 \u2013 \u2013
Other receivables 4.4 4.5 \u2013 \u2013
Prepayments and accrued income 0.4 2.8 0.4 0.5
Derivative financial instruments (see Note 25) \u2013 0.1 \u2013 \u2013
19.4 47.9 0.4 0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year
Trade receivables 14.6 40.5 \u2013 \u2013
Other receivables 4.4 4.5 \u2013 \u2013
Prepayments and accrued income 0.4 2.8 0.4 0.5
Derivative financial instruments (see Note 25) \u2013 0.1 \u2013 \u2013
19.4 47.9 0.4 0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "
Included in trade receivables arising from South East Asia and Egypt at 31 December 2025 are trade receivables of $7.3m and $7.3m
(after expected credit losses provision of $0.1m for Egypt) respectively, which arose from the Group\u2019s two largest customers (2024:
$12.4m and $28.1m, after expected credit losses provision of $1.4m for Egypt, respectively, which arose from the Group\u2019s two largest
customers). The 2025 movement of $25.9m (2024: $10.3m) is primarily driven by $20.8m decrease in Egypt trade receivable following
$20m payment from EGPC on the last day of the year, which reduced the outstanding receivable balance to $7.4m (prior to risk factor
provision of $0.1m); its lowest level since December 2021.
In Vietnam, there are no amounts overdue or allowances for doubtful debts in respect of trade or other receivables (2024: nil). In Egypt,
there are no receivables due over one year at 31 December 2025 (2024: $8.4m). 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% (2024: 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 2025, an ECL provision of $0.1m
(2024: $1.4m) has been recorded against trade receivables in Egypt. For 2025, the movement in the ECL provision of $1.3m is recorded
as \u201cImpairment reversal \u2013 Financial asset\u201d (2024: $2.5m) on the face of the Income Statement as part of Cost of Sales (see Note 7).
As at 31 December 2025, other receivables includes $1.7m in relation to current contingent consideration due from the farm-out with
IPR (2024: $5.1m, $3.3m in current trade and other receivables and $1.8m in other non-current assets). During 2025, contingent
consideration of $2.9m in respect of the average Brent price during 2024 was received from IPR and a further $0.3m will be received in
2026. An additional $1.1m of other receivables (2024: $0.8m) relates to amounts recoverable from JOC operations in Vietnam.
The fair value movement of $0.5m, relating to revision of the contingent consideration, was debited to the income statement during 2025
(2024: $0.3m credit).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-281": { "value": "
21. Cash and cash equivalents
As at 31 December 2025, cash and cash equivalents was $40.2m (2024: $16.5m). Of this balance, $4.8m (2024: $0.1m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-284": { "value": "
22. Trade and other payables
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
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 Committee Report on pages 45 to 56.
As at 31 December 2025, other payables includes $0.4m (2024: $0.5m) 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. $0.4m is booked in
current other payables (2024: $0.3m booked as current other payable and $0.2m as non-current other payable) and the balance will be
offset against trade receivables from EGPC upon receipt of contingent consideration from IPR in 2026. A further $9.0m (2024: $6.1m) of
other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively.
Accruals and deferred income include $0.6m (2024: $0.6m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "22. Trade and other payables
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
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 Committee Report on pages 45 to 56. As at 31 December 2025, other payables includes $0.4m (2024: $0.5m) 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. $0.4m is booked in current other payables (2024: $0.3m booked as current other payable and $0.2m as non-current other payable) and the balance will be offset against trade receivables from EGPC upon receipt of contingent consideration from IPR in 2026. A further $9.0m (2024: $6.1m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2024: $0.6m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "22. Trade and other payables
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
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 Committee Report on pages 45 to 56. As at 31 December 2025, other payables includes $0.4m (2024: $0.5m) 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. $0.4m is booked in current other payables (2024: $0.3m booked as current other payable and $0.2m as non-current other payable) and the balance will be offset against trade receivables from EGPC upon receipt of contingent consideration from IPR in 2026. A further $9.0m (2024: $6.1m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2024: $0.6m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "22. Trade and other payables
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
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 Committee Report on pages 45 to 56. As at 31 December 2025, other payables includes $0.4m (2024: $0.5m) 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. $0.4m is booked in current other payables (2024: $0.3m booked as current other payable and $0.2m as non-current other payable) and the balance will be offset against trade receivables from EGPC upon receipt of contingent consideration from IPR in 2026. A further $9.0m (2024: $6.1m) of other payables relate to JOC and JV payables for Vietnam and Egypt operations respectively. Accruals and deferred income include $0.6m (2024: $0.6m) 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 2024 restated
1
61.5
1.8
63.3
Credit/(charge) to income (see Note 12)
(3.7)
3.0
(0.7)
As at 1 January 2025 restated
1
57.8
4.8
62.6
Credit to income (see Note 12)
(14.5)
(1.6)
(16.1)
As at 31 December 2025
43.3
3.2
46.5
1) See Note 2(s) In 2024, the credit to income includes a deferred tax charge of $8.4m 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 $245.1m (2024: $237.8m), inclusive of $23.0m (2024: $23.0m) of disallowed tax interest amounts. The gross losses are in UK group entities and 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 recorded in 2024 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 were no realised hedging gains or losses during 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Amounts falling due within one year:
Other payables 9.4 8.0 0.9 1.7
Accruals and deferred income 3.3 4.2 1.1 1.2
Other taxation and social security 1.8 2.1 0.8 0.9
14.5 14.3 2.8 3.8
Amounts falling due after one year:
Other payables \u2013 0.2 \u2013 \u2013
\u2013 0.2 \u2013 \u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 2024 restated
1
61.5
1.8
63.3
Credit/(charge) to income (see Note 12)
(3.7)
3.0
(0.7)
As at 1 January 2025 restated
1
57.8
4.8
62.6
Credit to income (see Note 12)
(14.5)
(1.6)
(16.1)
As at 31 December 2025
43.3
3.2
46.5
1) See Note 2(s) In 2024, the credit to income includes a deferred tax charge of $8.4m 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 $245.1m (2024: $237.8m), inclusive of $23.0m (2024: $23.0m) of disallowed tax interest amounts. The gross losses are in UK group entities and 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 recorded in 2024 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 were no realised hedging gains or losses during 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "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 2024 restated
1
61.5
1.8
63.3
Credit/(charge) to income (see Note 12)
(3.7)
3.0
(0.7)
As at 1 January 2025 restated
1
57.8
4.8
62.6
Credit to income (see Note 12)
(14.5)
(1.6)
(16.1)
As at 31 December 2025
43.3
3.2
46.5
1) See Note 2(s) In 2024, the credit to income includes a deferred tax charge of $8.4m 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 $245.1m (2024: $237.8m), inclusive of $23.0m (2024: $23.0m) of disallowed tax interest amounts. The gross losses are in UK group entities and 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 recorded in 2024 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 were no realised hedging gains or losses during 2025. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "
24. Borrowings
Changes in liabilities arising from financing activities:
Group
2025 2025 2025 2024
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
\u2013
\u2013
\u2013
40.5
Proceeds from Uncommitted Revolving credit facility
\u2013
\u2013
\u2013
2.2
Repayments of borrowings
\u2013
\u2013
\u2013
(41.4)
Interest expense and similar fees
(see Note 9)
\u2013
\u2013
\u2013
1.1
Interest paid during the year
\u2013
\u2013
\u2013
(2.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
\u2013
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 entered into a five-year Reserve Based Lending (RBL) facility secured against the Group\u2019s producing
assets in Vietnam, due to mature in September 2023. In July 2021, the RBL was refinanced, providing access to a committed US$100m
facility, with a further US$50m available on an uncommitted accordion basis.
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 loan facility was voluntarily cancelled in full on 30 June 2025.
Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK)
In June 2025, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m
until 9 June 2026 (2024: $10m).
Loans are available for up to one year from the date of utilisation. 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.
Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc.
The loan facility, having been repaid in full in August 2024, was not utilised during 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2025 2025 2025 2024
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
\u2013
\u2013
\u2013
40.5
Proceeds from Uncommitted Revolving credit facility
\u2013
\u2013
\u2013
2.2
Repayments of borrowings
\u2013
\u2013
\u2013
(41.4)
Interest expense and similar fees
(see Note 9)
\u2013
\u2013
\u2013
1.1
Interest paid during the year
\u2013
\u2013
\u2013
(2.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
\u2013
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 entered into a five-year Reserve Based Lending (RBL) facility secured against the Group\u2019s producing assets in Vietnam, due to mature in September 2023. In July 2021, the RBL was refinanced, providing access to a committed US$100m facility, with a further US$50m available on an uncommitted accordion basis. 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 loan facility was voluntarily cancelled in full on 30 June 2025. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In June 2025, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 9 June 2026 (2024: $10m). Loans are available for up to one year from the date of utilisation. 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. Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. The loan facility, having been repaid in full in August 2024, was not utilised during 2025. 25. Hedge transactions During 2025, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2025, the commodity hedges run until March 2026 and are settled monthly. For full year 2025, 29% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $62.6/bbl and $87.1/bbl, respectively, leaving 71% of 2025 Group production unhedged as at 31 December 2025 (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). 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 further hedges in January 2026 through which the company has hedged c.19% of total forecast group entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options. A summary of hedges outstanding as at 31 December 2025 is presented below, which is a put option.
1Q26
Production hedge per quarter - 000/bbls 60
Min. Average value of hedge - $/bbl 58.00
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 2025, there were no realised gains or losses (2024: loss of $0.1m). The outstanding unrealised loss on open positions as at 31 December 2025 amounts to $0.2m (2024: unrealised gain of $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 payable position as of December 2025 was $0.1m (2024: $0.1m receivable). 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, 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 2025, Pharos entered into different zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. The current commodity hedges run until March 2026 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 remains debt free following the full and voluntary repayment of the RBL loan in September 2024 and the facility matured 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 $6.8m in the year (2024: $8.8m). A further interim dividend of $2.2m (2024: $1.8m) was paid in January 2026. 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% (2024: 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 as a result of macroeconomic factors in Egypt. 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 over the past few years has seen a significant devaluation of the Egyptian Pound, which continued following a decision by the Egyptian government to fully float EGP currency in March 2024. It remains preferable to hold USD denominated receivables, however the Group opts to accept the payment of part receivables balance in EGP in order to cover operational expenditure and other expenses in local currencies. On 31 December 2025, $20 million was recovered from EGPC which reduced the outstanding receivable balance to $7.3m, after expected credit loss provision of $0.1m (2024: $28.1m receivables after credit loss provision of $1.4m). 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 in recent years. The Group has closely monitored the market and the output from the various industry working groups managing the transition to new benchmark interest rates. The Group\u2019s principal borrowings were repaid in full during 2024, as described in Note 24, and the Group has remained debt free throughout 2025. As a result, the Group has no significant 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 2025 in the form of both share buybacks and dividends to
shareholders. The Group\u2019s overall strategy remains unchanged
from 2024.
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 2025.
Please see Non-IFRS Measures (Unaudited) for net cash and
gearing ratios as at 31 December 2025 and 31 December 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2025 2025 2025 2024
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
\u2013
\u2013
\u2013
40.5
Proceeds from Uncommitted Revolving credit facility
\u2013
\u2013
\u2013
2.2
Repayments of borrowings
\u2013
\u2013
\u2013
(41.4)
Interest expense and similar fees
(see Note 9)
\u2013
\u2013
\u2013
1.1
Interest paid during the year
\u2013
\u2013
\u2013
(2.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
\u2013
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 entered into a five-year Reserve Based Lending (RBL) facility secured against the Group\u2019s producing assets in Vietnam, due to mature in September 2023. In July 2021, the RBL was refinanced, providing access to a committed US$100m facility, with a further US$50m available on an uncommitted accordion basis. 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 loan facility was voluntarily cancelled in full on 30 June 2025. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In June 2025, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 9 June 2026 (2024: $10m). Loans are available for up to one year from the date of utilisation. 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. Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. The loan facility, having been repaid in full in August 2024, was not utilised during 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "24. Borrowings Changes in liabilities arising from financing activities:
Group
2025 2025 2025 2024
$ million $ million $ million $ million
Credit Total Total
facility
RBL
Borrowings Borrowings
Borrowings:
Carrying value as of 1 January
\u2013
\u2013
\u2013
40.5
Proceeds from Uncommitted Revolving credit facility
\u2013
\u2013
\u2013
2.2
Repayments of borrowings
\u2013
\u2013
\u2013
(41.4)
Interest expense and similar fees
(see Note 9)
\u2013
\u2013
\u2013
1.1
Interest paid during the year
\u2013
\u2013
\u2013
(2.4)
Carrying value as of 31 December
\u2013
\u2013
\u2013
\u2013
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 entered into a five-year Reserve Based Lending (RBL) facility secured against the Group\u2019s producing assets in Vietnam, due to mature in September 2023. In July 2021, the RBL was refinanced, providing access to a committed US$100m facility, with a further US$50m available on an uncommitted accordion basis. 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 loan facility was voluntarily cancelled in full on 30 June 2025. Uncommitted Revolving Credit facility - National Bank of Egypt (UK) Limited (NBE UK) In June 2025, the Group renegotiated the uncommitted revolving credit facility with NBE UK for discounting (with recourse) of up to $10m until 9 June 2026 (2024: $10m). Loans are available for up to one year from the date of utilisation. 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. Performance under the facility agreement was subject to a parent company guarantee from Pharos Energy plc. The loan facility, having been repaid in full in August 2024, was not utilised during 2025. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "
25. Hedge transactions
During 2025, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside
protection to cash flows in the event of commodity prices falling.
At 31 December 2025, the commodity hedges run until March 2026 and are settled monthly. For full year 2025, 29% of the Group\u2019s
total production was hedged, securing average floor and ceiling prices for the hedged volumes at $62.6/bbl and $87.1/bbl, respectively,
leaving 71% of 2025 Group production unhedged as at 31 December 2025 (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). 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 further hedges in January 2026 through which the company has hedged c.19% of total forecast group
entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options.
A summary of hedges outstanding as at 31 December 2025 is presented below, which is a put option.
1Q26
Production hedge per quarter - 000/bbls 60
Min. Average value of hedge - $/bbl 58.00
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 2025, there were no realised gains or losses (2024: loss of $0.1m). The
outstanding unrealised loss on open positions as at 31 December 2025 amounts to $0.2m (2024: unrealised gain of $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 payable position as of December 2025 was $0.1m (2024: $0.1m
receivable).
", "dimensions": { "concept": "ifrs-full:DisclosureOfHedgeAccountingExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "25. Hedge transactions During 2025, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2025, the commodity hedges run until March 2026 and are settled monthly. For full year 2025, 29% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $62.6/bbl and $87.1/bbl, respectively, leaving 71% of 2025 Group production unhedged as at 31 December 2025 (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). 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 further hedges in January 2026 through which the company has hedged c.19% of total forecast group entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options. A summary of hedges outstanding as at 31 December 2025 is presented below, which is a put option.
1Q26
Production hedge per quarter - 000/bbls 60
Min. Average value of hedge - $/bbl 58.00
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 2025, there were no realised gains or losses (2024: loss of $0.1m). The outstanding unrealised loss on open positions as at 31 December 2025 amounts to $0.2m (2024: unrealised gain of $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 payable position as of December 2025 was $0.1m (2024: $0.1m receivable). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "25. Hedge transactions During 2025, Pharos entered into zero cost collar hedges to protect the Brent component of forecast oil sales and to provide downside protection to cash flows in the event of commodity prices falling. At 31 December 2025, the commodity hedges run until March 2026 and are settled monthly. For full year 2025, 29% of the Group\u2019s total production was hedged, securing average floor and ceiling prices for the hedged volumes at $62.6/bbl and $87.1/bbl, respectively, leaving 71% of 2025 Group production unhedged as at 31 December 2025 (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). 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 further hedges in January 2026 through which the company has hedged c.19% of total forecast group entitlement production for 2026. These are a combination of zero cost collars, premium collars and put options. A summary of hedges outstanding as at 31 December 2025 is presented below, which is a put option.
1Q26
Production hedge per quarter - 000/bbls 60
Min. Average value of hedge - $/bbl 58.00
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 2025, there were no realised gains or losses (2024: loss of $0.1m). The outstanding unrealised loss on open positions as at 31 December 2025 amounts to $0.2m (2024: unrealised gain of $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 payable position as of December 2025 was $0.1m (2024: $0.1m receivable). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "
26. Long-term provisions
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Decommissioning provision 56.5 51.1 \u2013 \u2013
56.5 51.1 \u2013 \u2013
Group
2025 2024
Movement in decommissioning $ million $ million
As at 1 January 51.1 53.8
New provisions and changes in estimates 3.1 (4.9)
Unwinding of discount (see Note 9) 2.3 2.2
As at 31 December
56.5
51.1
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% (2024: 2.0%) and a discount rate of 3.9%
(2024: 4.6%). The $3.1m increase in the provision in 2025 was driven by the decrease in discount rate from 4.6% to 3.9% and the impact
of new wells for both fields, partially offset by a revision to the abandonment plan for TGT. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "26. Long-term provisions
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Decommissioning provision 56.5 51.1 \u2013 \u2013
56.5 51.1 \u2013 \u2013
Group
2025 2024
Movement in decommissioning $ million $ million
As at 1 January 51.1 53.8
New provisions and changes in estimates 3.1 (4.9)
Unwinding of discount (see Note 9) 2.3 2.2
As at 31 December
56.5
51.1
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% (2024: 2.0%) and a discount rate of 3.9% (2024: 4.6%). The $3.1m increase in the provision in 2025 was driven by the decrease in discount rate from 4.6% to 3.9% and the impact of new wells for both fields, partially offset by a revision to the abandonment plan for TGT. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "
27. Share capital and Share premium
Share capital
Ordinary Shares of \u00a30.05 each
Group and Company
2025 2024 2025 2024
Shares Shares $ million $ million
Issued and fully paid 416,320,478 424,178,662 32.4 33.1
Share capital:
Group and Company
2025 2024
$ million $ million
As at 1 January 33.1 33.7
Share buy back (0.1) (0.6)
Treasury shares cancelled (see Note 28) (0.6) \u2013
Issued and fully paid 32.4 33.1
Share premium
Group and Company
2025 2024
$ million $ million
As at 1 January and 31 December 58.0 58.0
As at 31 December 2025, authorised share capital comprised 600 million (2024: 600 million) ordinary shares of \u00a30.05 each with a total
nominal value of \u00a330m (2024: \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 and this resulted in $0.3m cash outflow, where 0.9 million shares
were bought at a daily average share price of 26.5p.
28. Other reserves
Group
Capital
redemption Merger Hedging Share-based
reserve reserve Own shares reserve payments Total
$ million $ million $ million $ million $ million $ million
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 1 January 2025
102.1
194.0
(41.3)
0.1
3.2
258.1
Other comprehensive income
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Share buy back
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Treasury shares cancelled
0.6
\u2013
39.1
\u2013
\u2013
39.7
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Transfer relating to share-based payments
\u2013
\u2013
1.6
\u2013
(1.6)
\u2013
As at 31 December 2025
102.8
194.0
(0.6)
(0.2)
3.4
299.4
Company
Capital
redemption Merger Share-based
reserve
reserve
1
Own shares payments Total
$ million $ million $ million $ million $ million
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 1 January 2025
102.1
137.1
(40.3)
3.1
202.0
Share buy back
0.1
\u2013
\u2013
\u2013
0.1
Treasury shares cancelled
0.6
\u2013
39.1
\u2013
39.7
Share-based payments
\u2013
\u2013
\u2013
1.8
1.8
Transfer relating to share-based payments
\u2013
\u2013
1.2
(1.5)
(0.3)
As at 31 December 2025
102.8
137.1
\u2013
3.4
243.3
1) Merger reserve includes $137.1m (2024: $137.1m) which is distributable in accordance with the Companies Act 2006. Total distributable reserves at 31 December 2025 are $115.4m (2024: $147.1m). 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 2025 was nil (2024: 9,122,268) and 2,203,106 (2024: 3,784,406) respectively. The market price of the shares at 31 December 2025 was \u00a30.2110 (2024: \u00a30.2430). 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 137 to 161. On 23 July 2025, pursuant to a resolution of the Board of Directors, the entire treasury shareholding of 9,122,268 ordinary shares of \u00a30.05 each were cancelled in accordance with the provisions of section 729 of the Companies Act 2006. Following the cancellation, the Company holds no Ordinary Shares in treasury. 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
2025 2024
2025 Pence per 2024 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
1.8
0.363
1.7 0.330
Prior year final dividend, paid in the year
4.7
0.847
4.2 0.770
Total dividend, paid in year
6.5
1.210
5.9 1.100
Interim dividend for the year ended 31 December 2025
2.2
0.3993
Proposed final dividend for the year ended 31 December 2025
5.2
0.9317
The proposed final dividend for the year ended 31 December 2025 of 0.9317 pence per share takes the 2025 full-year dividend to 1.331 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 2024 of 0.363 pence per share ($1.8m) was paid on 22 January 2025. The final dividend for the year ended 31 December 2024 of 0.847 pence per share ($4.7m) was approved by the shareholders at the Company\u2019s AGM in May 2025 and subsequently paid on 18 July 2025. The interim dividend for the year ended 31 December 2025 of 0.3993 pence per share ($2.2m) was paid on 21 January 2026 to shareholders on the register as at 19 December 2025. The proposed final dividend of 0.9317 pence per share ($5.2m) in respect of the year ended 31 December 2025 is payable on 17 July 2026 to all shareholders on the register at the close of business on 12 June 2026, subject to approval at the Company\u2019s AGM in May 2026.
30. Retained (deficit) / earnings
Group
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2024 (Restated
1
)
(72.1)
5.1
(67.0)
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 1 January 2025 (Restated
1
)
(58.6)
5.1
(53.5)
Loss for the year
(6.6)
\u2013
(6.6)
Share buy back
(0.3)
\u2013
(0.3)
Treasury shares cancelled
(39.1)
\u2013
(39.1)
Distributions to shareholders
(6.5)
\u2013
(6.5)
Transfer relating to share-based payments
0.1
\u2013
0.1
As at 31 December 2025
(111.0)
5.1
(105.9)
Company
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2024
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 1 January 2025
232.1
(222.1)
10.0
Profit for the year
14.1
\u2013
14.1
Share buy back
(0.3)
\u2013
(0.3)
Treasury shares cancelled
(39.1)
\u2013
(39.1)
Distributions to shareholders
(6.5)
\u2013
(6.5)
Transfer relating to share-based payments
0.1
\u2013
0.1
As at 31 December 2025
200.4
(222.1)
(21.7)
1) See Note 2(s)
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "27. Share capital and Share premium Share capital Ordinary Shares of \u00a30.05 each
Group and Company
2025 2024 2025 2024
Shares Shares $ million $ million
Issued and fully paid 416,320,478 424,178,662 32.4 33.1
Share capital:
Group and Company
2025 2024
$ million $ million
As at 1 January 33.1 33.7
Share buy back (0.1) (0.6)
Treasury shares cancelled (see Note 28) (0.6) \u2013
Issued and fully paid 32.4 33.1
Share premium
Group and Company
2025 2024
$ million $ million
As at 1 January and 31 December 58.0 58.0
As at 31 December 2025, authorised share capital comprised 600 million (2024: 600 million) ordinary shares of \u00a30.05 each with a total nominal value of \u00a330m (2024: \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 and this resulted in $0.3m cash outflow, where 0.9 million shares were bought at a daily average share price of 26.5p. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "28. Other reserves
Group
Capital
redemption Merger Hedging Share-based
reserve reserve Own shares reserve payments Total
$ million $ million $ million $ million $ million $ million
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 1 January 2025
102.1
194.0
(41.3)
0.1
3.2
258.1
Other comprehensive income
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Share buy back
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Treasury shares cancelled
0.6
\u2013
39.1
\u2013
\u2013
39.7
Share-based payments
\u2013
\u2013
\u2013
\u2013
1.8
1.8
Transfer relating to share-based payments
\u2013
\u2013
1.6
\u2013
(1.6)
\u2013
As at 31 December 2025
102.8
194.0
(0.6)
(0.2)
3.4
299.4
Company
Capital
redemption Merger Share-based
reserve
reserve
1
Own shares payments Total
$ million $ million $ million $ million $ million
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 1 January 2025
102.1
137.1
(40.3)
3.1
202.0
Share buy back
0.1
\u2013
\u2013
\u2013
0.1
Treasury shares cancelled
0.6
\u2013
39.1
\u2013
39.7
Share-based payments
\u2013
\u2013
\u2013
1.8
1.8
Transfer relating to share-based payments
\u2013
\u2013
1.2
(1.5)
(0.3)
As at 31 December 2025
102.8
137.1
\u2013
3.4
243.3
1) Merger reserve includes $137.1m (2024: $137.1m) which is distributable in accordance with the Companies Act 2006. Total distributable reserves at 31 December 2025 are $115.4m (2024: $147.1m). 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 2025 was nil (2024: 9,122,268) and 2,203,106 (2024: 3,784,406) respectively. The market price of the shares at 31 December 2025 was \u00a30.2110 (2024: \u00a30.2430). 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 137 to 161. On 23 July 2025, pursuant to a resolution of the Board of Directors, the entire treasury shareholding of 9,122,268 ordinary shares of \u00a30.05 each were cancelled in accordance with the provisions of section 729 of the Companies Act 2006. Following the cancellation, the Company holds no Ordinary Shares in treasury. 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 2024 (Restated
1
)
(72.1)
5.1
(67.0)
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 1 January 2025 (Restated
1
)
(58.6)
5.1
(53.5)
Loss for the year
(6.6)
\u2013
(6.6)
Share buy back
(0.3)
\u2013
(0.3)
Treasury shares cancelled
(39.1)
\u2013
(39.1)
Distributions to shareholders
(6.5)
\u2013
(6.5)
Transfer relating to share-based payments
0.1
\u2013
0.1
As at 31 December 2025
(111.0)
5.1
(105.9)
Company
Retained Unrealised currency
(loss)/profit translation differences Total
$ million $ million $ million
As at 1 January 2024
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 1 January 2025
232.1
(222.1)
10.0
Profit for the year
14.1
\u2013
14.1
Share buy back
(0.3)
\u2013
(0.3)
Treasury shares cancelled
(39.1)
\u2013
(39.1)
Distributions to shareholders
(6.5)
\u2013
(6.5)
Transfer relating to share-based payments
0.1
\u2013
0.1
As at 31 December 2025
200.4
(222.1)
(21.7)
1) See Note 2(s)", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "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 2025 was nil
(2024: 9,122,268) and 2,203,106 (2024: 3,784,406) respectively. The market price of the shares at 31 December 2025 was \u00a30.2110
(2024: \u00a30.2430). 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 137 to 161.
On 23 July 2025, pursuant to a resolution of the Board of Directors, the entire treasury shareholding of 9,122,268 ordinary shares of
\u00a30.05 each were cancelled in accordance with the provisions of section 729 of the Companies Act 2006. Following the cancellation, the
Company holds no Ordinary Shares in treasury.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "
29. Distribution to shareholders
2025 2024
2025 Pence per 2024 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
1.8
0.363
1.7 0.330
Prior year final dividend, paid in the year
4.7
0.847
4.2 0.770
Total dividend, paid in year
6.5
1.210
5.9 1.100
Interim dividend for the year ended 31 December 2025
2.2
0.3993
Proposed final dividend for the year ended 31 December 2025
5.2
0.9317
The proposed final dividend for the year ended 31 December 2025 of 0.9317 pence per share takes the 2025 full-year dividend to 1.331
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 2024 of 0.363 pence per share ($1.8m) was paid on 22 January 2025. The final
dividend for the year ended 31 December 2024 of 0.847 pence per share ($4.7m) was approved by the shareholders at the Company\u2019s
AGM in May 2025 and subsequently paid on 18 July 2025.
The interim dividend for the year ended 31 December 2025 of 0.3993 pence per share ($2.2m) was paid on 21 January 2026 to
shareholders on the register as at 19 December 2025. The proposed final dividend of 0.9317 pence per share ($5.2m) in respect of the
year ended 31 December 2025 is payable on 17 July 2026 to all shareholders on the register at the close of business on 12 June 2026,
subject to approval at the Company\u2019s AGM in May 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "0.009317", "decimals": 6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-289": { "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 Report on pages 137 to 161. The Group recognised total expenses of $1.4m (2024: $1.2m) 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 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.
2,169,171 awards were exercised during 2025 (2024: 3,525,696 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:
2025 2024
No. of share No. of share
awards awards
As at 1 January 22,114,651 20,153,833
Adjustments
1
1,369,874 998,049
Granted 7,454,860 7,042,038
Exercised (2,169,171) (3,525,696)
Forfeited during the year (3,298,420) (2,553,573)
As at 31 December 25,471,794 22,114,651
Exercisable as at 31 December 4,266,529 2,893,353
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 2025 was \u00a30.21 (2024: \u00a30.22). The weighted average exercise price
\u00a3nil. Awards outstanding at the end of the year have a weighted average remaining contractual life of 1.09 years (2024: 1.13 years). The
weighted average market price and estimated fair value of the 2025 grants (at grant date) were \u00a30.23 and \u00a30.18, respectively.
The fair value of the LTIPs granted during 2025 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 2025 was 87% (2024:
90%).
The main assumptions for the calculation are as follows:
2025 2024
Volatility 2.35% 3.04%
Risk free rate of interest 4.39% 4.53%
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 cash-settled. The Company can additionally grant awards to Executive Directors 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 equity-settled.
No. of share No. of share
awards awards
As at 1 January 4,327,835 4,860,374
Adjustments
1
211,552 233,075
Granted 1,388,555 1,501,418
Forfeited during the year (105,064) (27,413)
Exercised (1,932,930) (2,239,619)
As at 31 December 3,889,948 4,327,835
Exercisable as at 31 December 852,915 1,012,762
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 2025 was \u00a30.21 (2024: \u00a30.23). The weighted average exercise price \u00a3nil. Awards outstanding at the end of the year have a weighted average remaining contractual life of 6.3 years (2024: 7.6 years). The fair value of the awards granted during 2025 and 2024 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "
No. of share No. of share
awards awards
As at 1 January 4,327,835 4,860,374
Adjustments
1
211,552 233,075
Granted 1,388,555 1,501,418
Forfeited during the year (105,064) (27,413)
Exercised (1,932,930) (2,239,619)
As at 31 December 3,889,948 4,327,835
Exercisable as at 31 December 852,915 1,012,762
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 2025 was \u00a30.21 (2024: \u00a30.23). The weighted average exercise price
\u00a3nil. Awards outstanding at the end of the year have a weighted average remaining contractual life of 6.3 years (2024: 7.6 years).
The fair value of the awards granted during 2025 and 2024 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "
32. Reconciliation of operating profit/(loss) to operating cash flows
Group
Company
2025 2024 2025 2024
$ million $ million $ million $ million
Operating profit/(loss) 8.7 64.3 (9.3) 20.6
Share-based payments 1.6 0.9 1.6 0.9
Depletion, depreciation and amortisation 46.6 47.3 \u2013 \u2013
Impairment (reversal)/charge \u2013 (26.3) 0.4 (31.2)
Taxes paid-in-kind (0.4) (1.9) \u2013 \u2013
Operating cash flows before movements in working capital
56.5
84.3 (7.3) (9.7)
Decrease/(increase) in inventories 3.2 (6.0) \u2013 \u2013
Decrease/(increase) in receivables
1
26.2 11.3 \u2013 (1.7)
Decrease in payables (0.4) (0.3) (0.6) (0.1)
Cash generated by (used in) operations
85.5
89.3 (7.9) (11.5)
Interest received 0.5 0.4 0.3 0.3
Interest paid (0.1) \u2013 \u2013 \u2013
Other/restructuring expense outflow \u2013 (0.4) \u2013 \u2013
Income taxes paid (30.3) (35.3) \u2013 \u2013
Net cash from (used in) operating activities
55.6
54.0 (7.6) (11.2)
1) Includes $1.3m decrease (2024: $2.5m) in expected credit losses in respect of Egypt trade receivables.
During the year, a total of $2.0m of trade receivables due from EGPC in Egypt were settled by way of non-cash offset, of which $0.9m
relates to preliminary bond for SWER concession, $0.3m relates to training and development lease bonuses/commitment paid to EGPC,
$0.3m participation in a bid round process and $0.5m solidification of shortfall on El Fayum licence commitment.
During 2024, 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "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.
2025 2024
$ million $ million
Lease liability recognised as at 1 January
0.2
0.5
Principal repayments (0.2) (0.3)
Lease liability recognised as at 31 December
\u2013
0.2
Of which are:
Current lease liabilities \u2013 0.2
Right of use assets recognised as at 1 January
0.2
0.5
New leases \u2013 \u2013
Depreciation (0.2) (0.3)
Right of use asset recognised as at 31 December
\u2013
0.2
Of which are:
Oil & Gas properties \u2013 0.2
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\u2019 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 2025 2024
by segment $ million $ million
SE Asia 8.4 9.9
Egypt 0.5 0.3
8.9 10.2
At 31 December 2025, the Group is committed to its share of
$9.2m (2024: $9.6m) 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "
34. Capital commitments
At 31 December 2025, the Group had exploration licence
commitments not accrued of approximately $22.1m (2024:
$24.8m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "34. Capital commitments At 31 December 2025, the Group had exploration licence commitments not accrued of approximately $22.1m (2024: $24.8m).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "
35. Related party transactions
During 2025 and 2024, there were no costs incurred by the
Company in respect of services rendered between Group
companies.
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 137 to 147.
2025 2024
$ million $ million
Short-term employee benefits 3.5 4.0
Post-employment benefits 0.1 0.2
Share-based payments 1.0 1.0
4.6 5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "35. Related party transactions During 2025 and 2024, there were no costs incurred by the Company in respect of services rendered between Group companies. 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 137 to 147.
2025 2024
$ million $ million
Short-term employee benefits 3.5 4.0
Post-employment benefits 0.1 0.2
Share-based payments 1.0 1.0
4.6 5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "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 137 to 147.
2025 2024
$ million $ million
Short-term employee benefits 3.5 4.0
Post-employment benefits 0.1 0.2
Share-based payments 1.0 1.0
4.6 5.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "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, 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 2025 in the form of both share buybacks and dividends to shareholders. The Group\u2019s overall strategy remains unchanged from 2024. 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 2025. Please see Non-IFRS Measures (Unaudited) for net cash and gearing ratios as at 31 December 2025 and 31 December 2024. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "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 2025, Pharos entered into different zero cost collar
hedges to protect the Brent component of forecast oil sales and
to provide downside protection to cash flows in the event of
commodity prices falling. The current commodity hedges run until
March 2026 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 over the past few years has seen a significant devaluation of the Egyptian Pound, which continued following a decision by the Egyptian government to fully float EGP currency in March 2024. It remains preferable to hold USD denominated receivables, however the Group opts to accept the payment of part receivables balance in EGP in order to cover operational expenditure and other expenses in local currencies. On 31 December 2025, $20 million was recovered from EGPC which reduced the outstanding receivable balance to $7.3m, after expected credit loss provision of $0.1m (2024: $28.1m receivables after credit loss provision of $1.4m). 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 in recent years. The Group has closely monitored the market and the output from the various industry working groups managing the transition to new benchmark interest rates. The Group\u2019s principal borrowings were repaid in full during 2024, as described in Note 24, and the Group has remained debt free throughout 2025. As a result, the Group has no significant 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "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 remains debt free following the full and voluntary repayment of the RBL loan in September 2024 and the facility matured 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 $6.8m in the year (2024: $8.8m). A further interim dividend of $2.2m (2024: $1.8m) was paid in January 2026. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "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% (2024: 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 as a result of macroeconomic factors in Egypt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "
37. Subsequent events
Further regional instability in the Middle East, with global economic
and political implications, was introduced by the joint US and
Israel military action that began on 26 February 2026 with surprise
airstrikes on multiple sites and cities across Iran. These strikes and
subsequent military action by the US and Israel, and the retaliatory
actions taken by Iran in response, have resulted in surges in oil
and gas prices, widespread disruption in aviation, travel and
tourism and heightened volatility in financial markets. The conflict
has also disrupted international trade, particularly through closure
of the Strait of Hormuz and other key shipping routes and strikes
on gas and oil facilities. The Group recognises that the conflict,
if it continues for an extended period, could result in longer term
regional and global inflationary pressure and an increased risk of
recession.
The Group continues to carefully monitor the wider geopolitical
impact and perception in Egypt of the conflicts in the Middle East,
in connection with its assets and operations in the region.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "27/28 Eastcastle Street, London W1W 8DH, United Kingdom ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300DDKLXYLLO4N524", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }