$/bbl | 2024 | 2025 | 2026 | 2027 | 2028+ |
Actual / Estimate | 80 | 75 | 75 | 75 | 75 |
HY2024 estimate | 85 | 80 | 75 | 75 | 75 |
Prior year estimate | 80 | 76 | 74 | 71 | 70 |
$/bbl | 2024 | 2025 | 2026 | 2027 | 2028+ |
Actual / Estimate | 80 | 75 | 75 | 75 | 75 |
HY2024 estimate | 85 | 80 | 75 | 75 | 75 |
Prior year estimate | 80 | 76 | 74 | 71 | 70 |
$/bbl | 2024 | 2025 | 2026 | 2027 | 2028+ |
Actual / Estimate | 80 | 75 | 75 | 75 | 75 |
HY2024 estimate | 85 | 80 | 75 | 75 | 75 |
Prior year estimate | 80 | 76 | 74 | 71 | 70 |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (domestic) | 74.7 | - | - | 74.7 |
Cost of sales | (69.7) | - | - | (69.7) |
Gross profit | 5.0 | - | - | 5.0 |
Exploration expense | - | (2.7) | - | (2.7) |
Arbitration fees | - | - | (36.0) | (36.0) |
Reversal of accruals and provisions | - | - | 3.8 | 3.8 |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
General and administrative costs | - | - | (23.9) | (23.9) |
Operating profit / (loss) | 6.4 | (2.7) | (56.1) | (52.4) |
Operating profit / (loss) is comprised of EBITDAX | 57.1 | - | (56.0) | 1.1 |
Depreciation and amortisation | (52.1) | - | (0.1) | (52.2) |
Reversal of ECL of trade receivables | 1.4 | - | - | 1.4 |
Exploration expense | - | (2.7) | - | (2.7) |
Finance income | - | - | 15.8 | 15.8 |
Bond interest expense | - | - | (18.2) | (18.2) |
Net other finance expense | (1.0) | - | (6.3) | (7.3) |
Profit / (Loss) before income tax from continuing operations | 5.4 | (2.7) | (64.8) | (62.1) |
Loss from discontinued operations | (14.7) | - | - | (14.7) |
Loss before income tax | (9.3) | (2.7) | (64.8) | (76.8) |
Capital expenditure | 23.0 | 2.7 | - | 25.7 |
Total assets | 373.8 | 26.5 | 198.6 | 598.9 |
Total liabilities | (117.6) | (0.3) | (123.7) | (241.6) |
| Pre- | ||||
| Production | production | Other | Total | |
$m | $m | $m | $m | |
Revenue from contracts with customers (export) | 40.2 | - | - | 40.2 |
Revenue from contracts with customers (domestic) | 38.2 | - | - | 38.2 |
Cost of sales | (55.0) | - | - | (55.0) |
Gross profit | 23.4 | - | - | 23.4 |
Exploration expense | - | (0.1) | - | (0.1) |
Reversal of decommissioning provision | 1.2 | - | - | 1.2 |
Reversal of ECL of trade receivables | 4.2 | - | - | 4.2 |
ECL of trade receivables | (11.8) | - | - | (11.8) |
General and administrative costs | - | - | (27.2) | (27.2) |
Operating profit / (loss) | 1 7.0 | (0.1) | (27.2) | (10.3) |
Operating profit / (loss) is comprised of EBITDAX | 60.4 | - | (27.1) | 33.3 |
Depreciation and amortisation | (37.0) | - | (0.1) | (37.1) |
Exploration expense | - | (0.1) | - | (0.1) |
Reversal of decommissioning provision | 1.2 | - | - | 1.2 |
Reversal of ECL of receivables | 4.2 | - | - | 4.2 |
ECL of receivables | (11.8) | - | - | (11.8) |
Finance income | - | - | 20.6 | 20.6 |
Bond interest expense | - | - | (24.8) | (24.8) |
Net other finance expense | (0.7) | (0.1) | (1.6) | (2.4) |
Profit / (Loss) before income tax from continuing operations | 16.3 | (0.2) | (33.0) | (16.9) |
Loss from discontinued operations | (44.2) | - | - | (44.2) |
Loss before income tax | (27.9) | (0.2) | (33.0) | (61.1) |
Capital expenditure | 58.9 | 9.1 | - | 68.0 |
Total assets | 412.1 | 26.8 | 356.2 | 795.1 |
Total liabilities | (91.0) | (12.0) | (258.2) | (361.2) |
2024 | 2023 | |
$m | $m | |
Production costs | (17.6) | (18.0) |
Depreciation of oil and gas property, plant and equipment (excl. RoU assets) | (46.6) | (32.7) |
Amortisation of oil and gas intangible assets | (5.5) | (4.3) |
Cost of sales | (69.7) | (55.0) |
Exploration expense | (2.7) | (0.1) |
Net reversal of accruals and provisions | - | 1.2 |
Net write-off of intangible assets | - | 1.2 |
| Reversal of ECL of trade receivables (note 1,11) | 1.4 | 4.2 |
| ECL of trade receivables (note 1,11) | - | (11.8) |
| Net (ECL) / reversal of ECL of receivables | 1.4 | (7.6) |
Arbitration fees | (36.0) | - |
Reversal of accruals and provisions | 3.8 | - |
Arbitration cost | (32.2) | - |
Corporate cash costs | (13.3) | (12.4) |
Other operating costs | (8.6) | (13.1) |
Corporate share-based payment expense | (1.9) | (1.6) |
Depreciation and amortisation of corporate assets (excl. RoU assets) | (0.1) | (0.1) |
General and administrative expenses | (23.9) | (27.2) |
| Auditor\u2019s remuneration: | ||
Audit of the Group\u2019s consolidated financial statements | (0.4) | (0.3) |
Audit of the Group\u2019s subsidiaries pursuant to legislation | (0.1) | (0.1) |
Total audit services | (0.5) | (0.4) |
Interim review | (0.1) | (0.1) |
Total audit related and non-audit services | (0.6) | (0.5) |
2024 | 2023 | |
$m | $m | |
Production costs | (17.6) | (18.0) |
Depreciation of oil and gas property, plant and equipment (excl. RoU assets) | (46.6) | (32.7) |
Amortisation of oil and gas intangible assets | (5.5) | (4.3) |
Cost of sales | (69.7) | (55.0) |
Exploration expense | (2.7) | (0.1) |
Net reversal of accruals and provisions | - | 1.2 |
Net write-off of intangible assets | - | 1.2 |
| Reversal of ECL of trade receivables (note 1,11) | 1.4 | 4.2 |
| ECL of trade receivables (note 1,11) | - | (11.8) |
| Net (ECL) / reversal of ECL of receivables | 1.4 | (7.6) |
Arbitration fees | (36.0) | - |
Reversal of accruals and provisions | 3.8 | - |
Arbitration cost | (32.2) | - |
Corporate cash costs | (13.3) | (12.4) |
Other operating costs | (8.6) | (13.1) |
Corporate share-based payment expense | (1.9) | (1.6) |
Depreciation and amortisation of corporate assets (excl. RoU assets) | (0.1) | (0.1) |
General and administrative expenses | (23.9) | (27.2) |
| Auditor\u2019s remuneration: | ||
Audit of the Group\u2019s consolidated financial statements | (0.4) | (0.3) |
Audit of the Group\u2019s subsidiaries pursuant to legislation | (0.1) | (0.1) |
Total audit services | (0.5) | (0.4) |
Interim review | (0.1) | (0.1) |
Total audit related and non-audit services | (0.6) | (0.5) |
2024 | 2023 | |
$m | $m | |
Wages and salaries | (17.4) | (19.3) |
Contractors | (0.2) | (13.8) |
Social security costs | (1.2) | (1.9) |
Share based payments | (2.7) | (3.7) |
(21.5) | (38.7) |
2024 | 2023 | |
number | number | |
T\u00fcrkiye | 31 | 38 |
KRI | 3 | 23 |
UK | 25 | 30 |
Somaliland | 22 | 27 |
Contractors | 6 | 84 |
87 | 202 |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Bond interest | (18.2) | (24.8) |
Loss on bond buybacks (note 16) | (4.6) | - |
Other finance expense (non-cash) | (2.7) | (3.5) |
Finance expense | (25.5) | (28.3) |
Bank interest income | 15.8 | 20.6 |
Gain on bond buyback | - | 1.1 |
Finance income | 15.8 | 21.7 |
Net finance expense | (9.7) | (6.6) |
2024 | 2023 | |
$m | $m | |
Property, plant and equipment (note 1,10) | 32.5 | - |
Trade receivables, net of ECL (note 11) | 9.3 | - |
Assets classified as held for sale | 41.8 | - |
Other payables and accruals | 4.8 | - |
Deferred income (note 14) | 15.8 | - |
Provisions (note 15) | 21.2 | - |
Total liabilities associated with assets classified as held for sale | 41.8 | - |
Net assets of disposal group | - | - |
2024 | 2023 | |
$m | $m | |
Revenue | - | 9.2 |
Other revenue | - | 0.8 |
Production costs | - | (6.9) |
Depreciation of oil and gas property, plant and equipment | - | (7.6) |
Gross loss | - | (4.5) |
Other operating costs | (10.5) | (23.6) |
Impairment loss on Taq Taq held for sale asset | (2.2) | - |
Write-off of Sarta PSC property, plant and equipment (note 1,10) | - | (18.7) |
Reversal of provisions | - | 8.2 |
Reversal of ECL of trade receivables | - | 0.4 |
ECL of trade receivables | - | (2.7) |
General and administrative costs | 0.4 | (0.5) |
Operating loss | (12.3) | (41.4) |
Other finance expense (non-cash) | (2.4) | (2.8) |
Loss from discontinued operations | (14.7) | (44.2) |
2024 | 2023 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (10.3) | (31.0) |
Net cash used in investing activities | - | (16.3) |
Net cash used in financing activities | - | (2.3) |
2024 | 2023 | |
$m | $m | |
Property, plant and equipment (note 1,10) | 32.5 | - |
Trade receivables, net of ECL (note 11) | 9.3 | - |
Assets classified as held for sale | 41.8 | - |
Other payables and accruals | 4.8 | - |
Deferred income (note 14) | 15.8 | - |
Provisions (note 15) | 21.2 | - |
Total liabilities associated with assets classified as held for sale | 41.8 | - |
Net assets of disposal group | - | - |
2024 | 2023 | |
$m | $m | |
Revenue | - | 9.2 |
Other revenue | - | 0.8 |
Production costs | - | (6.9) |
Depreciation of oil and gas property, plant and equipment | - | (7.6) |
Gross loss | - | (4.5) |
Other operating costs | (10.5) | (23.6) |
Impairment loss on Taq Taq held for sale asset | (2.2) | - |
Write-off of Sarta PSC property, plant and equipment (note 1,10) | - | (18.7) |
Reversal of provisions | - | 8.2 |
Reversal of ECL of trade receivables | - | 0.4 |
ECL of trade receivables | - | (2.7) |
General and administrative costs | 0.4 | (0.5) |
Operating loss | (12.3) | (41.4) |
Other finance expense (non-cash) | (2.4) | (2.8) |
Loss from discontinued operations | (14.7) | (44.2) |
2024 | 2023 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (10.3) | (31.0) |
Net cash used in investing activities | - | (16.3) |
Net cash used in financing activities | - | (2.3) |
2024 | 2023 | |
$m | $m | |
Property, plant and equipment (note 1,10) | 32.5 | - |
Trade receivables, net of ECL (note 11) | 9.3 | - |
Assets classified as held for sale | 41.8 | - |
Other payables and accruals | 4.8 | - |
Deferred income (note 14) | 15.8 | - |
Provisions (note 15) | 21.2 | - |
Total liabilities associated with assets classified as held for sale | 41.8 | - |
Net assets of disposal group | - | - |
2024 | 2023 | |
$m | $m | |
Revenue | - | 9.2 |
Other revenue | - | 0.8 |
Production costs | - | (6.9) |
Depreciation of oil and gas property, plant and equipment | - | (7.6) |
Gross loss | - | (4.5) |
Other operating costs | (10.5) | (23.6) |
Impairment loss on Taq Taq held for sale asset | (2.2) | - |
Write-off of Sarta PSC property, plant and equipment (note 1,10) | - | (18.7) |
Reversal of provisions | - | 8.2 |
Reversal of ECL of trade receivables | - | 0.4 |
ECL of trade receivables | - | (2.7) |
General and administrative costs | 0.4 | (0.5) |
Operating loss | (12.3) | (41.4) |
Other finance expense (non-cash) | (2.4) | (2.8) |
Loss from discontinued operations | (14.7) | (44.2) |
2024 | 2023 | |
| Cash flows from discontinued operations | $m | $m |
Net cash used in operating activities | (10.3) | (31.0) |
Net cash used in investing activities | - | (16.3) |
Net cash used in financing activities | - | (2.3) |
2024 | 2023 | |
Loss from continuing operations ($m) | (62.2) | (17.1) |
Loss from discontinued operations ($m) | (14.7) | (44.2) |
Loss attributable to owners of the parent ($m) | (76.9) | (61.3) |
Weighted average number of ordinary shares \u2013 number 1 | 276,223,685 | 278,836,216 |
Basic loss per share \u2013 cents per share (from continuing operations) | (22.5) | (6.1) |
Basic loss per share \u2013 cents per share (from discontinuing operations) | (5.3) | (15.9) |
Basic loss per share \u2013 cents per share | (27.8) | (22.0) |
2024 | 2023 | |
Loss from continuing operations ($m) | (62.2) | (17.1) |
Loss from discontinued operations ($m) | (14.7) | (44.2) |
Loss attributable to owners of the parent ($m) | (76.9) | (61.3) |
Weighted average number of ordinary shares \u2013 number 1 | 276,223,685 | 278,836,216 |
Adjustment for performance shares, restricted shares, share options and deferred bonus plans | - | - |
Weighted average number of ordinary shares and potential ordinary shares | 276,223,685 | 278,836,216 |
Diluted loss per share \u2013 cents per share (from continuing operations) | (22.5) | (6.1) |
Diluted loss per share \u2013 cents per share (from discontinuing operations) | (5.3) | (15.9) |
Diluted loss per share \u2013 cents per share | (27.8) | (22.0) |
2024 | 2023 | |
Loss attributable to owners of the parent ($m) | (76.9) | (61.3) |
Add back of impairment loss on Taq Taq held for sale asset | 2.2 | - |
Add back of net impairment/write-off of oil and gas assets | - | 18.2 |
Add back of net reversal of ECL/ECL of receivables | (1.4) | 9.9 |
Loss attributable to owners of the parent ($m) - adjusted | (76.1) | (33.2) |
Weighted average number of ordinary shares \u2013 number 1 | 276,223,685 | 278,836,216 |
Adjusted basic LPS \u2013 cents per share | (27.6) | (11.9) |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2023 1 | 12.9 | 128.5 | 7.5 | 148.9 |
Additions | 9.1 | - | - | 9.1 |
Other | 0.8 | - | - | 0.8 |
At 31 December 2023 and 1 January 2024 | 22.8 | 128.5 | 7. 5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 | 25.9 | 128.5 | 7. 5 | 161.9 |
| Accumulated amortisation and impairment | ||||
At 1 January 2023 1 | - | (62.3) | (7.5) | (69.8) |
Amortisation charge for the period | - | (4.3) | - | (4.3) |
At 31 December 2023 and 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 | - | (72.1) | (7.5) | (79.6) |
| Net book value | ||||
At 1 January 2023 | 12.9 | 66.2 | - | 79.1 |
At 31 December 2023 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
2024 | 2023 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 25.9 | 22.8 |
Exploration and evaluation assets | 25.9 | 22.8 | |
Tawke capacity building payment waiver | 56.4 | 61.9 | |
Tawke RSA assets | 56.4 | 61.9 |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2023 1 | 12.9 | 128.5 | 7.5 | 148.9 |
Additions | 9.1 | - | - | 9.1 |
Other | 0.8 | - | - | 0.8 |
At 31 December 2023 and 1 January 2024 | 22.8 | 128.5 | 7. 5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 | 25.9 | 128.5 | 7. 5 | 161.9 |
| Accumulated amortisation and impairment | ||||
At 1 January 2023 1 | - | (62.3) | (7.5) | (69.8) |
Amortisation charge for the period | - | (4.3) | - | (4.3) |
At 31 December 2023 and 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 | - | (72.1) | (7.5) | (79.6) |
| Net book value | ||||
At 1 January 2023 | 12.9 | 66.2 | - | 79.1 |
At 31 December 2023 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
2024 | 2023 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 25.9 | 22.8 |
Exploration and evaluation assets | 25.9 | 22.8 | |
Tawke capacity building payment waiver | 56.4 | 61.9 | |
Tawke RSA assets | 56.4 | 61.9 |
| Exploration | ||||
| and evaluation | Tawke | Other | ||
| assets | RSA | assets | Total | |
$m | $m | $m | $m | |
| Cost | ||||
At 1 January 2023 1 | 12.9 | 128.5 | 7.5 | 148.9 |
Additions | 9.1 | - | - | 9.1 |
Other | 0.8 | - | - | 0.8 |
At 31 December 2023 and 1 January 2024 | 22.8 | 128.5 | 7. 5 | 158.8 |
Additions | 2.7 | - | - | 2.7 |
Other | 0.4 | - | - | 0.4 |
At 31 December 2024 | 25.9 | 128.5 | 7. 5 | 161.9 |
| Accumulated amortisation and impairment | ||||
At 1 January 2023 1 | - | (62.3) | (7.5) | (69.8) |
Amortisation charge for the period | - | (4.3) | - | (4.3) |
At 31 December 2023 and 1 January 2024 | - | (66.6) | (7.5) | (74.1) |
Amortisation charge for the year | - | (5.5) | - | (5.5) |
At 31 December 2024 | - | (72.1) | (7.5) | (79.6) |
| Net book value | ||||
At 1 January 2023 | 12.9 | 66.2 | - | 79.1 |
At 31 December 2023 | 22.8 | 61.9 | - | 84.7 |
At 31 December 2024 | 25.9 | 56.4 | - | 82.3 |
2024 | 2023 | ||
Book value | $m | $m | |
Somaliland PSC | Exploration | 25.9 | 22.8 |
Exploration and evaluation assets | 25.9 | 22.8 | |
Tawke capacity building payment waiver | 56.4 | 61.9 | |
Tawke RSA assets | 56.4 | 61.9 |
| Producing | Other | ||
| assets | assets | Total | |
$m | $m | $m | |
| Cost | |||
At 1 January 2023 | 3,252.2 | 17.6 | 3,269.8 |
Additions | 58.9 | - | 58.9 |
Right-of-use assets (note 20) | - | (0.3) | (0.3) |
Other 1 | 2.1 | - | 2.1 |
At 31 December 2023 and 1 January 2024 | 3,313.2 | 1 7. 3 | 3,330.5 |
Additions | 23.0 | 0.6 | 23.6 |
Right-of-use assets (note 20) | - | 0.5 | 0.5 |
Other 1 | 3.2 | - | 3.2 |
Reclassified as held for sale (note 7) | (2,021.3) | - | (2,021.3) |
At 31 December 2024 | 1,318.1 | 18.4 | 1,336.5 |
| Accumulated depreciation and impairment | |||
At 1 January 2023 | (3,007.5) | (14.2) | (3,021.7) |
Depreciation charge for the year | (42.3) | (1.3) | (43.6) |
Write-off | (18.7) | - | (18.7) |
At 31 December 2023 and 1 January 2024 | (3,068.5) | (15.5) | (3,084.0) |
Depreciation charge for the year | (46.6) | (1.4) | (48.0) |
Reclassified as held for sale (note 7) | 1,986.6 | - | 1,986.6 |
At 31 December 2024 | (1,128.5) | (16.9) | (1,145.4) |
| Net book value | |||
At 1 January 2023 | 244.7 | 3.4 | 248.1 |
At 31 December 2023 | 244.7 | 1.8 | 246.5 |
At 31 December 2024 | 189.6 | 1.5 | 191.1 |
2024 | 2023 | ||
Book value | $m | $m | |
Tawke PSC | Oil production | 189.6 | 210.0 |
Taq Taq PSC | Oil production | - | 34.7 |
Producing assets | 189.6 | 244.7 |
| Tawke | |
| CGU | |
| $m | |
Long term netback price +/- $5/bbl | +/- 17 |
Discount rate +/- 1% | +/- 10 |
Production +/- 10% | +/- 34 |
Domestic sales for 1 more year | - 13 |
2024 | 2023 | |
$m | $m | |
Trade receivables \u2013 non-current | 60.9 | 66.5 |
Trade receivables \u2013 current | 24.1 | 26.4 |
Other receivables and prepayments | 3.1 | 7. 6 |
88.1 | 100.5 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2024 | 49.3 | 58.1 | 1 07. 4 | (10.7) | (11.7) | 85.0 |
31 December 2023 | 49.3 | 58.1 | 1 0 7.4 | - | (14.5) | 92.9 |
2024 | 2023 | |
Movement on trade receivables in the year | $m | $m |
Carrying value at 1 January | 92.9 | 117.0 |
Revenue from contracts with customers | 74.7 | 87. 6 |
Cash for export sales | - | (61.2) |
Cash for domestic sales | (74.7) | (41.0) |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.4 | 4.6 |
Expected credit loss for current year (note 1) | - | (14.5) |
Reclassified as held for sale (note 7) | (9.3) | - |
Capacity building payments | - | 0.2 |
Sarta processing fee payments | - | 0.2 |
Carrying value at 31 December | 85.0 | 92.9 |
| Total | |
| $m | |
Booked nominal balance to be recovered, net of amount reclassified to held for sale | 96.7 |
Estimated net present value of total cash flows | 85.0 |
2024 | 2023 | |
$m | $m | |
Trade receivables \u2013 non-current | 60.9 | 66.5 |
Trade receivables \u2013 current | 24.1 | 26.4 |
Other receivables and prepayments | 3.1 | 7. 6 |
88.1 | 100.5 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2024 | 49.3 | 58.1 | 1 07. 4 | (10.7) | (11.7) | 85.0 |
31 December 2023 | 49.3 | 58.1 | 1 0 7.4 | - | (14.5) | 92.9 |
2024 | 2023 | |
Movement on trade receivables in the year | $m | $m |
Carrying value at 1 January | 92.9 | 117.0 |
Revenue from contracts with customers | 74.7 | 87. 6 |
Cash for export sales | - | (61.2) |
Cash for domestic sales | (74.7) | (41.0) |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.4 | 4.6 |
Expected credit loss for current year (note 1) | - | (14.5) |
Reclassified as held for sale (note 7) | (9.3) | - |
Capacity building payments | - | 0.2 |
Sarta processing fee payments | - | 0.2 |
Carrying value at 31 December | 85.0 | 92.9 |
| Total | |
| $m | |
Booked nominal balance to be recovered, net of amount reclassified to held for sale | 96.7 |
Estimated net present value of total cash flows | 85.0 |
2024 | 2023 | |
$m | $m | |
Trade receivables \u2013 non-current | 60.9 | 66.5 |
Trade receivables \u2013 current | 24.1 | 26.4 |
Other receivables and prepayments | 3.1 | 7. 6 |
88.1 | 100.5 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2024 | 49.3 | 58.1 | 1 07. 4 | (10.7) | (11.7) | 85.0 |
31 December 2023 | 49.3 | 58.1 | 1 0 7.4 | - | (14.5) | 92.9 |
2024 | 2023 | |
Movement on trade receivables in the year | $m | $m |
Carrying value at 1 January | 92.9 | 117.0 |
Revenue from contracts with customers | 74.7 | 87. 6 |
Cash for export sales | - | (61.2) |
Cash for domestic sales | (74.7) | (41.0) |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.4 | 4.6 |
Expected credit loss for current year (note 1) | - | (14.5) |
Reclassified as held for sale (note 7) | (9.3) | - |
Capacity building payments | - | 0.2 |
Sarta processing fee payments | - | 0.2 |
Carrying value at 31 December | 85.0 | 92.9 |
| Total | |
| $m | |
Booked nominal balance to be recovered, net of amount reclassified to held for sale | 96.7 |
Estimated net present value of total cash flows | 85.0 |
2024 | 2023 | |
$m | $m | |
Trade receivables \u2013 non-current | 60.9 | 66.5 |
Trade receivables \u2013 current | 24.1 | 26.4 |
Other receivables and prepayments | 3.1 | 7. 6 |
88.1 | 100.5 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2024 | 49.3 | 58.1 | 1 07. 4 | (10.7) | (11.7) | 85.0 |
31 December 2023 | 49.3 | 58.1 | 1 0 7.4 | - | (14.5) | 92.9 |
2024 | 2023 | |
Movement on trade receivables in the year | $m | $m |
Carrying value at 1 January | 92.9 | 117.0 |
Revenue from contracts with customers | 74.7 | 87. 6 |
Cash for export sales | - | (61.2) |
Cash for domestic sales | (74.7) | (41.0) |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.4 | 4.6 |
Expected credit loss for current year (note 1) | - | (14.5) |
Reclassified as held for sale (note 7) | (9.3) | - |
Capacity building payments | - | 0.2 |
Sarta processing fee payments | - | 0.2 |
Carrying value at 31 December | 85.0 | 92.9 |
| Total | |
| $m | |
Booked nominal balance to be recovered, net of amount reclassified to held for sale | 96.7 |
Estimated net present value of total cash flows | 85.0 |
2024 | 2023 | |
$m | $m | |
Trade receivables \u2013 non-current | 60.9 | 66.5 |
Trade receivables \u2013 current | 24.1 | 26.4 |
Other receivables and prepayments | 3.1 | 7. 6 |
88.1 | 100.5 |
| Period when sale made | ||||||
| Overdue | Overdue | Total | Reclassified as held | ECL | Trade | |
| 2023 | 2022 | nominal | for sale (note 7) | provision | receivables | |
$m | $m | $m | $m | $m | $m | |
31 December 2024 | 49.3 | 58.1 | 1 07. 4 | (10.7) | (11.7) | 85.0 |
31 December 2023 | 49.3 | 58.1 | 1 0 7.4 | - | (14.5) | 92.9 |
2024 | 2023 | |
Movement on trade receivables in the year | $m | $m |
Carrying value at 1 January | 92.9 | 117.0 |
Revenue from contracts with customers | 74.7 | 87. 6 |
Cash for export sales | - | (61.2) |
Cash for domestic sales | (74.7) | (41.0) |
Reversal of previous year\u2019s expected credit loss (note 1) | 1.4 | 4.6 |
Expected credit loss for current year (note 1) | - | (14.5) |
Reclassified as held for sale (note 7) | (9.3) | - |
Capacity building payments | - | 0.2 |
Sarta processing fee payments | - | 0.2 |
Carrying value at 31 December | 85.0 | 92.9 |
| Total | |
| $m | |
Booked nominal balance to be recovered, net of amount reclassified to held for sale | 96.7 |
Estimated net present value of total cash flows | 85.0 |
2024 | 2023 | |
$m | $m | |
Cash and cash equivalents | 195.6 | 363.4 |
195.6 | 363.4 |
2024 | 2023 | |
$m | $m | |
Cash and cash equivalents | 195.6 | 363.4 |
195.6 | 363.4 |
2024 | 2023 | |
$m | $m | |
Trade payables | 20.0 | 23.0 |
Other payables | 32.7 | 2.2 |
Accruals | 57.1 | 32.9 |
109.8 | 58.1 | |
Non-current | 0.2 | 0.5 |
Current | 109.6 | 57. 6 |
109.8 | 58.1 |
2024 | 2023 | |
$m | $m | |
Trade payables | 20.0 | 23.0 |
Other payables | 32.7 | 2.2 |
Accruals | 57.1 | 32.9 |
109.8 | 58.1 | |
Non-current | 0.2 | 0.5 |
Current | 109.6 | 57. 6 |
109.8 | 58.1 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 14.2 | 13.3 |
Interest (non-cash) | 1.6 | 1.7 |
Royalty income (non-cash) | - | (0.8) |
Reclassified as held for sale (note 7) | (15.8) | - |
Balance at 31 December | - | 14.2 |
Non-current (within 1-2 years) | - | 8.2 |
Current | - | 6.0 |
- | 14.2 |
2024 | 2023 | |
$m | $m | |
Trade payables | 20.0 | 23.0 |
Other payables | 32.7 | 2.2 |
Accruals | 57.1 | 32.9 |
109.8 | 58.1 | |
Non-current | 0.2 | 0.5 |
Current | 109.6 | 57. 6 |
109.8 | 58.1 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 14.2 | 13.3 |
Interest (non-cash) | 1.6 | 1.7 |
Royalty income (non-cash) | - | (0.8) |
Reclassified as held for sale (note 7) | (15.8) | - |
Balance at 31 December | - | 14.2 |
Non-current (within 1-2 years) | - | 8.2 |
Current | - | 6.0 |
- | 14.2 |
2024 | 2023 | |
$m | $m | |
Trade payables | 20.0 | 23.0 |
Other payables | 32.7 | 2.2 |
Accruals | 57.1 | 32.9 |
109.8 | 58.1 | |
Non-current | 0.2 | 0.5 |
Current | 109.6 | 57. 6 |
109.8 | 58.1 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 14.2 | 13.3 |
Interest (non-cash) | 1.6 | 1.7 |
Royalty income (non-cash) | - | (0.8) |
Reclassified as held for sale (note 7) | (15.8) | - |
Balance at 31 December | - | 14.2 |
Non-current (within 1-2 years) | - | 8.2 |
Current | - | 6.0 |
- | 14.2 |
2024 | 2023 | |
$m | $m | |
Trade payables | 20.0 | 23.0 |
Other payables | 32.7 | 2.2 |
Accruals | 57.1 | 32.9 |
109.8 | 58.1 | |
Non-current | 0.2 | 0.5 |
Current | 109.6 | 57. 6 |
109.8 | 58.1 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 14.2 | 13.3 |
Interest (non-cash) | 1.6 | 1.7 |
Royalty income (non-cash) | - | (0.8) |
Reclassified as held for sale (note 7) | (15.8) | - |
Balance at 31 December | - | 14.2 |
Non-current (within 1-2 years) | - | 8.2 |
Current | - | 6.0 |
- | 14.2 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 45.2 | 52.2 |
Interest unwind | 1.8 | 1.8 |
Additions | 2.9 | 0.7 |
Reclassified as held for sale (note 7) | (21.2) | - |
Reversals | (3.6) | (9.5) |
Balance at 31 December | 25.1 | 45.2 |
2024 | 2023 | |
$m | $m | |
Balance at 1 January | 45.2 | 52.2 |
Interest unwind | 1.8 | 1.8 |
Additions | 2.9 | 0.7 |
Reclassified as held for sale (note 7) | (21.2) | - |
Reversals | (3.6) | (9.5) |
Balance at 31 December | 25.1 | 45.2 |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | - | (64.9) |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Financial covenant | Test | YE 2024 | YE 2023 |
| Equity ratio (Total equity/Total assets) | > 40% | 60% | 55% |
| Minimum liquidity | > $30m | $195.6m | $363.4m |
| 1 Jan | Discount | Repurchase | Share | Dividend | Free | 31 Dec | ||
| 2023 | unwind | of bond | purchase | paid | cash flow | 2023 | ||
$m | $m | $m | $m | $m | $m | $m | ||
- | - | |||||||
2025 | Bond 9.25% (non-current) | (266.6) | (2.7) | 25.6 | - | (243.7) | ||
Cash | 494.6 | - | (24.9) | (1.8) | (33.5) | (71.0) | 363.4 | |
Net cash | 228.0 | (2.7) | 0.7 | (1.8) | (33.5) | (71.0) | 119.7 |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | - | (64.9) |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Financial covenant | Test | YE 2024 | YE 2023 |
| Equity ratio (Total equity/Total assets) | > 40% | 60% | 55% |
| Minimum liquidity | > $30m | $195.6m | $363.4m |
| 1 Jan | Discount | Repurchase | Share | Dividend | Free | 31 Dec | ||
| 2023 | unwind | of bond | purchase | paid | cash flow | 2023 | ||
$m | $m | $m | $m | $m | $m | $m | ||
- | - | |||||||
2025 | Bond 9.25% (non-current) | (266.6) | (2.7) | 25.6 | - | (243.7) | ||
Cash | 494.6 | - | (24.9) | (1.8) | (33.5) | (71.0) | 363.4 | |
Net cash | 228.0 | (2.7) | 0.7 | (1.8) | (33.5) | (71.0) | 119.7 |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | - | (64.9) |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Financial covenant | Test | YE 2024 | YE 2023 |
| Equity ratio (Total equity/Total assets) | > 40% | 60% | 55% |
| Minimum liquidity | > $30m | $195.6m | $363.4m |
| 1 Jan | Discount | Repurchase | Share | Dividend | Free | 31 Dec | ||
| 2023 | unwind | of bond | purchase | paid | cash flow | 2023 | ||
$m | $m | $m | $m | $m | $m | $m | ||
- | - | |||||||
2025 | Bond 9.25% (non-current) | (266.6) | (2.7) | 25.6 | - | (243.7) | ||
Cash | 494.6 | - | (24.9) | (1.8) | (33.5) | (71.0) | 363.4 | |
Net cash | 228.0 | (2.7) | 0.7 | (1.8) | (33.5) | (71.0) | 119.7 |
| 1 Jan | Discount | Repurchase | Share | Free | 31 Dec | ||
| 2024 | unwind | of bond | purchase | cash flow | 2024 | ||
$m | $m | $m | $m | $m | $m | ||
2025 | Bond 9.25% (current) | (243.7) | (1.6) | 180.4 | - | - | (64.9) |
Cash | 363.4 | - | (185.0) | (2.4) | 19.6 | 195.6 | |
Net cash | 119.7 | (1.6) | (4.6) | (2.4) | 19.6 | 130.7 |
| Financial covenant | Test | YE 2024 | YE 2023 |
| Equity ratio (Total equity/Total assets) | > 40% | 60% | 55% |
| Minimum liquidity | > $30m | $195.6m | $363.4m |
| 1 Jan | Discount | Repurchase | Share | Dividend | Free | 31 Dec | ||
| 2023 | unwind | of bond | purchase | paid | cash flow | 2023 | ||
$m | $m | $m | $m | $m | $m | $m | ||
- | - | |||||||
2025 | Bond 9.25% (non-current) | (266.6) | (2.7) | 25.6 | - | (243.7) | ||
Cash | 494.6 | - | (24.9) | (1.8) | (33.5) | (71.0) | 363.4 | |
Net cash | 228.0 | (2.7) | 0.7 | (1.8) | (33.5) | (71.0) | 119.7 |
2024 | 2023 | |
Financial assets | $m | $m |
Trade and other receivables | 85.6 | 97.4 |
Cash and cash equivalents | 195.6 | 363.4 |
281.2 | 460.8 | |
| Financial liabilities | ||
Trade and other payables | 108.4 | 55.9 |
Interest bearing loans | 64.9 | 243.7 |
173.3 | 299.6 |
2024 | 2023 | |
$m | $m | |
Trade and other receivables | 85.6 | 97.4 |
Cash and cash equivalents | 195.6 | 363.4 |
281.2 | 460.8 |
2024 | 2023 | |
Financial assets | $m | $m |
Trade and other receivables | 85.6 | 97.4 |
Cash and cash equivalents | 195.6 | 363.4 |
281.2 | 460.8 | |
| Financial liabilities | ||
Trade and other payables | 108.4 | 55.9 |
Interest bearing loans | 64.9 | 243.7 |
173.3 | 299.6 |
2024 | 2023 | |
$m | $m | |
Trade and other receivables | 85.6 | 97.4 |
Cash and cash equivalents | 195.6 | 363.4 |
281.2 | 460.8 |
2024 | 2023 | |
$m | $m | |
Trade and other receivables | 85.6 | 97.4 |
Cash and cash equivalents | 195.6 | 363.4 |
281.2 | 460.8 |
| Total | |
| Ordinary | |
| Shares | |
At 1 January 2023 \u2013 fully paid 1 | 280,248,198 |
At 31 December 2023, 1 January 2024 and 31 December 2024 \u2013 fully paid 1 | 280,248,198 |
| Total | |
| Ordinary | |
| Shares | |
At 1 January 2023 \u2013 fully paid 1 | 280,248,198 |
At 31 December 2023, 1 January 2024 and 31 December 2024 \u2013 fully paid 1 | 280,248,198 |
2024 | 2023 | |
$m | $m | |
| Ordinary shares | ||
Final dividend (2023: 1 2\u00a2 per share) | - | 33.5 |
Total dividends provided for or paid | - | 33.5 |
Paid in cash | - | 33.5 |
Total dividends provided for or paid | - | 33.5 |
| Right-of-use | |
| assets | |
| $m | |
| Cost | |
At 1 January 2023 | 12.8 |
Disposals due to terminations | (0.3) |
At 31 December 2023 and 1 January 2024 | 12.5 |
Additions | 0.5 |
At 31 December 2024 | 13.0 |
| Accumulated depreciation | |
At 1 January 2023 | (8.8) |
Depreciation charge for the period | (2.6) |
At 31 December 2023 and 1 January 2024 | (11.4) |
Depreciation charge for the period | (0.7) |
At 31 December 2024 | (12.1) |
| Net book value | |
At 1 January 2023 | 4.0 |
At 31 December 2023 | 1.1 |
At 31 December 2024 | 0.9 |
2024 | 2023 | |
Book value | $m | $m |
Offices | 0.9 | 1.1 |
Right-of-use assets | 0.9 | 1.1 |
2024 | 2023 | |
Lease liabilities | $m | $m |
At 1 January | (1.1) | (4.1) |
Additions | (0.5) | - |
Disposals due to terminations | - | 0.3 |
Payments of lease liabilities | 0.7 | 2.8 |
Interest expense on lease liabilities | - | (0.1) |
At 31 December (note 13) | (0.9) | (1.1) |
| Total | |||||
| Less than | Between | Between | contractual | Carrying | |
| 1 year | 1 - 2 years | 2 - 5 years | cash flow | Amount | |
$m | $m | $m | $m | $m | |
31 December 2024 | (0.7) | (0.2) | - | (0.9) | (0.9) |
31 December 2023 | (0.7) | (0.3) | (0.2) | (1.2) | (1.1) |
| Right-of-use | |
| assets | |
| $m | |
| Cost | |
At 1 January 2023 | 12.8 |
Disposals due to terminations | (0.3) |
At 31 December 2023 and 1 January 2024 | 12.5 |
Additions | 0.5 |
At 31 December 2024 | 13.0 |
| Accumulated depreciation | |
At 1 January 2023 | (8.8) |
Depreciation charge for the period | (2.6) |
At 31 December 2023 and 1 January 2024 | (11.4) |
Depreciation charge for the period | (0.7) |
At 31 December 2024 | (12.1) |
| Net book value | |
At 1 January 2023 | 4.0 |
At 31 December 2023 | 1.1 |
At 31 December 2024 | 0.9 |
2024 | 2023 | |
Book value | $m | $m |
Offices | 0.9 | 1.1 |
Right-of-use assets | 0.9 | 1.1 |
2024 | 2023 | |
Lease liabilities | $m | $m |
At 1 January | (1.1) | (4.1) |
Additions | (0.5) | - |
Disposals due to terminations | - | 0.3 |
Payments of lease liabilities | 0.7 | 2.8 |
Interest expense on lease liabilities | - | (0.1) |
At 31 December (note 13) | (0.9) | (1.1) |
| Total | |||||
| Less than | Between | Between | contractual | Carrying | |
| 1 year | 1 - 2 years | 2 - 5 years | cash flow | Amount | |
$m | $m | $m | $m | $m | |
31 December 2024 | (0.7) | (0.2) | - | (0.9) | (0.9) |
31 December 2023 | (0.7) | (0.3) | (0.2) | (1.2) | (1.1) |
PSP (2011) | PSP (2021) | DBP (2021) | RSP (2011) | SOP (2011) |
| Form of awards | ||||
| Performance shares. | Either Performance | Deferred bonus shares. | Restricted shares. | Market value options. |
| The intention is to | shares or restricted | The intention is to | The intention is to | Exercise price is set |
| deliver the full value of | shares. The intention is | deliver the full value | deliver the full value | equal to the average |
| vested shares at no cost | to deliver the full value | of shares at no cost | of shares at no cost | share price over a |
| to the participant (as | of vested shares at no | to the participant (as | to the participant (as | period of up to 30 days |
| conditional shares or | cost to the participant | conditional shares or | conditional shares or | to grant. |
| nil-cost options). | (as conditional shares or | nil-cost options). | nil-cost options). | |
| nil-cost options). | ||||
| Performance conditions | ||||
| Performance | Performance conditions | Performance conditions | Performance conditions | Performance conditions |
| conditions will apply. | may or may not apply. | may or may not apply. | may or may not apply. | may or may not apply. |
| Awards granted from | Awards granted with | For awards granted to | For awards granted to | For awards granted to |
| 2017 are measured | performance conditions | date, there are no | date, there are no | date, there are no |
| against relative | are measured against | performance conditions. | performance conditions. | performance conditions. |
| and absolute total | relative and absolute | |||
| shareholder return | TSR measured against | |||
| (\u2018TSR\u2019) measured | a group of industry | |||
| against a group of | peers over a three- | |||
industry peers over a three-year period. | year period. | |||
| Vesting period | ||||
| Awards will vest when | For awards subject to | Awards typically vest | Awards typically | Awards typically vest |
| the Remuneration | performance conditions, | after two years. | vest in tranches over | after three years. |
| Committee determines | they will vest when | three years. | ||
| whether the performance | the Remuneration | |||
| conditions have been | Committee determines | |||
| met at the end of the | whether the performance | |||
| performance period. | conditions have been | |||
| met at the end of the | ||||
| performance period. | ||||
| For awards that are not | ||||
| subject to performance | ||||
| conditions, awards | ||||
| typically vest in tranches | ||||
| over three years. | ||||
| Dividend equivalents | ||||
| Provision of additional | Provision of additional | Provision of additional | Provision of additional | Provision of additional |
| cash/shares to reflect | cash/shares to reflect | cash/shares to reflect | cash/shares to reflect | cash/shares to reflect |
| dividends over the | dividends over the | dividends over the | dividends over the | dividends over the |
| vesting period may or | vesting period and the | vesting period and the | vesting period may or | vesting period may or |
| may not apply. | period where the options | period where the options | may not apply. | may not apply. |
| have vested and have | have vested and have | |||
| not yet been exercised | not yet been exercised | |||
| (where applicable) may | (where applicable) may | |||
| or may not apply. | or may not apply. |
| Share awards | Weighted | |||
| Share awards | without | avg. exercise | ||
| with performance | performance | Share | price of share | |
| conditions | conditions | options | options | |
Outstanding at 1 January 2023 | 8,052,865 | 927,960 | 51,265 | 858p |
Granted during the year | 2,961,900 | 540,834 | - | - |
Dividend equivalents | 607,589 | 91,973 | - | - |
Forfeited during the year | (3,805,594) | - | - | - |
Lapsed during the year | (191,374) | (191,768) | (26,443) | 767p |
Exercised during the year | (64,085) | (366,082) | (6,370) | 742 p |
Outstanding at 31 Dec 2023 and 1 Jan 2024 | 7,561,301 | 1,002,917 | 18,452 | 1,046p |
Granted during the year | 4,075,827 | 428,066 | - | - |
Forfeited during the year | (2,152,140) | - | - | - |
Lapsed during the year | (1,467,593) | (155,387) | (18,452) | 1,046p |
Exercised during the year | - | (364,428) | - | - |
Outstanding at 31 December 2024 | 8,017,395 | 911,168 | - | - |
| PSP (without | PSP | PSP (without | PSP | |
| condition) | condition) | |||
30/04/2024 | 30/04/2024 | 10/09/2024 | 10/09/2024 | |
Share price at grant date | 85p | 85p | 74 p | 74 p |
Fair value on measurement date | 85p | 52p | 74 p | 40p |
Expected life (years) | 1-3 | 1-3 | 1-3 | 1-3 |
Expected dividends | - | - | - | - |
Risk-free interest rate | 4.45% | 4.45% | 3.70% | 3.70% |
Expected volatility | 44.89% | 44.89% | 44.75% | 44.75% |
Share price at balance sheet date | 66p | 66p | 66p | 66p |
| PSP (without | PSP | PSP (without | PSP | |
| condition) | condition) | |||
06/04/2023 | 06/04/2023 | 12/09/2023 | 12/09/2023 | |
Share price at grant date | 124p | 124p | 82p | 82p |
Fair value on measurement date | 124p | 80p | 82p | 43p |
Expected life (years) | 1-3 | 1-3 | 1-3 | 1-3 |
Expected dividends | - | - | - | - |
Risk-free interest rate | 3.25% | 3.25% | 4.73% | 4.73% |
Expected volatility | 47.21% | 47.21% | 42.21% | 42.21% |
Share price at balance sheet date | 71p | 71p | 71p | 71p |
2024 | 2023 | |
$m | $m | |
Board remuneration | 0.7 | 0.7 |
Key management emoluments and short-term benefits | 4.0 | 4.1 |
Share-related awards | 1.7 | 2.7 |
6.4 | 7. 5 |
2024 | 2023 | |
$m | $m | |
Board remuneration | 0.7 | 0.7 |
Key management emoluments and short-term benefits | 4.0 | 4.1 |
Share-related awards | 1.7 | 2.7 |
6.4 | 7. 5 |
2024 | 2023 | |
$m | $m | |
Board remuneration | 0.7 | 0.7 |
Key management emoluments and short-term benefits | 4.0 | 4.1 |
Share-related awards | 1.7 | 2.7 |
6.4 | 7. 5 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Gas Company Limited 4 | Jersey | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy No. 7 Limited 3 | UK | 100 |
Genel Energy No. 8 Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8 . 6 | Turkey | 100 |
Taq Taq Drilling Company Limited 7 | BVI | 55 |
Taq Taq Operating Company Limited 7 | BVI | 55 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Gas Company Limited 4 | Jersey | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy No. 7 Limited 3 | UK | 100 |
Genel Energy No. 8 Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8 . 6 | Turkey | 100 |
Taq Taq Drilling Company Limited 7 | BVI | 55 |
Taq Taq Operating Company Limited 7 | BVI | 55 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Gas Company Limited 4 | Jersey | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy No. 7 Limited 3 | UK | 100 |
Genel Energy No. 8 Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8 . 6 | Turkey | 100 |
Taq Taq Drilling Company Limited 7 | BVI | 55 |
Taq Taq Operating Company Limited 7 | BVI | 55 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Gas Company Limited 4 | Jersey | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy No. 7 Limited 3 | UK | 100 |
Genel Energy No. 8 Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8 . 6 | Turkey | 100 |
Taq Taq Drilling Company Limited 7 | BVI | 55 |
Taq Taq Operating Company Limited 7 | BVI | 55 |
| Ownership % | ||
| Country of | (ordinary | |
| Entity name | Incorporation | shares) |
Barrus Petroleum Cote D'Ivoire Sarl 1 | Cote d'Ivoire | 100 |
Barrus Petroleum Limited 2 | Isle of Man | 100 |
Genel Energy Africa Exploration Limited 3 | UK | 100 |
Genel Energy Finance 4 plc 3 | UK | 100 |
Genel Energy Gas Company Limited 4 | Jersey | 100 |
Genel Energy Holding Company Limited 4 | Jersey | 100 |
Genel Energy International Limited 5 | Anguilla | 100 |
Genel Energy Miran Bina Bawi Limited 3 | UK | 100 |
Genel Energy Morocco Limited 3 | UK | 100 |
Genel Energy No. 6 Limited 3 | UK | 100 |
Genel Energy No. 7 Limited 3 | UK | 100 |
Genel Energy No. 8 Limited 3 | UK | 100 |
Genel Energy Petroleum Services Limited 3 | UK | 100 |
Genel Energy Qara Dagh Limited 3 | UK | 100 |
Genel Energy Sarta Limited 3 | UK | 100 |
Genel Energy Somaliland Limited 3 | UK | 100 |
Genel Energy UK Services Limited 3 | UK | 100 |
Genel Energy Y\u00f6netim Hizmetleri A.S\u00b8 . 6 | Turkey | 100 |
Taq Taq Drilling Company Limited 7 | BVI | 55 |
Taq Taq Operating Company Limited 7 | BVI | 55 |